Who is FBS forex broker? Could we trust FBS and work with them? Which are the advantages and disadvantages of FBS? This article will be bringing an overall review about FBS for traders who want to know more about this broker.
FBS was founded in 2009, providing up to 35 currency pairs, 4 precious metals, 2 CFD, and crypto-currencies. It is considered as one of the best forex brokers in the market. Following these standards below, we will understand more about the features of FBS:
- Reliable broker
- Trading costs
- Trading conditions
- Account types
- Payment systems
- quotes quality
- Customer support
- Local offices
FBS is a reliable broker
We are talking about the reliability, which means that whether we could trust a broker or not. Regulation is a license given by trusted financial organizations to brokers to manage them and force them to follow the rules by those organizations. This makes it safe for traders and also guarantees that traders are protected whenever there is any problem or trouble. Therefore, regulation is an important part of forex system and a broker obtaining a license is trustworthy and often is a big broker. FBS is great and big as it is regulated by CySEC and IFSC, which are two of the most trusted regulations. In brief, you can trade without any doubt or worries with FBS.
There is an idea that a broker having lots of regulations are better than those who have less. This is entirely not true! In fact, brokers should have only the regulations of the countries where they work. If your country already has a regulation, the brokers which have that regulation should be chosen and they don’t need to have many other licenses. For example, FBS has IFSC, a South African regulation and then, traders from South Africa could trust and choose FBS to work with. In the case that your country does not have any regulations, the brokers with reliable licenses should be preferred such as FBS with CySEC. In short, a broker only needs one trusted regulation.
FBS has the reasonable cost of trading
Spread is the distinction between the Ask cost and the Bid cost of cash combines. While many traders prefer the brokers with low spread, FBS offers the most reasonable cost of trading. Its spread is only from 0.2 to 1.1 pips, which is one of the lowest spread rates in the market. It is even lower than that of XM, FXTM, and FXCM…
Some brokers consider the spread as their main income, but some consider the commission as their main income. Beside the spread, FBS also has commission, whose rates are different based on the type of account. While Cent and Standard account have no commission, Zero account and ECN account charge commission to traders.
It is always attractive to have such bonus programs like deposit bonus, welcome bonus, or loyalty program. At FBS, the rate of bonus is highest and up to $123. In deposit program, you will receive in return 100% of the deposit amount. In loyalty program, it rebates you $7 for each completed trading lot. For the welcome bonus, it is for new registrations as it gives $50 bonus transferred to your account immediately when you first sign up.
FBS has the good trading conditions
There are 4 types of accounts in FBS: regular accounts (Cent account, Standard account, and Fixed Spread account) and the ECN account, which are different.
It is for new traders or beginners as it offers simple conditions of trading. First, it requires traders to deposit only $1. It is suitable for newbies since they get lost easily at the beginning. Secondly, you can trade with real conditions for 3 months with only $10. Next, the spread is low (about 1 pip), compared to that of other brokers. The order volume is also from 0.01 lots to 1000 lots, which is kind of big.
It is for those who have experience in trading forex. It requires about $100 of minimum deposit, while the spread is better with only about 0.5 pips. The leverage is offered up to 1:3000, which is high, compared to XM’s standard account leverage (only 1:888). The commission is free-of-charge at this account type but the order volume is from 0.01 to 500 lots (smaller than Cent account).
Zero spread account:
It is also known as Fixed Spread account, which has no spread for traders. Instead, it charges traders $20 for commission and takes the commission as the main income. The minimum deposit required for this account type is $500 and other conditions are the same as Standard account like the leverage and the order volume.
It is especially for experts or long-term traders as it has special conditions. First, it requires more for depositing, which is $1000. Secondly, the commissions are charged lower with only $6, which is much lower than that of other brokers. It is the same rate with Exness and XM.
US and UK may have the best services in their countries but it is not true in other continents such as Asia or Africa. Especially in Thailand or Indonesia, traders have the most disadvantages in payment system. They are charged by the banks from 1.7 to 4% of their total fund when depositing by credit cards, while it is hard to having profit rate at 5% monthly. This sounds unfair and unreasonable and then, Thai traders are advised not to trade with these brokers from US and UK. Knowing the important of payment system, FBS offers the suitable and convenient payment methods for traders. It allows traders to deposit or withdraw through all local banks and e-wallets in Asian countries. Moreover, its transferring speed is excellent and ranked as the second fastest just after Exness. Transaction at FBS is completed from half to an hour to complete through banks, while it takes even hours or days to finish a transaction in other brokers.
FBS has the great support for customers
It is very convenient and useful to have supports for all traders, especially local supports. FBS is exceptionally excellent as it has the great support teams who could help their clients instantly and efficiently. It also offers 24/7 online supporting in English and even many native languages. It has local offices in Indonesia, Malaysia, Egypt, Thailand, China, Korea and Myanmar that could give supports for customers 5 days a week.