FBK Markets: An overall review after it's first year of service

In South Africa, we are no strangers to new brokers popping up in the market. In recent years we have had an explosion of new brokers and with that has come a new set of problems as we have had inexperienced brokers shut down due to their misconduct. Today we will be reviewing FBK Markets, one of the new brokers that joined the South African forex Industry. Can the broker be trusted or should you stay away from this broker？

In South Africa, it is hard to find good brokers as it is almost commonplace to have brokers shut down due to improper business conduct. If you are looking for a broker you can trust I recommend you search using WikiFx. This app is connected to every broker regulatory board globally, so they can connect you to the best regulated and verified brokers with the best service. They also keep a list of all the brokers who are known to scam people so you can avoid these brokers before you lose your money. If you have any query concerning Brokers look through WikiFx, It will save you time and money.

FBK Markets

This broker was founded last year by the prominent trader DJ Coach (Kgopotso Mmutlane). He is known throughout the South African trading industry and has been featured as one of the top traders in South Africa. Last year he decided to open his own brokerage company with the hope to leverage his fame to enlist traders.

The broker offers five accounts all with a leverage of 1:1000 and all with a minimum deposit of R100 except for the last. The standard account and bonus account function pretty much the same and both have spreads starting at 0.5pips, however, the difference is with the bonus account 100% of your deposits will be added to your balance as a bonus. The Zero spread and ECN accounts are also similar both with 0 spreads, however, they charge a commission of $9 per lot for the Zero Spread and $4 per lot for the ECN account. The last account is the Micro account, which comes with a minimum deposit of R20. They also claim that they perform same-day verification and withdrawals. They are also regulated as a representative of RCG Markets, another broker.

The issues, at least for me, start there. So many brokers in South Africa have questionable regulation status. The broker has to become an extension of another broker to enlist as regulated, so now you have two brokers running under the same license. This could be the case or maybe the whole broker is in front of RCG markets and the platform is a partnership between Dj Coach and RCG markets. Either way, it is not a good look and that is the issue here.

And we have been seeing quite a number of complaints arise from the brokers. On their website, they claim that all position requests will be granted quickly, yet we have multiple complaints of people getting their stop positions unfilled. Watch this video yourself to see such an example. We also have seen an example of a trader who was blocked access to their account after making thousands of dollars in profit. This is not to say that there are no benefits to trading with this broker. They offer very small spreads and minimum deposits and so with just $3 you are able to enter the markets and trade, which is unheard of.

It always seems that there is always something negative to say about South African Brokers but it is just the industry as it is right now. The option of having such low minimum deposits may be enticing but we recommend you use high caution when trading with FBK markets.

Click on FBK Markets' WikiFX page for details