FBS broker—is it trustworthy or just another scam?
I’d say the broker is not entirely trustworthy because there’s no clear and verifiable proof of its regulatory standing.
As such, investors should proceed with utmost caution when it comes to this purported trading platform.
FBS(fbs.com) claims that it’s regulated by the Cyprus authorities—the CySEC under the brand name “Tradestone Ltd.” and license number 331/17.
I ran a quick search on the CySEC online register to check for “Tradestone Ltd”, and I actually got a hit for that keyword.
According to the register, there’s a broker licensed under number 331/17 with a physical address at 89 George A, Mairoza Complex, Block A, 1st Floor, Potamos Germasogeias, Limassol, and they’re operating under the domain fbs.eu.
What’s unclear, though, is whether fbs.eu is linked to FBS’s main domain, fbs.com.
Perhaps the two domains belong to completely separate entities.
Additionally, a broker review blog called “ForexBroker(forexbroker.com)” claims that FBS is regulated by the Belize Financial Services Commission under the name “FBS Markets Inc.” and license number 000102/31.
I searched both the business name and license number on Belize’s FSC online register, but found no results, and that’s a major red flag!
The FBS Broker App
FBS also offers a complementary trading app known as the FBS broker app. It’s available across Android and iOS platforms, allowing many smartphone users to access the broker’s services conveniently from their smartphones.
Notably, the FBS mobile trader app boasts a 4.5-star rating on Android, based on over 100k reviews.
Does that lend FBS some credibility?
Not really!
Having a complementary mobile app with high ratings doesn’t necessarily imply that a trading platform is legitimate.
While such an app can be a sign that a broker is investing in user experience and accessibility, and that many users are satisfied with its services, it shouldn’t be taken as a stamp of trustworthiness.
After all, anyone can develop an app these days, including a scammer, thanks to the wide availability of low-cost development tools such as AI.
Additionally, people can be paid or given incentives to rate an app favorably, especially for users in poor countries. In such scenarios, small payments in big currencies can be a lot of money if converted to their local currencies.
Such users would be willing to leave biased reviews in exchange for just a few bucks.
Any well-funded scammer looking to build a fake reputation can easily afford to game the system. They can do so by paying such users to leave positive feedback with high ratings.
Other reasons why I don’t trust this broker:
1. No Serious Recommendations for the FBS Broker On Reddit
About 16 days ago today, a Reddit user named “VisibleJacket7173” posted in the r/Forexstrategy group, asking for recommendations on a good broker for beginner traders. In response, a group member going by the name “Simple-Candidate” recommended the FBS broker. You can see their comment in the screenshot below:
In my view, the feedback appears to have been written by an affiliate marketer or representative of fbs.com. I believe so because when you click on the pasted URL, it takes you to the FBS login or register page.
Broker recommendations from affiliate marketers or representatives can be biased. This is because such individuals often receive a financial incentive. The money is usually given by the broker being promoted as a reward for every client who buys their pitch and signs up through their referral link.
In this case, the pasted URL appears to be associated with the FBS broker referrer’s referral link.
Another Reddit user going by the name “aprabha02” posted on the same group, asking other traders how they manage to access 1:500 leverage as retail traders. They mentioned being based in Australia and currently using IC Markets, and were curious about which brokers offer such high leverage.
In response, a group member going by the user name “TraderMarciaa” seemingly jokingly recommended that they register with fbs.com and get 1:3000 if they want. You can see their comment in the screenshot below:
From the tone of the comment, it’s hard to tell whether the commenter was genuinely recommending the FBS broker or just being sarcastic. I believe they weren’t entirely serious. This is because I’ve personally never heard of any legitimate broker offering such a high leverage ratio.
2. Questionable Trustpilot Reviews
FBS has a 4.3-star rating on Trustpilot, based on nearly 5,000 reviews. Of these, 66% are 5-star reviews, 15% are 4 stars, 5% are 3 stars, 3% are 2 stars, and 15% are 1-star reviews.
This breakdown implies a mixed but generally positive reputation for FBS on TrustpiloT.
Positive sentiments dominate the reviews, although there is still notable dissatisfaction among some users. Those who left negative feedback about FBS have pointed out serious issues such as:
- Hidden commissions.
- Alleged fund theft.
- Market manipulation.
- Low withdrawal success rates and withheld payouts.
Given the seriousness of these accusations, I decided to dig deeper into the credibility of the reviews. After all, not every review on Trustpilot can be taken at face value.
I started by examining the authenticity of the 5-star reviews—and something immediately felt off.
Many were written by users who had never posted a review before, or had only ever written one other review besides the one for FBS.
In fact, the entire first page of 5-star reviews appeared to come from accounts with little to no other reviewing activity. Could those be what we call “incentivized Trustpilot reviews”?
Meanwhile, the first page of the 1-star reviews appeared to come from more seasoned reviewers.
For example, many had rated or shared feedback on several other products or services in addition to FBS.
Some had reviewed as many as six different products or services. Others had posted feedback on at least three prior to this one. Could these be the genuine reviews of the FBS broker?
Final Verdict
Owing to its highly questionable nature, the FBS broker does not inspire full confidence as a trustworthy broker.
While it boasts a highly rated trading app and positive reviews on platforms like Trustpilot, closer inspection raises serious doubts about the authenticity of those reviews.
Additionally, the presence of seemingly affiliate-driven recommendations further cast a shadow of doubt on the broker’s credibility.
Until FBS offers verifiable proof of legitimate regulation and clears up other doubts and red flags, I’ll not recommend it to my users.
If you are an investor, I suggest you approach this broker with extreme caution.
FBS Broker Review Disclaimer: This information is provided solely for warning and alert purposes. It highlights major red flags associated with this suspicious trading platform operating under the domain, “fbs.com”. The review is based on publicly available information, and readers are advised to do their own due diligence.
Report A Scammer
Have you lost your money to the FBS broker or a different scam broker? Go to this page, or email scamread@scamreader.info to report the scam and seek help.