FBK Markets Review 2024
Website: fbkmarkets.com
Min. Deposit: US$ 20106
Leverage: 1:30 | 1:1000
Trading Platforms: MT4, Mobile Apps
Regulation: FSCA
Headquarters: South Africa
Founded: 2020
Regulatory Licenses:
- FBK Markets SA (Pty) Ltd - regulated by FSCA (South Africa) registration no 2020/254472/07, juristic representative of RCG MARKETS (Pty) Ltd FSP no 49769
Updated on January 5, 2024
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Our evaluation process involves a meticulous examination of over 1000 brokers, focusing on their services, offerings, and overall reliability. We scrutinize aspects such as regulatory licenses, trading platforms, fees, spreads, customer service, and educational resources. Our aim is to provide a comprehensive and unbiased review to assist traders in making informed decisions.
Launched in 2020, FBK Markets is a Forex trading entity headquartered in South Africa, offering a diverse portfolio of trading products like Forex, Commodities, Bonds, and Indices. As an appointed juristic representative of RCG Markets, it operates under the regulatory framework of the FAIS Act and holds a license from the esteemed FSCA authority. FBK Markets caters to clients globally, with a focus on the African market. The broker is celebrated for its reliability, competitive trading conditions, and the provision of popular trading instruments through the advanced MetaTrader platform.
Pros
Competitive trading solutions
Low minimum deposit requirement
Access to the renowned MT4 trading platform
24/7 live chat support
Valuable educational resources
Cons
Single regulatory authority
Limited range of trading instruments and markets
Is FBK Markets Safe or a Scam? ▲
FBK Markets is a legitimate Forex broker, not a scam. It operates as a juristic representative for RCG MARKETS (Pty) Ltd with a license from the FSCA in South Africa, signifying a commendable level of credibility and adherence to industry standards.
Is FBK Markets Legit?
Indeed, FBK Markets stands as a legit, FSCA-regulated broker. Although it does not boast top-tier regulation, its compliance with FSCA rules offers a reliable trading environment. Our trust score for FBK Markets is 7.5 out of 5, reflecting its reputable services and the confidence it instills in traders. Nonetheless, we advise conducting personal research and considering customer feedback before engaging with the broker.
Customer Trading Protection
The FSCA plays a pivotal role in enforcing regulatory compliance within the financial services industry, ensuring the security of clients' funds through the segregation of funds from company accounts. This measure prevents the misuse of client funds for operational purposes, providing an additional layer of protection. It's crucial to undertake extensive research, including user reviews, to fully assess the broker's reputation and legitimacy.
Leverage, while offering the potential for significant gains, also carries risks of substantial losses. It's vital to fully understand how leverage works and its possible implications before using it in trading. According to FSCA regulation, traders from South Africa can use leverage up to 1:30 for major currency pairs, but FBK Markets also mentions the possibility of higher leverage up to 1:1000. Thorough comprehension of leverage and its associated risks is essential prior to its application in trading activities.
Account Types
In our evaluation, it was identified that the broker presents a range of account options including Standard, Zero Spread, Bonus 100, ECN, and Micro Account types to cater to varied trader preferences. The initial investment required to open a Micro account stands at R20, equivalent to $1.06. For the remaining account types, the minimum deposit is set at R100.
Opening FBK Markets Trading Account
Initiating an account with the broker is recognized as a straightforward process. To register with FBK Markets, one can easily log in and follow these steps for account creation:
Navigate to and select the “Open an Account” option
Input the necessary personal details (Name, email, phone number, etc.)
Submit documentation for verification of personal data (proof of residence, ID, etc.)
Finalize the electronic quiz to verify your trading knowledge
Upon successful activation and verification of your account, proceed with depositing funds.
FBK Markets offers a selection of popular trading instruments that cater to a variety of trading preferences and strategies. Their range of instruments includes Forex, which allows traders to engage in the dynamic currency market, and Commodities, offering the opportunity to trade in physical goods like energy and agricultural products. Additionally, FBK Markets provides access to Bonds, an asset class favored by those looking for fixed-income investments, and Indices, which enable traders to speculate on the performance of specific market segments.
This variety of instruments means that traders with FBK Markets can effectively diversify their portfolios, taking advantage of different market dynamics and aligning their investments with their individual trading objectives and styles. Diversification is a key strategy in trading, as it can help mitigate risks and capitalize on a range of market opportunities.
In our assessment, FBK Markets receives a Markets Range Score of 7.3 out of 10. This rating reflects the availability of a selection of well-known and commonly traded products, positioning FBK Markets as a competent broker for traders seeking access to these specific markets.
However, it's important to note that our review also identified a limitation in FBK Markets' offerings. We found that several popular asset classes are not available for trading on their platform. The absence of these asset classes could be a significant consideration for traders who wish to explore a broader range of investment opportunities, including emerging and contemporary markets. Traders who are looking for a more extensive selection, particularly in newer or more niche markets, might find FBK Markets' offerings somewhat restricted. Therefore, while FBK Markets provides a solid range of traditional trading instruments, potential clients with interests in a wider array of markets might need to look for additional platforms that offer a more comprehensive selection.
FBK Markets Fees
Upon reviewing the broker's fee structure, it was discovered that FBK Markets offers relatively competitive pricing across most of its trading services. The broker mandates a minimum deposit of R100 for utilizing its funding methods. Additionally, traders may encounter extra fees during their trading activities. Therefore, it is imperative to thoroughly examine the broker's fee policy and terms and conditions to fully understand the potential charges and their implications on trading ventures.
FBK Markets Fees receive a mid-range evaluation, achieving a score of 3.75 out of 5, based on our analysis and comparison to approximately 1000 other brokers.
From our trial transactions, it was noted that the broker provides competitive spreads, highlighting an average spread of 0.5 pips for the EUR/USD currency pair in the Forex market. Nonetheless, it's important to acknowledge that spreads may fluctuate in response to market dynamics, volatility, and liquidity levels. For precise information on the spreads applicable to specific instruments and account configurations, it's advisable to consult the broker's website or reach out to their customer support.
FBK Markets Spreads are assessed as moderate, with a score of 4.25 out of 5, following our evaluation and comparison with other brokers. The Forex spreads were found to be lower than the industry norm, and the spreads for various other instruments were also deemed competitive.
Following our extensive research, the broker offers a selection of instant deposit methods for traders to fund their trading accounts. These methods include Visa and MasterCard, Skrill, and Ozow. However, it's important to note that certain deposit methods may come with specific requirements depending on the client’s bank or financial institution.
FBK Markets Funding Methods received a commendable rating of 3.8 out of 5. The fees associated with these methods are low, and clients can benefit from a variety of account-based currencies.
Pros
Competitive minimum deposit requirements
A variety of payment methods
Cons
Potential requirements based on financial institutions
FBK Markets Minimum Deposit
To commence trading, clients are required to deposit an initial amount of $1.06 for Micro accounts, while other account types necessitate a minimum deposit of $5.26. This is considered a competitive offering, especially when compared to other brokers that often require a minimum deposit of $500.
FBK Markets Withdrawals
The withdrawal process at FBK Markets is straightforward and quick, typically processed within up to 48 working hours.
To withdraw funds, follow these steps:
1. Log in to your account
2. Select 'Withdraw Funds' in the menu
3. Enter the amount to be withdrawn
4. Choose the withdrawal method
5. Complete the electronic request with necessary details
6. Confirm withdrawal information and submit
7. Check the status of your withdrawal through your Dashboard
Traders benefit from access to the widely recognized MetaTrader 4 platform while trading with FBK Markets. Esteemed for its robust features, user-friendly interface, advanced charting tools, and comprehensive trading capabilities, the platform stands out in the industry. Additionally, the broker offers mobile trading platforms for both iOS and Android devices.
FBK Markets Platform is rated highly with a score of 4.0 out of 5 when compared to over 1000 other brokers. The availability of the advanced MT4 trading platform is a significant advantage, though the lack of alternative platforms is noted.
Pros
Availability of the MetaTrader 4 platform
Mobile trading support for iOS and Android
Cons
Limited to only one trading platform
Trading Tools
FBK Markets provides a range of charting tools, timeframes, trading signals, technical indicators, and additional features. The MT4 platform also supports automated trading, enabling traders to detect market movements and refine their strategies.
The broker offers 24/7 customer support through live chat, email, phone, WhatsApp, and social media channels. A physical address staffed by trading experts is also available for technical support, analysis recommendations, general inquiries, and operational issues.
Customer Support at FBK Markets is rated highly, achieving a score of 4.3 out of 5 based on our evaluations. The team's responsiveness during both working days and weekends ensures effective assistance.
Pros
Responsive 24/7 customer support
Multiple channels of communication
Cons
None noted
While the broker provides educational resources through Videos and Ebooks, it falls short in offering seminars and webinars. For traders in search of more comprehensive educational materials, we recommend considering other brokers that offer a broader range of learning opportunities.
FBK Markets Education is rated with a score of 3.8 out of 5. Traders might need to look for additional resources elsewhere, as the broker’s educational offerings are limited and may not fully cater to the needs of beginner traders.
Pros
Availability of Videos and eBooks
Cons
Limited range of educational resources
FBK Markets emerges as a reliable Forex trading broker, distinguished by competitive pricing, efficient withdrawal processes, and the popular MT4 trading platform's availability. Nonetheless, potential limitations include a restricted variety of trading instruments, sole regulatory authority, and a less extensive educational offering.
Overall, the broker provides a dependable trading environment. Still, we encourage conducting your research and assessing whether the broker's services align with your specific trading needs. FBK Markets is recommended for:
Traders from the African continent
Enthusiasts of the MT4 trading platform
Currency trading
Beginners and advanced traders
International traders
Those seeking STP execution
Competitive pricing seekers
Individuals requiring 24/7 customer support
Fans of EA/Auto trading
Users looking for good trading tools
