FBK Markets: African Traders Need to be Aware of This Broker

What FBK Markets is

FBK Markets, also called FBK Markets SA (Pty) Ltd, is a broker who was found in 2020. The traders who invest in FBK Markets are provided with a leverage up to 1:1000. It is located at 1 Chadwick Ave, Wynberg, Sandton, 2090. According to its website, it vaguely claims that “ it is a South African owned financial broker”, which lacks information about who exactly owns and runs the company. The website looks very simple and uninformative. Besides, FBK Markets claims that they are regulated by the FSCA South Africa (license number: FSP49769). However, according to WikiFX, the regulatory status is a suspicious clone, which means they dont have a legitimate license and you are likely to lose the control of your money if you invest in it. WikiFX currently gives FBK Markets a very low rating of 1.02/10. Therefore, we advise you to keep your money away from this broker.

No information about trading platforms

In most cases, a forex broker who has a legitimate license uses MT4/MT5 platform to offer trading service. There is no information to be found about the trading platforms FBK Markets uses.

How the risk looks like

Like many other unregulated brokers, FBK Markets is likely to freeze your account and steal your money when you invest in. They may try their best to persuade you to open an account, and eventually make you deposit more money by giving some rewards at the beginning. Once the scam becomes so obvious, they will take your money away without giving your any response.

Conclusion

FBK Markets is not a good option to invest with as it may take your money away fraudulently. We advise you to do more research before choosing any brokers. WikiFX contains details of more than 31,000 global forex brokers, which gives you a huge advantage while seeking the best forex brokers. If you want to know more information about the reliability of certain brokers, you can open our website (https://www.WikiFX.com/en). Or you can download the WikiFX APP for free through this link below (https://www.wikifx.com/en/download.html). Running well in both the Android system and the IOS system, the WikiFX APP offers you the easiest and most convenient way to seek the brokers that you are curious about.