When you join in forex trading market, you will realize that choosing a good broker is not easy. A good broker should meet the specific standards of regulations, trading costs, trading conditions and also customer support. I have some experiences in this field, today, in this article, I will give you some reviews of FBS, the broker I think is rising as one of the most outstanding forex brokers for the Asian regions in 2018, especially in Thailand and Indonesia. It would be fantastic if these FBS reviews are helpful to you.
FBS is founded in 2009. It allows traders to trade up to 35 currency pairs, 4 precious metals, 2 CFD and cryptocurrencies.
“Regulations” is the word which is always mentioned when it comes to credibility. It is one of the most important factors that is used to judge how a broker is. Regulations are the licenses that a broker is given by trusted financial organizations. Regulations makes sure a broker must follow a certain set of rules to protect its clients. Only big brokers are able to meet the demands of these regulations. FBS is regulated by 2 of the most trusted regulations, CySEC and IFSC so you can set your mind at rest.
About regulations, a few new traders tend to assume that the broker which has more regulations is better than those which have less. Indeed, having many regulations doesn’t mean that broker is superior in term of trading. There will be 2 scenarios. The first scenario is that you should trade with the broker which has the regulation your country already has without any other regulations from elsewhere because your own country’s regulation is enough. FBS has a South African regulation, IFSC. Therefore its clients in South Africa can be protected. The second scenario is that your country does not have a regulation, like most Asian countries and you need to trade with brokers who have at least one reliable regulation. In this case, FBS has CySEC. Indeed, the broker will have more limits if there are too many regulations. Regulations is just a signal that indicates that this broker is reliable as well safe for traders to work with.
About trading costs
It is obvious that most traders prefer working with a low-spread broker. Spread is known as the difference between the Bid price and the Ask price of a currency pair. FBS has relatively low spread, which is only from 0.2 to 1.1 pip. These spread are much lower than that of the best forex brokers 2019 such as FXCM, FXTM, XM,…
Like some other brokers, FBS charges commissions for income. The commission rates are different among account types. If traders choose the Cent or Standard accounts to trade with, there is no commission.
When you work with FBS, you will see that this broker provides many types of bonuses such as deposit bonus, welcome bonus and loyalty program. It offers a bonus with the highest rate ever, up to $123. The traders are given back 100% of their deposit amount by their deposit bonus. Moreover, FBS’s cashback program will rebate you $7 for every lot traded. Now, you can sign up and your account will get $50 right away because they are having the $50 bonus.
- Account types:
FBS have 4 main account types including the regular accounts (Cent account, Standard account, Fixed Spread account) and the ECN account. Each type of account has its own features that are appropriate for each types of traders.
Cent account: This type of account is suitable for the traders who don’t have many experiences because of the low required deposit, which is only $1. Nobody wants to put too much their money when they first start trading. The spread of Cent account is also relatively low, only around 1 pip. Its order volume is from down to 0.01 lot Cent up to 1000 lots. Last but not least, with this type of account, traders can trade as much as they want free because it does not charge any commission.
Standard account: This type of account is popular with traders who have experiences. Standard account has average the minimum deposit, which is at about $100. Its spread is better, only around 0.5 pip. The leverage is very high, up to 1:3000 while that of XM is only 1:888. The order volume is from 0.01 to 500 lots. Besides, this account type is also commision free.
Fixed Spread account: It is also known as Zero Spread account. Because of no spread, this type of account charges traders $20 for commission. This is easy to understand since the spread is considered as the main income of forex brokers. They must charge commission in case the spread is zero. The minimum deposit for Fixed Spread account is $500. The leverage and the order volume of this account type are as same as that of the Standard account.
ECN account: It is advised for experts as well long-term traders. The minimum deposit required is very high, which is $1000. The commission are much lower than that of other brokers ($6). However, the commission rate is the same as that of Exness and XM, which is $5 and $6 respectively.
- Payment system:
Actually, I think that although some US or UK brokers are good in their countries, they are relatively bad overseas, especially in Asian countries such as Thailand or Indonesia. In Asia, if traders deposit through their credit cards, they have to pay from 1.7 to 4% of their total fund and so it is not wise if Thai traders choose to trade with these US and UK brokers. For that reason, choosing brokers who can support local payment systems is very necessary. Speaking of payment system of FBS, it is efficient. FBS offers depositing and withdrawing through almost all local banks as well e-wallets in Asian countries. What’s more, this broker also has great transferring speed. It only comes second to that of Exness (Plus, Exness minimum deposit is only $1), the fastest in the forex trading market. You will have to spend from half to an hour to complete through banks instead of hours or even days with other brokers.
About customer support
In forex trading market, traders always need as much support from their brokers as possible. As far as I’m concerned, customer support of FBS is outstanding. This broker can offer its clients in English 24/7 on live chat. Traders can tell it to call they back. If you are non-English speakers, don’t worry. FBS has offices in Egypt, Korea, China, Indonesia, Malaysia, Myanmar so as to help the traders 5 days a week.