FBS is becoming a top broker in the Asian region in 2018, especially in countries like Thailand and Indonesia. Therefore, I will assist them in finding suitable brokers by writing an FBS reviews. Traders in FBS can trader up to 35 pairs of currency, cryptocurrencies, 4 precious metals and also 2 CFD.
It is better to use standards to rate brokers if you want to find a suitable broker for you. These below standards are the common standards that any excellent broker has to meet:
- Trading costs
- Customer support
- Local offices
- Trading conditions
- Payment systems
- Account types
- Quotes quality
Now let’s go through all the standards I have just mentioned to see how good FBS is. And in the process, I will also compare some FBS’s aspects with other top brokers like XM and Exness.
When it comes to a broker’s credibility, regulation is always the first and the most important factor that comes to my mind. Brokers that have regulations have to follow rules set by reliable financial organizations that provide those regulations. Therefore, small brokers usually cannot meet the standards to acquire regulations. As I know, FBS owns IFSEC and CySEC which are two very well-known regulations so when it comes to the credibility of FBS, you can sit back and relax.
But do not think that number of regulation matters the most. That is a mistake that I see in many new traders as they think traders with more regulations are better than ones that have less. Let me explain further why I said so. You should go with brokers that have your country’s regulation as you will be protected within your country. Taking FBS as an example, it has, IFSC which is a regulation of South Africa. So if you are living in South Africa, you can put your faith on the credibility of FBS. If you are living in Asian countries or any other countries that do not have their own regulations, the best forex brokers in the world with high-quality regulations are your better options. FBS has CySEC which is a very popular regulation so they can be considered as reliable brokers. Having too many regulations is like chaining themselves with rules which are usually limits to brokers. Therefore, the recommended number of regulation for each broker is one, but obviously, it has to be reliable and effective.
Brokers that offer low-spread are often preferred by many traders. In case you do not understand what is spread. It is calculated by taking the Bid price and đeuct the Ask price. FBS’s spread is one of the lowest spread even lower compared to brokers like FXCM, FXTM, and XM. FBS’s spread is 0.2 to 1.1 pip only.
Traders usually have to pay commissions when trading with brokers and FBS is applying the same policy. The commission rates traders have to pay to FBS is based on their account types. For example, the commission rates for Cent and Standard accounts are 0 which means no commission fee is needed.
FBS offers so many best forex bonuses such as welcome bonus, loyalty program or deposit bonus. You can get one of the highest rate bonuses from FBS, $123 maximum. You can also deposit into FBS and get 100% of the amount you just deposited with its deposit bonus. During your trading time with FBS, you can also get $7 every time you finish a lot. And if you are now interested in FBS, you can sign up a new account and instantly get $50 bonus without doing anything.
You can choose 4 different account types in FBS. They are regular accounts (Standard, Fixed Spread and also Cent account) and ECN account as well. Each targets different customer’ needs.
Cent Account: This account mostly aims for people who just are new to forex trading due to its low deposit requirement. You only have to deposit at least 1$ into the account and that’s it, only 1$. The reason why this account is good for new traders is that they should not invest a lot of money at the start as 90% of new traders will not gain any profit and even lose most of their money. You can just deposit 10$ and practice with actual trading conditions for around 3 months. You can also get pretty low spread with this account, at only 1 pip, and also decent order volume from 0.01 lot Cent maximum of 1000 lots. The lower it is, the better you can get because you will be less likely to lose all your money. And the free commission is another amazing feature of this account.
Standard account: This account mostly aims for traders who already have a little more experience. It has an average minimum deposit requirement which is around $100. The spread is quite lower compared to the Cent account, at 0.5 pip. The leverage is considered high at up to 1:3000 and the higher the leverage, the better you can get. Leverage of Standard account of XM is only 1:888. The order volume is ranging from 0.01 to 500 lots. And surprisingly this account is also completely free of commission.
Fixed Spread account or Zero Spread account: the name Zero Spread is due to its zero spread. FBS charges 20$ of commission instead. The reason for charging commission because most of the brokers rely on spread to get profit so in this case, the spread is zero so FBS has to charge commission instead. The rest is pretty much the same as Standard account such as order volume and leverage. The only difference is $500 minimum deposit compared to $100 of Standard account.
ECN account: This account mostly aims for expert traders. The requirement for minimum deposit is pretty high, at $1000 but FBS charges a lower commission compared to other brokers, at only 6$. This commission rate is similar to other top brokers like Exness and XM, which are 5$ and 6$ respectively.
Surely US and UK brokers are offering impressive services, but it is only in their own countries while it is a totally different story in Asian countries, especially Indonesia and Thailand. 1.7 to 4% of the total fund is the amount that you have to pay when depositing into those brokers. You would be really lucky if you can manage to get profit with that high transferring fee. That is why local payment system is important for Asian traders. And that is strength of FBS. They have impressive local system payment supported by many Asian banks and international payment gateway at a very fast transaction processing speed, only a bit slower than Exness. The whole depositing process will probably take you half an hour while it is hours or days for other brokers.
This is a very important standard when traders choose a broker because they would need many supports from brokers due to forex trading’s high complexity. Personally, I would say FBS support is very close to being flawless. You can access its English support 24/7 without paying anything, not even mobile phone charge because they can call you back if you want. For non-English speakers, they are free to access their local offices in many Asian countries such as Myanmar, Korea, Egypt, Indonesia, Thailand, China and Malaysia 5 days a week.