FBS is gaining a higher position in the Asian broker rank in 2018 and particularly in Thailand and Indonesia. Hence, that is the reason I choose to write a review for new forex traders about FBS as I hope this Fbs reviews can assist them in choosing their own suitable brokers. FBS initially started its business in 2009 and traders can trade up to 2 CFD, 35 currency pairs, cryptocurrencies, and 4 precious metals.
Standards are important in rating a good broker. Therefore, if you want to find a broker that offers excellent service and suit you as well, you should use the listed standards below:
- Customer support
- Local offices
- Trading costs
- Trading conditions
- Account types
- Quotes quality
- Payment systems
So I already listed standards of the best brokers. Now I will go through all these standards in the case of FBS to see if FBS can be among the best brokers. Along the way, I will also compare it with the biggest brokers like Exness and XM.
If I have to look for a credible broker, regulation will be the first thing I look for and it is also the most important factor in my opinion. The reason why I take regulations so seriously because trustworthy organizations are the one responsible for those regulations. Whenever a broker applies for their regulations, they can manage brokers with a certain set of rules so that they can protect traders in those brokers. Therefore, acquiring regulations are generally only for the best forex brokers in the world. FBS currently holds two regulations which are IFSEC and CySEC so I can assure you that you can sit back and relax when it comes to FBS’s credibility.
But many new traders make a wrong assumption that reliable brokers are usually the ones that have more regulations. The number of regulation does not indicate that a broker is better than the others. Quality and effectiveness of the regulation are the ones matter more here. For example, if a broker that has a regulation from your country you are living, you should trust that broker as you are protected in that country. Applying this to FBS, it has IFSC, which is a Stouch African regulation, so traders who are living in South Africa can stop worrying about credibility when they trade with FBS. And if there is no regulation provided by the country you are living, you should go with brokers that acquire the top regulations and in the case of FBS, it is CySEC. Having too many regulations does not help much but do more harm to brokers. Therefore, brokers are recommended to acquire efficient and high-quality regulations only.
Many traders often choose brokers that offer a low spread to trade with. You can simply understand spread as the difference between a currency pair’s Ask price and Bid price. The spread of FBS is now only staying around 0.2 to 1.1 pip only and that is one of the lowest spread in the world, even lower than many large brokers like FXTM, XM and FXCM also.
Some brokers get income from charging its trader commissions and FBS is also using that policy. FBS will set the commission rates based on account types. They do not charge any commission for Standard and Cent accounts.
You can join FBS and enjoy so many best forex bonuses like deposit and welcome bonus as well as loyalty program. You can not only get a bonus with one of the highest rates, up to $123 but also get a 100% bonus from your deposited amount. Not just that, whenever you finish a lot, you can also get a bonus of 7$. Are you interested? Let’s jump on the site and enjoy yet another amazing $50 bonus with just a few steps of creating a new account.
You have 4 options in choosing the account type which are three regular accounts, including Standard, Cent and Fixed Spread account, and also ECN account. Each account type is designed to meet different trader’s needs.
Cent account: You should choose this account if you are a new trader. Why is that? Because you only need to deposit 1$ into the account. You should not invest too much money within the first few months because 90% of new traders will lose all of their money. You can deposit just $10 and get practice with the real trading condition for a maximum of 3 months. The spread is only 1 pip which is considered to be pretty low. The order volume starts from 0.01 lot Cent up to 1000 lots. The lower the better for you because with that you will not lose too much money. And last but not least, you will not have to pay any commission, so you are free to trade as many times as you want.
Standard account: You should choose this account if you already have a bit of experience. The minimum deposit requirement is much higher than the Cent account with $100, but now you have more experience already so that does not matter too much. The more important things are lower spread (0.5 pip), very good leverage (up to 1:3000 compared to 1:888 of XM), order volume (from 0.1 to 1000 lots), and last but not least, free commission.
Fixed Spread account (Zero Spread account): the reason it is called Zero Spread is pretty straightforward, this account does not have spread. Therefore, FBS has to charge their traders 20$ as commission because most of its income is from spread, so they have to charge commission if the spread for this account is zero. Other things are still similar to Standard account like leverage and order volume. The difference is the minimum deposit requirement which is $500.
ECN account: This is a very good account for traders who already got a ton of experiences in forex trading because this account requires depositing at least $1000. But in return, they can get a very low commission which is 6$, much lower than the market average and on par with many big brokers like XM (6$) and Exness reviews(5$)
It is important for traders in Asian countries, especially Indonesia and Thailand to find brokers with a local payment system. You should not trade with US&UK based brokers because just depositing money using credit cards already cost you 1.7 to 4% of your total fund already while the average profit rate is only 5%. Therefore, the local payment system is important for Asian traders. I personally think FBS is doing a fantastic job in this aspect. Not only have they had supports from many Asian banks and e-wallets but also impressive transaction processing speed, ranked 2nd in the market. You only have to wait like half an hour or so to get your money transferred to your account while it can be hours or days for many other brokers.
Trader support is really important in forex trading due to its complexity. Traders will need a lot of help from brokers at any point. And that is the reason why how brokers support their trader can be a standard to rate them. In my opinion, FBS supporting service is really good. Their English support is online 24/7 and they can even call you back if you want. That can clearly show how good their service is. Traders who can’t speak English in Malaysia, Egypt, China, Korea, Thailand, Myanmar, and Indonesia can simply just come to local offices in their countries to seek help during the weekday.