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Contract reading

What FBS legally published, but does not want you to read

Every clause below is published by FBS itself, on its own website, today. The finding is not that the text exists. It is the distance between what a client is shown and what a client agreed to. Read from its own documents on .

Contracting entity: FBS Markets Inc

sole discretionaccount closureprofit voidinghidden feewithdrawalscomplaint deadlineconflict of interestdeemed acceptancedormancyforum waiver

FBS is two companies with two contracts. On fbs.com, FBS Markets Inc of Belize can void profits on its own reading of your trades. It reserves 5% of every deposit and withdrawal and gives you two business days to complain. On fbs.eu, CySEC-licensed Tradestone Ltd can keep a whole balance on suspicion and can charge dormant accounts €30 a quarter.

Back to FBS

Contract risk

Money at risk
8.0/10

Where this contract sitsHow far this contract goes, overall. Under 2 is nothing beyond the ordinary; 6 to 9 means several clauses put money you have already earned at risk; 9 and above reads as designed to make payout refusable.

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
9
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
31
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
30
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
8

How the 31 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical9
Warning17
Notice5

section 26 of 27is where the deepest clause sits, 96% of the way into the document it is in

The numbers in this contractFigures taken from this broker's own clauses, so the labels differ from broker to broker. The four in the panel above are the same on every report.

4 of these 4 figures come from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

Critical5%Fee you were not shown. Jump to the clause this comes from.fbs.com: a 5% charge on deposits and withdrawalsCritical2 working daysTime to complain. Jump to the clause this comes from.fbs.com: two business days to complainCritical300Profit at risk. Jump to the clause this comes from.fbs.com: gap profits capped at 300 pips, gap losses notCritical$30Fee on an unused account. Jump to the clause this comes from.fbs.eu: dormant accounts pay €30 a quarter until empty

What the documents say

31 clauses worth knowing about, worst first, each quoted from FBS's own files

01

FBS Markets can cancel your trades and take back the profit if it decides you had Asymmetric Risk Exposure. Its own definition includes cutting your market risk while keeping a chance of profit.

Why this matters

A winning trade is never final at FBS Markets. The company judges your trades by its own reasonable opinion and can act without telling you first.

Exhibit 1CriticalRarely seen

the Company may withhold, reverse, or adjust any profits obtained through trading activity that, in the Company’s reasonable opinion, resulted from an Asymmetric Risk Exposure, prohibited trading practice, exploitation of technical or pricing irregularities, or abuse of the Company’s trading environment.
Clause 8.1.21 in Terms and Conditions, p.47
Read from the broker's site on Open the reference
  • Worse together with Exhibit 10An account tied to others by IP address, device or similar trading falls under the same profit powers, so one finding of abuse can reach several accounts.
02

fbs.com says FBS charges no commission on payments. Its contract lets FBS Markets charge you 5% of your deposits and withdrawals to cover its transaction costs.

Why this matters

FBS lists its fee for each payment method only inside the Trader Area, after you sign up. It can also charge $1 for every withdrawal after the tenth in a month.

Exhibit 2CriticalHarder than usual5%

The Company may charge you an amount equal to the charges associated with your transactions and/or reserves the right to charge you an amount equal to five (5) percent of the total amount of your withdrawals and/or deposits to cover the Company's cost of transaction fees.
Clause 6.12.3 in Terms and Conditions, p.35
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must tell a retail client all costs and charges, including payment costs, before the client trades. FBS Markets shows its payment fees only in the Trader Area and reserves a 5% charge in its payment clause.

FBS is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

03

If Tradestone suspects fraud, or any breach of its agreement, it can block your account at once. The contract then says it does not have to refund your money unless a regulator tells it to.

Why this matters

This reaches your deposit as well as your profit. The same agreement promises to pay out your balance when an account closes, and this clause is the exception.

Exhibit 3CriticalRarely seen

In the event that We become suspicious in any way that the Client may could be engaged in any fraudulent activity including but not limited to money laundering and/or terrorist financing or by any way violating this CA we reserve the right to immediately terminate or block your account and the Company is under no obligation to refund any money which may be available in your account unless the Company is instructed to do so by a relevant regulatory body.
Clause 21 in Client Agreement/Terms and Conditions, p.36
Read from the broker's site on Open the reference
04

FBS Markets treats abnormal trading conditions, as it judges them, as an Event of Default on your account. It can then void your trades from the start, suspend the account and end the agreement, all without notice.

Why this matters

You can lose a profitable trade without breaking any rule. The list of defaults ends with any situation where FBS Markets believes acting is necessary or desirable to protect itself.

Exhibit 4CriticalHarder than usual

the Company considers that there are abnormal trading conditions;
Clause 8.1.10 in Terms and Conditions, p.46
Read from the broker's site on Open the reference
  • Worse together with Exhibit 1The no-notice actions that follow Asymmetric Risk Exposure also follow a default FBS declares over market conditions, so no fault of yours is needed.
05

FBS Markets gives you two business days from the event to complain, and 48 hours to dispute a statement. Miss them and it may treat your silence as approval of what it did.

Why this matters

The clock starts when the problem happens, not when you notice it. FBS says it will still review late complaints, but it can reject any claim for reasons it decides are sufficient.

Exhibit 5CriticalHarder than usual2 working days

All other complaints should be reported to us, in writing, within two (2) Business Days from the occurrence of the event that gave rise to your complaint (for the purposes hereof, unless the context requires otherwise, “Business Days” are Monday through Friday, excluding bank holidays).
Clause 2.4 in Complaint Handling Policy, p.4
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK)

Firms licensed by the FCA must send a final answer within eight weeks and point you to the Financial Ombudsman Service, which can usually hear a complaint up to six years after the event. FBS Markets asks for your complaint within two business days and names the Belize regulator as the next step.

FBS is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
48 hoursReport any error on an account statement in writing, or FBS may treat silence as approval.2.3
2 business daysComplain in writing about anything else, or FBS may treat silence as approval.2.4
5 days to answer FBSMiss any FBS request for information within five days and it rejects your claim.2.9
14 daysFBS aims to give its final decision.2.8
After the final decisionYou can take the complaint to the Financial Services Commission of Belize.3.15
  • Worse together with Exhibit 1If FBS voids a profit, two business days is the window it gives you to object before silence may count as approval.
06

Tradestone does not permit scalping (very short in-and-out trading) or any other abusive, short-term or high-frequency trading. It sets no time limit, judges alone what counts, and can then void your trades and take back your profit.

Why this matters

Tradestone can reverse a fast trade it judges unfair after you have closed it, and its decision is final. The same section lets it act as it sees fit if it finds you used artificial intelligence software.

Exhibit 6CriticalHarder than usual

Without prejudice to any other provisions of this Agreement, the Company does not permit scalping or any other form of abusive, short-term, or high-frequency trading, whether conducted manually or by means of automated systems, algorithms, Expert Advisors (EAs), or similar trading tools.
Clause 14.2 in Client Agreement/Terms and Conditions, p.31
Read from the broker's site on Open the reference
  • Worse together with Exhibit 22A trade Tradestone cancels for latency arbitrage loses its profit under one clause and costs €5 under the other.

Instant withdrawals in the advert, three business days in the contract

Three business days, plus up to 14 calendar days of document checks, is what the FBS Markets terms allow for a withdrawal fbs.com calls instant. FBS Markets keeps deposits below a payment method's minimum. It can block a balance below the minimum withdrawal without paying it out.

Exit conditions2 clauses flagged

Under the FBS Markets terms, a deposit below the payment method's minimum is non-refundable. If your balance falls below the minimum withdrawal, FBS can block your account without paying it out.

Why this matters

Each payment provider sets its own minimums, and FBS shows them only in the payment form. Check them before you send money or leave a small balance in the account.

Exhibit 8CriticalHarder than usual

Deposits below the minimum amount, as well as those sent by mistake or from an incompatible payment method, may result in the loss of funds; deposits below the minimum amount shall be considered non-refundable.
Clause 4.20 in Terms and Conditions, p.27
Read from the broker's site on Open the reference
  • Worse together with Exhibit 15An archived account holding a small balance can end up both impossible to restore and below the amount FBS will pay out.

fbs.com advertises instant automated withdrawals. The FBS Markets terms promise to process your request within three business days where feasible, once every condition is met.

Why this matters

When you withdraw, FBS can ask for proof of your source of funds, a video with your ID and proof of address. Checks can last 14 calendar days, and FBS can suspend your trading meanwhile.

Exhibit 12WarningStandard wording3 working days

Upon the Company receiving an instruction from the Client to withdraw funds from the Trading Account, the Company shall process the transaction request without undue delay and, where feasible, not later than three (3) Business Days if the following requirements are met:
Clause 4.10 in Terms and Conditions, p.24
Read from the broker's site on Open the reference

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Withdrawal requestFBS processes it without undue delay and, where feasible, within three business days if every condition is met.4.10
Documents requestedFBS can ask for your source of funds, a video with your ID and proof of address, and suspend trading during checks of up to 14 calendar days.4.4
Ownership not proved in 7 daysFBS can block the account and hold the withdrawal until you prove the receiving account is yours.4.16.1

FBS can take back profits on its own reading of your trades

FBS Markets can cut a gap profit to 300 pips and void trades it ties to Asymmetric Risk Exposure, which includes cutting market risk. It can also withdraw profits when it suspects linked accounts of fraud. On fbs.eu, Tradestone can reverse short-term trades it judges abusive and keep a whole balance on suspicion.

Profit reversal2 clauses flagged

If prices jump over 300 pips (price steps) across a gap, FBS Markets can cut your profit on that order to 300 pips. A stop-loss caught in the same kind of gap fills at the first price after it, with no cap on your loss.

Why this matters

The rule trims the biggest wins and leaves the biggest losses in place. Before a market closes, FBS can also fix your exit at the closing price on positions heavily in one direction.

Exhibit 7CriticalHarder than usual300

In case a Price Gap is over 300 pips and profits are recorded on it, the Company reserves the right to limit profit for such an Order by 300 pips.
Clause 2.11.6 in Trading Conditions, p.10
Read from the broker's site on Open the reference

FBS Markets can treat your account and others that share an IP address or device as one client. Similar trading patterns, or activity that merely looks related to another client's, also give it grounds to act.

Why this matters

Relatives on one home connection, or two traders copying the same signals, can look connected. If FBS suspects fraud or manipulation across linked accounts, it can withdraw any profits it decides were wrongly gained.

Exhibit 10WarningHarder than usual

In exceptional cases, the use of the same IP address or accounts sharing the same device by different Clients can be a basis for considering all the Orders on all the Trading Accounts performed from this IP address or the same device as those performed by the same Client.
Clause 2.15 in Terms and Conditions, p.13
Read from the broker's site on Open the reference

fbs.eu charges quiet accounts, fbs.com archives them

Tradestone can charge a dormant fbs.eu account €30 a quarter after 180 days without activity, until the balance is gone. FBS Markets charges no inactivity fee but can archive an fbs.com account after 90 days. It cannot restore an archived account whose type it no longer supports.

In plain words

Dormancy means an account left unused.

Dormancy2 clauses flagged

After 180 days without a log-in, trade, deposit or withdrawal, Tradestone can charge your account €30 at each quarter end. If less than €30 is left it takes the whole balance, and the fees run until the account is empty.

Why this matters

One log-in resets the clock, and Tradestone emails you 30 days before the account turns dormant. After two years with no movement, if it cannot trace you, Tradestone may take your money out of the client account it keeps apart from its own.

Exhibit 9CriticalHarder than usual$30

The Company considers as ‘Dormant’ the accounts, in which no activity (log-in, trading/ withdrawals/ deposits) has been recorded for a period of 180 calendar days.
Clause 7.7 in Client Agreement/Terms and Conditions, p.24
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK)

Firms licensed by the FCA may stop treating an unclaimed balance as client money only after six years with no movement and after trying to trace the client. Tradestone's agreement applies the same test after two years.

FBS is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
30 days before day 180Tradestone emails you that the account is about to turn dormant.7.7
Day 180The account turns dormant, and Tradestone can charge €30 at each quarter end, or the whole balance if less is left.7.7
Dormant for over one yearAn empty account closes automatically. Otherwise the fees run until the balance reaches zero, then it closes.7.7
Two years with no movementIf it cannot trace you, Tradestone may release your money from the client account it keeps separate.7.8

FBS Markets can deactivate and archive your account if it has been inactive for more than 90 calendar days. You can restore it unless FBS no longer supports that account type.

Why this matters

The terms never say what happens to money in an account that FBS cannot restore. A log-in to the trading platform counts as activity and resets the clock.

Exhibit 15WarningHarder than usual

The Company has the right to deactivate and archive the Trading Account if it is not active for more than ninety (90) calendar days.
Clause 3.12 in Terms and Conditions, p.21
Read from the broker's site on Open the reference

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
After 90 calendar daysFBS can deactivate and archive an account with no activity.3.12
On reactivationYou restore it in the Trader Area, unless FBS no longer supports that account type.3.12

fbs.com promises in absolutes that its trading conditions then qualify

fbs.com says you will never go negative and that orders execute with no requotes. The FBS Markets trading conditions keep a right to claim a negative balance it judges intentional, and a right to requote.

Advert versus contract2 clauses flagged

fbs.com promises you will never go negative. The trading conditions add that FBS Markets can still claim a negative balance from you if it considers your actions intentional.

Why this matters

Leverage of up to 1:3000 lets a small deposit control a position 3,000 times larger, so one price gap can push the account below zero. Whether you then owe the difference depends on how FBS reads your intent.

Exhibit 11WarningHarder than usual

In case the client Balance goes negative after all positions close, the Company will cover the negative Balance and will not request Clients to cover the required amount. However, in exceptional cases (when the Company considers the Client’s actions intentional), the Company reserves the right to claim a debt payment from the Client.
Clause 4.12 in Trading Conditions, p.16
Read from the broker's site on Open the reference
Set against a regulated standard: ESMA (EU), CySEC (Cyprus), FCA (UK)

Under rules ESMA introduced for retail CFD clients, firms licensed by CySEC or the FCA must cap your loss at the money in your account. FBS Markets keeps a right to claim a negative balance when it considers your actions intentional.

FBS is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

fbs.com says orders execute at factual market prices with no requotes. The trading conditions give FBS Markets the right to requote, offering you a new price, if the market moves while it processes your order.

Why this matters

A requote gives you three seconds to accept the new price, or the order lapses. The same document also lets FBS use the new price if the quote moves during processing.

Exhibit 27NoticeStandard wording

The Company has the right to requote if the current Quote changes while the Company processes the Client’s request or instruction.
Clause 4.19 in Trading Conditions, p.18
Read from the broker's site on Open the reference

Both FBS sites advertise zero commission and both contracts charge more

FBS Markets reserves 5% of every deposit and withdrawal, while fbs.com says payment commission is not charged by FBS. On fbs.eu, Tradestone can take 3% under its contract, or 5% under its payment pages, when you withdraw without trading. It also charges €5 per cancelled trade and converts USD payments through euros at an unstated fee.

Cost disclosure3 clauses flagged

Withdraw money you deposited without trading it, and Tradestone's contract lets it charge you 3% of the amount. Its payment pages go further and reserve 5% on any payment method.

Why this matters

The same pages print 0% commission under every method. On the Portuguese pages the fee warning appears in Italian, below a 0% shown in Portuguese.

Exhibit 21WarningHarder than usual5%

If the Company detects that the client has deposited and withdrawn funds without any trading activity, the Company reserves the right to charge the client the amount equivalent to any bank fees paid by the Company, or 3% of the total withdrawal amount.
Clause 3 in Costs and Charges Policy, p.9
Read from the broker's site on Open the reference
Our own capture of fbs.eu, taken on Oct 20, 2026The claim, on fbs.eu English withdrawal page, note below the payment methodsVisit this page on the broker's siteDownload the full size image file

Buried at section 26 of 27 in the Costs and Charges Policy, 96% of the way through.

  • Worse together with Exhibit 23A USD client who deposits and withdraws without trading pays the currency conversion twice and the 3% to 5% fee as well.

Tradestone revokes trades it links to latency arbitrage, which means profiting from delays in price feeds, and charges you €5 for each one. The fee sits in the liability section of the client agreement, not in the Costs and Charges Policy.

Why this matters

The fee also applies to any event of similar nature, a phrase the agreement never defines. You lose the trade's profit and pay for the cancellation on top.

Exhibit 22WarningHarder than usual$5

Transactions that rely on price latency arbitrage opportunities shall be revoked and cancellation fees per trade shall apply. Cancellation fees in the event of such an event or an event of similar nature are 5 EUR or equivalent per transaction.
Clause 20.2 in Client Agreement/Terms and Conditions, p.36
Read from the broker's site on Open the reference

Tradestone processes every payment in euros. If you fund a USD account from a USD card, Tradestone converts the money to euros and back, at a conversion fee no document states.

Why this matters

You pay for a currency conversion twice on money that never needed one. The contract's own advice is to use a euro account and a euro payment method.

Exhibit 23WarningHarder than usual

All financial transactions are processed in EUR currency.
Clause 11 in Client Agreement/Terms and Conditions, p.27
Read from the broker's site on Open the reference
Set against a regulated standard: CySEC (Cyprus), ESMA (EU)

Under the EU investment rules that bind CySEC firms, a firm must state the conversion rates and costs whenever charges involve a foreign currency. Tradestone's contract says a conversion fee applies and never gives its size.

FBS is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

FBS can close or freeze your account on its own judgment

FBS Markets publishes three lists of banned countries that do not match, and signing up from a listed one is a default. It also treats abnormal market conditions as your default and can end the agreement over speech that harms its reputation. Tradestone can suspend an fbs.eu account without notice or explanation.

Account control3 clauses flagged

FBS Markets can end your agreement at once if you say or do anything that could objectively be seen as harming its reputation. That includes anything likely to make someone do less business with it.

Why this matters

A public complaint or a bad review could fall inside that wording. FBS can also hold funds it links to a breach, and it can close any account on five days' notice anyway.

Exhibit 14WarningHarder than usual

The Company may terminate these Terms and Conditions with immediate effect by notice in writing to the other party on the occurrence of any or all of the following events:
Clause 14.5 in Terms and Conditions, p.63
Read from the broker's site on Open the reference
  • Worse together with Exhibit 5Once the complaint window has passed, taking the dispute public could itself become a reason to close your account.

Whether FBS Markets will serve you depends on which document you read. Its terms bar citizens and residents of 43 jurisdictions, its anti-money laundering policy lists three countries, and its website footer names seven.

Why this matters

If you live in a country on the terms' list and sign up anyway, you break a warranty, which is an Event of Default. FBS can then end the agreement and act on your account without notice.

Exhibit 20Warning

We do not provide services to persons who are citizens or residents of the following jurisdictions:
Clause 1.14 in Terms and Conditions, p.8
Read from the broker's site on Open the reference

Tradestone can suspend or end your account at once, without notice or explanation, for conduct it deems harmful to its systems or reputation. It can also merge your accounts and move money between them without telling you.

Why this matters

Changes to the terms take effect when Tradestone publishes them. If you refuse a change, Tradestone suspends your account and you must close it.

Exhibit 26WarningHarder than usual

Furthermore, we reserve the right, at our sole and absolute discretion, to suspend and/or terminate the License granted under this CA and/or your account(s) with immediate effect, without prior notice and without providing any explanation if we believe that any information provided by you, including but not limited to any identification evidencing nationality, residence, or contact details such as your e-mail address, is no longer current or accurate, or in the event of any suspicious activity, fraudulent behaviour, market manipulation, trading abuse, irregular trading activity or any other co
Clause 2 in Client Agreement/Terms and Conditions, p.8
Read from the broker's site on Open the reference

Complaint windows counted in business days, with silence as approval

FBS Markets gives you two business days to complain and Tradestone gives you three, and both may treat silence as approval. FBS Markets also excludes liability for direct damages it causes. Tradestone caps any claim at the amount you deposited, though fbs.eu clients keep access to the Financial Ombudsman of Cyprus.

Complaint deadlines3 clauses flagged

FBS Markets excludes liability for direct as well as indirect damages caused by its own acts or omissions, except where the law forbids it. You must also cover FBS's losses from any action it takes under the agreement, unless it was grossly negligent or acted wilfully.

In plain words

Indemnities are money it says you owe it.

Why this matters

If an FBS error costs you money, the contract leaves you little to claim. If FBS acts against your account, the cost of that action can come back to you.

Exhibit 19WarningHarder than usual

Unless we are prohibited from excluding such liability by law (for example, for Losses relating to death or personal injury or caused by our fraud), we will not be liable for any direct, indirect, special, incidental, punitive, or consequential damages (including, without limitation, loss of business, loss of profits, failure to avoid a loss, loss of data, loss or corruption of data, loss of goodwill or reputation) caused by any act or omission of ours under these Terms and Conditions.
Clause 10.1.11 in Terms and Conditions, p.56
Read from the broker's site on Open the reference

Tradestone asks you to complain within three business days of the event, and to report statement errors within 24 hours. If you miss these, it may treat your silence as approval of what it did.

Why this matters

Tradestone says it will still review late complaints, and the Financial Ombudsman of Cyprus can take the case after that. Contact the Ombudsman within four months of Tradestone's final decision.

Exhibit 24WarningHarder than usual3 working days

Any discrepancies on account statements should be reported to us, in writing, within twenty (24) hours of its occurrence.
Clause 3.3 in Complaints Handling Policy, p.5
Read from the broker's site on Open the reference

Where it sits: section 16 of 31 in the Complaints Handling Policy, 52% of the way through.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
24 hoursReport any error on an account statement in writing.3.3
3 business daysComplain in writing about anything else, or Tradestone may treat silence as approval.3.3
Within 5 daysTradestone acknowledges your complaint with a reference number.4
Within 2 monthsTradestone aims to send its final decision.4.1
3 months without your replyTradestone closes the complaint and stops investigating.4
4 months after the decisionYour deadline to take the complaint to the Financial Ombudsman of Cyprus.4.3

The most you can claim from Tradestone, for any reason, is the amount you deposited for trading. The agreement adds that the law prevails where it sets Tradestone's liability.

Why this matters

A profit you lose through a Tradestone error sits outside that cap, and the agreement excludes lost profit outright. The legal carve-out helps, but the contract starts from your own money back at most.

Exhibit 25WarningHarder than usual

In the event and notwithstanding, the maximum liability that a Client may claim from the Company for any reason shall be no more than the actual sum of the amount that has been deposited by the Client in his/her account for the purpose of trading that may have been the basis for any accumulated liability that the Client may incur.
Clause 20.2 in Client Agreement/Terms and Conditions, p.35
Read from the broker's site on Open the reference

Belize courts for fbs.com clients, Cyprus courts for fbs.eu

FBS Markets sends disputes to the courts of Belize, for its own benefit only, and keeps the right to sue you in other countries. Tradestone uses Cyprus law and courts after a negotiation period, and keeps the same right to sue elsewhere.

Where disputes go2 clauses flagged

Disputes with FBS Markets go to the courts of Belize under Belize law, and the contract says this is for the company's benefit only. FBS keeps the right to sue you in any other relevant country.

Why this matters

FBS markets fbs.com in Arabic, Indonesian, Malay, Spanish and Thai, and all of those clients would have to sue in Belize. In any dispute, its server log takes absolute priority over your own records.

Exhibit 18WarningHarder than usual

You and we submit, for the benefit of the Company only, to the exclusive jurisdiction of the courts of Belize. For the avoidance of doubt, this clause 17.2 will not prevent the Company from commencing proceedings in any other relevant jurisdiction.
Clause 17.2 in Terms and Conditions, p.69
Read from the broker's site on Open the reference

If you have a dispute with Tradestone, its agreement requires a meeting within 30 business days, then 10 more business days of talks. After that, the Cyprus courts decide, under Cyprus law.

Why this matters

Cyprus law and courts are the normal choice for a Cyprus firm serving EU clients. The clause still keeps Tradestone's right to sue you in any other country's courts.

Exhibit 29NoticeStandard wording

This CA is governed by the laws of the Republic of Cyprus.
Clause 31 in Client Agreement/Terms and Conditions, p.44
Read from the broker's site on Open the reference

Document deadlines that become defaults, and your name in adverts

FBS Markets gives you 30 days to complete identity checks and treats a request left unanswered for 14 business days as your default. Opening an fbs.com account also lets FBS use your name and image in its marketing.

Paperwork and privacy2 clauses flagged

FBS Markets gives you 30 days from registration to complete identity checks, and caps your deposits at $2,000 until you do. A written request you leave unanswered for 14 business days becomes an Event of Default.

Why this matters

An Event of Default lets FBS suspend your account, close positions and end the agreement without notice. You must also report changed details or an expired ID within three business days.

Exhibit 16WarningHarder than usual14 working days

The Client shall provide KYC documents within thirty (30) days from registration in the Trader Area, in which case the deposit limit will be up to two thousand (2,000) US Dollars or an amount equivalent to this in another currency until the KYC documents are provided.
Clause 3.5 in Terms and Conditions, p.20
Read from the broker's site on Open the reference

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Within 30 days of registrationProvide your identity documents. Until you do, deposits are capped at $2,000.3.5
Deadline missedFBS returns your deposits to the accounts they came from, whether or not you ask.3.5

Opening an FBS Markets account counts as your consent to FBS using your name, image and other details about you in its marketing. The terms also declare that being an FBS client is not confidential.

Why this matters

The consent comes with registration, not as a separate choice. FBS can tell other clients and the public that you trade with it.

Exhibit 17WarningHarder than usual

By registering the Trading Account, you consent to the Company using your name, image, and other pertinent information about you for marketing purposes. The fact that you use the Trading Platform is not confidential information, and you consent to the free disclosure of this information to other clients in advertising materials promoting the Company and on the Website.
Clause 12.8 in Terms and Conditions, p.61
Read from the broker's site on Open the reference

FBS sits on the other side of your trade

FBS Markets says it is not obliged to act in your best interests, while fbs.com tells visitors it puts clients first. Tradestone states that it is the other side of your trades and may hold positions against yours.

Whose side2 clauses flagged

fbs.com says FBS puts its clients first. The FBS Markets terms say it is not obliged to act in your best interests, or to avoid or reduce a loss in your account.

Why this matters

FBS Markets holds wide discretion over your trades, and you have no right to direct how it uses it. It also need not tell you what it earns from your trading.

Exhibit 13WarningHarder than usual

We will try to act reasonably in exercising our discretion, but we are not obliged to act in your best interests or to avoid or minimize a Loss in your Trading Account.
Clause 2.32 in Terms and Conditions, p.19
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must act honestly, fairly and professionally in their clients' best interests. The FBS Markets agreement says it is not obliged to act in yours.

FBS is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Tradestone is the other side of your trades and may hold positions opposite to yours. Its spread, the gap between its buy and sell prices, is its payment, and your trade confirmation does not show it.

In plain words

Remuneration means payments it receives.

Why this matters

Tradestone discloses this, which many brokers do not. By signing, you also consent to it dealing with you as it sees fit despite any conflict, without asking you first.

Exhibit 28NoticeStandard wording

The Client hereby accepts that in such Markets where the Company acts as Market Maker, it may hold positions that are contrary to Clients’ positions, resulting in potential conflicts of interest.
Clause 3.1.2 in Client Agreement/Terms and Conditions, p.13
Read from the broker's site on Open the reference

One brand, two companies, two regulators

FBS is two companies. fbs.com clients contract with FBS Markets Inc under a Belize licence, and its agreement has no client money clause. fbs.eu clients contract with Tradestone Ltd under CySEC, with client money kept apart from company money and compensation up to €20,000.

Who you contract with2 clauses flagged

fbs.com clients contract with FBS Markets Inc, licensed in Belize, whose 82-page agreement never says where your money is held. The deposits page promises insured accounts at tier-1 banks, kept apart from company money.

Why this matters

A promise on a web page is easier to change than a contract term. The agreement also names a risk disclosure and a cookies policy that the fbs.com legal page does not list.

Exhibit 30Notice

The Company is authorized and regulated by the Financial Services Commission (Belize) (hereinafter the “FSC”), under license 4077102, and Address: The Bentley, #16 Cor A Street &Princess Margaret Drive, Belize City, Belize.
Clause 1.2 in Terms and Conditions, p.5
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must keep client money segregated and explain that protection in their client terms. The FBS Markets agreement contains no client money clause and names no compensation scheme.

FBS is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

If you live in the European Economic Area, you contract with Tradestone Ltd, a Cyprus investment firm under CySEC licence 331/17. It keeps client money apart from its own, and the Investor Compensation Fund covers the lower of €20,000 or 90% of a claim.

Why this matters

Tradestone may hold your money with banks outside the EU, where insolvency rules differ. It accepts only residents of the European Economic Area.

Exhibit 31Notice

The Company is authorised and regulated by the Cyprus Securities and Exchange Commission (hereinafter the “CySEC”), under license No. 331/17, and operates under the Provision of Investment Services, the Exercise of Investment Activities, the Operation of Regulated Markets and Other Related Matters Law of 2017, Law 87(I)/2017, as subsequently amended and/or replaced from time to time (hereinafter the “Law”).
Clause 2 in Client Agreement/Terms and Conditions, p.7
Read from the broker's site on Open the reference

Where the marketing and the contract disagree

A promise made in public, set against the clause that governs it

01

The page says FBS charges no payment commission, while the contract reserves 5% of every deposit and withdrawal.

Said in public, in English

Not charged by FBS

fbs.com Trading conditions page, payment block, the value shown under the label Commission

In the contract · clause 6.12.3

The Company may charge you an amount equal to the charges associated with your transactions and/or reserves the right to charge you an amount equal to five (5) percent of the total amount of your withdrawals and/or deposits to cover the Company's cost of transaction fees.

02

The page says you can never go negative, while the trading conditions let FBS claim a negative balance it judges intentional.

Said in public, in English

With margin call and stop out, you will never go negative.

fbs.com Trading conditions page, Negative balance protection panel

In the contract · clause 4.12

However, in exceptional cases (when the Company considers the Client’s actions intentional), the Company reserves the right to claim a debt payment from the Client.

03

The page advertises instant withdrawals, while the contract allows three business days where feasible, once every check is passed.

Said in public, in English

instant automated withdrawals available

fbs.com Deposits and withdrawals page, banner under the page title

In the contract · clause 4.10

Upon the Company receiving an instruction from the Client to withdraw funds from the Trading Account, the Company shall process the transaction request without undue delay and, where feasible, not later than three (3) Business Days if the following requirements are met:

04

The About page says FBS puts clients first, while the contract says it is not obliged to act in your best interests.

Said in public, in English

we put our clients first

fbs.com About page, section heading

In the contract · clause 2.32

We will try to act reasonably in exercising our discretion, but we are not obliged to act in your best interests or to avoid or minimize a Loss in your Trading Account.

05

The page promises no requotes, while the trading conditions keep a right to requote.

Said in public, in English

A whole range of orders are executed at factual market prices with no requotes.

fbs.com Trading conditions page, instruments section

In the contract · clause 4.19

The Company has the right to requote if the current Quote changes while the Company processes the Client’s request or instruction.

06

The Portuguese page shows 0% commission on every method, while the contract lets Tradestone take 3% of a withdrawal made without trading.

Said in public, in Portuguese

Comissão 0%

Word for word in English: Commission 0%

Portuguese withdrawal page, shown under every payment method; the fee notice below it is printed in Italian

In the contract · clause 11

In the latter case, if you submit a withdrawal request, the company reserves the right to charge you the amount equivalent to any bank fees paid by the company, or 3% of the total withdrawal amount

07

The payment page reserves 5% on any method, while the Costs and Charges Policy sets the same charge at 3% of the withdrawal.

Said in public, in English

Some payment methods require a transaction fee when you withdraw funds without trading. Thus, the company reserves the right to impose a 5% fee to any payment method, as we deem necessary.

fbs.eu English withdrawal page, note below the payment methods

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of fbs.eu

In the contract · clause 3

If the Company detects that the client has deposited and withdrawn funds without any trading activity, the Company reserves the right to charge the client the amount equivalent to any bank fees paid by the Company, or 3% of the total withdrawal amount.

08

The footer names seven places FBS will not serve, while the terms list 43, including Egypt, Pakistan and Turkey, and leave out Israel.

Said in public, in English

FBS Markets Inc. does not offer financial services to residents of certain jurisdictions, including, but not limited to: the USA, the EU, the UK, Israel, India, the Islamic Republic of Iran, Myanmar.

Footer on fbs.com pages, including the legal documents page

In the contract · clause 1.14

We do not provide services to persons who are citizens or residents of the following jurisdictions:

The documents this reading is based on

30 files, all published by FBS. Each shows when we read it and a fingerprint of its wording.

WIKILIX keeps the copy of each file it read, and does not republish it: what is published is the fingerprint of its wording. Download the file yourself and hash its text, lowercased with runs of whitespace collapsed, and a matching fingerprint means the wording quoted above is still the wording FBS publishes.

How this reading was done

Every clause above was read out of a document FBS publishes itself

This reading was published on .

Documents
21 of 30downloaded from the broker's site, and 21 read in full
Pages opened
74pages walked to find those documents, footer links included
Marketing pages
11public pages set against what the contract says
Languages
EN vs PTthe language it advertises in, against the language it contracts in
Position measured
2clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

FBS Markets Inc

FBS operates through two companies. If you open an account on fbs.com, you contract with FBS Markets Inc, incorporated in Belize (No. 000001317) and licensed by the Financial Services Commission of Belize under licence 4077102. The fbs.com footer describes this as a registration under the Securities Industry Act 2021, and HDC Technologies Ltd in Cyprus handles its payments. Residents of the European Economic Area cannot use FBS Markets: they contract with Tradestone Ltd, a Cyprus investment firm under CySEC licence 331/17, which runs fbs.eu.

Quotations are copied verbatim from the documents named above, with the clause number and the page each one came from. Where a clause is quoted in another language, the original is shown first and the English is a translation.

The plain-language parts, what a clause means for a client, how ordinary it is, and how it reads against a regulated standard, are WIKILIX's analysis and are labelled as such on every card. This is a reading of public documents, not legal advice and not an allegation of wrongdoing.

In fairness, and what we could not check

A reader who knows the edges of the work can trust the middle of it

Both companies publish complete, current document sets, and every Tradestone policy carries a version table showing when it changed. Tradestone states that it is the other side of your trades, keeps client money apart from its own and belongs to the Cyprus Investor Compensation Fund. It keeps to the EU retail leverage cap of 1:30, and it no longer lets retail clients give up their protections by becoming professional clients. Both contracts give negative balance protection to every account. Tradestone processes withdrawals within the same business day, and FBS Markets commits to three business days and gives ten free withdrawals a month.

No earlier version of any of these documents was available for comparison. The documents' own dates show Tradestone revised its client agreement in October 2026 and FBS Markets its terms in August 2026, but the earlier wording is not available. The review does not cover Tradestone's privacy and cookie policies, its four Key Information Documents, the FBS Markets privacy policy, the FBS partner agreement or the fbs.com glossary. FBS Markets shows its fee for each payment method only inside the Trader Area, after login, so those figures are not covered. The review covers the Arabic version of fbs.com and all six language versions of the fbs.eu payment pages, but not the Indonesian, Malay, Spanish or Thai versions of fbs.com.

How to check any of this yourself

Every quote above links to the FBS file it came from. This is what to do with it.

Open the three stepsFind the words in the source, work out the fingerprint, and read what a difference does and does not prove.

Open the source and search for the words

Every quote has a link under it. Open the file, or the web page, and search it for the words we quote. The clause number next to the quote tells you where to look.

If the words are not there any more, the source may have changed after we read it. That is worth knowing too. We keep the date we read it, and a code worked out from its wording, so the quote stays checkable.

What a fingerprint is

A fingerprint is a code worked out from what a source says. Change one word and the code changes completely. We keep two codes for every file we read, and the panel on each source shows both.

The first is the code of the exact file we downloaded. The second is the code of its wording alone, with capital letters lowered and runs of spaces collapsed. When the same words are saved as a new file, the first code changes and the second one stays the same.

Only the first code can be worked out on your own computer. Save the file, then run one of these, putting the name of the file you saved where the example is. The panel on each source prints the command with that source's real file name already in it.

macOS or Linux:
  shasum -a 256 the-file-you-saved.pdf

Windows:
  certutil -hashfile the-file-you-saved.pdf SHA256

The two codes are different from each other, and they are not meant to match. Comparing one against the other proves nothing.

What a difference means, and what it does not

A different file code on its own proves nothing. A PDF saved again with a new date inside it is a new file saying exactly the same thing.

A different wording code means the words themselves changed. That is the one that matters, and it is why we keep it.

Even then, a change is not proof of bad faith. Companies update their documents. What this report says is what the document said on the day we read it, and every quote carries that date.

A source that is a web page and not a file has no file to save, so only the code of its wording is shown.

How this report is made

Every clause quoted above comes from a document FBS publishes on its own website, downloaded and hashed on the date shown, with the clause number and page recorded so any reader can check it. We do not allege anything the documents do not say, and we do not judge FBS on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Oct 20, 2026.

If you represent FBS and a clause has changed, been withdrawn, or is being read out of context, tell us and we will re-read the documents and update this page. Corrections from the broker are welcome and are published with the reading they change. Contact us.

This is a reading of a contract, not legal advice and not a ruling on FBS. Whether its licence is real and current is a separate check on the broker profile.

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