The unregulated Forex brokerage FSMSmart supposedly based in Switzerland has been added to the warning list of the Italian financial watchdog Commissione Nazionale per le Societa e la Borsa (CONSOB). CONSOB keeps and updates one of the most comprehensive list of unauthorized financial service providers that are operating illegally in Italy.
FSMSmart operates via the website fsmsmart.com and according to the information from the terms and conditions of the brokerage, is registered in Switzerland. We remind readers that Switzerland is deeply integrated within the EU without being a member-state through a series of bilateral treaties and the regulatory guidelines of ESMA are followed by the local Swiss Financial Market Supervisory Authority FINMA. However, without a license and having in mind the official warning from CONSOB – we highly doubt it that the company behind the brokerage is actually registered in Switzerland.
The brokerages provides the MetaTrader 4 platform and extend clients a balanced leverage of 1:100 and floating spreads. However, readers are urged to take heed of the warning issued by the Italian authorities which reads that the brokerage is providing financial services unauthorized and is targeting Italian traders illegally.
We always remind readers that the best way to exclude all risk of fraud in trading is by associating only with entities that fall under the regulatory oversight of prestigious agencies such as the FCA in the UK or CySEC in Cyprus.
Here is a screenshot of the complete list of unregulated, ill-minded Forex brokerages that have been added to the warning list of CONSOB on Monday: