After many years trading forex with big brokers, I have finally had an overall review about FBS, one of the largest brokers in the market. This article will provide features of FBS, personal opinions and experience for those who are looking to work with this broker.
Founded in 2009, FBS offers up to 35 currency pairs, 4 precious metals, 2 CFD, and crypto-currencies. The features of FBS are based on these standards below, which are: credibility, trading costs, trading conditions and customer service. Now let’s have a look at this to know more about FBS forex broker.
The credibility of FBS
Regulation is a license provided by the trusted financial organizations to brokers to manage them and so, it is the important part of forex system. Regulated brokers are often reliable, but not any could obtain the licenses. The brokers having regulations will follow the rules and guarantee the safety of traders when there is any problem. FBS, in this term, has CySEC and IFSC, which are two of the most trusted regulations and then, we could have an entire trust when trading with FBS.
In fact, a broker should have more than one license for the convenience and flexibility. If it has some regulations, it can serve traders from many countries and this also means that it is a good broker. However, it does not mean that a broker with many licenses is better than the broker with less. This is a misunderstanding of most traders. A reliable broker for you just has to obtain the regulation of your country if your country already has a regulation, which is enough. For example, FBS obtains IFSC, which is from South Africa. The traders from this area can safely and freely trade with FBS as it has regulation in their countries. But if your country, especially Asian countries, does not have any regulations, which broker should you choose? It is simple that you only need to choose a broker with at least one trusted regulation. In this case, FBS has CySEC, which is a reliable license that Asian traders could trust in. Moreover, having too many regulations just makes more limits for brokers as they have to follow many rules from different areas. In conclusion, one trusted regulation is enough for a broker.
The trading costs of FBS
There are 2 types of costs for traders: spread and commission. Spread is the difference between the Ask price and the Bid price of a currency pair and then, most traders would prefer to work with the low-spread brokers. Accordingly, FBS’s spread is only from 0.2 to 1.1 pips, which is one of the lowest spreads in the market. It is even much lower than that of XM, FXTM, and FXCM…
Commission is charged as the income of some brokers. Cent account and Standard account of FBS have no commission, while Zero and ECN account charge the commission with different rates.
There are 3 types of bonuses that are offered by FBS: deposit bonus, welcome bonus, or loyalty program, which are very attractive with the bonus up to $123. Deposit bonus is the program that pays back to the traders 100% of the deposit amount when traders perform the deposit. Loyalty program is for long-term traders, which will rebate you $7 for every completed transaction. The more transactions you finish, the more money you will get. Welcome bonus is for new registrations. The program will give you $50 transferred instantly to your account when you first sign up.
The trading conditions of FBS
FBS provides 4 different types of accounts, which are the regular accounts (Cent account, Standard account, and Fixed Spread account) and the ECN account. There are also different features of each type.
This type of account is mostly for beginners or newbies who are entirely new to the forex market. It offers the best conditions for new traders such as the required deposit, the spread and the order volume. The required deposit is only $1 because beginners should not put too much money at the beginning. Besides, it is with only $10 that traders can practice in real conditions for up to 3 months. The spread is about 1 pip, which is kind of low, while the order volume is from 0.01 to 1000 lots. There is no commission for traders and so, it is so amazing.
It is a regular account mostly for experienced traders. The required deposit is about $100, while the spread is better with about 0.5 pips. The leverage is up to 1:3000, which is much higher than that of XM’s standard account with only 1:888. The order volume is from 0.01 to 500 lots, which is smaller than that of Cent account. The commission is also free-of-charge.
Fixed spread account:
It is also known as Zero spread account. As its name, there is no spread in this kind of account. Instead, FBS charges commission as the main income. Each commission is $20 for each trader, which could be understood because it does not charge spread. The required deposit for this account is $500, while the other features such as leverage and order volume are the same as Standard account.
Please remember that this account type is only for experts and long-term traders as it has special conditions. The minimum deposit is high at about $1000, whereas, the commission is much lower than that of other brokers ($6). It has the same rate of commission as the rate of Exness and XM, which is about $5 and $6.
Payment system is an important part of forex system as it is about depositing and withdrawing money. US and UK brokers are renowned for their great services, including payment system, in their countries but unfortunately not in other areas, especially in Asia. For example, Thai traders have many disadvantages in payment methods when they deposit by their credit cards. The banks always charge them from 1.7 to 4% of their total fund, which is so unreasonable since it is hard to obtain a profit rate at 5% monthly. Therefore, it is advised not to trade with these brokers. FBS, in this term, has a great payment system. You are allowed to deposit and withdraw through almost all local banks and e-wallets in Asian countries. Moreover, its transferring speed is excellent and ranked as the second fastest in the market just behind Exness. While it takes even hours or days to complete a transaction in other brokers, FBS just takes less than hour to finish it through banks.
Customer service of FBS
As forex is complicated itself, most traders need support from the brokers and FBS has the great support team. They are wonderful and helpful for traders. FBS offers 24/7 online support service in English, which is very useful and instant. There are also local offices in Indonesia, Malaysia, Egypt, Thailand, China, Korea and Myanmar to help customers 5 days a week.