Is FBS Legal in Zimbabwe? Is it Safe?
Reliability is the key criterion for choosing any broker. If you have doubts about the reliability of a company, it is not recommended to work with it. Traders from Zimbabwe often ask “Is FBS safe? Does the company operate legally in the territory of the country, can it be trusted?" Traders Union analysts have prepared a detailed analysis, where we will see whether FBS is legal in Zimbabwe and whether you can work with this broker.
Short summary about the broker FBS
FBS is an international broker with a strong presence in Asia, offering a wide range of trading instruments including Forex, stocks, indices, energies, and metals. With over 90 international awards and 27 million clients across 150 countries, FBS boasts a strong global reputation.
The company provides flexible trading conditions: leverage up to 1:3000, floating spreads from 0.7 pips, commission-free trading, and fast execution speeds starting at 0.01 seconds. FBS ensures client security with negative balance protection and offers a user-friendly experience on familiar trading platforms.
While FBS doesn't currently offer cryptocurrency trading or passive income options like PAMM accounts and copy trading, its competitive conditions and extensive educational resources make it a compelling choice for traders seeking a comprehensive and accessible experience.
| 💰 Account currency: | USD, EUR |
| 🚀 Minimum deposit: | $5 |
| ⚖️ Leverage: | 1:3000 |
| 💱 Spread: | From 0.7 pip |
| 🔧 Instruments: | Forex, indices, metals, futures contracts |
| 💹 Margin Call / Stop Out: | 40% / 20% |
Pros and cons of FBS
👍 Advantages of trading with FBS:
•negative balance protection;
•a large selection of trading instruments;
•the support service works 24/7.
👎 Disadvantages of FBS:
•auto copying is not available;
•no PAMM accounts;
•not suitable for short-term trading, such as scalping;
•the support service works in a limited number of languages;
•only two real accounts.
What information should a broker disclose?
Only the broker that discloses all legal information can be considered reliable. You need to take notice of this factor when choosing the company.
The official website of the broker should contain the following information:
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The name of the legal entity.
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Country of registration.
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Number of the registration certificate.
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Legal address, factual addresses of the offices of the broker.
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License to conduct financial activity.
The information must be published either in a special section on the website of the broker or in the disclaimer. Make sure to check it.
The official website of the broker must also provide internal regulatory documents. Before you start working with a company, review Terms of Use, Privacy Policy, Disclaimer, Risks Notice, and other documents.
Broker regulation: CYSEC
The Cyprus Securities and Exchange Commission (CySec) is the financial regulator authority of Cyprus. The regulator has the power to audit companies and issue licenses to conduct financial activities in the territory of the country.
Cyprus is an EU member and therefore the CySec license also allows companies to operate in the entire territory of the EU. Furthermore, the document issued by the regulator is considered reliable beyond the borders of the EU countries.
Is FBS legal in Zimbabwe? Broker’s license
Security (Protection for Investors)
FBS is regulated by the Cyprus Securities and Exchange Commission (CySEC) and Financial Services Commission of Belize (FSC). This means that the FBS broker carries out financial activities following the regulations and the requirements of the regulator. Thanks to this, the rights and obligations of clients and the company are clearly defined and this guarantees the safety of traders' funds.
👍 Advantages
- Client deposits are not available for use by the broker because they are kept separate from the company's funds
- Negative balance protection
- Dispute resolution is carried out with the involvement of an independent agent
- Insurance: since the broker is a member of the Investor Compensation Fund, in the event of bankruptcy of the broker and inability to fulfill its obligations, its clients are compensated
👎 Disadvantages
- Regulators do not consider claims of private traders trading small amounts
Brokers that are similar to FBS
In addition to license and reliability, you also need to take notice of the trading conditions of brokers. This is important both for beginners and experienced traders, as the demands of the clients with different experience differ. Traders Union analysts have prepared a comparison table of FBS with similar brokers.
Comparison of FBS with other Brokers
| FBS | Bybit | Eightcap | XM Group | InstaForex | 4XC | |
|---|---|---|---|---|---|---|
Trading platform |
MT4, MobileTrading, MT5, FBS app |
MetaTrader5 |
MT4, MT5, TradingView |
MT4, MT5, MobileTrading, XM App |
MT4, MultiTerminal, MobileTrading, MT5, WebTrader |
MT5, MT4, WebTrader |
Min deposit |
$5 |
No |
$100 |
$5 |
$1 |
$50 |
Leverage |
From 1:1 |
From 1:1 |
From 1:30 |
From 1:1 |
From 1:1 |
From 1:1 |
Trust management |
No |
No |
No |
No |
Yes |
Yes |
Accrual of % on the balance |
No |
No |
No |
No |
No |
No |
Spread |
From 1 point |
From 0 points |
From 0 points |
From 0.8 points |
From 0 points |
From 0 points |
Level of margin call / stop out |
No |
No |
No |
No |
No |
No |
Execution of orders |
Market Execution |
Market Execution |
Market Execution |
Market Execution |
Instant Execution |
Market Execution |
No deposit bonus |
No |
No |
No |
No |
No |
$50 |
Cent accounts |
No |
No |
No |
No |
Yes |
No |
FBS is a broker for those who appreciate a variety of trading instruments and prompt support. The company is suitable for both beginners and experienced traders working on PCs and smartphones.
Overall. Bybit offers seamless Forex integration with crypto infrastructure, automatic leverage allocation, and MT5 support with Expert Advisors. The platform is suitable for users familiar with trading basics, as well as beginners and algorithmic traders.
Eightcap has favorable working conditions due to a large choice of instruments, tight spreads, high leverage, and no withdrawal fees. Integration with popular trading platforms and basic deposit/withdrawal options greatly facilitates work with the broker and reduces the entry threshold. In addition to comfortable conditions and low financial costs, traders get free educational materials and special services for technical analysis. A relative disadvantage is the absence of opportunities for passive income. Also, the broker works only with CFDs, so other groups of trading instruments are not available.
XM Broker is a broker for professional trading. Trading conditions correspond to the average market; there are technical advantages that distinguish XM Broker from its competitors.
InstaForex is the best option for traders with any level of experience. For active professional traders, there is a large pool of non-standard technological solutions for more accurate analysis. For novice traders, there are comfortable starting conditions, such as a $1 minimum deposit under the regulation of FSC and a $200 minimum deposit with the broker regulated by CySEC. There are PAMM accounts and social trading for investors.
The broker is suitable for traders with a basic trading experience, who are prepared to start trading on a real account right away.
Conclusions
Traders Union showed that FBS is indeed very reliable and legal in Zimbabwe. The company holds all necessary licenses to conduct financial activity; it complies with all key requirements of the regulator. Legality of the broker’s operation in the country is one of the key criteria for choosing the company for trading. It is important to take this into consideration, as well as the trading conditions. In this case, we can say that the broker meets all the reliability requirements.
FAQ
Can I work with a broker who does not hold the license?
Trading with a broker without the license involves high risks. The license guarantees that the company performs its obligations. Working with a broker without the license creates a risk of manipulations with quotes, failure to pay, and other schemes.
Where can I complain if a broker with a license violated its obligations?
If a broker allows a violation of the conditions, you can appeal to the authority that issued the license and to the court.
How do I choose the best broker in Zimbabwe for beginners?
Novice traders need to consider the brokers with licenses issued in Zimbabwe or other European Union countries, availability of a demo account or cent account, the level of commissions and fees and minimum deposit, as well as educational materials.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.