You may know about FBS forex broker but you are not sure if you could work with them or not. You are wondering if it is a good forex broker with reliable regulation, good trading cost and conditions or excellent customer service. This article will be reviewing overall about FBS, one of the best forex brokers in the market. Founded in 2009, FBS provides up to 35 currency pairs, 4 precious metals, 2 CFD, and crypto-currencies. There are standards to evaluate a broker and FBS is not the exception: the reliability, conditions of trading, the payment, the customer service and the trading cost. Based on these standards, we will see the performances of FBS in forex market.
Reliability
It should be a reliable broker that you work with since it has trusted regulations. What is the regulation? It is one of the most important parts of forex system, which can indicate how reliable a broker is. It is a license given by trusted financial organizations to broker to make sure it follows rules to guarantee safety and protect traders. However, not any broker could obtain these licenses and so, brokers having these are often big forex brokers. FBS is believed and trusted as it has CySEC and IFSC, which are two of the most trusted regulations.
A broker can obtain many licenses or regulations at the same time, but it does not mean it has to. Actually, a broker should focus on its market and also, has the regulation of that country rather than have many licenses which are not really necessary. If your country already has a regulation, the broker only has to obtain that regulation and then you could work with it. For example, South Africa has a regulation called IFSC, FBS also could obtain IFSC and therefore, traders in South Africa can trade safely with FBS. What should we do if our countries do not have any regulations? In this case, you should choose a broker which has at least one trusted regulation such as CySEC to work with. Having too many unnecessary licenses just makes more limits to brokers.
Conditions of trading
When it comes to the conditions, it is about the account types. There are 4 types of accounts provided by FBS: regular accounts (Cent account, Standard account, and Fixed Spread account) and the ECN account. Here are the features of each type.
Cent account:
It is mostly for beginners or newbies. You have to deposit only $1 to start using this type of account but remember not to put in too much money as this is the practice time and most traders get lost eventually. In fact, you can trade in real system for whole 3 months with only $10. You are not charged any commission in this program. The spread is about 1 pip, which is kind of low. The order volume is from 0.01 lot Cent to 1000 lots maximum.
Standard account:
It is for experienced traders who are more familiar with the forex system. The spread is better with about 0.5 pips, while the minimum deposit is at average about $100. It has high leverage, which is up to 1:3000. Meanwhile, XM’s standard account just provides the leverage of 1:888. The order volume is from 0.01 lot to 500 lots, which is smaller than Cent account. The commission is free-of-charge like Cent account.
Zero spread account:
It is also called fixed spread account, which has no spread. It is good for traders but there are still commissions to make the main income for brokers. The commission is often $20 for each trader. The minimum deposit is $500. The leverage and order volume are the same with those of Standard account.
ECN account:
Beginners are advised not to trade with this type of account as it is only for experts or long-term traders. It requires $1000 of minimum deposit, which is very high. However, the commission is $6, which is much lower than that of other brokers. It is nearly the same as the commission rate of Exness and XM (relatively $5 and $6).
The payment:
Payment system is one of the most important parts in forex market as it regards to depositing and withdrawing money. In this term, US and UK provides the great services and payment methods in their countries, but not in other areas such as Asia or Africa. For example, Asian traders have their disadvantage since they have to pay from 1.7 to 4% of their total fund for the fee of the bank while depositing by their credit cards. However, the profit rate is just 5% for a month, which is not reasonable at all while they are charged much by the banks. FBS is especially excellent as it provides great payment system. It supports depositing and drawing through most local banks and e-wallets in Asian countries. Moreover, its most efficient feature is transferring speed, which is the second fastest in the market following after Exness. While it takes hours or even days to complete a transaction from other brokers, FBS allows from 30 minutes to an hour to finish a transaction through banks.
Customer service:
Just like at any other brokers, customer service is highly considered as it is one of the most important parts. Because forex is so complicated, traders need much help not only to get familiar with the system but also get to know more about how to trade. A great broker has great supports for customers. FBS, meanwhile, has the most significant support team in my opinion. They are online for 24/7 supporting in English. If you are not good at English, they also provide many native languages or even local offices in Indonesia, Malaysia, Egypt, Thailand, China, Korea and Myanmar that could serve customers 5 days a week.
Cost of trading
Spread:
As it is the main cost of the traders, spread is considered mostly when it comes to the forex market. Apparently, low-spread brokers are preferred by most traders. For your consideration, spread is the difference between the Ask price and the Bid price of a currency pair. FBS has the reasonable spread from only 0.2 to 1.1 pips. It is in the top low spread broker and its spreads are even lower than those of XM, FXTM, or FXCM…
Commission:
Beside the spread, commission is also charged by some brokers as their main income. It depends on the types of account that FBS has the different commission rate. For example, Cent account and Standard account has no commission, while Zero account and ECN account require an amount of commission.
Bonuses:
There are many bonus programs provided by FBS such as deposit bonus, welcome bonus, or loyalty program. Those are all attractive bonuses with highest rate: up to $123. While deposit bonus allows the traders to take back 100% of the deposit amount for the bonus, loyalty program gives you the rebated amount of $7 for each completed lot. Welcome bonuses are to attract new traders as it offers $50 free for every new registration.
