FBS Review (2022): Trustworthy Broker or Terrible Scam?
Is FBS a legitimate broker? Who regulates FBS, and should you be concerned about investing your money with this firm? Are customers able to access their funds? For answers to these questions and more, read our in-depth FBS review to determine whether it’s a safe investment platform.
Have you lost money trading with FBS? Schedule a free consultation with us. We have a team of experienced experts that will help you recover your lost funds.
Here’s all you need to know about FBS.
FBS Review: An Honest Look At FBS
FBS was founded in 2009. It offers a wide range of instruments and specializes in forex, indices, stocks, and metals.
The company’s website indicates that it’s present in 150 countries, has 17 million traders, and 410,000 partners. It also shows some of the international awards it has won as a forex brokerage company.
Since January 1st 2020, FBS has become the official trading partner of the football club FC Barcelona. This year, the company also got into another partnership with Leicester City as the principal partner.
While these kinds of partnerships legitimize the brokerage company, is this true? Are there any red flags?
Is FBS A Legitimate Company?
Most forex brokers, especially scammers, package their information and websites in a way that it appears legitimate to attract investors. Therefore, as an investor, you need to know how to differentiate between honest traders and scammers.
To know whether FBS is a legitimate company, we’ll tell you all about the company. We’ll start by establishing whether the brokerage company is regulated and by which authorities. We will also look at the company’s activities and product offerings to come up with a final verdict on the legitimacy of FBS.
What is FBS?
FBS is an online forex broker that offers stocks, indices, forex and metal instruments. It offers six different types of accounts that customers can choose from to start trading.
It also offers its customers’ forex analytics information, webinars, forex education, and trader tools to make it easy to navigate the site.
According to the company’s website, FBS has its headquarters in Limassol, Cyprus. However, there are some concerns since their brand name Tradestone Ltd is registered under a different address in Cyprus, which is suspicious.
Is FBS Regulated?
According to the Cyprus Securities and Exchange Commission (CySEC), FBS is registered under the brand name Tradestone Ltd and license number 331/17.
Additionally, this brokerage company is regulated in Belize and regulated by the IFSC.
Is FBS Regulated in the UK?
As a CySEC licensed broker, it can provide brokerage accounts to residents in the European Union. In addition, this license is meant to guarantee the safety of customer deposits and data privacy.
However, on its website, FBS indicates its services are not provided for UK residents; therefore, it’s not regulated in the country.
Is FBS Regulated in the US?
Just like the UK, FBS is also not regulated in the US, and it doesn’t provide any services within the country.
Is FBS a Scam?
Before committing your cash to an investment, you need to know whether the brokerage firm is legitimate. With FBS, some suspicious red flags make the company look like a scam. However, some features make the company look legit.
Here are some of them.
Brokerage firms that are regulated are more trustworthy. Although regulation is not synonymous with legitimacy, it may help protect customer money.
In 2020 and 2021, FBS has entered into two major partnerships with top football clubs, FC Barcelona and Leicester City. These partnerships are appealing to most investors because they make the company appear trustworthy.
FBS uses both MetaTrader 4 and MetaTrader 5 that forex traders commonly use. Additionally, it has mobile services to enable customers to trade from anywhere.
Traders can deposit and withdraw cash via Neteller, Skrill, Perfect Money and Visa services. This makes it accessible to more traders.
FBS Scam Signals
While the company appears legitimate, there are some red flags that are hard to ignore.
The Trading Restrictions
On its website, the company clearly shows that it doesn’t offer its services in countries such as Japan, Canada, the U.S., the UK, Brazil, Malaysia, Myanmar, Israel and the Islamic Republic of Iran.
For most of these countries, it’s pretty easy to do business, and they have great market potential. However, FBS is not operating in these countries, probably due to legal restrictions which are in place to prevent fraud. This makes the company suspicious.
Although the company has partnered with renowned clubs such as FC Barcelona, the ownership is still unclear.
Before investing with a company, it’s important to know who’s behind the company and its operations.
Under the CySEC registration, the brand company Tradestone Ltd has a different address in Cyprus than the one on the website.
Cyprus is known as a safe haven for a lot of financial scammers because of relaxed regulations. Therefore, by having two different addresses, the company might be taking advantage of the available loopholes to scam people.
This is risky for investors, especially when they need to follow up on transactions.
A quick check on Trustpilot shows that FBS has a rating of 3/5, which is an average rating.
There are tons of negative reviews on how customers have lost money to the company due to price manipulation.
FBS Review: The Final Verdict
On the surface, FBS appears legitimate because of its recent partnerships with top football clubs. The company is also registered for regulation with CySEC.
However, our in-depth review shows that there are some loopholes that are suspicious. From tons of customer complaints, lack of clear ownership, double addresses to trading restrictions in some countries, FBS is not entirely trustworthy.
While the company looks legit in some areas, you need to be cautious when trading with this brokerage. It’s a regulated scam.
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