FBS

I have been trading with xm.com for the last 7 years. After xm announced they will be lowering their leverage to 30 I started looking for other brokers. This is when I stumbled upon FBS which seemed like a good alternative and they were also running a $50 no deposit bonus.

So I thought I'd give it a shot. I registered an account with them, went through the verification process and received the $50 in my trading account.

The $50 bonus account conditions are as follows: You have to trade a total of 2 lots and make more than $25 in profits in order to be able to withdraw said profits (meaning bonus not included) to an account of your choosing (I chose Skrill). Of course you are only allowed to open one (1) bonus account.

So once I went through verification I received the $50 in my account. I went on to trade a total of 2 lots and made about 117euros in profits. So I immediately tried to withdraw the profits to my skrill account just to check if they were trustworthy. About 30 minutes later I login to fbs.com dashboard to see that my withdrawal request was declined with absolutely no explanation given. They even went as far as to cancel my MT4 account.

The next logical step was to contact their live chat support which I did.

The conversation I had with them went as follows:

Chat started

Alex: hello

Chloe joined the chat

Chloe: Hello! Thank you for contacting FBS support!

How may I help you?

Alex: Hi

Alex: why did my withdrawal request get declined

Chloe: What is your account number?

Alex: 4923200

Chloe: The IT department has detected that you have opened/used more than one bonus account 50 from the same IP address or device. This is NOT allowed. In fact the rule appears here https://my.fbs.com/bonus/bonus50 , point 10. The server saves this information, and, unfortunately the account can not be unblocked.

You were informed with the bonus rules when you opened your account, it is implied that you accepted these rules when you clicked in "open account", and that you had knowledge of the conditions set by the company.

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They claim I opened multiple accounts with them which makes me wonder who is wasting their time opening multiple bonus accounts knowing that in any case if they manage to make a profit they won't be able to withdraw it. I certainly didn't register multiple accounts with them. When I asked them for some kind of proof they couldn't provide any. And I know for sure they won't be able to debunk my claims because I used my home internet connection to register to fbs and I know for a fact that there has been only one registration to fbs.

Also it makes me wonder how, since you receive the $50 only after ID verification has been completed, there can be multiple bonus 50 accounts opened. Does this mean that someone other than me has my ID, the same face as me, the same name, the same birthday as me has opened an FBS account. I really don't see how is that possible. If anyone knows how can they can claim such a thing let me know.

I even tried to deposit money to my FBS account prior to receiving the bonus, thankfully the deposit didn't go through for some reason, otherwise I'd have lost not only my time but also money with them.

In reality I should have been more cautious because they're one of the few companies that still offer no deposit bonus (actually they dont really) when this practice has been outlawed in Europe. And they also offer a 3000:1 leverage.

To conclude, don't waste your time with FBS.com. The experience I had with them indicates me that they're untrustworthy.

Also why would they run a no deposit bonus if they can't fulfil their end of the agreement.

Sorry for the long read.

PS. This is the first time I post a review regarding any service, but I just felt I needed to warn fellow traders.