During recent years, FBS is gradually moving towards the position of the best forex broker in Asia countries, especially in Thailand and Indonesia. Therefore, I am writing this article to provide beginners in the forex trading world a deep FBS reviews as a quality broker in the field. Having operated for more than 10 years, FBS is well-known as a reliable broker that provides up to 35 currency pairs, 4 precious metals, 2 CFD, and cryptocurrencies for trading.
In order to rate a broker, traders should base on the basic criteria to judge the broker. The following standards are the fundamental criteria that any traders should be aware of so as to choose the most appropriate broker:
- Trading costs
- Trading conditions
- Account types
- Payment systems
- Quotes quality
- Customer support
- Local offices
I will rate FBS according to these categories respectively to give you a thorough understanding about this broker. In addition, I will also compare FBS to other brokers in the top of forex trading such as Exness and XM.
Regulations are the first thing that traders lay their eyes on when observing a new broker. Basically, regulations are the licences that trustworthy financial systems provide to brokers to ensure their reliability. Brokers that possess regulations will have to follow the rules of these organizations that were established to ensure both the brokers and clients’ safety. Generally, only the top brokers can meet the standards of legit regulations. In this category, FBS has two of the most trustworthy regulations which is CySEC and IFSC. As a result, there is no need to discuss about the reliability of FBS anymore.
However, it would be a false assumption if beginners believe that brokers with multiple regulations are more reliable. In fact, regulations do not enhance the trading conditions of a broker. When it comes to evaluating regulations, there are usually two scenarios. The first one is when traders live in a country that provide regulations for brokers, then the fellow traders only need to find brokers that have regulations from these regions. For example, the IFSC license of FBS is what South African traders should look for from brokers in their countries. The second scenario is when traders live in countries that do not offer regulations to brokers. In this case, traders in these countries need to search for brokers that have a global trustworthy regulation. As for FBS, this broker has the CySEC license – which is well-known widely for its credibility. In conclusion, traders should keep in mind that regulations only ensure the transparency of a broker and one regulation should be sufficient for each broker.
Brokers that provide low spread will undoubtedly attract quite an amount of traders. Basically, spread is the difference between the Ask price and Bid price of a currency pair. The spread rate of FBS fluctuate from 0.2 to 1.1 pip, which is confirmed to be one of the lowest rate of spread among brokers. Compare to the best forex brokers 2019 such as XM, FXTM, FXCM, FBS’s spread is much more lower.
FBS, as many other brokers, charge the commission fee and offer different prices for each account types. Traders should be aware that the commission fee is not charge for Cent and Standard accounts.
FBS provides a diverse bonus programs with the deposit bonus, welcome bonus, or the loyalty program. A trader can earn up to $123 from these bonus programs only. To explain, the bonus programs allow traders to receive a 100% rebate of their deposit money. Meanwhile, the cashback program rebates $7 for traders after the completion of each lot. Moreover, FBS is also running the welcome bonus program that provide $50 for any traders that sign up for an account.
FBS provides four account types for its customers, consisting of regular accounts (Cent account, Standard account, and Fixed Spread account) and the ECN account. Each account has its own features that fits to one specific trader types.
Cent account: Cent account is a perfect fir for new traders due its low deposit requirement, with only $10 requirement only. Most new traders want to avoid depositing a large amount of money in fear of losing them all. Therefore, they can easily take advantage of Cent account since with $10, they can practice for 3 months with real trading conditions. In addition, the spread of Cent account is as low as 1 pip while the order volume fluctuate from 0.01 lot Cent to 1000 lots. This is a spectacular feature for traders who do not want to lose their money. In short, with low costs and no commission fee, you can use Cent account as a practice platform as long as you wish.
Standard account: Traders who have gone through the practicing stage are ready to move on with Standard account, with a minimum deposit of $100. While the spread rate of this account is as low as 0.5 pip, its leverage rate is relatively high with 1:3000. High leverage rate is very profitable for traders. The leverage rate of FBS is much higher than that of XM since XM only has 1:888 leverage. When it comes to trading volume, FBS can handle from 0.01 to 500 lots for each order. In addition, traders should keep in mind that Standard account also does not charge commission fee.
Fixed Spread account: Also known as Zero account, Fixed spread account has no spread difference. Instead, it charges $20 for commission fee to make up for the lost of spread rate. This account requires $500 for the minimum deposit while the leverage and order volume of it is the same to the Standard account.
ECN account: ECN account is the experts’ cup of tea since it allows them to minimize their trading costs effectively. Even though the deposit requirement is up to 1000$, the commission fee of ECN account is much lower with only 6$. In comparison to Exness or XM, this commission rate is basically the same since Exness charge 5$ for commission and XM charges 6$.
In terms of domestic trading, US & UK brokers are highly reliable since they apply strict and efficient policies to their systems. However, when it comes to the foreign transaction, traders should probably avoid trading with US/UK brokers. Especially, Asian traders should stay away from US&UK brokers since these brokers charge as much as 1.7 – 4% of the total fund if these traders deposit using credit cards. Generally, a trader would earn about 5% profit rate a month, therefore it would be highly unprofitable for them to spend up to 4% just for depositing. In other words, traders from other regions should search for top brokers that provide local payment systems. In this criteria, FBS is highly recommended since this broker provides many options for Asian traders such as local banks and e-wallets. In addition, FBS has the second fastest transaction speed in the field, only behind Exness (Plus, Exness minimum deposit is only $1). FBS takes only 30 minutes – 1 hour to complete its transaction while other brokers can take up to many days.
In the trading process, customers need constant supervision from their brokers due to the complexity of the forex world. When it comes to customer service, FBS is the ideal broker for every trader since their services show nothing but dedication to their clients. With the 24/7 English support through live chat and call back system, FBS is ready to help traders in need instantly. In addition, FBS also has by local languages such as Indonesia, Malaysia, Egypt, Thailand, China, Korea and Myanmar up to 5 days a week. In conclusion, I would like to emphasize the fantastic impression that FBS has gave me.