Is FBS a Scam?
FBS seems like a legitimate broker. They have many licenses, including from CySEC and ASIC, and other reliable regulators. However, we also noticed there were so many negative customer reviews that we decided to investigate further.
This wasn’t merely information from review sites. It’s important to be skeptical about what you see on these sites. In many cases, competitors will create bad reviews to try to hinder their rivals.
Instead, we talked to actual customers and read only verified reviews to give us a clearer picture of what kind of broker FBS is. In short, Don’t assume that FBS is a reliable broker even though it has a few licenses. Regulators often discipline their licensees and sometimes even suspend their licenses. Perhaps they haven’t gotten the memo yet about FBS.
We’re not sure whether this will happen to FBS, but there is plenty that is dodgy about this broker. It may not be an outright scam broker, but it’s not worth taking the risk with this level of complaints.
FBS has many licenses including from CySEC and ASIC. The broker boasts that it offers trading in 150 countries. We’ll find out later why this isn’t necessarily a good thing. Also, its leverage is flexible and can vary from 1:30 to 1:3,000. We’ll find out why this isn’t so great either.
FBS also gives clients in some regions the opportunity to trade with bonuses. Respectable, regulated brokers don’t offer these types of sneaky bonuses, because they are almost always traps. It seems very convenient that FBS offers these bonuses to traders in some regions and not in others.
Compared to other brokers, FBS doesn’t offer many trading assets. There are only 40 currency pairs and 6 indices. However, it does provide social trading and MetaTrader 4 and 5, which are the most reliable trading platforms on the market.
FBS also boasts that it offers low spreads and fees. The fees certainly seem to be low, but some customers have reported that the spreads are only deceptively low, and the difference is subtracted from their account at a later date.
There seems to be some good news regarding FBS, but it has already been mentioned. Get ready for the less attractive side of FBS.
Common Complaints About FBS
Many people check whether a broker is licensed and that’s good enough for them. If they see a broker is regulated, they assume they are fine and look no further. Although we urge people to immediately check a broker’s license, it’s important to consider that even regulated brokers can be scams or at least be highly problematic.
We noticed a litany of complaints about FBS–more than positive comments about this broker. The most common issues with FBS included:
- Apparently manipulated spreads
- Different standards in different countries
- Tricky bonuses
- Arbitrarily closing accounts
- Poor customer service
- Delay or deny withdrawals
Apparently Manipulated Spreads
Every broker wants to give the impression that their spreads are low. Even fake brokers we come across who claim to have low spreads have high spreads. FBS, however, does actually seem to have reasonable spreads—until the customers check their accounts.
We didn’t hear this complaint from everyone, but we did notice that some complained that “spreads are manipulated in the way it shows up in your account.” We heard this more than once. We aren’t sure whether customer service tried to explain the absence of funds as a spread adjustment, or whether the irregularities in the accounts just happened.
Different Standards in Different Countries
FBS boasts of serving customers in 150 countries. This is a good and a bad thing. It has some offshore licenses and operations and takes the opportunity of offering some services it wouldn’t dream of offering elsewhere. This means that FBS fails to protect all of its clients.
In some European countries, leverage is capped at 1:30. However, FBS makes it as high as 1:3,000 in other countries. Bonuses are prohibited in some European countries, but they are offered aggressively in others.
High leverage puts traders at risk. FBS, however, even though it “knows better” with high-quality licenses, offers high leverage where it can and encourages traders to take dangerous risks. Also, FBS doesn’t shy away from offering tricky bonuses, which their offshore licenses allow.
Concerning the bonus account, even one client who praised the broker said she heard terrible things about bonus accounts. Basically, tricky bonuses tie up people’s money and keep them from withdrawing it. FBS doesn’t mind using this tactic where they are allowed to, which is a problem.
Arbitrarily closing accounts
Some people said their account was simply closed without warning. This is pretty awful. Not only that, they said they weren’t given a refund at all and that their complaints were ignored.
Poor Customer Service
FBS claims they offer top-notch customer service in many languages. However, we heard over and over that FBS’ customer service was nasty or indifferent. Representatives were often rude or dismissive if they would answer claims at all.
Delays or Denies Withdrawals
The most common complaint we heard about FBS is that they deny or delay withdrawals. Apparently, they will give any excuse to avoid granting a withdrawal. We heard this so many times that we wonder if anyone got their money back from FBS.
There seem to be a few satisfied customers, and they haven’t lost their license yet, but it probably isn’t worth the risk of trading with FBS.
Have you Lost Money to FBS? Talk to Broker Complaint Registry
We create these reviews to warn consumers about brokers and schemes that may be problematic. If you have an account with this broker close it and request a withdrawal. If you are not given your money back, contact Broker Complaint Registry right away. We will consult with you, work to track down your funds and create investigative reports, and will assist with fund recovery efforts.