As a brand-new forex trader, I am sure that you have encountered the issue of not knowing how to pick out the best brokers. Today, I want to introduce you to arguably the best one out here on the market, FBS. This broker has been continuously rising through the ranks to attain the title of the largest forex dealer in the entire Asia region in this year. It rings especially true with Thai or Indonesian traders. That is why I will give a full-on FBS review through this article. I hope that it will help beginners to find a great broker. To start things off, FBS has been in this market since its conception in 2009. The broker actually allows traders to do at most 2 FCD, 4 kinds of expensive metals of any type, 35 different currencies pairs, and, of course, cryptocurrencies.
In the process of choosing the greatest brokers, one must always have some set of rules that they must follow to rate the brokers. Today, I will only use the fundamentals that any type of broker has to meet in order to be the best brokers on the market:
From here on, we will try to see if FBS have qualities that can meet the standards that have just been listed. Furthermore, I will do some comparisons between those aspects with the ones belong to Exness/XM, the currently undoubted best on the marker.
If we are talking about dependability, then there is no doubt that we are meaning the regulations. These are the things that will be looked at firstly by an expert in order to rate any broker. They are licenses given to a dealer by some kind of respected financial organization so that they can manage it. The regulations are the things helping to ensure the dealer follows the specific rules that were set as a way to guarantee the safety of the traders. Usually, ones which can actually meet these demands are the big brokers. As for FBS, they have managed to get them from CySEC as well as IFSC. These two organizations are actually quite trusted. Consequently, I believe that you will be in great hands.
There are aspects of regulations that any kind of forex trader must first know of. As we all know, a quite big number of new traders have this habit of believing that the more regulations a broker has, the better they will become automatically, and vice versa with the ones who have fewer regulations. To say the truth, this belief is completely unfounded. The trading quality of a broker is not at all equal with how many regulations it is currently possessing. In fact, when we talk regulations, there are two available options for you. In the case your current country or the one you are exchanging it does indeed have a regulation of its own, then you should not eye for anything else and just work with the dealers who happen to have that very regulation. There is no need for any different additional regulation that comes from some other places. If for some reasons, your country does not have any kind of regulation, which is actually quite common for most countries in the Asia region, you should totally pick up a dealer which has at the minimum one regulation that you can trust. For FBS, this kind of regulation is no doubt the CySEC one. After all, for a broker possessing a lot of regulations is just additional pressure on themselves. You must remember the main use of a regulation is to let us know if this broker is decent, reliable, and safe or not. That is why a broker needs no more than one trustworthy regulation.
There is no forex broker in the world that does not charge a commission for traders’ incomes. If there is any broker claiming that they don’t, it is highly unlikely that they are scams. FBS, being no scam, does indeed charge commission. However, it has some interesting rates of commission for each different kind of account. Especially, the commission rate for any standard as well as Cent account is practically zero.
There is no forex trader on this planet that does not like to do trades with dealers who do have some low spreads. After all, they are the things that make up the difference between any pair of currencies’ Bid Price as well as Ask Price. In this case, FBS possesses spreads that only range between 0.2 and 1.1 pip. These numbers are indeed lower than FXTM, FXCM, XM, etc. as well as lower than any big broker.
There indeed are quite many bonuses of all kinds in the possession of FBS, from deposit to welcome to loyalty, etc. Furthermore, they do have the single highest bonus rate out of all the big brokers with a whopping $123. In addition, their deposit bonuses will return the traders all of the amount deposited by them at a rate of up to 100%. That’s not all, as FBS also has the loyalty program, which will give any trader back an amount of $7 with each lot they traded. At the moment, FBS is also giving $50 to the user’s account immediately after they finish signing up in the site.
This aspect is undoubtedly the single most important one for the forex trading world. We all know how complicated trading forex can get. Thus, it is obvious that new traders will need a lot of helping from the brokers, the more the better. Consequently, it is quite important to evaluate how brokers approach the issue of supporting their clients when one wants to rate. According to my personal experience, the support system that FBS has put together can only be described as fantastic. There is a live chat all days through the weeks to support the clients. If they want, traders can even request them to call back. If this does not show their dedication toward the clients, I don’t know what can. For traders who cannot speak English, FBS put up support centers in Korea, Myanmar, Thailand, China, Malaysia, Egypt, and Indonesia. These centers are full off staffs all the time to offer assistance to traders through the 5 work days of any week.
There is no denying that most of the brokers from US or UK are the best at what they do. However, that is more often than not only true when they are doing businesses in their own countries. When it comes to other parts of the world, these brokers are surprisingly bad. It is even more correct if it is Asia regions that we are talking about. For example, Indonesia as well as Thailand. To make things clearer for you, banks operating inside Thailand will charge traders who make their depositions through credit cards anywhere between 1.7% and 4% of the exact money that was used. We all know how hard it can be to get a 5% rate of profit for a single month, and they will be charged up to 4%? How is that sustainable at all? This is the reason you must choose the brokers that can pay you locally. And FBS is nothing short of excellence in this regard. They can support you to make depositions as well as withdrawal using almost all of the local banks or even e-wallets throughout Asia. Furthermore, FBS has another plus in its incredible speed of transferring. There is no broker faster than it other than Exness in this regard. Usually, you will need only 30 minutes for a bank transaction to finish. When it comes to other brokers, you may have to wait at least hours and at most days.
Types of account:
There are 4 different types of accounts that are available in FBS. They are ECN, Fixed Spread, Standard, and Cent accounts. These accounts all have their own unique features that are fitted with unique kinds of forex trades.
ECN account: The one for long-term exchangers as well as experts. It has a quite high minimum requirement for deposit at $1000. Even though this kind of number is indeed quite high at the first glance, the account has a commission fee that is far smaller at $6. This number is lower than Exness’s $5 and equal to XM’s $6.
Fixed spread: aka Zero accounts. Just like what its name means, this type of account has no spread. It only charges a commission rate of $20. The minimum requirement for depositions is $500. Apart from these things, there is no other difference to the standard account.
Standard: This one is suitable for those who have been forex trades for some time. You can deposit as low as $160. The spread is 0.5 pip. There is no commission and it has high leverages.
Cent: If you are new, then this account type is simply the best. The minimum for deposition is only $1. A new trader should never deposit too much cash. After all, 90% of them will lose money. With around $10, you should be able to practice for about 3 months. Furthermore, the spread is at 1 pip. You can order from a range of lots ranging 0.01 Cent lot to 1000 Cent lot. Since you don’t want to lose too much cash, just order the lowest one. This account type also don’t charge commission so you can trade however you want.