Is FBS A Scam?
If you have been interested in making money online through the stock market or foreign currency trading, you must have already heard of FBS. Perhaps you’re thinking about giving the platform a chance, but you’re not sure whether this is the real deal or just another scam.
Worry not, you’ve come to the right place. If this is your first time learning about FBS, then you should know this company is a global broker that has been offering Forex and CFD trading services to customers from all over the world since 2009.
Currently, it’s one of the most popular trading platforms, with a wide range of features that keep up with current market trends.
Sounds legit, right? Well, that’s what we are here for. Today, I will be answering all your questions regarding this company through this review.
I did a lot of research and wrote this based on what I learned about FBS. I recommend that you continue reading to learn more about what you’re about to embark on. You’ll be able to make a more informed decision about whether or not to try FBS after reading this review.
The fact that you’ve taken a moment to scrutinize this product before signing up should be applauded. You’ve done yourself a huge favor. Your due diligence will save you from potentially wasting your time and money.
A good bit of research always goes a long way in the fight against online scams. Creating a sustainable full-time online business is not difficult. You just need to know where to look.
Before we proceed I’d like to let you know that I’m not linked to FBS in any sort of way and I’m not trying to sell you this product.
Instead, I’d like to show you why this program should be avoided…
FBS Product Review
- Name of Product: FBS
- Owner: Unknown
- Type of Product: Forex Broker
- Cost of Product: Free to join
- Who Is This Product Best For? Anyone interest in foreign exchange and the stock market.
FBS Product Summary
FBS is an online broker that specializes in forex and contract for difference (CFD) trading since 2009. They’re one of the most well-known and award-winning forex brokers worldwide. FBS began in Belize, then eventually spread to Cyprus, and then to other regions of the world.
Product Rating: 50/100
Would I Recommend This Program: NO
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FBS Background
FBS was created in 2009 as an international broker that services clients from over 150 countries. It has received multiple major awards and uses cutting-edge technology on the Forex market to demonstrate its superiority.
While FBS started out as a Belize-only broker, it has recently expanded to include Cyprus as well. This has aided and encouraged the company’s expansion into the European market for both rookie and expert traders.
The European legal environment, which is regulated, has given a broker more possibilities, including handy tools and a fully approved trading service, which has pushed FBS’s development even further.
FBS has been in the business for quite some time now and it offers a reliable trading environment. There are decent trading conditions, including copy trading on MetaTrader4 and 5, and cheap spreads, according to my research.
On the downside, trading instruments are confined to Forex and CFDs, and trading terms differ depending on the business. For more transparency, I recommend joining a European entity instead.
Furthermore, over 60 international awards have been given to FBS throughout the years, recognizing them as a Transparent Broker with Best Customer Service, making them one of the most honored forex brokers in the world.
One thing I’d say is that award committees don’t just hand out awards without conducting extensive research. So when it comes to legitimacy, FBS definitely passed with flying colors. FBS is also authorized by European financial authorities, as previously indicated, adding to the proof that they are a genuine Forex trading firm.
Who Is The Person Behind FBS?
Despite all their awards and recognitions, the person behind FBS remains to be unknown. No information on the internet can be found regarding the person or the people running FBS.
Although their claim to be a partner of FC Barcelona adds to their legitimacy, I am concerned about the lack of information about who manages it. I mean, if I join a company, I’d like to know who’s behind it to make sure he’s not just another con artist and that the claims I’ve read aren’t simply hyped-up promises that won’t come true.
FBS Product Line
FBS doesn’t have any physical products to sell, but in terms of the trading service itself, FBS offers transparent trading conditions through the use of popular instruments such as Forex and Metals, all of which are linked by split-second execution via the STP model. They also invest in technology to make trading easier and more comfortable, as well as provide excellent execution.
Moreover, FBS employs MT4 and MT5 trading platforms, which are developed by MetaQuotes Software Corporation. MT4 was released in 2004 and MT5, which was revised in 2010, was released in 2010. Both platforms have a similar appearance. The main difference is that MT5 has more functionality than MT4 because it is newer.
Windows and Mac PCs can access both of these platforms. This is also available as a mobile application, which makes it even more convenient to use. They also operate a social network called the FBS CopyTrade Platform, which allows traders to imitate professional traders’ strategies for a fee. This will be quite beneficial to people who are unfamiliar with the ins and outs of Forex trading.
However, the variety of instruments is fairly restricted, with roughly 40 currency pairings, including exotic ones, and six indices based on CFD trading, as well as Metals and Energies. If you wish to trade stocks, futures, or a larger selection of instruments, I would suggest that you look at other legitimate brokers as well.
Does FBS Work?
To begin, click “Open Live Account” to create an account. Click the “Open an account” button once you’ve filled out your information. After that, you’ll receive an email with a single mission password to confirm.
When creating an account, you have the choice of choosing between a Standard Account, a Crypto Account, or a Cent Account, which is ideal for beginners owing to the lesser criteria and dangers involved. However, because FBS has two entries, one for the EU and one for the rest of the world, the requirements and trading proposals may differ.
In fact, international traders may take advantage of six different account types, incredibly high leverage of up to 1:3000, deposit bonuses, rebate programs, and much more. However, be sure you understand all of the hazards associated with excessive leverage and bonus utilization. On the other hand, EU traders are only offered the Standard Account.
FBS’s first minimum deposit for a Cent account is $10, making it a decent alternative for new traders. Even though the Standard Account only requires a $100 initial deposit, skilled traders may be able to trade with smaller sums. The minimum deposit for Crypto accounts is only $1.
Furthermore, FBS account types also include both demo and live trading accounts, ensuring that you get precisely what you want, regardless of your degree of experience. For beginners and to experience the FBS Forex trading environment, a demo account is highly advised.
Getting Started with FBS
Opening an account with FBS is absolutely free and does not need much effort, as you will be directed through a series of easy-to-follow procedures, which include the following:
- Fill in all of your personal information, such as your name, email, phone number, and so on.
- To complete the procedure, you will get an email with a confirmation link.
- At this point, you can start a Demo Account after you’ve received access to your online account management.
- Choose your base currency and the account type you want to establish.
- With the online questioner, describe your trading experience and expectations.
- Upload proof of your residence, identification, and anything else that’s required.
- Once you click Submit, please allow a few days for your papers and account to be verified.
- After that, make a financial deposit.
- Lastly, decide whether you want to trade FX, stocks, or something else, and then get started.
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FBS Ugly Truths Exposed!
#1 They Don’t Operate In Other Major Countries
FBS is a global firm, however, it does not service traders in Japan, the United States, Canada, the United Kingdom, Myanmar, Brazil, Malaysia, Israel, or Iran. That raises a significant red flag for me. These countries have a lot of market potential, but they don’t have access to FBS.
Japan, the United States, Canada, the United Kingdom, Myanmar, Brazil, Malaysia, Israel, and Iran, according to my knowledge, have stricter restrictions, and FBS may have guessed that this would cause them problems. It’s possible that the issue is with the system itself or with getting the requisite permits.
In any case, I believe they are avoiding certain countries due to constraints.
#2 The People Behind This Company Remains Anonymous
As I have already stated previously, the people running FBS remain to be unknown, which raises a few red flags for me. Because if your company is as multi-awarded as this FBS, wouldn’t you want to be proud of the success your platform has gotten? Nevertheless, I just find it highly suspicious why there is zero information regarding who actually runs FBS.
Advantages of FBS
#1 You’re Well Protected With This Company
Trading with a registered broker like FBS who conforms to high standards is, without a doubt, the first and most significant step you should take before signing up with any trading organization. In this case, FBS has strict money-protection rules in place, as a result of its obtained license and compliance with the MiFID directive.
FBS keeps traders’ funds in segregated accounts, making them unreachable for any other company’s use, and it also improves Negative Balance protection capabilities. Furthermore, as a Cyprus Investment Firm, FBS is covered by the Compensation Scheme, which safeguards clients’ money in the event of a broker’s insolvency.
#2 Terrific Customer Service
Another aspect worth mentioning is FBS’s customer service. FBS Customer Assistance is provided 24/7 via live chat, international phone lines, email, and even social media, as the broker places a strong emphasis on solid support and guidance, particularly for beginning traders.
Definitely, FBS provides excellent customer service, which is always beneficial and required during your trading process. FBS is truly a client-oriented company that provides meaningful and timely responses to issues and queries.
#3 Additional Tools Are Provided For You
Aside from the research tools included in the MetaTrader platform, you may use extra resources provided by FBS to assist its traders. From the website, you can access a well-designed Forex calculator, an Economic Calendar for keeping up with the latest news, and a currency converter for quick calculations. FBS also offers an in-house-built Daily Market Analysis and hosts Forex TV, which broadcasts all the latest news and updates for your better understanding.
Is FBS a Scam or a Legit Program?
Although a few things in FBS appeared to be suspicious, they are still 100% a legitimate forex broker. I’d think a company like FBS is legitimate if it goes to such lengths to secure such licenses and security measures. If they weren’t, they’d be in jail in no time. Aside from that, they’ve been in business for 11 years, which I doubt would be feasible if they were scamming people.
However, despite their legitimacy, I still do not recommend getting into Forex due to the inherent risks that come along with it. Instead, let me offer you a better recommendation.
How Do I Use The Internet to Make a Full-Time Salary?
I’m not a big fan of get-rich-quick schemes, let’s just say that I’ve been caught short a few times.
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Affiliate Marketing can help you to…
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