Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
7/10 · HighVerified FSC Belize licence for fbs.com and CySEC licence for fbs.eu, but global clients get offshore-only protection and five regulators list FBS as unauthorised locally.
Identity & transparency
3/10 · LowEntities, numbers and addresses are disclosed and match the registers, but the Malay site is run by an undisclosed Vanuatu company, Mitsui Markets Ltd.
Withdrawals & conduct
4/10 · ModerateSpecific fund-integrity complaints (uncredited deposits, accounts closed with profits removed) exist, but the pattern is unconfirmed and FBS answers them publicly.
Reputation
5/10 · ModerateLarge, mostly positive footprint (Trustpilot 4.3 from 10,222; Google Play 4.6 with 10M+ downloads), offset by alerts from regulators in five countries.
Website claims
6/10 · HighLicence claims are accurate, but FBS's own profile says half of clients multiply deposits 8 to 10 times, which its EU loss disclosure contradicts.
Operational history
2/10 · LowMore than ten years of verified history: ASIC-licensed brand partner since 2012, Cyprus entity since 2016, CySEC licence since 2017.
Who they are
A quick desk file on the company behind the brand.
- Brand: FBS, marketed worldwide from fbs.com and in the EU from fbs.eu.
- Legal entity: FBS Markets Inc. (Belize, certificate of incorporation 000001317) runs fbs.com. Tradestone Ltd (Cyprus, HE 353534) runs fbs.eu. HDC Technologies Ltd (Cyprus, HE 370778) handles payments. Mitsui Markets Ltd. (Vanuatu) runs the Malay-language site. Intelligent Financial Markets Pty Ltd (Australia, ACN 155 185 014) uses the brand as FBS Oceania.
- Registered: The Bentley, #16 Cor A Street & Princess Margaret Drive, Belize City, Belize. The EU office is at 89 Vasileos Georgiou Street, Potamos Germasogeias, Limassol, Cyprus.
- Website: fbs.com, plus regional sites that fbs.com itself declares: indofbs-invest.com (Indonesian), ms-brokerfbs.com (Malay), fbs.co.th (Thai), fbs-ar.com (Arabic) and esfbs.com (Spanish). Visitors from the EU are sent to fbs.eu.
- Only licence: for fbs.com clients, a Belize FSC registration (4077102) under the Securities Industry Act 2021, for trading in securities as agent and as principal. CySEC 331/17 covers fbs.eu clients only, ASIC licence 426359 covers FBS Oceania clients in Australia only, and a Vanuatu dealer licence covers Mitsui Markets.
- Offers: CFDs on forex, metals, indices, energies, stocks and crypto on MetaTrader 4, MetaTrader 5 and the FBS app, with leverage up to 1:3000 and deposits from $5.
- Not accepted: residents of the USA, the EU, the UK, Israel, India, Iran and Myanmar, according to fbs.com.
- Age claim: FBS says it celebrated 15 years in 2024, which means a 2009 start. The oldest dated company record we found is from January 2012.
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: Yes
We confirmed this broker on a genuine regulator’s register.
Licences the broker publishes
Financial Services Commission (Belize)
Cyprus Securities and Exchange Commission (CySEC)
Found by our investigation (2) — the broker does not list these on its own site
Australian Securities and Investments Commission (ASIC)
Found by us — not listed by the broker
Vanuatu Financial Services Commission (VFSC)
Found by us — not listed by the broker
Why we reached this verdict
How the evidence adds up.
We rate FBS high risk, not a scam. Its licences are real and match the brand. But most clients deal with the offshore business, and regulators in several countries say FBS sells to their residents without permission.
- Identity checks out. Belize's FSC register lists FBS MARKETS INC. under 4077102 as Active, with domain www.fbs.com and e-mail support@fbs.com. CySEC lists Tradestone Ltd with the approved domain www.fbs.eu. FBS does not link its licences to these registers, so we located each entry directly.
- Protection is thin outside the EU and Australia. A Belize registration comes with no investor compensation scheme, and FBS's terms send disputes to the courts of Belize. Only fbs.eu clients get CySEC rules and the Cyprus Investor Compensation Fund.
- Five unauthorised-activity listings. These are Brazil's CVM (2017, naming FBS Markets Inc., fbs.com and ptfbs.com), Malaysia's Securities Commission (2021, naming fbs.com), Singapore's MAS (listed 3 Feb 2025, naming www.fbs.com, support@fbs.com and FBS's +357 22 010970 number), India's RBI (list updated 19 Nov 2025, naming fbs.com) and the Philippine SEC (January 2026, naming FBS Markets Inc.). All five record one fact: FBS has no licence in those countries. We treat them as one finding about where FBS sells, not five findings of fraud. India's list also names several large regulated brokers.
- It keeps selling into some of those markets. fbs.com declares Malay, Indonesian and Thai versions on separate domains, and the Indonesian site lists a local toll-free support number. Malaysia's 2021 alert lists msbrokerfbs.com and mstradefbs.com. FBS's current Malay site, ms-brokerfbs.com, was registered on 17 Dec 2021.
- An undisclosed operator. The Malay site says it is owned and operated by Mitsui Markets Ltd. of Port Vila, Vanuatu. Vanuatu's FSC lists Mitsui Markets Limited as a financial dealer licensed on 22 Aug 2023. fbs.com never mentions this company.
- Misleading marketing. FBS's own Trustpilot profile says half of its clients multiply their initial deposit by 8 to 10 times. Its EU arm must warn that 66.43% of retail CFD accounts lose money.
- Complaints about money exist, but not a proven pattern. Recent one-star reviews describe deposits not credited for weeks or months, and accounts closed for suspected abuse with profits removed. FBS's terms let it block accounts and deduct benefits at its sole discretion if it suspects abuse, including arbitrage. The detailed reports we found sit on one platform, so the pattern is unconfirmed, and FBS replies to them publicly.
- How the number is built. The six weighted scores average 4.6 out of 10, which gives 46%. No risk floor applies, because the group has a verified history of more than ten years and a large review footprint.
Evidence ledger
Every finding, with its source and how strongly it points.
E1Belize's Financial Services Commission lists FBS MARKETS INC. under number 4077102 as Active, registered on 1 Jan 2025 for trading in securities as agent and as principal, with domain www.fbs.com and e-mail support@fbs.com. Name, domain and e-mail all match the broker.
E2CySEC lists Tradestone Ltd, licence 331/17 dated 7 Aug 2017, company number 353534, approved domain www.fbs.eu, with dealing and execution permissions passported across the EEA. The licence covers fbs.eu clients only.
E3ASIC's licensee data lists AFS licence 426359 for Intelligent Financial Markets Pty Ltd as current since 13 Dec 2012, with authority to deal in and make a market in derivatives and FX contracts. The company trades as FBS Oceania under a brand arrangement and serves Australian residents only.
E4Vanuatu's FSC lists MITSUI MARKETS LIMITED (company 14812) as an active financial dealer, classes A, B and C, licensed on 22 Aug 2023. This is the company named as owner and operator of FBS's Malay-language site.
E5FBS's Malay-language site ms-brokerfbs.com, which fbs.com lists as its Malay version, states that it is owned and operated by Mitsui Markets Ltd. of Port Vila, Vanuatu, not FBS Markets Inc. fbs.com does not disclose this company.
Moderatems-brokerfbs.com footerE6The Securities Commission Malaysia Investor Alert List entry FBS Malaysia / FX Trade Pro (2021) names https://fbs.com/ among a dozen FBS-branded sites for carrying on unlicensed dealing in securities and derivatives. A separate 2021 entry, FBS Trading Berhad / FBS Global Traders Sdn Bhd, describes an impostor scheme and is not tied to fbs.com.
E7The Reserve Bank of India Alert List (updated 19 Nov 2025) lists FBS, https://fbs.com, among platforms not authorised to deal in forex in India. The list also names several large regulated brokers, and FBS's footer now excludes India.
E8The Monetary Authority of Singapore listed FBS Trading Broker on 3 Feb 2025 with website www.fbs.com, e-mail support@fbs.com, phone +357 22 010970 and a Belize address. FBS's restricted-country list does not include Singapore.
E9The Philippine SEC issued an advisory naming FBS Markets, Inc., FBS Broker, FBS Trading Broker and FBS Forex Broker Online as not registered and without the secondary licence needed to solicit investments, as reported by BusinessWorld on 19 Jan 2026.
E10Brazil's CVM recorded FBS MARKETS INC, with websites fbs.com and ptfbs.com, as not authorised to offer investments to Brazilian residents, in alerts dated January and June 2017.
E11fbs.com declares Indonesian, Malay, Thai, Arabic and Spanish versions on separate domains. The Indonesian site indofbs-invest.com, run by FBS Markets Inc., lists a local toll-free support number. FBS claims no licence in Indonesia or Thailand, and Malaysia's regulator lists it as unlicensed.
E12FBS's company-written Trustpilot profile says half of its clients multiply their initial deposit by 8 to 10 times and 48% treat FBS profits as their main income. FBS's EU entity must disclose that 66.43% of its retail CFD accounts lose money.
E13FBS Markets Inc.'s terms let it block accounts and deduct benefits at its sole discretion if it suspects abuse, including arbitrage (clause 2.29). On termination it may adjust the account and suspend deposits and withdrawals (14.7). Disputes go to Belize courts, under a clause stated to be for the company's benefit only (17.2).
E14Trustpilot shows 10,222 reviews for fbs.com with a 4.3 score: 67% five-star, 15% four-star, 5% three-star, 3% two-star and 10% one-star. FBS replies publicly to most negative reviews.
ModerateTrustpilotE15One-star reviews from Sep and Oct 2026 describe deposits not credited for one to five months, and accounts closed for suspicious activity or alleged abuse of FBS's Balance Fixed reset with profits removed. The reports are specific but sit on one platform, so the pattern is unconfirmed.
E16The FBS app on Google Play has over 10 million downloads and a 4.6 rating from about 115,000 reviews. The most-voted critical reviews concern stop-loss slippage and slow refunds.
WeakGoogle PlayE17Cyprus's Registrar of Companies lists Tradestone Limited (HE 353534, registered 16 Mar 2016) and HDC Technologies Ltd (HE 370778, registered 22 Jun 2017) as registered companies.
E18Several warnings that mention FBS concern impostors, not this broker: the FCA's 2023 warning on Fbs Fx Trading (www.fbsfxtrading.com, US address), New Zealand FMA's 2025 notice on an FBS impostor at fbssltd.com, and Malaysia's alert on FBS Trading Berhad.
E19fbs.com was registered on 23 Jan 1995, long before FBS's claimed 2009 start, so the brand took over an existing domain. Its regional domains date from 2015 (esfbs.com) to 2025 (fbs-ar.com).
E20IOSCO's alert network holds eight FBS-related entries: national unauthorised-activity listings and impostor warnings. None is an enforcement action or fraud finding against FBS Markets Inc. or Tradestone Ltd.
WeakIOSCO I-SCANE21fbs.com advertises leverage up to 1:3000, deposits from $5 and instant withdrawals, and states that it operates under an FSC licence. These are aggressive trading conditions rather than a deception.
E22Indonesia's futures regulator Bappebti blocked several Indonesian-language FBS-branded websites as unlicensed in December 2020, including idfbsfx.com and idn-fbs.net. We could not establish which of them, if any, FBS itself ran.
WeakCNBC Indonesia
The other side
The strongest case in this broker’s favour.
There is a strong case that FBS is a working, long-running broker rather than a trap.
- Real regulators know it. CySEC has licensed its EU arm since 7 Aug 2017. ASIC has licensed its Australian brand partner since 13 Dec 2012. Belize's FSC lists fbs.com by name.
- It respects some borders. fbs.com sends EU visitors to the CySEC-regulated fbs.eu and refuses clients from the USA, the UK, Israel and India.
- Large, mostly positive footprint. Trustpilot shows 10,222 reviews, 82% of them four or five stars. The FBS app has over 10 million downloads and a 4.6 rating on Google Play, and many reviewers mention fast withdrawals.
- No fraud record. We found no fraud enforcement, court case or CySEC fine against FBS Markets Inc. or Tradestone Ltd. The national alerts concern missing local licences, which several large regulated brokers also lack.
- Some FBS warnings are about impostors. The FCA's 2023 warning on Fbs Fx Trading (fbsfxtrading.com), New Zealand's 2025 notice on an FBS impostor at fbssltd.com and a Malaysian alert on FBS Trading Berhad all concern other operations, not fbs.com.
- Registered companies. Cyprus's registry lists Tradestone Limited (registered 16 Mar 2016) and HDC Technologies Ltd (registered 22 Jun 2017) as active companies.
What would change this
What we would need to see to revise the verdict.
These facts would move our rating in either direction.
- Lower risk: FBS getting a licence in Malaysia, Singapore, the Philippines and Brazil, or clearly leaving those markets, and those regulators taking it off their lists.
- Lower risk: moving global clients to an entity with a tier-1 or tier-2 licence and a compensation scheme.
- Lower risk: naming Mitsui Markets Ltd. and every other operating company on fbs.com, and dropping the claim that half of clients multiply their deposits.
- Higher risk: a regulator or court action alleging fraud, or the suspension of the Belize or CySEC licence.
- Higher risk: refused withdrawals or removed profits documented across several platforms in the same period, or any demand for an extra payment before funds are released.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
FSC Belize register: FBS Markets Inc.
Shows licence 4077102, status Active, domain www.fbs.com and e-mail support@fbs.com.
CySEC register: Tradestone Ltd
EU licence 331/17 dated 7 Aug 2017; approved domain www.fbs.eu only.
VFSC financial dealers list
Search MITSUI to see the Vanuatu licence of the company behind the Malay FBS site.
ASIC AFS licensee dataset
ASIC's published licensee list; licence 426359 belongs to Intelligent Financial Markets Pty Ltd (FBS Oceania).
MAS Investor Alert List: FBS Trading Broker
Listed 3 Feb 2025 with www.fbs.com, support@fbs.com and +357 22 010970.
Securities Commission Malaysia Investor Alert List
Search FBS: the entry FBS Malaysia / FX Trade Pro lists https://fbs.com/ for unlicensed dealing.
RBI Alert List (updated 19 Nov 2025)
Entry 8: FBS, https://fbs.com, not authorised for forex in India.
IOSCO I-SCAN: Brazil CVM alert on FBS Markets Inc
CVM: not authorised to offer investments to Brazilian residents; names fbs.com and ptfbs.com.
FBS Markets Inc. Terms and Conditions
Belize law and courts; account-blocking and benefit-deduction clauses 2.29 and 14.7.
Trustpilot reviews of fbs.com
10,222 reviews averaging 4.3, with FBS replies.
Frequently asked questions
Quick answers about this broker’s safety.
Is FBS a scam?
No. FBS is a real broker, and we confirmed its licences on the regulators' registers. We still rate it high risk: the company most clients deal with holds only an offshore Belize licence, and regulators in five countries say it is not authorised to serve their residents.
Is FBS a fraud?
We found no regulator or court finding of fraud against FBS Markets Inc. or its EU arm, Tradestone Ltd. The warnings that exist say FBS lacks a local licence in Brazil, Malaysia, India, Singapore and the Philippines. That is a problem with its legal status, not proof of fraud.
Is FBS regulated?
Yes, but by different regulators for different sites. fbs.com is run by FBS Markets Inc. under Belize FSC licence 4077102, and fbs.eu is run by Tradestone Ltd under CySEC licence 331/17. FBS Oceania in Australia operates under ASIC licence 426359, held by a separate company.
Which FBS company will hold my money?
It depends on where you sign up. Most clients outside the EU and Australia contract with FBS Markets Inc. in Belize, while the Malay-language site is run by Mitsui Markets Ltd. of Vanuatu. EU clients deal with Tradestone Ltd in Cyprus, and HDC Technologies Ltd in Cyprus processes payments.
Can I withdraw my money from FBS?
Many reviewers report fast withdrawals, and FBS scores 4.3 on Trustpilot from more than 10,000 reviews. A minority of recent reviews describe deposits not credited for weeks, or accounts closed for suspected abuse with profits removed. Test a small withdrawal first and use payment methods in your own name.
Is my money protected if FBS fails?
Only fbs.eu clients are covered by the Cyprus Investor Compensation Fund. Clients of fbs.com, which is regulated in Belize, and of the Vanuatu-run Malay site have no compensation scheme. FBS's terms also send disputes to the courts of Belize.
Why do regulators warn about FBS?
Brazil's CVM, Malaysia's Securities Commission, India's RBI, Singapore's MAS and the Philippine SEC have listed FBS because it has no licence in their countries. FBS still markets in local languages in Malaysia, Indonesia and Thailand through separate websites.
What is FBS's Belize licence worth?
It is a genuine registration with Belize's Financial Services Commission for trading in securities as agent and as principal. Belize is an offshore regulator with lighter supervision than the EU or Australia, and there is no compensation fund. Treat it as basic oversight, not strong protection.
Who is Mitsui Markets Ltd.?
It is a Vanuatu company that FBS's Malay-language site names as its owner and operator. Vanuatu's FSC lists Mitsui Markets Limited as a financial dealer licensed on 22 Aug 2023. fbs.com itself does not mention it.
Is the FBS website I found a clone?
The genuine sites are fbs.com, fbs.eu and the regional sites that fbs.com links to. Regulators have warned about impostors such as fbsfxtrading.com (UK FCA) and fbssltd.com (New Zealand FMA). Check the address bar before you register or deposit.
How old is FBS?
FBS says it started in 2009 and marked 15 years in 2024. The oldest dated records we found are its Australian brand partner, registered in January 2012, and Tradestone Ltd in Cyprus, registered in March 2016. Either way, that is a long track record.
What is 'Balance Fixed' and why do clients complain about it?
It is FBS's term for resetting an account that went negative. Some clients say FBS accused them of abusing this reset and removed their profits. FBS says it acts when it detects suspicious activity, and its terms allow it to deduct benefits at its discretion.
What should I check before depositing with FBS?
Confirm which FBS company your account is with, whether your country's regulator lists FBS, and how much leverage you are taking. Read the terms on account blocking and withdrawals, and start with an amount you can afford to lose.
What can I do if I have a problem with FBS?
Send a written complaint to support@fbs.com and keep every ticket number. EU clients can escalate to CySEC and the Financial Ombudsman of Cyprus. Other clients can complain to Belize's Financial Services Commission or, for the Malay site, to Vanuatu's Financial Services Commission.
What we recommend
The practical takeaway from everything above.
If you trade with FBS, know which company holds your money and keep your exposure small.
- In the EU: use fbs.eu. It is run by CySEC-licensed Tradestone Ltd and covered by the Cyprus Investor Compensation Fund.
- Elsewhere: you deal with FBS Markets Inc. in Belize, or with Mitsui Markets Ltd. in Vanuatu on the Malay site, and neither has a compensation scheme. Check whether your own regulator lists FBS before you deposit.
- Avoid extreme leverage. Leverage of 1:3000 can wipe out an account in minutes.
- Protect withdrawals. Deposit and withdraw only through accounts in your own name, and test a small withdrawal first. Avoid hedging across accounts in a way FBS could treat as abuse of its negative-balance reset.
- Keep records. Save deposit receipts, ticket numbers and chat logs, and complain in writing to support@fbs.com if a payment stalls.
This is an independent assessment of risk, not a legal ruling. Scores and verdicts follow the Wikilix broker-safety methodology and can change as new evidence appears. Review scores are treated with caution when a broker’s reviews look manipulated. Last reviewed October 20, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.
What traders say about FBS
Comments on FBS are posted on its profile
Nobody has commented on FBS yet. If you have traded with them, your experience helps the next reader decide.
Write the first comment