Founded in 2009, FBS now is known as one of the best forex brokers for the Asian regions, especially in Thailand and Indonesia. In this article today, I will give you some FBS reviews based on my experiences and time trading with this broker. Hope that the information can help you choose your suitable broker.It is clear that we need to have criteria to rate brokers. These criteria are important and the brokers which is considered the best have to meet them. In particular, they are:
- Trading costs: Spread, commission, bonuses
- Trading conditions: Types of accounts, payment systems and quotes quality
- Customer support: Availability and local offices
How does FBS perform based on these above criteria? What about other brokers such as XM and Exness? The following information can help you find the answer.
FBS allow its customers to trade up to 35 currency pairs, 4 precious metals, 2 CFD as well cryptocurrencies.
Regulations are the licenses that big financial organizations give to a forex broker to oversee that broker. The regulations is one of the most important factors which is used to rate a broker It makes sure a broker must follow rules to protect its clients. Indeed, the demands of these regulations can be met only by the best forex brokers 2019. About FBS, this forex broker is regulated two of the most prestigious regulations, CySEC and IFSC. Therefore, you can make sure that you are safe.
Some beginners tend to assume that the more regulations a broker has, the better it is. Indeed, the broker which has many regulations doesn’t mean that it is superior in term of trading. I would give 2 two scenarios. The first is that your country already has a regulation then you should work with the broker which has that regulation and you won’t need any other regulations. Traders in South Africa can be reassured when trading with FBS because it has a South African regulation, IFSC. The other scenarios is that your country does not have a regulation such as most Asian countries and you should trade with brokers who have at least one trusted regulation. In this case, FBS has CySEC. The broker will have more limits if there are too many regulations. Regulations should be considered as just a signal that indicate that this broker is reliable as well safe to trade with.
Admittedly, brokers with low-spread are preferred by most traders. Spread is the difference between the Ask price and the Bid price of a currency pair. FBS’s spread is relatively low, only from 0.2 to 1.1 pip.This broker has much lower spreads than that of other brokers such as XM, FXTM, FXCM,…
FBS is among the brokers that charge commissions for income. Each type of account has different commission rates. There is no commission required if the traders use the Cent and Standard accounts.
With FBS, the traders are provided many types of bonuses such as deposit bonus, welcome bonus and loyalty program. This broker offers a bonus up to $123, which is the highest rate ever. The deposit bonus also gives back traders 100% of the deposit amount. Besides, the cashback program is remarkable. This program rebates you $7 for every lot traded. They are having the $50 bonus. If you sign up, your account will receive $50 immediately.
FBS provides its traders the following main types of account
- The regular accounts
- Cent account
- Standard account
- Fixed Spread account
- The ECN account.
Cent account: This type of account is suitable for the people who don’t have experiences in forex trading because the required deposit is small, which is only $10. In fact, you don’t want to invest too much your money in the first time of trading owing to the risk. In my opinion, you can have chance to practice trading in real-life conditions for up to 3 months with only $10.
The Cent account have low spread which is only around 1 pip. The order volume is from down to 0.01 lot Cent up to 1000 lots. The lower the better since that way the traders won’t lose too much their money. This type of account does not even charge any commission.
Standard account: Traders who have experiences can trade with this type of account with the average the minimum deposit, which is at about $100 and better spread, which is only around 0.5 pip. The leverage of Standard account is very high, up to 1:3000 while that of XM is only 1:888. The order volume is from 0.01 to 500 lots. This type of account is also commission free.
Fixed Spread account: also known as Zero Spread account. It has no spread but it charges each traders $20 for commission. Why? As you know, the spread is considered as main income of forex brokers and they have to charge commission if the spread is zero. Fixed Spread account requires $500 of the minimum deposit. The other features such as the order volume and the leverage of this type of account are in resemblance to that of Standard account.
ECN account: This type of account is suitable for experts as well long-term traders. The minimum deposit required is very high, which is $1000. On the contrary, the commission is much lower than that of other brokers ($6). Indeed, this commission rate is the same as that of Exness and XM, which is $5 and $6 respectively.
A few US or UK brokers are good in their countries whereas overseas, they are not highly recommended, especially in Asian countries such as Thailand or Indonesia. In Asia, traders will be charged from 1.7 to 4% of their total fund by their banks if they deposit by Credit cards. It means that they not only have a profit rate at 5% monthly but also have to pay 4% just for depositing. To be honest, nobody wants this situation. For this reason, it is not wise for Thai traders to trade with these US and UK brokers. So choosing suitable brokers who can provide local payment systems is very important.
How about FBS in this field? I suppose it is superior. They provide both depositing and withdrawing through almost all local banks and e-wallets in Asian countries. Moreover, FBS’s quick transferring speed is also one of the most outstanding features. It only come second to that of Exness (Also, Exness minimum deposit is only $1), the fastest in the forex market. Transactions at FBS only take traders from half to an hour to complete via banks. On the other hand, you can spend hours or even days with other brokers.
Customer support is one of the most important factors which traders concern to choose their brokers. Based on my experiences and my trading time with FBS, this broker has great supporting team. It can support clients in English 24/7 on live chat or the clients can tell it to call they back. For clients are non-English speakers, FBS offer its offices in many countries such as Malaysia, Indonesia, Thailand, Myanmar Egypt, Thailand, China, Korea so that the customer service is always available 5 days a week.