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Against the background of increasing fears over the outcome of UK’s EU referendum on June 23 and the expected market volatility, the offshore forex broker FBS announced it will also hike margins and limit leverage on some instruments.
According to the e-mail the broker sent to its clients, for trading accounts with a balance exceeding $100, the maximum leverage will be limited to 1:1000. At the same time, the margin requirements for all currency pairs with GBP and on gold will be increased four times.
The changes come into effect when markets open on June 20 (00.00 hrs on MetaTrader server time) and will be active until end of trading on June 24 (24.00 hrs on MetaTrader server time).
FBS is one of the many forex brokers to take measures against the expected market volatility around the eventual Brexit.
Among the first were FXCM, Oanda, IG Group, Saxo Bank, ActivTrades, Admiral Markets and Invast.
FBS is a trading brand of FBS Markets. It is entirely focused on forex trading instruments. It is present in more than 120 countries worldwide and has more than 600 trading and partner accounts opened on a daily basis. It says it has 1,202,157 active traders and nearly 100 nillion opened orders.
The broker is regulated by the International Financial Services Commission (IFSC) of Belize, an offshore destination for forex brokers, and is a member of the Russian self-regulatory organization Centre for Regulation in OTC Financial Instruments and Technologies (CRFIN).