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Investor Warning – Illegal Broker FSM Smart With New Domain

A few weeks ago FinTelegram issued a request for information regarding the illegal broker platform FSM Smart ( and received interesting information. Shortly after the FinTelegram report and our queries, the operators have switched their domain. That’s the usual way for illegal broker schemes operating in the dark of the web. Here are the updates on our request for information for FSM Smart and its environment.

  • Allegedly, Armin Ordodary would not be FSM Smart‘s ultimate beneficial owner, but through his Upmarkt DOO only marketing partner to acquire new victims;
  • The beneficial owners of FSM Smart, on the other hand, would be based in Minsk and conduct business from there via affiliates;
  • FSM Smart switched the domain to registered on March 24, 2019;
  • Armin Ordodary, however, is the Director and beneficial owner of the Serbian Boiler Room Upmarkt DOO;
  • Via Ordodary’s NepCore CRM platform more illegal broker sites like,, os MXTrade are operated whereby the hosting is carried out by the German company Hetzner GmbH. The website of the new domain for FSM Smart is also hosted by this company;
investor warning - NepCore operated broker schemes
Some NepCore operated illegal broker schemes

We expressly warn against doing business with FSM Smart or using the other illegally operating broker platforms related to the NepCore platform. We are still investigating the background of FSM Smart broker scheme and Marshall Islands-registered FSM Smart Ltd and its people.

Armin Ordodary and his forex broker activities
Established connection of Armin Ordodary

Report FSM Smart Activities And People

If you have any information on FSM Smart, NepCore, Armin Ordodary and/or the related entities and/or people, FinTelegram would be more than happy to receive it. Please use our whistleblower system to share your information with our research team in the very best interest of investors and the market. Together we can make a difference.

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