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FBS Broker Review

FBS Broker

Launched in 2009, FBS is a regulated forex broker providing financial services to millions of traders in more than 170 countries. We saw that the website is available in 6 European languages and 13 Asian languages including Chinese, Japanese, Arabic and Korean. Notably, FBS has received multiple prestigious industry accolades including ‘Best Forex Broker’ awards in Indonesia, South-East Asia, Thailand, Middle East, and the Asia-Pacific Region. We were impressed by the broad choice of trading accounts available from just $1 deposit. Indeed, clients can trade with multiple financial instruments including, forex currency pairs, indices, stocks, CFDs, precious metals and cryptocurrencies with up to 3,000:1 leverage and spreads from 0 pips.

Account Features

FBS Promotional Bonus Offers

For traders seeking bonus rewards, FBS offers a vast program of promotional offers including a 100% deposit bonus and a $123 welcome bonus. We saw numerous contests, promotions and bonuses at FBS, ranging from Cashback for losing orders, Traders Parties and ‘Get a Car from FBS’ amongst many others. Nevertheless, we suggest that traders read the terms and conditions of any promotional offer before opting to participate, ensuring that they fully understand the rules. Especially the potentially large volume of trading investment that may be required to fulfil some bonus terms.

Live Trading Account Types

Clients can choose from six types of live trading account at FBS. Significantly all the trading accounts use market order execution with straight through processing (STP) within the Non-Dealing Desk. Moreover, we saw that 95% of orders are executed within 0.4 seconds because of the high-speed execution guaranteed to clients by FBS. It’s worth noting that all live trading accounts except for the ECN account, support free funds insurance and swap-free trading.

FBS Cents Account

Specially designed for those clients just starting out in forex trading, the FBS Cents Account requires an initial deposit of $1. Notably, the account is commission free and provides leverage up to 1:1000. However, the order volumes are limited to between 0.01 and 1,000 cents lots and only up to 200 open/pending orders can be open at one time.

FBS Micro Account

With a $5 initial deposit, clients can open an FBS Micro Account, supporting financial trading in 35 currency pairs, CFDs, cryptocurrencies and metals. Notably, the Micro account offers fast STP market execution, leverage up to 1:3000 and is free of commission. However, the spreads from 3 pips are relatively wide and a maximum of 200 open positions and pending orders is permitted.

FBS Standard Account

To open an FBS Standard account requires an initial deposit of $100. We saw that the account is tailored to the needs of seasoned traders, supporting a broad range of financial instruments including 35 currency pairs, metals, cryptocurrencies and CFDs. The Standard account has floating spreads from 0.5 pips and gives access to leverage up to 1:3000. Notably, clients with the Standard account are not permitted to have more than 200 positions and pending orders open simultaneously.

FBS Zero Spread Account

For traders seeking STP market execution trading at incredibly high speeds (from 0.3 seconds), the FBS Zero Spread account provides the way. An initial deposit of $500 is required to set up an account with zero pip fixed spread and commission of $20 per lot. We saw that traders can select instruments from multiple asset classes including 34 currency pairs, CFDs, cryptocurrencies, gold and silver to trade with up to 1:3000 leverage. However, trading is limited to 200 open positions and pending orders at any one time.

FBS Unlimited Account

To set up an FBS Unlimited account with STP market execution, requires an initial deposit of $500. The account supports trading in 35 currency pairs, CFDs, cryptocurrencies and metals with zero commission. Clients get access to leverage up to 1:500 and floating spreads from 0.2 pip.

FBS ECN Account

With a minimum first deposit of $1,000, clients can open an ECN account in USD only, with access to 25 currency pairs. The FBS ECN account features ECN market execution and unlimited trading. Leverage up to 1:500 is available and floating spreads from 1 pip. Notably, commission of $6 is payable on completed trades and the accepted order volumes are from 0.1 up to 500 lots.

FBS Exclusive VIP Client Advantages

Customers who have made deposits totalling $10,000 to their trading accounts since registering with FBS, and have traded at least 50 lots, get VIP client status automatically. We saw that VIP clients enjoy several exclusive advantages, including dedicated account managers who speak their client’s native languages, also VIP gifts on special occasions and priority treatment of deposit and withdrawal requests.

FBS Swap Free Islamic Account

Clients following the Moslem faith can request a Swap free account from customer support at FBS. Notably, positions left open for more than two days are charged a fixed fee clearly indicated by FBS, which is not an interest on the trade, and depends on whether the trade is a buy or sell.

FBS Limitations on Leverage

We saw that FBS offers leverage to traders of up to 1:3000 which is probably the highest level of leverage offered by any broker in the industry. Notably, the leverage offered by FBS, depends on the account type and the amount of investment equity. We saw that leverage of 1:3000 is available on the sum of equity up to $€200. The leverage falls to 1:2000: on equity up to $€2,000 and to 1:1000 on equity up to $€5,000. With the sum of equity up to $30,000, traders can invest with leverage of 1:500 with the leverage falling to 1:200 on equity up to $€150,000. Traders can access leverage of 1:50 and 1:100 without any limitations on equity. Moreover, the maximum leverage for trading in Gold from any type of trading account is set at 1:400 and on other metals 1:100. However, it’s important to realise that whilst very high leverage gives traders the opportunity to execute orders for much bigger amounts of money than they have deposited in their trading accounts, the amount that may be lost through unsuccessful financial trading is also magnified.

Trading Software & Assets

Traders at FBS can choose from a wide range of Meta Trader forex platforms for both Mac and Windows powered computers. Whilst traders need to download the MT software to desktop, access to trading accounts is also available through the MT4 or MT5 WebTrader, with the same password. Additionally, trading on the move, using smartphones and tablets is possible through the free MT mobile apps for Android and iOS (download in the App Store and Google Play Store). The FBS Meta Trader platforms offer high leverage and Market execution, trading without re-quotes or deviations. Conveniently, the Meta Trader provides in built multi-lingual support and simple one click trading. Moreover, both the MT4 and MT5 offer demo accounts with access to an authentically replicated trading environment for risk-free practice trading with virtual money.

FBS MetaTrader4 Platform Features

The MT4 trading platform is typically regarded as the industry ‘Standard’ forex trading platform. Notably, the MT4 is customisable, reliable and secure, with an intuitive interface making it very easy to use by even the most inexperienced traders. The FBS MT4 offers trading with 41 financial instruments across currency pairs, cryptocurrencies, CFDs and Futures. Importantly, the platform supports automated (algorithmic) trading with Expert Advisors. Moreover, live market news is streamed onto the platform and clients have access to several charts and 50 technical indicators as well as technical analysis.

FBS MetaTrader5 Platform Features

The MT5 trading platform is the ‘follow up’ version of the MT4 designed to eventually replace the MT4. Whilst novice traders may be wary of the technologically advanced platform, it is also user-friendly with an intuitive interface and inbuilt support. The FBS MT5 provides 41 tradable instruments including currency pairs, CFDs and futures. Importantly, the MT5 offers market depth and 21 time frames as well as more technical indicators and charts than the MT4.

Copy Trading Platform for Investors at FBS

Any client investing in forex trading at FBS can choose to copy traders with impressive records of profitable trades on the FBS CopyTrade social trading platform. Significantly, traders don’t need financial trading experience to copy other traders’ portfolios. Simply select the top traders, create a portfolio of traders to track, connect to them and copy their trades with one click. We saw that the FBS CopyTrade platform is accessible through the dedicated app for Android and iOS mobile phones in the App Store and Google Play Store.

Copy Trading for FBS Traders         

Successful traders with an FBS Micro, Standard or Unlimited account, who opt for the MT4 trading platform, can earn commission for their trading skills, from less experienced traders who want to copy them. Importantly, traders who want to be copied and earn a percentage of the copy traders’ profits, must enable the FBS CopyTrade function in the personal area of the trading account and trade normally.

Trading Cryptocurrencies at FBS

Reflecting the ever-growing popularity in online cryptocurrency trading, FBS has added four cryptocurrency CFDs to the existing range of trading instruments available to clients. We saw that traders can trade in Bitcoin, Ethereum, DASH and Litecoin, against the USD, with as little as $10 invested on a single position. Furthermore, FBS offers leverage up to 1:3 allowing clients to potentially increase profits substantially. Significantly, cryptocurrency trading never stops, allowing FBS clients to trade 24/7, unlike forex trading which is limited to 24/5. Moreover, trading in crypto CFDs allows traders to profit from the typically huge price volatility without being impacted as crypto asset owners. In our experience, the biggest advantages of trading cryptocurrency CFDs is that traders don’t need to own the physical cryptocurrency assets renowned for their hugely volatile price movements. Neither do they need to run the risk of being hacked and potentially having their cryptocurrencies stolen whilst trading on cryptocurrency exchanges.

FBS Risk Management for Traders

Customers at FBS can manage trading risks to some degree by utilising leverage prudently and using stop-loss orders on the trading platform. We were pleased to see that FBS provides automatic negative balance protection in trading accounts. Additionally, clients with a Cent, Micro or Standard account can take out ‘free deposit insurance’ protecting from 10% to 100% of their funds in case of trading losses. However, the deposit insurance is included under the various bonus offers made by FBS and comes with terms and conditions that should be considered carefully before applying. Notably customers can apply for deposit insurance only after a specific number of lots have been traded. From the example given on the website, a trader with a $1000 deposit can apply for 40% deposit insurance when trading a volume of 50 lots. In the event of an ‘insured event’ happening whilst trading, FBS compensates the trader with $400. The exact details of the deposit insurance and what qualifies an insurance event, are described in the client’s live trading account in the ‘personal area’.

Support Information

FBS provides 24/7 support to customers all over the globe through live chat on the interface, Email and telephone. We saw on the contact page that support is also available over ‘Telegram’ messaging service, Messenger, Twitter feeds, Facebook and ‘What’s App’.

Banking & Company Information

FBS is the trading name of FBS Markets Inc. regulated in Belize with an IFSC license number 60/230/TS/17. Additionally, the company is authorised and regulated by the Cyprus Securities and Exchange Commission (CySec) under license number 331/17. FBS has multiple representative offices across the globe providing 24/7 customer support in national languages.

Customers with FBS trading accounts have an astonishingly wide range of payment methods to choose from including credit/debit cards, multiple digital methods, local payment methods and wire transfers. We saw that the list of payment methods is set out transparently on the FBS website with processing times and exact commission rates, if any, for both deposits and withdrawals. We were pleased to see that the majority of payment methods, are totally free of commission to FBS and withdrawals are processed and delivered rapidly.