FBK Markets Review

Regulation - 5/10

FBK Markets (Pty) LTD. was appointed to act as a Juristic Representative by FSCA regulated broker- RocketX (Pty) LTD.

Although FBK Markets is not regulated by the FSCA they are representatives of an FSCA regulated broker with FSP No. 52142

Yes, the FSCA is well aware of this Juristic Representation and it is completely legal.

Market Making

FBK Parent company RocketX is an authorized ODP so they can trade against you, when you lose, they gain and vice versa.

Funding & Withdrawal - 7/10

FBK Markets Minimum Deposit in ZAR

FBK Markets minimum deposit is 100 ZAR for all their account types.

FBK says if you deposit below the minimum threshold, they funds will not reflect in your account, which begs the question where will the funds be kept?

We expect that if there is an attempt to deposit below the minimum allowed, the funds should not be debited from the customer account, instead of debiting it then keeping it in suspense.

FBK Markets Minimum Withdrawal

FBK Markets does not enforce any minimum withdrawal, so you can withdraw any amount you wish. However, you can only make one withdrawal at a time as duplicate withdrawals are not allowed.

FBK Markets Withdrawal Processing Time

FBK Markets withdrawal takes up to 48 hours meaning 2 working days.

FBK Markets Account Types - 9/10

1. Standard Account

This is a zero-commission account type with no bonus; so when you trade you pay only spread as the major fee.

2. Zero-Spread Account

This account offers zero spread on trades but in return you have to pay a flat commission of $4.5 per side per 100,000 units traded.

3. Bonus100 Account

This is just like the Standard Account but it comes with a 100% bonus on deposits.

4. ECN Account

This account offers almost zero spread without any markup but in return you have to pay a commission of $2 per side per 100,000 units on trades.

Account Management - 4/10

FBK Markets Account Currency

FBK Markets has ZAR account as well as USD & GBP account currencies.

Negative Balance Protection

FBK Markets has Negative Balance Protection to prevent your trading account from slipping into negative during periods of high volatility.

Dynamic Leverage

The larger your account balance, the lower your leverage will become and FBK makes this adjustment automatically.

For an account balance below $1,000 you can access up to 1:1000 leverage but from $1,001 to $2000 your leverage can not exceed 1:500 and this is called Dynamic leverage.

Range of Markets - 4/10

1. Forex CFDs

FBK Markets only lets you trade over 60 currency pairs including exotics like ZAR/JPY.

2. Indices CFDs

Only 6 Indices are available: Nas100, US30, S&P 500, Nikkei 225, DAX, UK100.

3. Commodity CFDs

XAU/USD, Silver, Crude Oil, Natural Gas & Corn are the available commodities at FBK.

3. Bond CFDs

Two U.S. & three EU Bonds are available for trading.

FBK Markets Fees - 5/10

1. Spread

FBK Markets spreads are not transparent. On their website is states that spreads start from 0.5 pips but this is just the minimum spread and actual spreads could be way higher

2. Commission

The accounts with low spreads require commission payment. For example the Zero-Spread Account requires a $4.5 per side commission, while the ECN Account requires a $2 per side commission per standard lot traded.

3. Overnight Fees

FBK does not have swap-free instruments so you pay an overnight fee to keep your CFD positions open till the next day.

4. Inactivity Fees

FBK Markets does not impose inactivity fees on dormant accounts.

Trading Platforms - 3/10

FBK Markets offers MT4 as the only trading platform and they have no proprietary mobile app. The implication of this is that if you want to fund your account you must pass through the FBK website portal.

Another implication of FBK not having a proprietary mobile app is that, if your MT4 is freezing or unavailable, there will be no way to monitor active trades or place new trades.

Tools - 2/10

Not much is on offer when it comes to trading tools but FBK provides a margin calculator to help you estimate how much is required to open a trade.

The FBK margin calculator is basically an excel sheet with formulas and lacks a user interface.

The danger of inadequate trading tools is that FBK offers high leverage and we would have expected more sophisticated risk management tools to help traders deal with the high leverage exposure.

Customer Support - 3/10

1. WhatsApp

You can reach FBK Markets through WhatsApp via a number they displayed on their website. There is no live chat on their website which makes reaching them difficult.

2. Email

FBK has a dedicated email address for complaint resolution.

3. Telephone

You can reach FBK through telephone, their help line is displayed on their website.

Final Verdict - 4.5/10

FBK Markets is for experienced traders who want to focus on trading popular instruments without using algorithms or Expert Advisors..

FBK is not for beginners because everything is so analogue with this broker and only expert traders will understand how to trade with them.