Is FBS a trusted Broker? FBS is a trending forex broker that started in 2019 and now the company holds more than 12 million accounts around the globe.
When we talk about trust, we are necessarily talking about regulations. It is the first important factor used to judge a forex broker.
Regulations attempt to control the work of the broker and protect traders against scam. Therefore, the more regulations are strong, the safer the traders are.
In this article, we will review FBS safety based not only on its regulations, but also on our personal experience since we have been trading with this company since 2016.
Is FBS a trusted Broker? Licences and regulations
1. FBS Licenses and regulations
FBS is a trending forex broker that attracts many investors all over the world. Since its creation in 2019, the company has attracted more than 13 million traders over 160 countries. This huge success is due to extraordinarily competitive trading conditions that the company offers.
FBS offers a variety of account types that can be suitable for almost every investor type. In addition, the training tools like demo accounts and no deposit bonuses attract many new traders who like to test demo before going real.
As it started in Belize, FBS got a license from the country’s International Financial Services Commission (IFSC). License number: IFSC/60/230/TS/18. The company then started to practice its activities in Belize and other countries that don’t have national regulations concerning forex and securities trading.
To practice its activities in Europe, the company got the Cyprus Securities and Exchange Commission (CySEC) license. This regulation allowed FBS to attract European traders and increase the number of its traders.
2. About IFSC and CySEC regulations
IFSC and CySEC regulations require FBS to keep traders’ funds in a separate bank account. This strategy aims at keeping traders’ money safe in case the broker experiences a loss or bankrupt. In addition, the European regulations oblige FBS to pay compensation of more than €20,000 in case of insolvency.
Although CySEC and IFSC have a good reputation in the industry, they don’t have a strong authority as FCA.
Concerning why FBS doesn’t have FCA regulation, FBS claims that the FCA license has a strict policy. Therefore, as they offer services worldwide, they need more flexible licenses.
In recent years, the European Union has intervened to modify CySEC regulations and made it almost like FCA. This forced many brokers, including FBS, to adjust themselves to the new regulations.
3. Are IFSC and CySEC enough?
Yes, the regulations are enough for security reasons. In addition, strong regulations do not imply necessarily good trading conditions. You need to check the services of the broker to see if they are convenient or not. This is can be through a demo account to test its platform, to deposit a small amount of money to test withdrawing conditions…
In general, it is the whole package of services that distinguish a broker from others. We think FBS has done well recently. The competitive services that it provides made the company among the biggest forex brokers in the world. With a portfolio of 13 million traders, the company claims that it attracts more than 7000 new accounts daily.
Do we trust FBS Broker ? A personal experience
We started trading with FBS since 2016. In the beginning, we experience some issues regarding withdrawing funds. The problem is not related to whether FBS refused to deliver our funds, but because the Credit Card picture that we have sent was not clear.
After that, we had a discussion with the chat team that helped us to resolve the issue and we got our money. Their main concern, as they explained, is security reasons. They need to make sure that everything is clear and conform to their regulations. Since then, we have never faced a problem. We use Skrill to withdraw, and when we request a withdrawal, it is done within 2 hour or 2.
As an advice, it is highly recommended that the email you used to open an account with FBS, should be the same of your online Bank. This increase trust and facilitate the process. Once you are done the first time, the process of withrawing won’t take more than 3 min.
So answering the big question: is FBS a trusted broker? Absolutely yes. We trust FBS.