The picture is too small to see anything. The switch gets hot by it's design so if there's any oil or other material on the coil it'll burn off. That may be the smoke you refer to. The lower you set the speed the hotter it gets because it's dumping the electricity not sent to the fan motor to the coil to be expelled as heat. Turn it on and watch closely to make sure nothing catches on fire & see if the smoking stops after a bit.

Save a life, adopt a senior shelter pet.
The three main causes of blindness: Cataracts, Politics, Religion.
Name your dog Naked so you can walk Naked in the park.