FBS is striking to become the best broker in forex trading, especially in Asia regions including Thailand and Indonesia. Therefore, this article is written with the hope to give new traders a valuable option to work with a reliable and profitable broker – FBS reviews. Having operated for over 10 years, FBS is a high-quality broker that allows each order to reach up to 35 currency pairs, 4 precious metals, 2 CFD, and cryptocurrencies.
Below are the basic standards for evaluating a quality broker:
- Credibility
- Regulations
- Trading costs
- Spread
- Commission
- Bonuses
- Trading conditions
- Account types
- Payment systems
- Quotes quality
- Customer support
- Local offices
- Availability
I will analyze FBS according to these standards respectively in order to provide an objective perspective of the broker. In addition, I will also compare FBS to other famous brokers such as Exness and XM.
Credibility
Before committing to a broker, any traders would want to check its regulations. To explain, regulations are policies established by reliable financial systems in order to ensure the transparency of the broker. Brokers with regulations have certain policies to follow so as to protect the rights of traders. By and large, only the best representatives can meet the standards of regulations. As for FBS, this broker is under the supervision of CySEC and IFSC – two of the most reliable regulations in the field. Accordingly, there is no point in discussing the dependability of FBS any longer.
Nevertheless, traders should never assume that the more regulations a broker have, the more reliable it is. As a matter of fact, regulations do not improve the trading conditions but only the transparency of the broker. Therefore, for traders whose countries provide regulations, they need to search for brokers with regulations of their own country. For instance, FBS has the IFSC license which is an African license, therefore African traders should definitely work with FBS. However, in case there are traders whose countries do not provide regulations, then they need to seek for brokers with globally recognized regulations. For FBS, the CySEC license is widely known for its reliability.
Trading costs
Spread:
Low spread is the top feature that attracts many traders in the field. To explain, spread is the difference of Bid and Ask price of a certain currency pair. FBS provides a spread rate from 0.2 to 1.1 pip, which is a relatively low rate compared to other top brokers in the file such as XM, FXTM, FXCM.
Commission:
Similar to other the best forex brokers 2019, FBS applies different commission and prices for each account types. Nevertheless, for Cen and Standard accounts, the commission fee is not charged.
Bonuses:
A wide variety of bonus programs is applied at FBS, including deposit bonus, welcome bonus, or the loyalty program. Only by joining these bonus programs, a trader can gain up to $123. The rebate bonus programs provide traders 100% rebate of their deposit amount. As for the cashback program, traders can receive 7$ once they finish a lot. Another program is the welcome bonus program that rewards $50 for any new registers.
Trading conditions
Account types:
Four account types are offered at FBS, including regular accounts (Cent account, Standard account, and Fixed Spread account) and the ECN account. Ideally, each account type is appropriate to one trader type.
Cent account: For new traders, Cent account is the best match for them since its deposit requirement is relatively low with merely 10$. Generally, new traders tend to fear of depositing a large amount of money since they are more likely to lose money. Therefore, utilizing Cen account would help them have 3 months of practicing with real trading conditions with only 10$. Moreover, the spread rate is only 1 pip while the order volume ranges from 0.01 to 1000 lots. To sum up, beginners can use Cent account for a safe and practical trading platform due to its low costs and free commission fee.
Standard account: For traders who have gained quite an amount of experience, Standard account is their next step. The minimum deposit of this account is 100$, its spread rate is 0.5 pip while its leverage rate reaches up to 1:3000. Most traders are fond of high leverage, therefore FBS is the perfect fit since its leverage rate is relatively high compared to XM, which has only 1:888 rate. In addition, the trading volume of FBS ranges from 0.01 to 500 lots for an order. Another remarkable feature is that the Standard account does not charge the commission fee.
Fixed Spread account: Fixed spread account (or Zero account) has no spread but charges commission fee instead. The commission fee of this account is 20$ while the minimum deposit requirement is 500$. The order volume of FBS is similar to Standard account.
ECN account: As for expert traders, ECN account is the best fit for them since they can lower their trading costs remarkably with this account. Despite having high deposit requirement with as much as 1000$, its commission fee is only 6$ which is much lower than Exness or XM.
Payment system:
US&UK traders have high prestige due to their strict policies and efficient systems. Nevertheless, foreign traders should probably avoid trading with US&UK brokers if they want to transact their money overseas. Asian traders are those who would experience the most unfair transaction fee, in which they are charged from 1.7% to 4% when depositing by credit cards. For an average trader whose profit is 5% a month, spending 4% for depositing is basically too much. To sum up, traders should work with brokers with local payment systems. As for FBS, this broker provides a wide range of choices for Asian traders, from local banks to e-wallets. Another plus point is the transaction speed of FBS which takes only 30 minutes to 1 hour to be completed. This is perhaps the second fastest transaction in the field, only after Exness reviews.
Customer support
Constant support from the broker will make a significant impact on the traders’ trading performance. Therefore, I would highly recommend FBS to new traders since their customer services are extremely efficient. They provide 24/7 English support through live chat as well as call back systems. Moreover, for some countries such as Indonesia, Malaysia, Egypt, Thailand, China, Korea, and Myanmar, FBS provides local language support for 5 days per week.
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