Warning against FSMSmart and BFMFX

The financial regulator of New Zealand has warned against two unregulated brokers.

According to the regulator FMA both FSMSmart and BFMFX tells their clients that they are licensed in New Zealand, but it is not true.

It is because of this lie that the FMA placed both brokers on its blacklist. FSMSmart is allegedly based in Switzerland, but it doesn’t seem real, because it is not regulated by the FINMA. BFMFX is allegedly based in New Zealand.

For trading we recommend using regulated brokers only.