- Many reasons why you should avoid FsmSmart
- Overview of FSMSMART
- Unregistered and unregulated
- Different accounts with minimum deposits
- Demo account
- Misleading information and incomplete rules and regulations
- Blacklisted by many regulators
- Regulators warning and bad reviews
A challenge that forex investors have, is to choose the right forex brokers. There are many different brokers. Some legit and some fraudsters. One of the brokers that you will come across is FSMSMART. When you read about them for the first time, you might think that this is great brokers that you can use safely. However, the moment that you read further, you will realize that there are many reasons why you should rather avoid this broker.
FSMSMART is a forex broker and a CFD broker situated in Switzerland. They are making use of a swap-free version of the MT4 platform. They are offering a demo account and a couple of other account options that you can make use of.
They are even making use of multi-language options and makes use of different payment options. Making it easier to choose to use them. However, this doesn’t mean that they are legit. They have a customer support email for support.
The main thing about them is that they are unregistered and unregulated. The most important thing that you should know about forex brokers. If they aren’t registered, they aren’t operating legally, and the brokers can’t be regulated. This means that they can set their rules and regulations to their needs. And, not to the basic rules and regulations of forex brokers.
This also means that they can take your money or froze your account without any warnings. Making you lose all your money in your account. This is why this is the first thing that you should look for before you choose to use a forex broker. And, FSMSMART doesn’t have a license.
One thing that is making people consider FSMSMART is the fact that you are getting different accounts with minimum deposit options. You can choose the beginner option where the minimum deposit is $250. This is a lot of money to lose if you don’t use the best and most recommended brokers.
The problem is that many people are choosing more advanced options. This is because the leverage is so much higher. However, the minimum deposit is so much higher as well. And, this can lead to a higher profit or a higher chance to lose everything. And, because they are unregulated, you can lose everything without them doing anything legally wrong.
With the demo account, this is the first sign that there is something seriously wrong with FSMSMART. This is because the demo account is an option, but it doesn’t work. This can lead to people signing up with the beginner account and deposit s$250. Just to lose it all.
A demo account is normally an option that you take, to see if the forex brokers are legit and if you can use their platform and make a profit before you are depositing real money into their account. The demo account is a way to get new investors, to get them to deposit money. A reason why you should not use them in any way.
When you are on their website, they are giving you a lot of information. Information about why they are so growing and why they are recommended. The high-profit leverage, the different accounts and even the platform that they are using. The one thing that possible investors don’t realize, is that all this information is misleading. Lies just to get people to sign up with them.
Reading their rules and regulations, you will see that they aren’t regulated. This is because they have set up their own rules and regulations, and not made it according to regulation rules. This is why you should read the rules and regulations of brokers before you are registering with them. You will immediately spot rules and regulations that are fake and not regulated by regulators.
Something that you should take seriously is the fact that FSMSMART is blacklisted by many regulators. Meaning that they aren’t recommending the brokers in any way. And, that you are going to use them at your own risk.
It is really important to make sure that brokers that you are thinking about using aren’t blacklisted. When they are blacklisted, it doesn’t mean that they can’t operate anymore. It is just a warning that they aren’t approved by regulators and that the brokers aren’t legit.
The regulator’s warnings and the bad reviews from previous investors should be enough evidence that FSMSMART isn’t recommended and should be avoided at all costs. The regulators know what to look for when they are investigating and inspecting forex brokers. And, if they are issuing a warning, then you should make sure that you know as much about the warning as possible. If they are blacklisting the brokers, you should not even consider using it in any way.
FsmSmart is one of the forex brokers that you can make use of for trading forex. However, if you are doing a bit of investigation, you will see that this isn’t one of the best and most recommended brokers at all. In fact, they are blacklisted and known as scammers. A place that you should stay away from. Regulators are warning people against these brokers and recommend to use someone else. Someone that is licensed and that is regulated. definitely, something that FSMSMART isn’t.