In recent years, FBS is day by day becoming the best forex broker ever in Asia, especially in Thailand and Indonesia. Therefore, the purpose of this article is to give new traders who are having a hard time looking for responsible brokers a thorough FBS reviews. Founded in 2009, FBS is believed to be a reliable broker that allow as much as 35 currency pairs, 4 precious metals, 2 CFD, and cryptocurrencies to be traded.
When it comes to evaluating a broker, there are certain standards that should be followed. These are the fundamental concepts that determine the professionality of a quality broker. These standards are:
- Trading costs
- Account types
- Payment systems
- Quotes quality
- Local offices
Throughout this article, I will analyze FBS step by step to observe whether this broker can meet the expectation of a quality broker. Moreover, I will compare FBS to other famous brokers like Exness and XM.
The reliability of a broker is determined by its regulations, which is always the first category that any traders would analyze before committing to a broker. To explain, regulations are the licenses or certificates that are provided by a prestige financial organization so as to have an eye on the transparency of the broker. Regulations will have brokers to obey certain rules in order to protect both the broker and clients’ rights. In forex trading, only big brokers are able to satisfy the requirement of valid regulations. For FBS, this broker is regulated by CySEC and IFSC, which is two of the most reliable regulations. Therefore, I can guarantee the reliability of FBS.
Nevertheless, new traders should keep in mind that the numerous number of regulations that a broker possesses does not always mean that the fellow broker is extremely reliable. These regulations do not enhance a broker in terms of trading conditions. For traders whose countries provide regulations, then you only need to find brokers with that regulation in your country. In this case, you do not need to seek more regulations from other countries since the one in your country is already sufficient. For instance, FBS possess the IFSC – a South African regulation – therefore traders from this region can trade with FBS freely. On the contrary, for traders whose countries do not provide regulations – which is a normal thing in Asia – they need to seek for brokers with at least one prestige regulation. For FBS, the CySEC license would ensure its credibility. In short, having regulations only show that a broker is being supervised carefully and therefore traders can put their faith in the broker. Moreover, one reliable regulation should be enough to prove the point.
Traders would certainly be attracted by brokers offering low-spread. To explain, spread is basically the difference between the Ask and Bid price of a currency pair. For FBS, its spread rate is merely 0.2 to 1.1 pip, therefore it is rated among the list of brokers with the lowest spread rates. In comparison to the best forex brokers 2019 such as XM, FXTM, FXCM, the spread rate of FBS is relatively lower.
Similar to other brokers, FBS also charge the commission fee. FBS would provide different rates for different account types. As for Cent and Standard accounts, the commission fee is free-of-charge.
A wide range of bonus types is offered at FBS such as deposit bonus, welcome bonus, or the loyalty program. The highest bonus amount of the fellow broker can reach as much as $123. As for the deposit bonus program, they will return traders 100% of their deposit amount. Another bonus is the cashback program, in which FBS will rebate $7 for each completed lot. Apparently, FBS is offering the welcome bonus that will immediately give you $50 after you have registered an account at FBS.
There are four main account types at FBS, including the regular accounts (Cent account, Standard account, and Fixed Spread account) and the ECN account. Each account type is appropriate for each type of traders.
Cent account: This is an ideal account for beginners since it requires very little deposit (with only $10). For new traders, they often do not want to deposit much money since they have a higher chance of losing everything during the practice stage. For Cent account, only $10 is required for three months of trading practice with practical trading conditions. Moreover, the spread rate of Cent account is only 1 pip while the order volume from 0.01 lot Cent up to 1000 lots. This feature is extremely helpful for new traders since they can avoid losing money. In addition, with no commission fee, you can trade using Cent account as much as you want.
Standard account: This account is suitable for traders who have gained more experience after the trading stage. For the Standard account, the minimum deposit amount is approximately $100. Meanwhile, the spread rate is low with only 0.5 pip when the leverage rate is higher, with 1:3000. Nevertheless, high leverage rate is better for traders. Compare to XM, which has the leverage rate of 1:888, the leverage of FBS is relatively higher. In terms of trading volume, the order of FBS can handle from 0.01 to 500 lots. Similar to Cen account, commission fee is not charged for the Standard account.
Fixed Spread account: Also known as Zero spread account, Fixed spread account has no spread at all. However, it charges $20 for the commission fee instead. This is a reasonable feature since they must turn to commission fee to replace the spread profit. For Fixed spread account, the minimum deposit is $500 while other features such as leverage and order volume of this account is similar to that of Standard account.
ECN account: This account type is more suitable for professional traders who have had many experiences in the forex trading system. For this account, the minimum deposit is $1000 which is remarkably higher than other account types. Nevertheless, the commission fee is relatively lower with only $6. In fact, this commission fee is the same as the fee of Exness and XM, which is $5 and $6 respectively.
US & UK brokers are highly trusted in their domestic market due to the prestige of their financial system. However, when it comes to the overseas transaction, especially with Asia countries such as Thailand or Indonesia, traders should avoid trading with US & UK brokers. This is due to the fact that Asian traders will be charged from 1.7 to 4% of their fund if they choose to deposit via credit cards. For an average broker with a profit rate os 5% a month, there is no point for the fellow trader to pay 4% of their profit just for depositing only. As a result, Thai traders should seek brokers that offer local payment systems instead of partnering with US & UK brokers. In this category, FBS is an excellent candidate since this broker allows Asian traders to deposit and withdraw easily via local banks and even e-wallets. Moreover, the transaction speed of FBS is also a plus points since it has the second fastest transaction speed, after Exness (Morre over, Exness minimum deposit is only $1). For FBS, its transaction time takes only 30 minutes to an hour to complete while other average brokers might take as long as many days.
In forex trading, brokers that can provide a reliable and considerate customer support services are brokers that can win the clients’ heart. In this field, the trading process can become extremely complicated at times so traders need constant help from their brokers. For this criteria, I have my faith in FBS completely since their support team has made a fantastic impression to me. They offer English support 24/7 through live chat and they are even willing to call their clients back. Moreover, they also provide local language support in many countries such as Indonesia, Malaysia, Egypt, Thailand, China, Korea and Myanmar 5 days per week. In short, the support system is FBS shows nothing but dedication to the customers and the will to create a long-term relationship with their traders.