Is FBS broker safe? We have decided to look at the brand and analyze FBS as a broker to see if it is legitimate and if you can trust them with your money. What we should consider here is how the broker is regulated and how it complies with legislation and regulations. We should also look at the traders and the industry. If they trust a broker, FBS in this case, it means the reputation is solid and the broker is legitimate.
In-depth FBS review
So, let’s look at what FBS is as a company. FBS was founded in 2009 and has since grown into a global broker present in 150+ countries. The company’s headquarters are in Cyprus, and it has regional offices in Indonesia, Malaysia, South Africa, and other countries to provide support services, cooperate with local authorities, and communicate with local clients and brand ambassadors.
Now, is FBS registered? The operations of FBS are regulated by FSC (Financial Services Commission), a regulatory authority that monitors compliance with international standards and best practices for non-bank financial services.
The license granted to FBS confirms that the broker operates reasonably and observes all the rules and practices applicable to the financial sector globally. Anyone can search for the license on the regulator’s website and make sure it is valid.
Licensing process
A broker applying to any appropriate regulator for an international license needs to demonstrate that:
- They run their business in full compliance with all the applicable rules and regulations;
- They have developed and implemented procedures to identify and avoid money laundering transactions;
- They have appropriate training programs for their staff to ensure all such procedures are complied with.
The fact that FBS has a valid international license confirms that all such procedures and policies are in place and observed by the broker. This means that all the best practices which should be used in the financial sector are actually used at FBS — so the traders can enjoy peace of mind without extra efforts to confirm safety.
Legislation compliance
In today’s world, a broker must comply with all sorts of legislation and regulations – from local laws in the countries of operations to international anti-money laundering regulations. And there are also limitations applied by business partners, such as search engines or payment providers.
To comply with all such regulations, a broker needs to implement various processes and procedures internally – some of which may be annoying or time-consuming. For example, traders sometimes complain about the need to provide their brokers with documents to prove their identity and place of residence. It may all slow the processes down for them and complicate the overall experience.
However, while this is an extra annoying step, it also shows that this broker can be trusted: it observes various money-laundering laws and regulations. FBS has implemented all the procedures required to confirm a trader’s identity: a trader needs to upload their ID to deposit with a bank card and withdraw money.
Right on the identity verification page, they mention that this procedure takes an average of 7 minutes. It sounds like it is worth the effort to protect your account and money from unauthorized access. Still, it is particularly touching that a broker tries to deliver this message to the trader prominently. In fact, to cope with the concerns, they even posted prominently all the answers to questions related to KYC (Know Your Client) — the mandatory process to verify a client’s identity before opening an account or periodically in the process of cooperation.
Naturally, other background processes are required to comply with various regulations, such as using specific encrypted protocols for data transfer, carrying out regular independent security scans, etc. These processes are not always visible to a trader or a partner, but they are all intended to improve safety for everyone involved, including making sure your money is safe.
Should I trust FBS?
Licenses are good since they show you that some trusted authority has verified a broker and confirmed it is legitimate. But anyway, it is only reasonable to ask questions to ensure you can trust the broker you consider for cooperation. Now that you know that FBS is legitimate in terms of compliance with regulations, you may consider some additional factors.
Do traders trust FBS? Does the industry trust FBS? Can the FBS broker cheat? Are other people willing to earn money by working with FBS? Answers to such questions may help you understand FBS better.
We know that FBS has 23 million traders in 150+ countries, which is impressive. So FBS has obviously managed to build a strong community of people, which is particularly visible on their Telegram channel. For every post, there’s an animated discussion among traders on the topic covered.
And FBS has a good reputation in the industry. For example, the broker supports 200+ payment options for deposit or withdrawal. It means that all these professionals in the financial sector have verified FBS and their processes and decided to sign agreements with the broker.
Knowing all that, we should conclude that FBS is not a scam and can be trusted as a broker. You can verify their licenses, contact local representatives, and talk to other traders on social networks and offline events. You can always check for yourself and make sure you can trust FBS with your money and start trading confidently.
