FBS Review: Warning – Scam Alert!

| Publish date: 12/11/2019 (Last updated: December 25, 2019 11:16 AM)
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Stop! It’s a Scam! Your money is not safe if you are trading with this broker.

FBS - DO NOT TRADE WITH THIS PROVIDER
3.5/10
$100
Minimum Deposit
X

updated 2020

FBS stands for Financial Brokerage Services. FBS Inc. is based in the Marshall Islands, and is owned and operated by FBS Markets Inc., the global brokerage division of the company. FBS Markets Inc. is registered in Belize and is regulated by the IFSC (International Financial Services Commission).

FBS is largely an Asian forex broker with offices in China, Philippines, Malaysia, Indonesia, Vietnam, Jordan and Russia.

Try these regulated brokers if you want to start trading cryptocurrencies

AvaTrade - Regulated broker
Trade with an award-winning broker

The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

  • Website URL: https://fbs.com/
  • Founded: 2009
  • Regulations: Yes
  • Languages: English, German, Spanish, French, Italian, Portuguese, Bahasa Indonesia, Bahasa Malaysia, Vietnamese, Turkish, Pakistan Urdu, Arabic, Bangla, Thai, Lao, Mandarin, Japanese, Korean
  • Deposit Methods: Credit Card (Visa, MasterCard), Neteller, Skrill, PerfectMoney
  • Free Demo Account: Yes
  • of Assets: 37 currencies, 4 metals, 3 CFDs, 4 cryptocurrencies, 32 stocks
  • Types of Assets: Currency pairs, CFDs in gold, silver, other precious metals, stocks, indices and oil, cryptocurrency trading in Bitcoin, Litecoin and Ethereum.

Overview

FBS stands for Financial Brokerage Services. FBS Inc. is based in the Marshall Islands, and is owned and operated by FBS Markets Inc., the global brokerage division of the company. FBS Markets Inc. is registered in Belize and is regulated by the IFSC (International Financial Services Commission).

FBS is largely an Asian forex broker with offices in China, Philippines, Malaysia, Indonesia, Vietnam, Jordan and Russia.

FBS.eu is the European arm of the brokerage and is operated by Trade Stone Ltd., a company that is based out of Cyprus. This arm of the company is regulated by the CySEC (Cyprus Security and Exchange Commission).

Retail clients in the EU are protected by the ICF Scheme (Investors’ Compensation Fund Scheme), with a total compensation of €20,000 incase the company becomes insolvent.

The company’s website is also encrypted with an SSL (Secured Socket Layer), provided by Rapid SSL.

FBS: Advantages

Low Barrier to Entry

One of the main reasons why FBS is popular with traders is the low barrier to entry. The minimum deposit requirement is just $1. The industry average ranges between $100 and $250.

Variety of Accounts

FBS offers its traders a variety of account types of choose from, catering to smaller individual traders, as well as professional and institutional traders. Here is a screenshot from its website of its account types:

The maximum leverage offered by FBS is a massive 1:3000, and the spread is quite tight, with the exception of the Micro account, with has a fixed spread from 3 pips. The ECN account, which is the premium account, offers a Zero Spread, where traders can enjoy a spread of 0 pips. However, there is a commission of $20 that is charged per lot for this account.

Demo Account

Each account type also comes with a demo account, which allows traders to carry out simulations of the real trading platforms and markets without having to risk their hard-earned money.

Each demo account comes pre-loaded with virtual funds of up to $1 million.

Payment Methods

FBS does not accept bank transfers; only electronic as well as card payments. Deposits are instantly processed, so you don’t have to wait to start trading.

For withdrawals, the transaction can take up to 48 hours.

The broker also clearly details all fees for each payment method and the time it will take for the withdrawal process.

MetaTrader 4 & 5 Platforms

FBS offers its clientele both the MetaTrader 4 and the MetaTrader 5 platforms on which to trade. Both these platforms are available on desktops as well as mobile devices.

The MT4 and MT5 trading platforms are connected to high-speed servers and have been customized to offer FBS’s clients the best trading results. Both the platforms are available for download.

FBS CopyTrade Platform

The broker has created a social trading platform which traders can use to replicate the trades and strategies employed by professionals. The platform has a list of professional traders, whose profiles are published, along with their success rates, commissions charged and how many copiers each professional has.

This is a huge source of income for professional traders, who can earn a lot from the commissions they earn from copiers.

Customer Support

The broker offers customer support in 18 different languages, and also has a live chat feature. The broker can also be contacted via email and phone.

SWAP-Free Accounts

Clients who use the Unlimited account enjoy the SWAP-free feature, which is a huge advantage for long-term traders who carry out overnight trades. Such accounts help in reducing overall trading costs, which is one of the biggest advantages offered by the broker.

FBS: Disadvantages

Despite the fact that FBS is a global brokerage, there are a number of disadvantages for its European arm – FBS.eu.

Regulations

FBS is regulated by the IFSC in Belize, however, this accreditation is not as strong as one given by the FCA, CFTC, NFA, ASIC or CySEC. Belize is known as a tax haven, and the regulatory framework of the IFSC is still not as strong as the more established agencies in Europe.

Added to that, the broker is not regulated by a government body in the European Union, which prevents FBS from being able to actively pursue its operations in the Euro Zone.

No Trading in the US

Despite its global presence, FBS does not allow trade in the United States, which means that it loses out on a huge trading market.

Bonus

FBS offers is clients a 100% deposit bonus, which is a welcome bonus offered to all new traders making their first deposit with the broker. Despite the fact that this is a very attractive offer, most of the customer complaints have come from this feature, because of conflicts that have arisen between traders and the broker during the withdrawal process.

This is because there are terms and conditions attached to the bonus, which most traders find difficult to meet.

Leverage

FBS offers the highest leverage in the Forex industry at a maximum of 1:3000. The reason why this is a disadvantage is because a lot of novice and even seasoned traders are seduced by the possible returns for such a huge margin. However, there is also an extremely high-risk factor involved in trading with such a massive leverage, where a trader’s entire investment can be wiped out with a simple 3-pip move.

Conclusion

Despite the fact that there is been some criticism for FBS, this broker has won a number of awards and recognition for the range of services it offers its clientele. Existing customers have also given largely positive reviews of the broker.

FBS

3.5

User Experience

6.7/10

Payment Options

6.0/10

Security

2.2/10

Support

1.0/10

Reputation

1.7/10

Pros

  • Account can be opened in any one of 4 different currencies

Cons

  • A lot of complaints about unfair conduct
  • BAD Withdrawal Conditions that are not fair to traders

Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:

AvaTrade
$100
Minimum Deposit

The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

Plus500
$100
Minimum Deposit

76.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

eToro
$200
Minimum Deposit

eToro is a multi-asset platform which offers CFD and non CFD products. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

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1 comment

Jeff 01/14/2020 - 11:09 am

My entire investment was wiped out after I fell for the leverage trick of 1:3000. FBS has the highest leverage rates in the market on purpose, they lure you in to just lose all your money without noticing. be careful, this is insane, they looked so legit.

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