As soon as I asked them about this issue, they just looked for all kinds of excuses and told frequent lies as questioning my identity, asking me to provide documents and proof and promising they would look into it. But ultimately when they ran out of excuses and lies they just got all cruel and shameless — just like the typical unregulated Russian scam brokers do! Together with my husband I opened two trading accounts with the FBS. After then, I lost the first set of transactions in the two accounts.
Trading accounts were traded in different hours, different days and different volumes and not all together. First has traded on account and after said second account. The problem is that I traded with the same IP. Our profits were refused by FBS. I do not recommend this broker!!! Indeed, there are some things that need to be improved, but overall still comfortable.
Why would they not want to disclose this? In recent years, Belize has become a popular base for trading firms like FBS for a number of reasons. The first is that their earnings outside Belize attract no tax.
Second, authorities in countries with strict financial regulation have significantly tightened rules for retail forex trading in recent years. Since , the Australian Securities and Investment Commission has been cracking down on unlicenced forex traders based in Australia and companies holding an Australian Financial Services licence but failing to meet adequate service standards.
In an effort to weed out dodgy operators — most of which target clients in Asia — it has cancelled the licences of a number of companies, while also subjecting applications for AFS licences from retail forex trading firms to closer scrutiny.
Another area of focus for regulators has been leverage, which enables customers to trade at a multiple of the money in their account.
In the US, for example, retail traders can now offer only 1: FBS, however, is able to offer up to 1: Leverage is seen as essential for taking advantage of small movements in currencies, but the dangers were highlighted in January when the Swiss Franc soared 30 percent in a single trading session.
The rapid appreciation wiped out several forex trading firms. But companies like FBS that hold a securities trading or foreign exchange trading licence in Belize are not given a totally free rein. One key change is that licencees are no longer able to offer or transact any trading with a resident of a country whose law requires a local licence for this purpose — unless they have that licence. This has prompted some to question whether forex traders would bother to use the country as a base, as they will still need licences in each individual market.
Matus further clarified that IFSC-licensed companies are unable to operate in a market where there is no regulation. Who is FBS Markets? The email address is for a company named Belize Offshore Services Limited, which did not respond to requests for comment. The FBS website says the company was formed in At the time, a person named Igor Volkov, identifying himself as chairman of the FBS board, posted on forex trading forums that FBS was created through a merger of a range of trading companies, including one called PoltekFX with which Slinkin was apparently associated.
Partner agreements at this time specify that Denis Vladimirovich Slinkin is the managing director. While still maintaining contact numbers in Mauritius and Russia, by April it had apparently changed name to FBS Markets Inc and was claiming to be based and regulated in Panama another tax haven. But FBS Markets soon found a new home: A snapshot of the IFSC website shows that it gained a securities trading licence sometime between November 10 and November 16 of Industry website Finance Magnates noted at the time that the company had left the retail forex push into Southeast Asia, but had faced opposition from regulators.
In Indonesia, the authorities even blocked its IP addresses in an attempt to stop residents from accessing its services. Partnership and customer agreements through to December give an address in Belmopan, Belize. The latest customer and partner agreements, though, suggest that FBS has again shifted its registered address.