Austria’s Financial Market Authority (FMA) issued warnings against GrahamFE and 360SmartFX on December 3, 2019. The notices said neither provider was authorized to carry out a regulated banking transaction in Austria involving the acceptance of third-party funds for management.
That wording matters. The FMA notices are regulatory warnings about authorization. They do not amount to a court finding that either company committed fraud, was insolvent, or was legally declared a scam.
What the FMA warned about
Both notices cited Article 4(7), first sentence, of Austria’s Banking Act (Bankwesengesetz, or BWG). The FMA said the providers were not authorized to conduct banking transactions in Austria that required a licence.
The specific activity identified was accepting funds from third parties for management purposes under Article 1(1)(1), first case, BWG. In practical terms, the warning concerned the handling of customer money as a regulated activity—not every financial product or service that might have appeared on either website.
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| Provider | Entity and address listed by the FMA | Website listed | Warning date |
|---|---|---|---|
| GrahamFE | GrahamFE FinServices LTD 1421 Sofia City, Sofia District, Bulgaria, Lozenets, Bolgrad No. 5, Sofia |
grahamfe.com | December 3, 2019 |
| 360SmartFX | 360SmartFX / Game Capital Ads Limited Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont, Kingstown, St. Vincent and the Grenadines |
360smartfx.com | December 3, 2019 |
GrahamFE: what the official record says
The FMA’s notice identifies the business as GrahamFE FinServices LTD and lists an address in Sofia, Bulgaria. It says the company was not authorized to accept third-party funds for management purposes in Austria.
The official FMA page is titled “GrahamFE FinServices LTD”. It is categorized as a warning and shows a release date of December 3, 2019. The notice lists [email protected] as the contact email associated with the provider.
Spain’s securities regulator, the CNMV, later published a separate warning dated February 3, 2020. That warning said GRAHAMFE was not authorized to provide certain investment services under Spanish securities law, including services connected with foreign-exchange transactions. The Spanish notice is a separate regulatory record; it is not part of the Austrian FMA decision.
360SmartFX: what the official record says
The FMA identified 360SmartFX together with Game Capital Ads Limited. Contrary to descriptions that place the business in Austria, the address shown in the Austrian notice is in St. Vincent and the Grenadines.
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The notice says the provider was not authorized in Austria to accept third-party funds for management purposes. The official record, “360SmartFX / Game Capital Ads Limited”, carries the same December 3, 2019 release date and lists [email protected].
There is also a separate Italian regulatory record. In a press release dated October 24, 2019, Italy’s CONSOB said Italian internet providers had been ordered to block access to websites offering financial services without proper authorization. The list included Game Capital Ads Limited and https://360smartfx.com. That was an Italian action under Italy’s domestic blocking powers, not an Austrian FMA finding.
What the warnings do—and do not—prove
The FMA’s wording supports a narrower conclusion than some online summaries suggest:
- It says the providers lacked the required Austrian authorization for the specified banking activity.
- It concerns accepting third-party funds for management purposes.
- It does not say that an Austrian court convicted either provider of fraud.
- It does not declare either company insolvent or legally label it a scam.
- It does not provide a product-by-product ruling covering every forex, CFD, cryptocurrency, or other service that may have been advertised.
- It does not announce a customer-refund scheme, mandatory account-closure process, or compensation program.
Calling an unlicensed provider “unsafe” may be a reasonable consumer precaution, but it should not be confused with attributing a criminal or judicial finding that the official notice does not contain.
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Is the warning still current?
The FMA pages remain available, but they are historical warnings dated December 3, 2019. Their continued availability does not establish that GrahamFE or 360SmartFX is operating today, accepting Austrian customers today, or currently licensed—or unlicensed—in a particular capacity.
For a present-day authorization check, use the FMA’s Search Company Database. The database includes fields for:
- Company
- Place
- Bank Identification Number
- Category
- Number of results to display
Search the exact legal name as well as the trading name. A search result—or the absence of one—should be interpreted alongside the regulator’s category and the precise service being offered. A business may need different permissions for different activities, and a warning page from 2019 is not a substitute for checking the current record.
What to do if you sent money or personal information
- Stop further payments. Do not send additional deposits, “taxes,” withdrawal fees, verification charges, or recovery payments to unlock an account.
- Contact the payment provider quickly. Ask your bank, card issuer, payment service, or cryptocurrency exchange whether a transfer can be recalled, disputed, or flagged. Recovery options depend on the payment method and timing.
- Preserve evidence. Save account statements, payment confirmations, emails, chat logs, telephone numbers, website addresses, wallet addresses, screenshots, and the names used by anyone who contacted you.
- Secure your accounts. Change reused passwords, enable multifactor authentication, and contact your bank immediately if you disclosed online-banking credentials, card details, identity documents, or remote-access information.
- Report the matter to the appropriate authorities. The FMA’s warning pages and current database can help document the regulatory issue. A suspected theft or fraud should also be reported to local law enforcement and the relevant payment provider.
- Be wary of recovery scams. People who have already lost money are often targeted by supposed lawyers, investigators, regulators, or “blockchain recovery” firms promising refunds in exchange for an upfront fee.
Bottom line for investors
The accurate summary is that Austria’s FMA warned against GrahamFE FinServices LTD and 360SmartFX/Game Capital Ads Limited on December 3, 2019, saying they were not authorized for the specified activity of accepting third-party funds for management in Austria.
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The warnings are serious regulatory red flags, but they should be described precisely. They are not, by themselves, court judgments of fraud or proof of what either business is doing today. Anyone considering a financial provider should check the FMA’s current database, verify the exact legal entity and authorization category, and avoid sending money until those checks are complete.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.FAQ
When did Austria’s FMA warn against GrahamFE and 360SmartFX?
The FMA published both warnings on December 3, 2019. Claims that the Austrian warnings were issued in 2023 are incorrect; a later webpage update date is not the warning date.
What did the FMA prohibit?
The notices said the providers were not authorized to accept funds from third parties for management purposes in Austria, an activity covered by Austria’s Banking Act. The notices did not broadly ban every forex, CFD, cryptocurrency, or other product.
Did the FMA officially call GrahamFE or 360SmartFX a scam?
No. The notices are unauthorized-business warnings. They do not state that either company was convicted of fraud, declared insolvent, or judicially determined to be a scam.
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Where were the companies based according to the notices?
The FMA listed GrahamFE FinServices LTD at an address in Sofia, Bulgaria. It listed Game Capital Ads Limited, associated with 360SmartFX, at an address in St. Vincent and the Grenadines. Neither notice describes the provider as based in Austria.
Can I tell whether either provider is licensed now?
The 2019 warning pages cannot establish present-day status. Use the FMA’s current Search Company Database and check the exact legal entity, trading name, category, and activity being offered.
Does the FMA warning provide a refund or compensation process?
No. Neither official notice announces a customer-refund scheme, account-closure procedure, or compensation program. If you sent money, contact your bank or payment provider promptly and preserve all relevant evidence.
The Bottom Line
Bottom line: The FMA’s December 3, 2019 warnings identified GrahamFE and 360SmartFX/Game Capital Ads Limited as unauthorized to accept third-party funds for management in Austria. Treat that as a major regulatory warning, but do not turn it into an unsupported claim that the companies were legally declared scams. For current status, check the FMA database and verify the exact entity and authorization.
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