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FSMSmart Forex and CFD Broker Review

  1. Established in 2017, FSMSmart is an unlicensed, Forex and cryptocurrency broker, providing global trading and investing services across more than 600 trading instruments, with competitive spreads, flexible leverage and no hidden charges. Customers are given access to the popular MT4 Forex trading suite of platforms for secure desktop and mobile trading in English, Italian, Spanish, Russian and Portuguese. Customers living in South Africa are welcome to register trading accounts with FSMSmart where they can expect to receive a welcome bonus with the first deposit to the new trading account.

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    FSMSmart Trading Account Types

    Customers everywhere, including South Africa, can choose from four trading account packages, carefully designed to meet the needs and experience of all financial traders. We were pleased to see that all account types are offered as Islamic accounts on request from customer support. Moreover, customers can gain experience with risk-free practice trading using virtual funds in a free demo account. We saw that the floating spreads at FSMSmart are quite narrow with major FX pairs from 1.5 pips and fixed spreads from 1 pip. Notably, traders are offered up to 1:400 leverage for trading with more capital than they have in their trading accounts.

    FSMSmart Bonus Offers

    We saw that traders in South Africa may be offered voluntary deposit bonuses designed to boost the capital investment and profit potential of customers at FSMSmart. Whilst bonuses may appear very attractive, customers should read the terms and conditions carefully before accepting. Notably, FSMSmart bonus policies require clients to execute a specific trading volume within a given time period. Moreover, traders cannot withdraw funds from their trading accounts unless the bonus conditions are fulfilled, or the bonus and profits are removed from the account.

    FSMSmart Beginner Account Features

    • $250 minimum initial deposit
    • Floating spreads
    • MT4 trading platform
    • Minimum lot size 0.01
    • Mobile trading
    • Account manager
    • Daily analysis
    • 24/7 customer support in multiple languages


    FSMSmart Silver Account Features

    • $5,000 minimum initial deposit
    • Floating spreads
    • MT4 platform access
    • Mobile trading
    • Minimum lot size 0.01
    • Account manager
    • Daily analysis
    • Multi-lingual 24/7 customer support


    FSMSmart Gold Account Features

    • $25,000 minimum initial deposit
    • Tight fixed spreads
    • Account manager
    • MT4 platform access
    • Minimum lot size 0.01
    • Mobile trading
    • Daily analysis
    • 24/7 multi-lingual support
    • Free bank wire transfer


    FSMSmart Platinum Account Features

    • $100,000 minimum first deposit
    • Ultra-tight fixed spreads
    • Account manager
    • MT4 platform access
    • Daily analysis
    • Minimum lot size 0.01
    • Mobile trading
    • 24-hour multilingual support
    • Free bank wire transfer

    Tip: Trade with IQ Option instead, the best regulated broker for South African traders with a minimum deposit of only $10!

    FSMSmart Demo Account Features

    Traders at FSMSmart can choose to set up a free demo account for risk-free practice trading in an authentic trading environment. Importantly, the demo account does not require account verification or a real money deposit to the trading account. Clients are given $100,000 of virtual money and access to the Meta Trader4 platform with the full range of tradeable assets and trading tools. In our experience, gaining experience with a demo account is an invaluable way to enhance potential profits from real money investments later on.

    FSMSmart Islamic Account Features

    Customers who arefollowers of the Moslem faith, can request an Islamic account without swap or interest charges from FSMSmart. The Islamic account complies with Sharia Law and provides competitive trading across Forex, indices and commodities. Before requesting an Islamic account, customers are required to select a live trading account of their choice and make the initial deposit to the account. Subsequently traders need to write an email to the back office at FSMSmart (email address is given on the website) asking for the Swap-free account. We saw that clients are then contacted by a representative of FSMSmart to activate the Islamic account, after all the relevant compliance documents have been submitted for account verification.

    FSMSmart Trading Software and Assets

    Traders at FSMSmart are presented with more than 600 assets on the secure, MetaTrader4 Forex trading platform, rapidly matching orders across global markets. The MT4 suite of platforms gives traders in South Africa, access to the MT4 for desktop trading, the MT4 WebTrader and the MT4 mobile trading app for Android and iOS operated devices. Tradeable assets include more than 70 FX and cryptocurrency pairs, CFDs in gold and silver as well as commodities, global shares and indices.

    FSMSmart MT4 Trader Desktop Features

    • Access to hundreds other financial products and cryptocurrencies
    • Download to desktop computer with Windows operating system
    • 3 automatic order execution modes
    • Automated trading strategies with Expert Advisors
    • One-click trading and position opening
    • User-friendly, customizable interface
    • Market Watch window for tracking multiple instruments
    • 50 + indicators for technical analysis
    • Copy trading possibilities
    • Opportunity to earn fees from being copied by other traders
    • Trading signals


    FSMSmart MT4 WebTrader Features

    • Advanced web trading program linked to MT4 account
    • 1-click trading
    • 250 tradeable assets
    • Shares, indices, commodities and derivatives
    • Ultra-fast execution without re-quotes
    • Automated trading with expert advisors
    • Leverage up to 1:400
    • Real time prices streamed live
    • Live charting and analysis tool
    • Rapid trading using trading cubes
    • Copy trading from other traders


    FSMSmart MT4 Mobile Trading App for iOS and Android

    • Access to a wide range of financial instruments
    • Instant access to global markets with live quotes
    • Live charts and technical indicators
    • Forex, commodities, futures, derivatives trading
    • One-click trading and position opening
    • User-friendly interface
    • Price alerts
    • Copy trading and social trading opportunities
    • Automatic trade execution
    • Automated trading with Expert Advisors
    • Traders can check account balance and view transaction history
    • Manage open trading positions and conduct trades


    FSMSmart Customer Support Services

    The multi-lingual help desk at FSMSmart provides customers in South Africa and beyond, with 24/5 support over live chat directly from the interface, by phone and email. We saw that clients can‘get in touch’ with the support team by submitting the form on the contact page and requesting a free call back at a convenient time. We found the comprehensive FSMSmart FAQs section very helpful and worth consulting before directing enquires to customer support. Topics on the FAQs page include the procedure involved for depositing and withdrawing funds from a trading account, the installation of the MT4 software to desktop, and compliance documents required to verify customers’ trading accounts.

    Further support is provided by FSMSmart through a broad range of educational resources on the website, covering Forex and derivative trading. Clients are given access to free trading video tutorials, interactive trading courses, E-Books about Forex and crypto trading, as well as a Forex calculator to enhance trading skills. Additionally, traders can follow the market sentiment surrounding Forex markets, by referring to video chart analysis and daily market reports.

    FSMSmart Banking Methods

    Traders at FSMSmart have the possibility of funding their trading accounts using Visa and Mastercard credit/debit cards, electronic payment methods including Skrill, Yandex and Neteller or bank wire transfer. We saw that FSMSmart does support other payment methods subject to discussion with clients about the proposed methods. At the time of writing this review, FSMSmart was accepting funding in Bitcoin and Ethereum digital currencies. Importantly, FSMSMart requires that new customers provide specific personal information before making deposits to trading accounts. In line with anti-money laundering regulations and the broker’s KYC policy, clients must supply copies of a passport and utility bill to verify their trading account details.

    As long as customers don’t have any open or pending orders on the trading platform, withdrawal requests are processed within 2 business days and are free of charge for e-wallets and credit cards. However, it takes 4-5 business days for credit card payments to reach customers’ accounts and 1-2 days for withdrawals to reach e-Wallets. Bank wire transfers need between 4 and 7 business days and are charged a processing fee by FSMSmart.

    FSMSmart is a non-regulated financial services broker, providing services to customers in South Africa and most countries across the globe.  FSMSmart is operated by FSM Smart Ltd, registered under number 93905, at a representative address in Hertensteinstrasse 51, Lucerne, Luzern 6004, Switzerland.

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