How to recover your investment from FSMSmart – Scam Broker Review
Be on the Lookout; FSMSmart is an offshore broker; Your investment is at risk. Read this review you want to recover your investment from FSMSmart.
Website: www.fsmsmart.com
Address: Hertensteinstrasse 51 Lucerne, Luzen 6004, Switzerland
Email: cs@fsmsmart.com
Phone: +41435084931 +412002997389 +412031018695 +412033616470 +412036261460 +412038970195 +412034723123 +41794373109 +41417809283
Is FSMSmart a legit broker and how to recover your investment?
FSMSmart is an unregulated offshore broker that offers services such as forex, CFD and binary options trading. The broker is registered in a fiscal haven that lacks the intervention of any investment regulatory process. This means that taking legal action against this forex broker is next to impossible. Read this review to recover your investment from FSMSmart.
FSMSmart broker relies on a number of tricks to reach to their prospects and make them believe that the money they are investing with them is in safe hands and will generate humongous returns. Such tricks include the use of the state of the art websites and apps, with all sorts of attractive trading conditions followed by well-spoken staff and very efficient customer support after signup. This is all smoke and mirrors.
As far as this kind of scheme goes, the FSMSmart staff could very well be operating as part of a network of anonymous call centers in undisclosed locations. They could outright lie to you about their location and even their names. In typical investments scams, the staff uses stage names when communicating with the clients to add a layer of anonymity. Using excellent sales skills paired with manipulative psychology techniques, the staff involved in these sophisticated scams will prompt the victims to invest always more money, often beyond what they had planned in an attempt to avoid losing it all. This type of scam is now widespread and used to defraud unsuspecting victims billions of dollars annually.
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FSMSmart broker Reviews
A look into FSMSmart Reviews on various internet forums will reveal that FSMSmart clients have had issues withdrawing their investments and/ or profits. Though the reviews regarding FSMSmart have been drawn from various sources, it reveals a similar challenge. FSMSmart entices clients into this scam through interesting profits posted to their clients’ trading accounts.
The company even goes to the extent of transferring some of the money back to the clients. Once the clients’ trust is gained, they are prompted to invest more money for much better returns. Once the client has transferred the money, the problems begin.
FSMSmart broker will then manipulate the trading platform to create scenarios jeopardizing the clients’ investments. The clients are then prompted by FSMSmart Financial Analysts to transfer more money into their accounts to reduce the losses they are facing, often to avoid losing their investments altogether. Immediately after they do this, withdrawing the funds becomes an issue.
How To Recover Your Investment From FSMSmart Broker?
There is no easy way to recover your investment once you have sent it to FSMSmart. FSMSmart is structured in such a way that it makes it hard to pinpoint the scam to specific individuals and prove any wrongdoing. FSMSmart constitutes a brokers brand that is managed by a chain of shell companies registered in fiscal havens. Building a legal case against the broker would require one to utilize the services of a private investigator to track the money trails and trace it to individuals who could testify of the fraudulent practices of the broker. This does not even factor in the huge legal costs that would be required to institute a civil action in such offshore locations. Such prohibitive costs make it hard for customers of FSMSmart to take any action.
However, hope is not lost. There are other means through which investors can recover their funds from FSMSmart, without going the civil action route. A number of FSMSmart victims have managed to recover their investment by maneuvering the banking legal system. While this method might be unknown to many people, it is possible for an individual to get his or her bank to reverse credit card charges and bank wire transactions in his or her favor. While this is possible, the route has a lot of rules and regulations around such a procedure and it would be wise to hire an expert if you want to recover your money from FSMSmart broker.
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More reasons why you shouldn’t trust FSMSmart
Lack of regulation
FSMSMART.com is operated by FSM Smart Limited with a contact address in Lucerne, Switzerland. We have revealed however that FSM Smart Limited is registered on the Marshall Islands on a well known to us address – Ajeltake Road, Trust Company Complex, MH 96960, Ajeltake Island – Majuro, where a number of other brokers, including ProTradeFX, CFX Point, Eone FX, Novatrades, iForex24, Tradex1 and AvaInvestments are also registered.
As we understand FSMSMART is not licensed by any of the well respected financial regulators like CySEC in Cyprus, the Financial Conduct Authority (FCA) in the UK or the Australian Securities and Investment Commission (ASIC) and that significantly erodes its credibility.
By definition, unregulated brokers are not bound by any financial or ethical rules and that should be a red light for all investors.
Brokers with proper regulation on the other hand have to abide by strict rules. Apart from being obliged to maintain a certain level of operational capital and to hold all clients money in a segregated account, CySEC and FCA brokers have to participate in clients money protection schemes, under which traders can receive part of their capital back in case the broker goes insolvent.
With CySEC the compensation can reach 20 000 EUR, while with FCA it can be up to 85 000 GBP.
Conclusion:
FSMSMART is an unregulated broker and that by definition lowers its credibility. In addition they are offering higher than expected spreads and the information about their minimum deposit requirement is confusing.
