When you join the forex trading market, you realize that there are too many brokers to choose. Today, with my experiences and trading time, I will give you some FBS reviews. This broker was founded in 2009. So far, it becomes one of the most popular forex brokers, especially for the Asian countries such as Thailand and Indonesia.
FBS allows its traders to trade up to 35 currency pairs, 4 precious metals, 2 CFD, and cryptocurrencies.
To be more precise, I will give FBS reviews on some aspects including regulations, trading costs, trading conditions and customer support.
Now, let’s see how FBS performs based on the standards mentioned above. Also, I will compare some aspects of this broker to the top brokers such as Exness or XM. I will also compare these features of XM with that of other brokers.
Regulations are known as the licenses that trusted financial organizations give to a broker to manage that broker. Regulations is one of the factors that show how a broker reliable is because brokers must follow these rules to guarantee their own clients’ safety. Meeting the demands of these regulations is quite tough at times and you will see that only big brokers can. FBS is regulated by 2 of the most trusted regulations, CySEC and IFSC and so its traders are protected.
Some new traders think that the brokers which have more regulations are more reliable than those who have less. Actually, I think they will find that the brokers with many regulations are not so much better in trading. You will see 2 situations.
The first is that your country already has a regulation. You should work with broker which has that regulation and won’t need any other regulations from elsewhere because having your own country’s regulation is enough. In specific, traders of FBS in South Africa are safe since this broker has a South African regulation, IFSC.
The second situation is that your country does not have a regulation, like most Asian countries. Trading with brokers who have at least one trusted regulation is the advise for you, FBS in this case is CySEC. Brokers have more limits when there are too many regulations. Regulation is considered as just an indication that lets traders feel secure about their brokers.
Admittedly, most traders like to trade with a low-spread broker. Spread is the difference between the Ask price and the Bid price of a currency pair. What about the spread of FBS? It is only from 0.2 to 1.1 pip, which is relatively low. Spreads of XM are much lower than that of other brokers such as XM, FXTM, FXCM,…
FBS charges commissions for income and has different commission rates. The commission rates depend on your account types. If you use the Cent and Standard accounts, there is no commission.
FBS offers many types of bonuses like deposit bonus, welcome bonus, or loyalty program. They have a bonus with the highest rate ever, up to $123. Their deposit bonus gives back trader 100% of the deposit amount. Also, there is the cashback program, which rebate you $7 for every lot traded. Right now, they are having the $50 bonus. You just need to sign up and $50 will be transferred to your account immediately.
- Types of accounts
FBS provides its clients 4 different types of account: the regular accounts including Cent account, Standard account and Fixed Spread account; the ECN account. Each account type serves specific purposes of different types of traders.
Cent account: Beginners and new traders should use this type of account. The reason for this is that the required deposit is low, only $10. Obviously, when first join the forex trading market, you don’t want to deposit too much. The spread is only around 1 pip, moderately low. About the order volume. it is from down to 0.01 lot Cent up to 1000 lots. The lower the order volume is, the better your conditions are since that way you won’t lose too much money. Cent account does not also charge you any commission and so you can trade free.
Standard account: This type of account is commonly used by traders who have experiences. The min deposit is average, at about $100. The spread is only around 0.5 pip. The leverage is very high, up to 1:3000 while standard account leverage of XM is only 1:888. The order volume is from 0.01 to 500 lots. Standard account is commission free, which is similar to that of Cent account.
Fixed Spread account: Also known as Zero Spread account, traders use this account type without spread. It charges each traders $20 for commission as an alternative. This is easy to understand as spread is main income of brokers and they must charge you commission if the spread is zero. The min deposit for this account is $500. Compared to Standard account, the leverage and the order volume of Fixed Spread account are the same.
ECN account: This is the account suitable for experts and long-term traders. It requires $1000 of the minimum deposit, which is pretty high. However, its commission only $6, which is much lower than that of other brokers. The commission rate of ECN account is just as low as that of Exness and XM,which are the best ECN brokers.
- Payment system
Speaking for myself, US or UK brokers are excellent in their country, but overseas, they are not good, especially in Asian area such as Thailand or Indonesia. In Asia, if traders use their credit card to deposit, they will be charged from 1.7 to 4% of their total fund by their banks. Nobody want to pay 4% just for depositing while the profit rate is 5% monthly. So, choosing brokers which can provide local payment systems is very important and in this field, FBS does well. It offer depositing and withdrawing via almost all local banks as well e-wallets in Asian countries. Moreover, FBS has fast transferring speed which come second to exness, the fastest in the market. Transactions at FBS only take traders from half to an hour to complete through banks instead of hours or even days like other brokers.
Forex trading market is very complicated and traders always need as much support and assist from brokers as possible. Therefore, customer support plays an important role in development of brokers. I realize that FBS supporting team is great. This broker can support customers in English 24/7 on live chat. Traders can also tell it to call they back. FBS offers its offices in Egypts, Korea, China, Indonesia, Malaysia, Thailand and Myanmar for non-English speakers so that its customers can be given excellent services.
Read more: Exness minimum deposit can be as low as 1 dollar → here