FBS is started from 2009 and they have been running good business from then. Notably, they give the good service in Asian countries where the forex section is harsh to tackle with. It is amazing that FBS organize the various structures with the trading of 35 pairs of currencies and 4 precious metals. Moreover, they also run the trading with 2CFD and also crypto currency also. Summarily, to judge one broker to see of they are suitable for your trading plan, there are factors about one broker that tell the entire story about them. And to beginning the way of criticizing about FBS, here I will give you some major factors about one broker that mainly say their qualification:
– Reputation (regulation)
– Trading fee (commission, spread…)
– Trading condition (sorts of account, quotes, payment…)
– Care service (local service, level of availability)
Local service provider
What else can make traders feel safe about trading generally and about brokers particularly? That is when they are supported in a way that makes them feel comfortable in a complex trading forex world. And what broker can offer the best service can gain more trust from their clients. That is why FBS focuses on this significantly. They have the system of live chat in English working 24/7 that receive questions from clients and give them advice or even clients could ask for calling back. In addition, the fact that Asian traders like Thai or Indonesian, Egyptian, Chinese… who have difficulty communicating in English are understood by FBS, so they also have the offices in these countries that speak these countries’ language so that clients feel welcoming to open about their needs. These offices are opened 5 days in a week.
Fees and benefit from FBS
It is common that there are some payments that traders need to pay when they get into the forex trading world. This is spread; commission and the bonuses to help them in some level reduce the fees.
Spread that FBS are now requiring with the amount of 0.2 to 1.1 pips. The spread is known and the difference between the Bid and Ask price for one pair of currencies, then with 0.2 to 1.1 it seems that FBS’ spread is among the lowest spread in comparison with XM, FXTM or FXCM…
The the required commission amount is dependable on the opened accounts. It is incredible that for Cent account and Standard account the commission is even zero. However, it is normal that commission is amount of the revenue of the brokers so there could be the situation where the commission is not low as you may think.
Bonuses: Bonuses are common in the forex market and that they are the helping tool of brokers to attract more clients and for traders they are the reward that is given for the good trading or the account opened. There are three kind of main bonuses which are Deposit, Welcome and Loyalty, and the total number of awarded money could be 123 $. Among them, Deposit bonus is the one that traders can get 100% from the amount of deposit they made. The Welcome bonus is also called the 50$ bonus which is given when traders open a new account. This 50$ is transferred into traders account. And the Loyalty program which is about the number of lots traded by traders. The more traders completed the bigger they get from brokers. With FBS this amount is 7$ for one trading lot finished.
Payment and accounts
First thing is about the account that FBS is giving now. They organize the structures with two main accounts which are ECN account and regular account. Regular account includes Cent account, Standard account and Fixed Spread account.
ECN account is the account best suitable experts who know a lot about how to trade effectively. This account is opened with the deposit of 1000$ least so experts are likely to deal with this huge amount better. When trading with this kind of account traders need to pay 6$ of deposit only, which is the same with XM and come second after Exness with 5$.
Cent account is the small deposit requirement with only 1$. Moreover the commission is none. This type of accounts is best for beginners who are in the training stages because they can practice trading with only 10$ for 3 months with the low value of orders at about 0.01 lot Cent to 1000 lots. It will reduce the lost amount for starting traders who do not want to risk big investment.
Standard account has one common feature with Cent account which is the none commission and the spread is even lower with 0.5 pip only, but the minimum required deposit is higher with 100$. It is even more incredible that the leverage for Standard account is quite high with 1:3000 and the order value is from 0.01 to 500 lots.
Fixed Spread account is also Zero Spread account, as the name tells, this account is cost with no spread and the commission is quite high with 20$ for one account and the limit allowed for deposit is 500$. More importantly, with the higher deposit for Fixed Spread account, they just keep leverage and order value at the same with Standard account.
Payment is the tough topic when withdrawal and deposit period come to traders. Especially, the Asian traders suffer more difficulties when they trade with brokers from UK or US because of that these brokers cause blocks on the way of withdrawal or deposit with 1.7% to 4% for the fee that Asian traders have to pay and gain back only 5%. It is clear that UK and US brokers give more benefit for the national clients not for the clients from the outside of the areas. So it is wiser for traders to find the saving way to trade safely. FBS develops local banks that can solve this problem. Or the e-wall can carry the transaction only to save client a huge amount of time. Asian traders are totally attracted to this method that they can save a lot of time of transferring while they usually spend hour or days time with other brokers. In conclusion, FBS payment is one of the quickest coming after Exness, which is the fastest one.
The trusted regulation
If you do not want to risk your financial, you better check the regulation of the brokers first to avoid that they are not trusted and may trick you. So licenses are very important for traders. Licenses tell what kind of rules that control the brokers and if these rules are qualified to protect traders or not. FBS has been checked and audited to have two trusted licenses which are CySEC and IFSC. In addition, regulations are good but if these regulations are not from your country then the chance that you are going to be saved is very small. So, trade with the brokers that have license from your countries. About that, for African traders, FBS can secure them with IFSC which is belonged to Africa. On the other side, if the traders you are doing business with do not have the license from your countries, you better choose brokers that have one trusted license because of the fact that more licenses mean more cost to pay. Fortunately, FBS has CySEC which is one of the most trustful licenses that can prove their reliability. Especially, they can protect traders from Asian that are very vulnerable because of the lack of legal tool in these markets.