FBK Markets Review – Is It A Clone Or A Legit Trading Company?

FBK Markets company is operating under the name FBK Markets SA (Pty) Ltd. With the domain active since 2020, they didn’t manage to build a trustworthy reputation. Especially after so many negative reviews.

But what ignited those reviews in the first place, you can find out in this detailed FBK Markets review. Let’s see if we can trust our money to FBKMarkets broker or if should we look for another one.

Legal Info: Is FBK Markets Legit Or A Scam?

Indeed, the company listed on its website, RCG Markets (PTY) Ltd is a legit and active FSCA trading licensee. However, in the FSCA register, there is no connection with the fbkmakets.com website. This is what led us suspect that we’re dealing with a clone firm.

It all looks like they are just using someone else’s details to make themselves look legit. Another proof of that is that the company FBK Markets mentions as their partner is not mentioning them in the legal documents. Even if you exclude all of this, this broker doesn’t have any Tier 1 license, such as FCA, BaFin or ASIC.

Who Are FBK Markets’s Clients?

FBK Markets broker is mainly targeting African traders. Those are mainly coming from:

• South Africa
• Lesotho
• Botswana

The main reason behind it is low-tier regulation and weak laws. But also the risk-reward ratio for them. Therefore, don’t hesitate to share your experience with us. In the end, our team can make you a strategy for a refund.

Traders Reviews

Another warning sign of FBK Markets broker is its reviews. On Trustpilot, there are currently 42 comments with more than 20% of negative ones. Traders are mostly complaining about withdrawals and frozen accounts.

These are something that often happens with unregulated brokers. So, there you have another proof. If that also happened to you, contact our team as soon as possible for refund guidance.

Fees, Spreads, Leverage and Commissions With FBK Markets

In the first place, the company offers extremely high leverage. Without negative balance protection and leverage of 1:1000, you can easily lose everything, but also get into debt. Starting spreads can be as low as 0.0 pips. But with scam brokers, it rarely matches. Generally, commissions of $9 are quite expensive.

Bonuses

If all of the above is not enough, there are also welcome bonuses. But up to 100% of the deposit amount. Luckily, in South Africa, these are not banned yet. Once you read their bonus policy, you realize that the company can terminate all the bonus funds without any prior notice.

That’s why you should trade with Tier 1 licensed brokers. For example, you can check our Exante review for one of those.

FBK Markets Trading Features

FBK Markets app download option leads to trusted Meta Trader 4 software. Practically, the only positive thing about the broker. With multiple advanced features, it can launch your results into the sky. But also, FBK Markets leverage can wipe it off in seconds.

Is FBK Markets Legit?

Absolutely not. The company is trying to make itself legit, but its reviews say the opposite. If they are doing anything by the book, they wouldn’t have so many unsatisfied clients.

Available Trading Assets

Like any other broker, they tend to offer as much as possible tradeable instruments. Don’t forget their high leverage if you are trading volatile assets like crypto. Anyway, you can choose:

• Forex                        USD/JPY, AUD/HKD
• Commodities            gold, silver
• Indices                      ASX200, CAC40
• Shares                      Amazon, NVidia
• Crypto                      BTC, DOGE

Account Types

FBK Markets account types are divided into 5 groups. The minimum deposit requirement for all of those starts at R100. You can choose:

• Standard
• Zero Spread
• Bonus 100
• ECN
• Micro

Mobile Trading App

The mobile trading app is available for any MT4 user. In general, for some traders, this plays a dealbreaker. Because many traders often trade remotely and on the run.

Demo Account

Important to realize is that the company doesn’t offer a demo account. Even though it’s a standard part of the MT4 package. Thus, their minimum deposit is relatively low and you can try your luck. However, it’s always better to do so with a licensed broker, like Equiti.

Education

Sadly, the company doesn’t offer any kind of regulation. Not even webinars or general information about trading. That’s another weak point of this broker.

FBK Markets Withdrawal

FBK Markets claims to process withdrawal requests within 48 hours. However, they have the right to decline it in case they think you don’t comply with their T&Cs. All the withdrawals are processed with Electronic Funds Transfer, without fees.

However, some traders reported different situations. Therefore, be extremely careful with this broker.

Customer Support

FBK Markets owner details and contact details are fully transparent. Their support is available 24/7 via phone, e-mail and live chat. Thus, some clients reported a lack of response if you are looking for a withdrawal.

Key Information To Consider About FBK Markets?

Primarily, the company operates under suspicious license details. Even though there’s FBK Markets MT4 software, don’t let that trick you. If it’s going to cost you whether through FBK Markets spreads or nonexistent fees it’s not worth it.

Instead, you can choose Tier 1 licensed brokers and sleep tight. Nevertheless, if you lost money we share your pain. You are not the first or last person who is going through that. Still, our team can provide you with detailed guidance for the fund’s recovery process. Get in touch now to find out more!

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