FSMSmart Review (2023)
Is FSMSmart a scam or legit broker?
No, it is not safe to trade with FSMSmart. FSMSmart is own by FSM Smart Limited. The contact address of the FSM Smart Limited is in Switzerland, according to the website. Although, the company is actually registered on the Marshall Islands, the popular offshore destination for forex brokers.
About FSMSMART
| 🗺️ Registered in | Marshall Island |
| 🗺️ Type of License | Offshore License |
| 🛡️ Is FSMSMART safe to trade | No |
| 🗺️ Recommended Licenses | FCA in UK 🇬🇧 & ASIC in Australia 🇦🇺 |
| 🖥 Alternative Broker | FP Markets - licensed by ASIC in Australia |
Marshall Islands is notorious for its practically absent requirements and regulations. Due to the setup cost is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as MegaTradeFX, ProFxPremium and more.
Moreover, FSMSmart has been blacklisted by Swiss FINMA and New Zealand’s FMA, which stated that FSM is making false and misleading claims that they are a registered financial service provider in New Zealand when they are not and also FSM is making unsolicited calls to New Zealand residents and offering to trade in financial products, such activities are prohibited in New Zealand.
3 August 2018, FMA
31 October 2018, FINMA
We have heard brokers Marshall Islans deny traders withdrawing fund. We have feedbacks from traders that they cannot withdraw money. You can read the feedback here.
Conclusion
We advise all investors and traders avoid FSMSmart and other brokers from Marshall Islands. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BDSwiss and BlackBull Markets.