FBK Markets Information

FBK Markets is an unregulated broker incorporated in South Africa. It's a marketplace for forex trading. Traders on this platform get access to the MetaTrader 4 as well as market instruments including forex, indices, commodities, and bonds. With a low minimum deposit of R120 and low spreads, FBK Markets enables traders to access significant market positions even with a smaller initial investment. Though FBK Markets does not provide its service to US residents.

Pros & Cons

Is FBK Markets Legit?

No. FBK Markets is not a regulated platform. Its FSCA license is suspected to be a fake clone.

Regulated Country	Regulated Authority	Regulatory Status	Regulated Entity	License Type	License Number
	Financial Sector Conduct Authority	Suspicious Clone	RCG MARKETS (PTY) LTD	Financial Service Corporate	49769

What Can I Trade on FBK Markets?

This platform accerts to provide markets instruments includes indices, commodities, bonds, and forex.

Account Types/Fees

FBK Markets offers a range of account types to cater to traders with different trading needs. The available account types include Standard, Zero Spread, Bonus 100, ECN, and Micro accounts, with different features such as spreads, commissions, and minimum deposit requirements. The base currencies available for all account types are ZAR, USD, and GBP.

Leverage

FBK Markets provides flexible leverage options ranging from 1:100 to 1:1000, which allows traders to customize their risk exposure based on their trading strategy.

Trading Platform

Traders on FBK Markets get access to MetaTrader 4, which is available on multiple devices. MetaTrader 4 (MT4) is a popular electronic trading platform, mainly used for online forex trading. It's favored by retail traders for its intuitive interface, powerful charting tools, and automated trading features.

Deposit and Withdrawal

FBK Markets accepts a variety of ways to deposit and withdraw clients' money, including Ozow, Skrill, Mastercard, and Visa.

However, they still charge money for deposits and withdrawals. To be noted, they do not specify the exact cost amount on the website, but FBK Markets claims to reserve the right to impose deposit and withdrawal fees as well as limits in their system at any given time.

FXOpen Information

FXOpen is a trading name of FXOpen EU Ltd, is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 194/13. FXOpen offers retail and professional trading available markets including indices, commodities, forex, shares, cryptos, and ETFs through MT4, MT5, TickTrader, and TradingView platforms.

Pros & Cons

Is FXOpen Legit?

Yes, FXOpen is regulated by Cyprus Securities and Exchange Commission (CySEC).

Regulated Country	Regulated by	Regulated Entity	License Type	License Number
	CySEC	FXOpen EU Ltd	Market Making (MM)	194/13

Market Instruments

Indices, commodities, forex, shares, cryptos, ETFs... FXOpen allows clients to access 700+ trading markets.

Account

FXOpen only offers a single account type - ECN trading account, with a minimum deposit requirement of 300 USD or EUR. You can find detailed info about account features in the table and screenshot below:

Leverage

The maximum leverage offered by FXOpen is 1:30. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.

Spreads & Commissions

The EUR/USD spread is floating around 0.2 pips. If you are interested in spreads on other trading instruments, you can find detailed spread info on its homepage: https://fxopen.com/en-cy/

As for commissions, if your account balance is below $1,000, the commission for forex trading is $3.5 per lot, while $1.5 per lot for account balance over $250,000+. Visit https://fxopen.com/en-cy/pricing/ to find more specific info on commissions on other trading instruments.

Trading Platforms

As for the trading platform, FXOpen provides its clients with many options. There are public platforms such as MT4/5 and TradingView that have served many clients worldwide, also FXOpen's own platform TickTrader.

If you didn't want to spend time familiarizing yourself with a new platform, you can choose MT4/5 and TradingView. But FXOpen's own platform provides better compatibility with businesses, as they are specially developed and customized platforms. The choice is yours.

Deposit & Withdrawal

In terms of deposit and withdrawal, like many good brokers, FXOpen provides a detailed form with important information about payment methods, accepted currencies, minimum/maximum amount, fees, and processing time. The feasible payment methods are Bank Transfer, Visa/MasterCard, and Easy bank transfer.

Deposit

Withdrawal

Note: Withdrawal forms received before 12:00 (GMT) will be processed on the same business day. If these are received after 12:00 (GMT) or the weekend, they will be processed the next business day.

Customer Support

FXOpen does not offer 24/7 customer support. Customer service time is only available from 9 am to 8 pm (Eastern European Time) by live chat, phone, and email. You can also follow FXOpen on some social media platforms such as YouTube, Facebook, X, Telegram, LinkedIn, and Instagram.