Is FBS Legit?
Always up-to-date
Our experts continuously verify broker data to provide the most up-to-date information.
- Best for Cent account beginners
- Best for SEA traders
- Best for High leverage
- Best for Low deposit
- Min deposit
- $1
- Spread from
- 0.0 pips
- Max leverage
- 1:3000
- Regulation
- IFSC Belize · CySEC
Quick answer
FBS is legitimate: a real forex broker operating since 2009, licensed under five regulators including CySEC (Cyprus, licence 331/17), FSCA (South Africa), ASIC (Australia), and CMA (Kenya). We opened a live account and confirmed nine Skrill withdrawals at 3-7 minutes in 2026. FBS is not a scam. Most retail clients route to the offshore Belize IFSC entity, which carries no formal investor compensation scheme.
Is FBS legit and regulated?
Is FBS legit? Yes: FBS has operated since 2009 with no enforcement actions on record against any of its five licensed entities.
The broker is not a scam. We opened a live funded account and ran nine Skrill withdrawal cycles in 2026, each settling in 3-7 minutes without manual review or additional verification beyond standard KYC (Know Your Customer identity checks done at account opening).
FBS holds five active regulatory licences:
- IFSC (Belize offshore financial regulator), FBS Markets Inc., licence 000102/124
- CySEC (Cyprus securities regulator, EU passport), Tradestone Ltd, licence 331/17
- ASIC (Australian Securities and Investments Commission), IFM Pty Ltd routing
- FSCA (South Africa’s financial conduct authority), FSP active
- CMA (Kenya’s Capital Markets Authority), active
Legitimacy goes beyond a licence: Trustpilot shows 4.5/5 across roughly 14,600 reviews, with app store ratings at iOS 4.7 and Android 4.4 as of May 2026.
⚠️ The main caveat is entity routing. Most retail clients outside South Africa and the EU open under the Belize IFSC entity.
That entity carries no investor compensation scheme equivalent to the EU’s ICF (Investor Compensation Fund, up to €20,000 per eligible retail client) or the UK’s FSCS (Financial Services Compensation Scheme, up to £85,000 per eligible client). Offshore licencing does not equal fraud, but it means lower formal protection if the broker fails.
Negative balance protection exists on the Belize entity as a broker policy, not a regulator mandate. Segregated accounts (client funds held at named banks, separate from the broker’s own money) are confirmed by the broker, not audited by an independent external custodian.
CySEC licence 331/17, held by Tradestone Ltd, is active but restricted to professional and elective-professional clients only. New EU retail traders are not onboarded onto the Cyprus entity after 2022 regulatory changes.
The professional-client route requires a portfolio above €500,000, documented professional experience, or qualifying trade volumes under MiFID II (the EU’s investment services directive).
The FSCA entity is the meaningful onshore option for South African clients. The CMA Kenya entity serves Kenyan retail clients under local conduct rules.
Before opening, verify your country is accepted (US, UK, Canada, and most EU countries are blocked). Then confirm which entity will hold your account using the public regulator registers.
Key facts
| Detail | FBS |
|---|---|
| Regulation | IFSC Belize, CySEC, ASIC (routing), FSCA, CMA Kenya |
| License | IFSC 000102/124, CySEC 331/17, FSCA FSP active |
| Deposit protection | CySEC professional clients: ICF up to €20,000. Belize entity: none |
| Founded | 2009 |
| Headquarters | Belize City, Belize |
Should you trade with FBS?
FBS works well for traders in SEA, MENA, LatAm, and Africa who want a low entry point. The $1 Cent account is a genuine real-money sandbox for beginners, and local bank rails across Thailand, Indonesia, Vietnam, the Philippines, Malaysia, UAE, and South Africa settle same-day at zero broker fee.
The genuine caveat is entity routing. If your country gives you access to an FSCA, ASIC, or CySEC onshore broker, those entities carry formal compensation schemes that the Belize licence does not, which matters in the unlikely event of insolvency.
For the full cost breakdown, platform test data, and account-type comparison, read the complete FBS review. For a tested shortlist of alternatives with major regulation, see the best regulated forex brokers.
Frequently asked questions
Which FBS entity will hold my account?
It depends on your country. South Africa routes to the FSCA entity, Kenya to the CMA entity, and EU professional clients to Tradestone Ltd under CySEC licence 331/17. Most other retail clients, including those in SEA, MENA, LatAm, and Africa, open under FBS Markets Inc., the Belize IFSC (offshore) entity, licence 000102/124.
Does FBS protect client funds?
FBS holds client funds in segregated accounts: dedicated bank accounts kept separate from the broker's own money. CySEC professional clients under Tradestone Ltd are covered by the EU Investor Compensation Fund (ICF) up to €20,000. Belize entity clients rely on broker-verified segregation with no formal external compensation scheme.
Is FBS a scam?
No. FBS is a legitimate broker operating since 2009 with no significant enforcement actions on record against any of its five entities as of 2026. Offshore Belize licensing means lower investor protection than an FCA (UK financial regulator) or FSCA licence, not fraud. For the full safety breakdown, read our [Is FBS Safe](/fbs-is-fbs-safe/) answer.
What is the minimum deposit for FBS?
The Cent account opens from $1, with positions denominated in USD cents: a real-money sandbox for beginners learning risk sizing. Standard starts at $5. Pro requires $500 and delivered a 0.31 pip EUR/USD average across our 11-day test. Skrill withdrawals settled in 3-7 minutes across nine cycles.
Is FBS available in the USA or UK?
No. FBS does not accept US, UK, Canadian, or most EU residents. US traders can use OANDA, Forex.com, IG US, or TastyFX, all licensed under the NFA (US derivatives regulator). UK traders can use IG, Pepperstone UK, CMC Markets, or Saxo Bank, all FCA-regulated.