FBS is rising as one of the best brokers in the past years in Asian countries. Especially, FBS is widely popular in Indonesia and Thailand. In this FBS reviews, I will conduct FBS reviews for the traders who tend to partner up with a good forex broker in the future. FBS was set up in 2009 and can be executed up to 4 precious metals, 2 CFD & cryptocurrencies and 35 currency pairs.
Regulations are essential to point out the credibility used to determine any reliable brokers. Regulations are legal documents licensed to a broker by trusted financial organizations. All brokers have to follow some set of rules for traders’ safety. Just some big brokers can meet the standards of these regulations. IFSC and CySEC are two of the most trusted organizations of regulations to be licensed FBS regulations.
Many beginners believe that a broker with more regulations is more reliable than others. This may be wrong. Having a lot of regulations doesn’t means a broker is good in terms of their trading. 2 possibilities can happen. If you have regulations in your country, it’s good news for you to do business with local brokers. One regulation is perfect for you. FBS has IFSC, a regulation in South Africa. It’s reliable to work with them.
On the contrary, if you don’t get a regulation in your country, I think you should work with a trusted broker with regulations. Sometimes, having too many regulations will become a barrier to trade. Regulation is just a symbol of trust, fame and safety.
The traders would like to work with a low- spread broker. Spread is considered as the difference between Bid price and Ask price of a currency pair. With FBs spread, it goes from 0.2 to 1.1 pip that is in the best low spread brokers in comparison to other best forex brokers BRKV.
FBS charges commissions for income. It has several rates of commissions. There is no commission for the accounts of Cent and Standard.
FBS provides Deposit bonus, loyalty program and welcome bonus. The deposit bonus will be given back to traders. Also, with cashback program, you will rebate $7 for every lot trading. $50 will be transferred to your account if you sign up as soon as possible.
CONDITIONS OF TRADING
There are 4 several kinds of accounts given by FBS. They are 3 regular accounts (Cent account, Standard account & Fixed Spread account) and ECN account. Each account has some different features and is suitable for each trader..
Cent account is only for new traders. The money for the minimum required deposit is only $1. As a new trader, it’s not good to invest a lot of money into trading because the possibility of new brokers to win is nearly impossible. With $10, it’s enough to practice trading in real conditions in 3 months. The spread is just around 1 pip. And even better, this type of account doesn’t charge any commissions, so you can freely trade as much as possible at any time.
Standard account is mainly for experienced traders. You have to invest $100 for the minimum required deposit. The spread is better, about 0.5 pip. The leverage comes to 1:3000. This account is charged no commission.
Fixed Spread account doesn’t have no spread. Instead, it charges each trader $20 for commission. It’s normal because the spread is primary income of brokers. If the spread comes to zero, the brokers have to charge commission. You need to pay $500 for the minimum deposit.
Experts and long-term traders tend to take ECN account. $1000 is the money for the minimum required deposit, but the commissions are lower than others ($6).
SYSTEMS OF PAYMENT
If you trade in US or UK, those brokers are popular with trading. But in Asian countries, especially in Thailand or Indonesia, they’re not welcomed because if traders deposit by credit cards, the international bank will charge between 1.7 and 4%. For example, you make a monthly profit 5% and pay 4% for depositing. It’s a high free.
Instead, it’s wiser to choose any brokers with local systems of payment. FBS is outstanding in Asia. You can deposit and withdraw money through the e-wallets and the local banks. Also, speed transmission of FBS works very fast. It only takes from 30 to 60 minutes to complete via banks while other brokers can take hours, even days to finish.
No-one can deny the key role of Customer service in forex business. As you know, trading forex is a very complicated and a lot of help from brokers.
Brokers will help traders answer their questions because most of the traders will be confused at forex system. For this reason, it’s a high factor to measure a good broker. FBS team of support is in English 24/7 on live chat.
You can make a request of calling back in any cases. That can a good way of how dedicated they are to their customers. To non-English speakers, they have different branches in Malaysia, Indonesia, Korea, Thailand, China, Egypt and Myanmar to help their customers 5 days a week. I highly appreciate what FBS did.
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