WikiFX Reviews FBK Markets | Is It Safe?

WikiFX is a global forex broker regulatory query platform that has investigated and reviewed over 40,000 brokers while having close-knitted collaboration with more than 30 national regulators. To learn more about the security and credibility of your chosen brokers, visit www.wikifx.com or download our free app from either Google Play or App Store.

FBK Markets official website is www.fbkmarkets.com.

It was established in 2020 (registration number 2020/254472/07) at 1st Chadwick Avenue, Wynberg, Sandton, 2090, South Africa.

On its website, it is stated that FBK Markets, or FBK Markets SA (Pty) is a duly appointed juristic representative of RCG Markets (Pty) Ltd with registration number 2018/079334/07, which is an authorised Financial Services Provider under the Financial Advisory and Intermediary Services Act No 37 of 2022 – FSP49769.

For a review of RCG Markets, read this article here: https://www.wikifx.com/en/newsdetail/202303068404729788.html

WikiFX suspects that the license FBK Markets claim to possess is a clone – which is a major red flag as this means FBK Markets is unregulated.

Market instruments:

FBK Markets offer several trading instruments, including forex pairs, indices, bonds and commodities. Unlike many of its rivals, it does not dabble in cryptocurrency trading.

Trading platform:

FBK Markets currently only offers MT4 platform for its trading clients.

Account types:

FBK Markets offers 5 different types of accounts as shown below:

One of the main attractive features offered by FBK Markets is the low minimum deposit of only R 20, high leverage up to 1:1000, and low spreads from as low as 0 pips.

Do note that a common tactic used by forex brokers to capitulate traders' accounts is by recommending high-leverage and low-deposit accounts. This goes hand-in-hand with the deposit bonus campaigns that are commonly advertised by brokers.

These offers create much higher chances for these inexperienced traders to blow their account easily, which is equivalent to “easy profits” for the broker itself. However, it does not necessarily mean that the said broker is a scammer, as this is just a common marketing strategy within the industry to be more attractive to prospects.

In conclusion, WikiFX does not recommend FBK Markets as it is a risky broker with no license nor any other form of regulatory status. Given that there are a myriad of forex brokers in the market with higher credibility coupled with licenses and regulatory statuses, traders who wish to trade with FBK Markets should reconsider this decision carefully.