A high speed satellite-based laser communications system and method for communications between a satellite-based transmitter system and a ground-based receiver over a free space optical link. The satellite-based transmitter system includes an encoder to encode data, a polarization modulator to linearly polarize the encoded data, one or at least two transmitters to transmit the laser beam, and a quarter-wave optical wave plate to circularly polarize the signal to be transmitted. The ground-based receiver includes an automatic gain control to apply AGC to the received data before the polarizations are reversed and the data is decoded. The system enables an increased data throughput and reduces or eliminates the effects of signal fading.