WikiFX Review: Is it worthwhile to invest in FBK Markets?

FBK Markets (https://www.fbkmarkets.com/) has been attracting the attention of investors recently. It claims to be a South African-owned financial brokerage founded in 2020. The question is whether the broker is really safe to trade with and will such an offer suffice your needs？ For more information about FBK Markets and their offer please check the following WikiFX review.

First lets search “FBK Markets” on WikiFX to take a look at the details page. WikiFX is an authoritative global inquiry platform providing basic information inquiry and regulatory license inquiry. WikiFX can evaluate the safety and reliability of more than 36,000 global forex brokers. WikiFX gives you a huge advantage while seeking the best forex brokers.

As you can see, based on information given on WikiFX (https://www.wikifx.com/en/dealer/3550644013.html), FBK Markets is licensed by the South African financial regulator, the Financial Sector Conduct Authority (FSCA). However, the FSCA regulatory (license number: 49769) claimed by this broker is a suspicious clone, and it has been given by WikiFX a low rating of 1.15/10. WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.

WikiFX paid a visit to the brokers website to find out more. FBK Markets claims to be a duly appointed juristic representative of RCG MARKETS (Pty) Ltd.

WikiFX did check in the online registry and can confirm that the company behind the brand, RCG Markets (Pty) Ltd., is licensed by the Financial Sector Conduct Authority (FSCA) in South Africa.

Although the trading environment in South Africa is safer and better than those in offshore zones like Seychelles, Marshall Islands or Saint Vincent and the Grenadines, it cannot be compared to the regulatory regimes in the EU, UK, and Australia.

For example, South African brokers aren‘t required to keep their clients’ funds in segregated accounts, nor to provide negative balance protection. They do not have to comply with any restrictions on leverage or trading bonuses, participate in compensation schemes, nor report on open and closed trades.

In other words, a license with the FSCA is better than nothing, but it doesnt have much value, especially if you are not a South African resident.

According to the brokers website, FBK Markets provides access to the Metatrader 4 platform – that is quite good, as MT4 is revered as the industry standard when it comes to trading software. It has earned that title with powerful automated features, a clean interface and much more.

However, there is something to be said about the leverage that FBK Markets offers – between 1:100 and 1:1000.

This might be a bit much for retail traders. Most regulatory bodies have banned the provision of such leverage as too risky for them, but the FSCA is not one of them. Also, sometimes high leverage can be the case you are dealing with an unlicensed broker – not here, obviously, but seeing such amounts in the wild warrants caution!

Furthermore, in order to help traders learn more about the brokers, WikiFX also conduct investigations by sending surveyors to the brokers physical addresses. WikiFX did make an on-site survey on FBK Markets in March 2022 but failed to find their office.

Source: https://www.wikifx.com/en/survey/237779a01e.html

WikiFX also did some research on the brokers activity on social media. As of August 8th, 2022, FBK Markets does have official accounts on major social websites - Facebook, Twitter & Instagram.

Surprisingly, investors on those social media sites speak highly of FBK Markets, and WikiFX hasnt found any negative comments regarding the broker, at least not yet.

In conclusion, FBK Markets holds the South African FSCA license, which, however, is probably a suspicious clone, and it doesn't seem to have an office on its displayed business address. The leverage it offers is also risky. Nevertheless, the broker seems to have wide popularity on social media, where investors give numerous compliments. Anyway, traders should think carefully and cautiously before deciding whether to choose FBK Markets for investment or not.

WikiFX keeps track of developments, providing instant updates on individual traders and helping investors avoid unscrupulous brokers. If you want to know whether a broker is safe or not, be sure to open WikiFXs official website (https://www.WikiFX.com/en) or download the WikiFX APP through this link (https://www.wikifx.com/en/download.html) to evaluate the safety and reliability of this broker!