Finding the right Forex broker can be rather challenging, as there are so many to choose from. As with any form of investment it is advisable to do some research before picking the best for your needs. We are writing this FBS review to provide you with enough information to compare various brokers, and make an informed decision.
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A Brief Introduction To FBS And What’s On Offer
FBS entered the world of Forex back in 2009, so can be considered well-versed in the Forex world. This broker is owned by the FBS Markets Company, who are well-known in the financial services industry. There are offices in a number of significant Asian cities, including Malaysia, China, and Kuala Lumpur. However, we should mention that FBS does not accept customers from the USA. FBS is an ECN Forex broker and has won some prestigious awards, including some issued by the World Finance Foreign Exchange Awards.
In 2013, they joined a non-profit and self-regulated partnership “Center for Regulation” by CRFIN. This has given them an enviable reputation as it means they comply with the agencies strong regulations, as well as benefit from increased security measures with regards personal data protection. There is also the promise of speedy and smooth financial transactions.
FBS.com has a great website, with heaps of useful information. Customer service is excellent, with communication possible via email, phone calls, and live chat. A number of different languages are supported, including Russian, Spanish, Turkish, Chinese, and of course English.
In general, it is USD and EUR which are the chosen currencies for opening an account, and the minimum deposit amount is $1. Which makes it a good choice for beginners with a small budget. There is also an Islamic account available. There are also a number of attractive Forex bonuses.
FBS Trading Account Features At A Glance
- Minimum deposit of $1
- Maximum FBS leverage of 1:3000
- Five different types Of accounts
- FBS spreads starting from 0 pip
- ECN account offered with tight spreads and a commission per lot
- Full range of payment options
- Trading instruments include 32 currencies and two metals
- MT4 & MT5 Trading Platform
- Official Website : www.FBS.com
FBS Offers A Range Of Different Accounts
- Cent account – This is perfect for beginners as it allows traders to gain real experience, but with minimal risk. The minimum deposit is only $1, and leverage is 1:1000. Minimum order volume is 0.01, and floating spreads start at 1 pip. As a beginner it is also useful to be able to use any robots and strategies, without restriction.
- Micro account – With a micro account traders can enjoy the advantages of fixed spreads and STP trading. There is also leverage of 1:2000 and spreads fixed at 3 pips.
- Standard account – Once traders have passed the beginners stage they can move onto a standard account. Which is better suited for traders with a little more experience, and those who are ready to test out their strategies. This accounts focus is mainly on improving profits, and reducing risk, with the introduction of reduced floating spreads. Minimum deposit is $100, and leverage is 1:2000.
- Zero spread account – The minimum deposit for this account is $500, which makes it an option for the more serious trader. As the name implies, trades can be executed with no spread, which means a trader can get more familiar with market conditions, and how they affect trades. Many professional traders find this account very useful. A commission is charged of $20 per lot.
- Unlimited account – This is a little different than the other accounts, as it is an ECN account. It is the option that most resembles trading conditions in the Forex market. Minimum deposit is $500, and the floating spread starts at 0.2 pip. There are no restrictions on open positions and pending orders, so traders have freedom to trade as they please.
Once you’ve funded an account with $10000, and traded 50 lots, you are invited to become a VIP client at FBS, which has certain advantages. Such as priority in processing withdrawal and deposit requests, your own account manager, VIP gifts, and a VIP client certificate.
We should also mention that FBS offers a demo account, which is always a brilliant way to start a Forex career. Trading under market conditions, but only using virtual money. With plenty of opportunities to learn more about Forex trading, as well as test out various strategies.
How Does FBS Treat Their Clients?
FBS customer support is available in 18 different languages and is designed to offer the most comprehensive support to clients from a majority of Asian, European, and Middle Eastern clients. The live chat feature is an excellent feature to get immediate assistance, and official correspondence can be made through emails or phone calls.
Unlimited account holders also enjoy SWAP-free accounts, which is a great feature for long-term traders who hold on to overnight trades. FBS account can help in reducing the cost of trading to a great extent, which is indeed one of the most significant advantages of FBS.
One of the other perceived benefits of FBS is the availability of a 100% deposit bonus, which is offered for all traders opening a new account making their first deposit. The FBS bonus is certainly not preferred, as a majority of negative FBS reviews are due to the conflicts arising between traders and FBS over withdrawal issues. Brokers only offer a bonus if traders are willing to accept their terms and conditions, and it is often difficult to satisfy these trading conditions before making a withdrawal of the initial invested amount.
The maximum leverage also plays negatively to the company’s strength, the 1:3000 leverage is indeed the highest offered by any broker in the industry. Novice and even experienced traders are susceptible to the risks of higher leverage, as a huge margin of 1:3000 can wipe out the investment with just a 3 pip move. Considering that the starting spread for the Micro account is 3 pips, it is easy to understand how a trader can face a margin call for initial deposits as low as $5. The high leverage is also another factor that contributes to the overall negative image of the company.
On the other hand, if used wisely, both leverage, as well as lower spreads, can work remarkably in the trader’s favor. Profitable FX trading is dependent on striking the perfect balance between all the different tools of the trade, and if done carefully, FBS offers the best resources for making consistent profits in the Forex markets.