FBS is a trading platform that gives you an opportunity to make money marketing and promoting their services.
If you're being approached to join or want to promote you're probably wondering if this company is a scam or not.
If so, this article is for you.
Below you'll find everything you need to know about this company including background information, price to join, compensation plan breakdown, product overview and more.
By the time you're done you'll know if this opportunity is legit.
Price to join: Not disclosed (customer sign up and affiliate sign up are different)
Do I recommend? Not really.
Summary: FBS is a forex trading company which seems to offer legitimate services and avoids many of the pitfalls other MLM forex opportunities engage in.
However, there's a lot to not like here and there's a lot of red flags too.
The biggest red flags are shady shell companies operating out of known scam havens and a lot of secrecy around who owns the company.
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1) What is FBS? FBS is a do it yourself forex trading platform that caters to both beginners and more experienced traders.
Besides offering different accounts for different experience levels they also have analytic and education products for forex traders.
2) How do you make money here? The first way to make money is as a customer and this would require you to open one of the accounts they offer at different price levels. Then you would use their services to try and make money through trading.
The next way to make money is by promoting the company and this is done in a Multi-Level Marketing scheme.
Basically you sign up for a fee and you earn a commission every time you get another person to sign up.
Also, you get paid for building a downline. So if a person you recruit goes on to to recruit someone or if the your recruit's recruit goes on to recruit someone, you get a commission for that as well.
3) Are there any red flags? The biggest red flag with many forex MLM's is when they claim they have a secret trading bot or secret algorithm that makes you money without doing anything.
These are 100% scams and are ponzi schemes (there's no trading bot and the only revenue comes from recruiting new people into the company).
The good news here is there's no mention of a trading bot or algorithm.
However, there's still shady aspects to this company. FBS doesn't mention who runs the operation which is sketchy. I've only see scammers do this.
Another red flag is they have shell companies operating out of Cyprus, Belize and the Marshall Islands.
These places are known to be havens for scammers because of their weak regulatory laws.
Lastly, the following countries are banned from using FBS services: USA, Canada, Brazil, Israel, Japan, and Iran.
These countries all have strong regulations against scammers and clearly FBS doesn't want to get involved with these country's laws.
Is FBS A Pyramid Scheme?
Some people are quick to use the "pyramid scheme" label whenever recruiting is involved.
Below is what a legitimate (and illegal) pyramid scheme looks like:
The above happens when recruiting is the only way to make money and there's no real product or service being offered.
FBS does offer real products and the products aren't a scam (like an automated trading bot or something like that).
There is such thing as a product based pyramid scheme but I don't think FBS falls into that category either.
Instead I would just say FBS has elements of a pyramid scheme but not an illegal one.
Success Will Be Rare Here
My expertise is in MLM's and not forex.
I'm assuming forex is not easy and it takes years to become successful at it. While doing some research I saw that anywhere from 90% to 95% of people fail when getting into Forex trading.
My perspective on this opportunity comes from the MLM side and the success rate for MLM's is as low as 1%.
I rarely give MLM's a positive review because of that. No matter how you slice it MLM's are just a bad way to make money, which FBS is.
So if you're considering promoting this company I would think twice.
Here's some other eye opening MLM stats:
As you can see MLM's are a very flawed way to make money.
How Much To Join?
There's two different ways to sign up for FBS. The first is to become a customer and open one of their accounts for a fee.
The other is to sign up as an affiliate and I couldn't find the price to do that (most MLM's have an affiliate fee when first signing up).
Here's the costs to open different accounts as a customer:
- Cent ($1 minimum)
- Micro ($5 minimum)
- Standard ($100 minimum)
- Zero Spread ($500 minimum)
- ECN ($1000 minimum)
Different accounts are geared towards different traders.
FBS Compensation Plan
The compensation plan FBS is very simple which is different than most MLM's (most MLM compensation plans are 30+ pages long full of jargon and hard to understand language).
FBS pays out in a simple three level unilevel system and looks like the following:
You get 100% commissions on the trading activity of people you personally recruit, 15% on the second level and 5% commissions on the 3rd level.
The products offered by FBS mostly revolve around different trading accounts that cater to different types of forex traders.
Here's a short description of the various accounts you can choose from:
As a customer you get access to MetaTrader4 and MetaTrader5 platforms as well.
What I Like About FBS
Here's a couple things I like about FBS:
- No trading bots/automation promises: I've reviewed many trading platforms in the MLM space and most are 100% scams. Many promise to give you returns on investments with a secret trading bot or something like that. FBS has legitimate services if you're trying to trade on your own.
- Simple compensation plan: There's no rambling and confusing payout plan here. You simply earn commissions three levels below you.
What I Don't Like About FBS
Overall there's more not to like here than to like and the main things I dislike are:
- No info on owners: There's no information on who runs this company which is a red flag. You don't know if professional scammers are in charge or what.
- Sketchy shell companies: The companies that make up FBS are all registered in very, very sketchy places where many other scams are located:
- Low success rate: Whether you're a customer for FBS or affiliate, your odds for success are around 5% to 1%. Theses are bad odds and there's definitely easier ways to make money.
- Banned in big trading markets: The only reason you wouldn't accept customers from the USA or Canada or Japan is because you don't want scrutiny from their regulators. This is another red flag.
Is FBS A Scam?
This is a hard call.
On one hand they don't participate in other well known scam tactics that other forex trading platforms do and on the other hand they do things other scams are known to do.
Not showing who the owner is, being run out of sketchy countries, not allowing USA customers and things like that scream scam.
But the service and platform seem legit so I'm not 100% sure why the company would choose to operate the way they do.
Here's my advice: if you want to become a forex trader I would probably research more legitimate platforms.
If you want to be an affiliate and get involved in the MLM side of things, I would think twice.
MLM's are a terrible way to make money and most people will just end up losing money.
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