FBS is listed in the best forex brokers in the world with many good aspects so how good is it? Let’s read until the end of this article, you will find some good information for yourselves. Though this article, I will give a review of FBS for traders who are having some confuses about this broker.
To determine whether this broker is good or not, we must check all standards to be the best forex broker as below:
- Trading costs
- Trading conditions
- Account types
- Payment systems
- quotes quality
- Customer support
- Local offices
Now let’s see how FBS performs these standards. You will have the nearer vision on this broker and have the good choice of broker.
- Regulations of FBS
Regulations prove the credibility of one broker. If the broker owns one license of regulation, it means that the broker is reliable enough to trade with. So what is regulation? Regulation is the license the financial organization apply to a broker to manage them. Since the license of regulation is very difficult to obtain, it is reliable enough to have only one regulation. It is not necessary to have as many regulations as possible.
If your country has the regulation, you should trade with the broker who has that regulation. You don’t need to find other brokers with many regulations. FBS has IFSC regulation – a South African broker, so traders in South Africa can be safe when trading with FBS. In case your country does not have the regulation, the safest way is to choose the broker with trusted regulations. And FBS can fulfill this situation with CySEC regulation which is very suitable with Asian traders. If one broker has too many regulations, there will be more limits for traders when they trade with that broker.
- Trading conditions of FBS broker.
If traders want to check trading conditions of FBS, it depends on account types, there are different conditions for them. Currently FBS offers traders 4 different types of account. They are the regular accounts (Cent account, Standard account and Fixed Spread account) and the ECN account.
- Cent account: is specially for beginners and new traders. To avoid the traders get losses, Cent account only get the minimum deposit of $1 so traders can only deposit $10 to trade within 3 months. 90% of beginners get losses so it is more suitable for them to trade with Cent account of FBS brokers. The spread is low enough, only around 1 pip. The order volume is from 0.01 lot Cent up to 1000 lots. FBS does not charge commission for this type of account.
- Standard account: Traders with more experience will trade with this account. Traders can only deposit $100 minimum. Its spread is around 0.5 pip and its leverage is up to 1:3000 which is beneficial for the traders.
- Fixed spread account: (also called Zero Spread account). This type of account does not charge the spread. So brokers charge the commission of $20 instead. Its minimum deposit is pretty high – up to $500. Other conditions of this account type is same as Standard account.
- ECN account: this is especially designed for experts and long-term traders because its conditions is very hard for beginner. The minimum deposit is up to $1000 which is pretty high for beginners. However the commission are much lower than other brokers ($6).
- Payment system: At the beginning, normally traders don’t concern much about payment system until they start to deposit and withdraw the money. In Asia, if traders want to deposit money overseas, they often pay by credit card to trade, the banks will charge 1.7 to 4% of total fund for only depositing action. So it is very hard for traders to deposit by credit card. It is wise for traders to choose the broker with the best local payment system. And FBS is one of those brokers. Through FBS system, traders can deposit and withdraw through all local banks and e-wallets in Asian countries. Transactions at FBS only take half of an hour to complete through the banks, just longer than only Exness.
- Customer support
To attract more traders all around the world, FBS offers the best customer service. Most of traders, especially beginners, often have confuses in their trading so they actually need the best support from broker. FBS can support clients in English 24/7 on live chat. Traders can require brokers to call back if they leave the messages. For non-English traders, FBS builds the local offices in Indonesia, Malaysia, Egypt, Thailand, China, Korea and Myanmar to have nearer approach to their traders in these countries.
- Trading costs of FBS
When starting to cooperate with a broker, traders often concern about trading conditions and benefits such as spread, leverage, commission and bonuses.
- Spread: is the difference between the Ask price and the Bid price of a currency pair. The lower the spread is, the more traders sign in the account on broker’s system. The spread of FBS is only from 0.2 to 1.1 pip which is on top lowest spread brokers.
- Commission: some brokers charge commission for income but for FBS broker, they have different commission rates depending on account types. Cent and Standard accounts do not charge commission.
- Bonuses: FBS offers many types of bonuses like deposit bonus, welcome bonus and loyalty program. This is one method that FBS offers to attract more traders signing accounts on their systems. FBS possess the highest rate ever, up to $123. The deposit bonus program offers to give back trader 100% of the deposit amount. Moreover, there is the cashback program which rebate $7 for every lot completed. The best bonus program for beginners is the welcome bonus. All beginners need to do is to sign in the account and minutes later they will receive $50 immediately for their registration.