When mentioning the best forex brokers in the world, FBS is one of the best brokers. FBS is developing in Asian countries in 2018, especially in Thailand and Indonesia. However there are some confuses relating to this brokers, so I write this review for traders’ wide vision in choosing the best broker for themselves.
FBS was founded in 2009 and have offered to trade up to 35 currency pairs, 4 precious metals, 2 CFD and cryptocurrencies.
To be the best broker for traders, that broker must adopt the standards of one the best broker as below:
- Trading costs
- Trading conditions
- Account types
- Payment systems
- quotes quality
- Customer support
- Local offices
Through this article, I will cover all related aspects of FBS to see whether it is good or not.
- The credibility of FBS
As you know that the regulations have the close relationship with the credibility of one broker. It proves whether that broker is good and reliable enough to trade with. Regulations are licenses that trusted financial organizations apply to a broker to manage that broker. Regulation also help to guarantee traders’ safety as well. Because the regulation is very hard to obtain so only big brokers can meet demands of those regulations. CySEC and IFSC are two regulations that FBS possesses. So traders of FBS can feel safe when trading with this broker.
Many traders often think that the more license, the more reliable that broker is, which a wrong idea is. As you know that gaining one regulation is very difficult so only one regulation is reliable enough for traders. Therefore traders should not care much about how many regulations one broker has. If your country has the regulation, you should work with broker who has that regulation. Because that regulation can protect traders by law if there is any problem happening. FBS has IFSC – a South African regulation – so traders in South Africa can be safe when trading with FBS. If your country does not have regulation, the safer thing to do is to choose the best forex broker with one trusted regulation. And FBS also has CySEC to adapt with traders in this case. If one broker has many regulations, the disadvantage here is the limited standards for traders when signing the account.
- Trading costs of FBS
Trading costs here are both income and outcome of traders when they join in the trading. Spread, commission and bonuses are main factors trader pay attention to.
- Spread: Most traders, especially beginners, would like to trade with low-spread brokers. The lower spread is, the more saving traders can have. So what is the spread here? Spread is the difference between the Ask price and the Bid price of a currency pair. The spread of FBS is with the list of lowest spread brokers in the world. The real spread is only from 0.2 to 1.1 pip.
- Commission: The main income of FBS is commission. But depending on type of account, FBS has different commission rates, especially Cent account does not charge commission.
- Bonuses: There are many types of bonuses and FBS has all of that bonuses including welcome bonuses, deposit bonuses and loyalty program. Firstly, the welcome bonus is up to $50 if traders sign in the first time on their system. With this bonus, traders can save money for their trading. Currently FBS has the highest bonus in the world, up to $123. Moreover the deposit bonus give back traders up to 100% of the deposit amount. But the most attractive program here is the cashback program which give back traders $7 for every lot traded.
- Whether FBS’s trading conditions are good or not.
When mentioning the trading conditions of FBS, we must understand of types of account on FBS system. FBS has 4 different types of account which are regular accounts (Cent account, Standard account, and Fixed Spread account) and the ECN account. Each account type is suitable with each type of trader.
- Cent account: is specially designed for trading beginners and new traders. The minimum deposit is from $1 for trading. With this amount, traders can be free to check trading conditions without being scared of much loss. And the deposit of $10 is enough for traders to practice within 3 months. The spread is only 1 pip and the order volume is from down to 0.01 lot Cent up to 1000 lots. Moreover, it is more convenient for traders when this account type does not charge commission.
- Standard account: Traders with a little bit experience will trade with this account. The minimum deposit is pretty low – $100. The leverage is up to 1:3000 which is good for traders to push their trading and even can help traders to get the high profit. Same as Cent account, standard account does not charge commission fee as well.
- Fixed spread account: also called zero spread account. This account has the main income of commission so it charges up to $20 for commission. And the minimum deposit is pretty high- up to 500$. Other conditions is same as Standard account.
- ECN account: is designed for experts and experienced traders in the world. Its minimum deposit is up to $1000 however the commission is lower than other brokers in the world.
- Payment system and customer support
Payment system: is very import for traders when they start to deposit and withdraw the money for trading. In Asia, traders often deposit through credit cards, the banks would charge them from 1.7 to 4% of total amount. It is very difficult for traders to pay this amount because they will get losses if the trading is not good enough. Therefore, it is necessary for traders to choose the best brokers with the best local payment system. And FBS is one of the most reliable brokers with local banks and e-wallets in Asian countries. Traders can transfer money though these banks and e-wallets with half of an hours, not several hours.
Customer support: FBS also have the customer support channel online for traders. They support clients in English 24/7 on live chat. Besides, traders in non-English countries can come the local offices of FBS to have the reply for their questions. FBS currently has the local offices in Indonesia, Malaysia, Egypt, Thailand, China, Korea and Myanmar.