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FSMSmart at a Glance
FSMSmart has earned a reputation as a dependable broker, regulated by leading authorities, and achieving a trust score of 50/100. FSMSmart offers five recognized retail trading accounts, with an entry-level account requiring a minimum of $250 USD.
Who is FSMSmart?
FSMSmart is an internet-based forex brokerage, offering trading services via the renowned MetaTrader4 platform. With over 600+ diverse assets available for trade, they have something for every trader. Despite being unlicensed, FSMSmart operates officially under FSMSmart Ltd, and is headquartered at Hertensteinstrasse 51, Lucerne, Luzern 6004, Switzerland.
Account Types
To open an FSMSmart Professional live trading account, an initial deposit of $250 USD is necessary. However, the minimum deposit for a Standard Account may vary depending on the chosen payment system.
FSMSmart provides a variety of account options: Beginning, Silver, Gold, Gold+, Platinum, and even a risk-free Demo account for beginners. The Professional live trading account requires a higher initial deposit of $5000 USD. The various account types require different minimum deposits:
- Beginning Account – $250
- Silver Account – $5000
- Gold Account – $20000
- Gold+ Account – $50000
- Platinum Account – $100000
Trading Assets
FSMSmart presents a wide range of over 600+ assets for trading, spanning Forex currencies, commodities, precious metals, shares, and indices.
Spreads & Account Types
The broker offers floating and fixed spreads across its account spectrum. Beginning accounts experience floating spreads commencing at 3 pips, while Silver accounts start at 2 pips. Gold and Gold+ accounts start with 2 pip spreads, but these are fixed. Lastly, Platinum Accounts enjoy the lowest fixed spreads, starting at 1.5 pips.
Other Offerings
In addition to regular accounts, FSMSmart also offers Islamic swap-free trading at two levels: Standard Swap-free and Extended Swap-free. By default, all qualifying accounts created by clients in non-Islamic countries are granted Extended Swap-free status. They also provide a free demo trading account for novices to practice forex trading in a risk-free environment, which is valid for 30 days.
Trading Platforms
FSMSmart leverages the trusted MetaTrader4 platform for its trading operations, a preferred choice among traders due to its support for automated, algorithmic trading via Expert Advisor bots. The broker's portfolio for trading platforms spans MetaTrader4 Desktop, Tablet, or Mobile App, and they cater to forex investors and crypto traders alike.
Payment Methods
The broker accepts client deposits through a variety of methods, including Credit & Debit Cards, Wire Transfer, Credit Voucher, Vload, Bitcoin Cash, Bitcoin, Ethereum, Litecoin, and MPWP.
Final Word of Caution
Despite its offerings, FSMSmart is not a licensed broker. Financial regulators from various governments, including Canada and New Zealand, have issued warnings about the company. Hence, traders should understand the importance of trading with a licensed and regulated Forex broker.
Conclusion
FSMSmart, while unlicensed, provides a plethora of options for traders with different levels of experience and capital. From a vast array of trading assets to different account types, it offers something for everyone. It supports popular payment methods and leverages the reputable MetaTrader4 platform. However, prospective clients should exercise caution due to the absence of official licensing.
