In 2018, FBS is one of the best Asian forex broker, especially the Thai and Indonesian market. So, this article will give the information about FBS to help new traders and beginners to ease from struggles of finding the best suit of Forex brokers themselves. As found in 2009, FBS is operating in 35 currency pairs, four precious metals, 2 CFD and cryptocurrencies.
Standards are rating the quality of a good broker. Those standards are fundamental criteria that enforce brokers to follow in order to meet the best quality. They are including:
- Account ranges
- Payment methods
- Quote feature
- Local representative
So, let’s take into account these criteria for evaluating the performance of FBS. Then, I will give the comparison of FBS with some leading brokers such as Exness or XM.
The credibility is determined by regulations. The initial and critical element used to evaluate a broker is its regulations. This is a type of license that given to broker by the trusted financial organizations for managing purpose. A broker is given that license ought to strictly follow the set of rules which assure the safety for traders. The top brokers are those have the ability to meet the requirements of these regulations. Regarding FBS, it is licensed by CySEC and IFSC, which are the supreme trusted regulations. So, traders are protected in assurance with FBS.
Discussing regulations, I think forex brokers to get one aspect. While some beginning traders tend to consider that the broker who has a bigger number of regulations is superior to anything the ones who have less, this is really a wrong thought. Having numerous licenses doesn’t imply that the broker is better in term of trading. There are two situations here. In case of chance that your nation as of now has a regulation, you should work with a broker who has that license. You won’t require some other principles from somewhere else. In another word, your national rules are sufficient. FBS has IFSC, a South African regulation, so brokers in South Africa can be sheltered when trading with FBS. Conversely, if your nation does not have a set of rules, mostly seen in Asian nations, you should trade with brokers who have at least one confided license, FBS for this situation is CySEC. An excessive number of regulations will just put more cutoff points on the broker. The principle is only a criterion that tells us that this intermediary is not too bad, dependable, and safe to trade with. A broker need one confided in regulation.
- Spread: low spread brokers are the preferable partner to traders. The definition of spread is the difference between the asking price and the bid price of a currency. FBS is among the top low spread brokers, which offer the spread at about 0.2 to 1.1 pip. This offer is better than XM, FXTM and FXCM
- Commission: the commission is a charge that brings turnover for brokers. FBS is not an outsider. FBS rate commission differently depends on the account types. Especially, there is no commission charging Cent account and Standard account.
- Bonuses: there are a variety of bonuses running by FBS, such as deposit bonus, welcome bonus and loyalty bonus. Their bonus rate is the highest expectation, up to $123. The rebate amount of deposit bonus made up 100% of deposit amount. Furthermore, the cashback program will refund $7 for every traded lot. Currently, there is the $50 bonus as well. After registration, you would immediately receive $50 in your account.
Account ranges: 4 primary accounts are operating by FBS, including regular account (Cent account, Standard account and Fixed spread account) and the ECN account. Each account range is designed to meet the different demand of traders.
Cent account: this type is specially designed for beginners and new traders. The special is the required deposit is only $1. Accordingly, 90% of traders lose their complete capital when start trading. Hence, beginners tend not to deposit too much at first start. The $10 deposit is enough for you to practice in the real situation up to 3 months. While the spread is as low as one pip, the order volume is just 0.01 lot Cent, making up 1000 lots. You will not lose a large amount of money due to this low. Especially, this account is charge free from commission. So, it would not cost you anything when trading with this account.
Standard account: this account suites traders with more experience than beginners. However, the minimum deposit is average at $100. Meanwhile, the better spread is around 0.5pip; the high leverage is up to 1:3000 and the order volume is from 0.01 to 500 lots. Comparing to XM, its standard account leverage is limited at 1:888. The good thing is this account is commission free.
Fixed spread account: this account is also known as Zero spread account. So, the name means the feature, no spread. Indeed, this account charges commission at $20. Regarding the spread is the main revenue of brokers, this charge is reasonable as a replacement for the zero spread. Furthermore, the required deposit amount of this account is $500. All other conditions are similar to Standard account, including leverage and the order volume.
ECN account: it is the experts’ account, especially long-term traders. The required deposit is very high, at $1000. The trade-off is the low commission, lower than any other broker, at $6. This low rate commission is as low as Exness and XM, respectively $5 and $6.
While US and UK brokers outperform in their home market, their performance in other nations, especially Asian nations like Thailand and Indonesia, are poor. The trader in Asia prefers deposit by their credit cards, which charged 11.7 to 4% as per transaction. The considerable thing here is that trader hardy earned 5% profit per month need to pay 4% for deposit. This practice is not a good deal. Hence, it is rare to see Thai traders trading with US or UK brokers. It leads to the fact that local payment method is an important aspect in choosing brokers. FBS is a great broker when they offer a wide range of local banking and e-wallet for deposit and withdrawal in Asian countries. Furthermore, their transferring speed is amazing. Whereas the top fastness in the market of Exness, FBS is the second follower. In particular, it takes only a half to an hour for completing a bank transaction. Comparing to other brokers, it may take you hours or days.
As the complication of forex trading, customer care is an essential part of the forex market. Traders always need support and assistance from brokers. Hence, the evaluating standard of a broker also relies on the quality of its customer assistance. FBS support assistants are fantastic reflecting their 24/7 English support and customer orientation. Even if they missed your call, they would call you back. For non-English speakers, they are representing in Indonesia, Malaysia, Egypt. Thailand, China, Korea and Myanmar with customer support 5 days a week.