JustMarkets
FBS
JustMarkets vs FBS is the rare broker matchup where our methodology scores both sides identically — 7.5/10 each in our review methodology — and yet the two brokers are easy to tell apart once you look at how their bonuses were designed. JustMarkets’ recorded design is a $30 no-deposit bonus plus a tiered deposit-bonus system where the bonus itself converts into withdrawable money after a volume target. FBS runs a 100% first-deposit bonus with no volume requirement at all — but its bonus credit never becomes withdrawable cash.
This comparison changed on 18 August 2026, and it changed against JustMarkets. All four JustMarkets bonus offers moved to unverified: the broker no longer publishes them, and we could not confirm any of them is running. We are not saying they expired — JustMarkets has issued no statement withdrawing them — but the earlier verdict on this page, that JustMarkets held “the only verified no-deposit bonus” in the pair, is now the opposite of the truth. FBS’s deposit bonus is the one re-verified against a primary source.
Same headline promise, opposite mechanics, and now a sharp difference in what we can confirm. This comparison breaks down both, plus regulation, entry costs, and platforms, using figures from our Broker & Bonus Matrix — FBS deposit-bonus terms re-verified against the official T&C PDF on 7 August 2026; JustMarkets offer terms recorded from official pages in June 2026, with status re-checked 18 August 2026.
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JustMarkets vs FBS: Side-by-Side Comparison Table
| Category | JustMarkets | FBS |
|---|---|---|
| Our Score | 7.5 / 10 | 7.5 / 10 |
| Founded | 2012 | 2009 |
| Regulation | CySEC (401/21), Seychelles FSA, FSCA South Africa (51114), FSC Mauritius (GB22200881) | CySEC (Tradestone Ltd, 331/17), ASIC (Intelligent Financial Markets Pty Ltd), FSC Belize (000102/460), FSCA South Africa (FSP 50885) |
| Minimum Deposit | $10 (Standard Cent — widely cited; not directly confirmed, site blocked our fetches) | $5 (confirmed from broker’s trading conditions page) |
| Platforms | MT4, MT5 | MT4, MT5, FBS proprietary app |
| No-Deposit Bonus | $30 recorded — unverified 18 Aug 2026; excludes Nigeria and South Africa | $100 Quick Start (app-only) — recorded June 2026, unverified |
| Deposit Bonus | Tiered 50% / 100% / 120%, max $40,000 combined — unverified 18 Aug 2026 | 100% first deposit, 10%-60% subsequent, max $25,000 total — active, re-verified 7 Aug 2026 |
| Deposit Bonus Volume Requirement | Yes — bonus/2 in lots; bonus converts to withdrawable balance when met | None — bonus is margin credit only and never converts to cash |
| Cashback / Loyalty | Recorded, but conflicting figures — unverified | Up to $15/lot recorded — unverified |
| Bonus Availability | Not in EU, UK, US, CA, JP, AU; NDB also excludes NG, ZA, DZ, AO, BW, VN | Not in EU, UK, AU, US; deposit-bonus country list needs verification |
Both brokers are approved under our vetting standard. For broader comparisons, see the comparison hub and the Bonus Finder.
Regulation Comparison
JustMarkets Regulation
JustMarkets (rebranded from JustForex in 2022 — see JustForex is now JustMarkets) holds four recorded licenses:
- CySEC (Cyprus) — License 401/21, the group’s EU-tier anchor
- FSA (Seychelles) — the entity most emerging-market clients trade under
- FSCA (South Africa) — License 51114, direct local oversight in one of Africa’s biggest trading markets
- FSC (Mauritius) — License GB22200881
FBS Regulation
FBS also carries four recorded licenses, with one meaningful difference at the top:
- CySEC (Cyprus) — Tradestone Limited, License 331/17
- ASIC (Australia) — Intelligent Financial Markets Pty Ltd
- FSC (Belize) — FBS Markets Inc., License 000102/460 — the bonus-serving entity
- FSCA (South Africa) — Trade Stone SA (Pty) Ltd, FSP 50885
Regulation Verdict
Marginal edge to FBS. Both hold CySEC and FSCA licenses. FBS adds ASIC — one of the strictest regulators in the world — where JustMarkets adds Seychelles and Mauritius, which are lighter-touch jurisdictions. In practice, clients claiming bonuses at either broker are onboarded offshore (FSC Belize at FBS, Seychelles FSA at JustMarkets), so the tier-one licenses tell you about group standards rather than your personal protections. FBS has also been operating three years longer and claims 27+ million clients across 150+ countries. Our deeper safety review: Is JustMarkets legit?
Minimum Deposit and Accessibility
FBS wins on confirmed entry cost. Its $5 minimum is confirmed directly from the broker’s trading conditions page. JustMarkets’ $10 Standard Cent minimum is widely cited, but justmarkets.com returned HTTP 403 on every fetch during our research, so we could not confirm it from the primary source — an honest caveat rather than a criticism.
Both brokers offer cent accounts, which matter more than the raw minimum: trading 0.01 lots on a cent account keeps per-pip risk in fractions of a cent while you learn. FBS’s proprietary app also bundles education and promotions in one place, which suits phone-first beginners; JustMarkets keeps everything on MetaTrader.
No-Deposit Bonus: Both Sides Now Unverified
Important: forex bonuses are banned for retail clients in the EU, UK, Australia, and the US (ESMA, FCA, ASIC, CFTC). The offers below apply only to clients of offshore entities in eligible countries. Background: why forex bonuses are banned in the EU and UK.
JustMarkets $30 No-Deposit Bonus — Unverified
Status first. On 18 August 2026 we could not verify this offer is running. The recorded source URL returns a 404, justmarkets.com/trading/promotions redirects to a homepage with no promotions section, and the offer appears in neither sitemap-en.xml (951 URLs) nor sitemap-ph.xml (140 URLs) — which between them list six promo URLs: two contests that have both ended, the promotions index, and three editorial articles.
That sitemap check is what makes this different from three earlier, inconclusive attempts. JustMarkets serves HTTP 403 to automated fetches, and its promo paths returned 404s and homepage redirects that were equally consistent with geo-suppression for banned regions. A sitemap is a static file served identically to every visitor, so absence from it is not regional suppression.
JustMarkets no longer publishes this offer. We record it as unverified, not expired — absence of a public page is strong evidence, but it is not the broker stating withdrawal, and a version may still exist inside the client BackOffice. Full evidence in our JustMarkets no deposit bonus guide.
Recorded terms from the official promotion page (June 2026), preserved for reference:
- $30 credited to a special Welcome Account opened in the client BackOffice; phone verification required
- Trade 5 lots within 30 days, and cumulative profit/loss across all trades must exceed 60 pips
- Profit cap: $30 — the maximum you can transfer out
- After the trading period, you get another 30 days to transfer profit, and you must deposit at least $100 into a live account before the transfer is allowed
- Position limits: maximum 0.01 lots per position, maximum 5 concurrent positions; forex and precious metals only; EA/robot trading prohibited
- Country exclusions that matter to our readers: Nigeria and South Africa are excluded, alongside Algeria, Angola, Botswana, Vietnam, and the standard EU/UK/US/CA/JP/AU bans
That country-exclusion line still matters, and it is independent of the verification issue: two of the largest African trading markets were shut out of this offer even while it was published. If you are in Nigeria or South Africa, the JustMarkets NDB was never for you — and now nobody can confirm it is running. Our JustMarkets no deposit bonus guide lists the alternatives we have verified, including XM’s $50 offer, which was verified active on 7 August 2026 and lists both countries as eligible.
FBS $100 Quick Start Bonus — Unverified
Our Matrix records a $100 no-deposit bonus available through the FBS Trader app: complete a 7-step educational program, 30 days to finish and claim, profit withdrawal capped at $100. But the promo page redirected to the FBS homepage on every research pass, and FBS’s own blog has published a post explaining why it does not offer a welcome bonus — so the program’s current status is genuinely unclear. We keep it recorded as unverified and recommend checking inside the FBS app before counting on it. Details: FBS no deposit bonus guide.
No-Deposit Verdict
Neither wins — both offers are unverified. This section used to award it to JustMarkets on the strength of clear recorded terms against an FBS offer nobody could find. As of 18 August 2026 that distinction is gone: the JustMarkets $30 is unverified too, on stronger evidence than the FBS one (four 404s and two sitemaps, against a promo page that redirects). Neither broker gives you a no-deposit bonus you can plan around, and if you trade from Nigeria or South Africa the JustMarkets offer excluded you regardless. Compare offers we have verified on the no-deposit bonus pillar.
Deposit Bonus: Two Opposite Designs
This is the heart of the comparison, and the mechanics deserve close reading because the same word — “bonus” — means two different things.
JustMarkets: Convertible Bonus, Volume-Gated — Unverified
Status first, again. All three tiers moved to unverified on 18 August 2026, on the same evidence as the NDB: their recorded URLs return 404, the promotions hub redirects to the homepage, and none appears in either public sitemap. Not expired — unverified. Read the mechanics below as a recorded design, not a live offer, and confirm inside your client area before depositing.
The recorded tiered system (maximum $40,000 combined bonus across deposits):
| Tier | Minimum Deposit | Accounts | Time Limit |
|---|---|---|---|
| 50% | $10 ($100+ for Cent accounts) | Standard Cent, Standard, Pro | 30 days |
| 100% | $100 single deposit | Standard, Pro | 90 days (Double Benefit variant) or 30 days (120% campaign variant) |
| 120% | $500 single deposit | Standard, Pro only — Cent not eligible | 30 days |
The defining mechanic: the bonus sits in the Credit field as non-withdrawable margin until you trade bonus / 2 in lots — then it auto-transfers to your Balance as withdrawable money within 2 hours. Orders generating less than 5.9 pips of price movement do not count toward the volume, which blocks the classic quick-open-quick-close grinding tactic. The 100% Double Benefit variant caps at $10,000 per account and $20,000 across accounts, with a 90-day window.
Do the math before you chase the big tiers. A $500 deposit on the 120% tier earns a $600 bonus — which requires 300 lots inside 30 days to convert. That is 10 standard lots every single day. For most retail deposit sizes, the realistic outcome is trading with the extra margin, not converting the bonus — so treat conversion as an upside scenario, not the plan. Full turnover math in our bonus turnover guide.
FBS: Non-Convertible Bonus, No Volume Gate
FBS’s program — re-verified verbatim against the official T&C PDF on 7 August 2026 — takes the opposite trade-off:
- 100% on your first deposit, then tiered on subsequent deposits by size: 10% ($100-250), 20% ($250-500), 30% ($500-1,000), 40% ($1,000-2,500), 50% ($2,500-5,000), 60% ($5,000+)
- Maximum $10,000 bonus per deposit; $25,000 total across accounts — and the total limit can be reached more than once
- No volume requirement. There is nothing to unlock, because the bonus never becomes withdrawable. It is margin credit: your own funds are used first, bonus funds second
- Profits made while the bonus is active are withdrawable freely, with no cap
- Withdrawing deposited funds deducts an equivalent amount of bonus; the bonus is removed entirely if equity falls to or below the bonus amount, and it expires after 28 days without a deposit or new position
- Available on all account types including Standard and Cent; granted automatically during the promo period (running since 14 July 2025, no stated end date)
One provenance note in the spirit of honesty: the current official PDF contains no eligible-country clause. Our Matrix carries a recorded country list (South Africa, Cameroon, Argentina, Kenya, Brazil, Malaysia, Philippines, Nigeria, Thailand, Turkey) whose source predates the current PDF revision, so treat per-country availability as needing verification — FBS grants the bonus automatically if your account qualifies, which is itself the practical test.
Deposit Bonus Verdict
On design, it depends on what you want a bonus to be. On availability, only one side is confirmable.
- Want bonus money you can eventually withdraw? JustMarkets is the only broker in this pair whose design allows it — the bonus/2 volume target is steep but finite, the 5.9-pip rule is disclosed upfront, and conversion is automatic once met. But we could not verify the tiers are running, so this is a design advantage rather than an offer you can go and claim.
- Want extra margin with zero strings while keeping profits? FBS wins, and it is the only offer in this section verified against a primary source — the official T&C PDF, re-checked 7 August 2026. No volume tracking, no deadline pressure on trading (only the 28-day activity rule), profits withdrawable at any time. The cost: the bonus itself is never yours.
Net, right now: FBS is the one with a deposit bonus you can plan around.
Both brokers are worth considering on their own conditions — you can open a JustMarkets account or open an FBS account. Read the T&C on the broker’s own page before depositing, and at JustMarkets specifically, check the client area for what is actually live rather than depositing on the strength of a tier we cannot confirm.
Cashback and Other Programs
Neither broker’s cashback program passes our verification bar right now, and we would rather say so than publish shaky numbers:
- JustMarkets loyalty cashback: our Matrix holds conflicting recorded figures — one field records 10% of spreads and commissions paid in JM USD reward currency, another note records 50% of trading costs returned next day — and the program page returned 403 on fetch. Not available for Standard Cent or copy-trading accounts per records. Treat the rate as unverified: JustMarkets cashback guide.
- FBS cashback: recorded at up to $15 per lot, but the promo page redirects to the homepage and it is unclear whether a permanent program exists separate from expired seasonal promotions: FBS cashback guide.
- Smaller JustMarkets extras (recorded, unverified): periodic $10/$30 promo-code bonuses (deposit $30+ or $100+ respectively; 20-day completion window) and a referral program recorded at up to $25 per lot traded by referred friends. Both were already unverified and their status is unchanged. Its Great Anniversary Contest expired 31 July 2026.
For brokers with verified rebate programs, start from the cashback pillar.
Platforms and Withdrawals
- JustMarkets: MT4 and MT5, full stop. Clean, standard, EA-friendly. Withdrawal process covered in our JustMarkets withdrawal guide.
- FBS: MT4, MT5, plus the FBS proprietary app — which is also where the unverified Quick Start bonus lives and where promotions are managed. Withdrawal process: FBS withdrawal guide.
Slight edge to FBS for the app ecosystem if you run your trading from a phone, which most of our readers do. Pure MetaTrader traders will notice no difference.
Who Should Choose JustMarkets?
- You want MT4/MT5 with cent-lot sizing and a four-regulator structure. CySEC, Seychelles FSA, FSCA South Africa and FSC Mauritius is a broader footprint than most bonus-niche brokers hold, and the Standard Cent account is a gentle place to learn.
- You prefer disclosed, rule-based promotional terms when they do run. The 5.9-pip rule and bonus/2 formula are unusually specific — you know exactly what you would be signing up for.
- You are attaching a per-lot IB rebate rather than chasing a promotion. That pays on closed volume regardless of what the broker publishes: JustMarkets cashback guide.
No longer on this list: “you want a no-deposit bonus” and “you want a deposit bonus that can become real money”. Both were true of the recorded design, and neither is something we can currently verify. If a bonus decides this for you, FBS is the side of the comparison with a verified one.
Open a JustMarkets account here if the broker itself fits.
Who Should Choose FBS?
- You are starting with $5-$100. The confirmed $5 minimum plus a 100% first-deposit match is the gentlest verified on-ramp in this pair.
- You want bonus margin without homework. No lots to count, no conversion deadline — just a bigger cushion and freely withdrawable profits.
- You are in South Africa or Nigeria. JustMarkets’ NDB excluded both even when it was published; FBS’s deposit bonus is the workable verified offer here (per recorded availability — confirm in your account area).
- You want any bonus you can confirm exists. FBS’s deposit bonus was re-verified against the official T&C PDF on 7 August 2026. None of JustMarkets’ four offers could be verified on 18 August 2026.
- You value the extra ASIC license and longer track record.
The Verdict: JustMarkets vs FBS in 2026
We score them identically at 7.5/10, but the promotional half of this comparison no longer splits evenly. JustMarkets designed the only convertible deposit bonus in the pair — gated by real volume requirements and notable country exclusions — but as of 18 August 2026 we could not verify that it, or its $30 NDB, is running. FBS offers the lower confirmed entry cost, a simpler bonus with no volume gate that was re-verified against the official T&C PDF on 7 August 2026, an extra tier-one license, and availability in the two big African markets the JustMarkets NDB excluded.
Choose FBS if a bonus is part of the decision: it is the side with one you can confirm, plus simplicity, small-capital accessibility, and margin support that never asks anything of you. Choose JustMarkets on its trading conditions — MT4/MT5, cent lots, four regulators — and treat any promotion you find in the client area as an unconfirmed extra rather than a reason to open the account. If you genuinely cannot decide, both allow small first deposits: test each broker’s execution and withdrawal speed with money you can afford to risk, and let experience settle it.
Full reviews: JustMarkets review | FBS review. Related matchups: XM vs JustMarkets | Exness vs JustMarkets | Exness vs FBS | HFM vs FBS.
Frequently Asked Questions
Which has the better deposit bonus: JustMarkets or FBS?
They are different products, and only one is currently verifiable. JustMarkets’ recorded tiered bonus (50%/100%/120%, max $40,000 combined) converted into withdrawable balance after you traded bonus/2 in lots — a $600 bonus needing 300 lots, with orders moving less than 5.9 pips not counting. But all three tiers are unverified as of 18 August 2026: JustMarkets does not publish them and we could not confirm they are running. FBS’s bonus (100% first deposit, 10%-60% on subsequent deposits, max $25,000 total) has no volume requirement and the credit itself is never withdrawable — only profits are — and it was re-verified against the official T&C PDF on 7 August 2026. On design, high-volume traders wanting to extract a bonus would prefer JustMarkets. On what you can actually claim, FBS is the answer.
Can I claim the JustMarkets $30 no-deposit bonus from Nigeria or South Africa?
No, on two counts. The recorded terms explicitly exclude Nigeria and South Africa, along with Algeria, Angola, Botswana, Vietnam, and the standard banned regions (EU, UK, US, Canada, Japan, Australia). And as of 18 August 2026 the offer is unverified everywhere — JustMarkets no longer publishes it and we could not confirm it is running. Traders in those countries should compare alternatives on our no-deposit bonus pillar; XM’s $50 NDB was verified active on 7 August 2026 and lists both Nigeria and South Africa as eligible.
Are the JustMarkets bonuses expired?
We do not say that. On 18 August 2026 all four recorded offer URLs returned 404, justmarkets.com/trading/promotions redirected to a homepage with no promotions section, and none of the offers appeared in sitemap-en.xml (951 URLs) or sitemap-ph.xml (140 URLs). A sitemap is served identically to every visitor, so that absence is not geo-suppression — but it is also not a broker statement of withdrawal, and the offers may still exist behind the client-portal login. Our Matrix records them as unverified, and we deliberately did not advance the verified date, because nothing was verified as running.
Is the FBS $100 Quick Start bonus still available?
Unverified. Our June 2026 research recorded it ($100 via the FBS Trader app, 7-step educational program, 30-day window, $100 profit cap), but the promo page redirects to the homepage and FBS has publicly written about not offering a welcome bonus as policy. The only reliable check is inside the FBS Trader app itself. Do not open an account solely for this offer without confirming it exists in your region first.
Do I need to trade a specific volume to withdraw profits at FBS?
Under the deposit-bonus terms re-verified 7 August 2026: no. Profits are withdrawable freely with no volume gate and no cap. The catches are different: withdrawing your deposited funds deducts an equivalent amount of bonus credit, the bonus is removed if your equity falls to or below the bonus amount, and it expires after 28 days without activity. The bonus credit itself can never be withdrawn.
Which broker is safer?
Both are approved under our vetting standard at 7.5/10. FBS holds a slightly stronger license set (CySEC plus ASIC, alongside FSC Belize and FSCA) and has operated since 2009; JustMarkets holds CySEC, Seychelles FSA, FSCA, and FSC Mauritius and has operated since 2012 (as JustForex before the 2022 rebrand). In both cases, bonus-eligible clients trade under the offshore entity, so apply the same rule you should apply everywhere: deposit only what you can afford to lose, and test the withdrawal process early. See Is JustMarkets legit? for our full safety review.
This comparison was researched and written by Tim Morris, founder of forex-bonus.com. All figures come from our Broker & Bonus Matrix: FBS deposit-bonus terms re-verified against the official T&C PDF on 7 August 2026; JustMarkets offer terms recorded from official pages June 2026, with status re-checked 18 August 2026 and all four bonus offers set to unverified — not published on the broker’s site, and not confirmed as running. Items marked unverified are flagged as such throughout. Always confirm current terms on the broker’s own site before claiming any offer.