FBS is getting higher in the 2018 broker rank of the Asian region, especially in Indonesia and Thailand also. Therefore, this article will mostly focus on Fbs reviews for beginners who still can’t find a broker that suits them. FBS, a broker that was founded in 2009, allows its traders to trade up to 4 precious metals, cryptocurrencies, 35 pairs of currency and 2 CFD.
If you want to find a good broker for you then you should use standards in the process. Below are the list of standards that the best brokers always have to meet:
- Customer support
- Local offices
- Trading conditions
- Payment systems
- Account types
- Quotes quality
- Trading costs
Let’s go through all listed standards of FBS to see if FBS can be considered as one of the best brokers or not. To make it easy to see, I will also pick some aspects of FBS and compare them with other big brokers like XM and Exness.
Personally, whenever I want to see if a broker is reliable or not, I always find information relating to its regulations first. Regulation is always my foremost and very important factor in deciding a broker’s credibility. The main reason is that it is provided by reliable financial organisations and they use regulations as a way to manage and make sure that brokers follow their rules. Therefore, large brokers are usually the one that can manage to get regulations. FBS got 2 very well-known regulations which are CySEC and IFSEC so you do not need to worry about FBS’s credibility.
But determining a broker’s reliability through the number of regulation is not really accurate and often even wrong. The number of regulation do not show which broker is better but the quality of the regulation does. For example, if your country provides a regulation, brokers that have that regulation will be the most reliable one within the country. In the case of FBS, they have IFSC – South African regulation, so South African traders can freely trade without worrying about FBS being unreliable. And if your country, generally countries in Asia, does not have a regulation of its own, you should seek for brokers that acquire the most reliable and well-known regulations like the regulation FBS has – CySEC. Having more regulations just put more burdens on brokers. Therefore, brokers should only get one high-quality regulation.
Many traders enjoy trading with brokers with low spreads. Spread is defined as the difference between the prices quoted for an immediate sale and an immediate purchase of a currency pair. FBS’s spread is currently staying at only a minimum of 0.2 pip and a maximum of 1.1 pip which is much lower than many popular brokers’ spread like XM, FXCM and FXTM and it makes FBS one of the brokers that have the lowest spreads.
Brokers often take commissions for income from their traders and FBS is also charging its traders commission as well. The FBS’s commission rates will depend on the types of account. In the case of Cent accounts and Standard accounts, traders will not have to pay any commission.
Traders can get many bonuses when trading with FBS such as welcome bonus, deposit bonus and also loyalty program. FBS is providing possibly the highest rate bonus ever, up to $123. Traders can get back 100% of the amount they deposited with the deposit bonus program of FBS. They also can get $7 for every lot they traded. FBS is also offering $50 for newcomers who just sign up new accounts.
Type of account:
There are three available types of account in FBS which are ECN account and three other regular accounts (Cent, Fix Spread and Standard account). Each of them serves different needs of traders.
Cent account: This is the account that I would recommend to new forex traders because the accounts’ minimum deposit requirement is very low, only 1$. Therefore, you can put a little money like $10 or something into the account and start practicing trading with real money and real trading condition for a couple of months with very low investment. You should not put too much money as 90% of new forex traders will lose everything within a few months of trading. The spread is also pretty low, at only 1 pip. Along with low spread is the low order volume which is 0.01 lot Cent up to 1000 lots. You will be likely to lose less money if it gets lower and lower. And more importantly, you can make as many trades as you want as you do not have to pay any commission with Cent account.
Standard account: This is the account that I would recommend to traders with a little more experience. The spread of this account is pretty low at around 0.5 pip and they only require you to deposit a minimum amount of $100. About leverage, the leverage of FBS is much lower compared to a big broker’s leverage like XM, up to 1:3000 compared to 1:888 of XM. And you have to keep in mind that the higher the leverage is, the better you get. You are allowed to trade at a minimum of 0.01 to a maximum of 500 lots. And you can freely trade as you are not charged any commission.
Fixed Spread account: also usually called Zero Spread account as it has no spread. Instead, FBS charges traders 20$ of commission. Don’t be surprised about that as the spread is the main source of brokers’ income so if there is no spread then they have to charge commissions to get income. The requirement for minimum deposit is $500. Other features like leverage and order volume are pretty the same as Standard account.
ECN account: this is the favorite account of many experts and highly experienced traders. As it mostly serves experience traders, this account allows a minimum deposit of $1000. But traders can enjoy a very low commission (6$) compared to the market average. It is just as low as many other top brokers like XM (6$) and Exness (5$).
Brokers that are based in the US or UK can be good for US and UK traders, but for traders in Asian (Thailand and Indonesia in particular), it can be very bad for them. Transferring money internationally in Asian countries using Credit Card can charge them 1.7 to 4% of the total amount deposited while the average profit rate is only 5%. It is crazy, right? That is why traders in Thailand should find brokers with a good payment system. I would say FBS’s payment system is very good. They not only offer local payment system via e-wallets and local banks but also really fast transaction processing speed, only slower than Exness. You only have to wait like half an hour while it is hours or even days to get your money transferred to your account.
It can be a deal breaker if a broker does not have a good customer service. Because in this forex trading world, traders usually need a lot of support from brokers because of the high complexity of forex trading. Customer service of FBS is just excellent. They not only support 24/7 in English but also support 5 days per week for non-English speakers in Malaysia, Thailand, China, Myanmar, Kora, Egypt and also Indonesia by locating local offices in those countries.