Time, the forever standard that can be patient for decades to prove whether an effort is in vain or to get fame. Be peers, Exness, XM, and FBS. About a decade passed, but the first two have had a long advance in the world of currency exchange market. FBS, a slow starter, somehow, in recent years, have changed fast and blossomed in not only the awards, but also the competitive trading condition in many aspects.
Struggling for years, be even considered as a scam broker, but FBS now becomes stable in their finally-homeland, Asia. Realizing the potential of the world largest continent with the population of highest, FBS, during these years, focus in many Asian regions and especially the Indochina Peninsula. Things happened as a result and FBS has seemed to find the place to fire their name at last.
Nowadays, the new FBS has upgraded and grown fast with 9 million FBS clients spread over 190 countries. For that reason, this article is to present traders the updated review on XM with its accomplishments to check whether if it’s worth another chance from traders.
As currency exchanges can happen everywhere, streets and corners, banks and black markets, the regulation from financial authorities turn out to be the standard for brokers to start, and first and foremost factor to judge by all traders. This is one critical issue for Asian traders, as the forex market is limited in many regions therein.
The trading condition is much tighter for brokers that possess sets of regulations, not what FBS is searching for. One or two license is good and strong enough. Started with South Africa regulation, the IFSC, the broker later was regulated by CySEC, one of the most reliable financial firms. Then, FBS concentrates more on enhancing the system to better serve their clients, especially in Southeast Asian regions.
Time can tell. 2015, Best Forex Brand – Asia 2015, Best Safety of Client Funds Asia 2015, Highly Recommended Broker Insurance Company in Indonesia of the year. In 2016, Best Customer Service Broker Asia 2016, Top IB Program 2016. In 2017, FBS marks their trust and special care in the Asian regions after the damage by the storm, hence the award for the restoration of damaged roads and houses reconstruction for the villagers – issued by the Government of Indonesia in 2017, besides numerous other achievements.
Note: In 1973, the state control of the forex trading market ended, and the complete floating of the forex business began. To ensure the fair trading whence, financial authorities have its power to define brokers’ standards and regulate brokers’ conduct, and even to issue the indefinite ban.
FBS has multiple choice of accounts, which suit different types of traders, includes three regular option of Cent Account, Standard Account, Fixed Spread Account, and the always-high-of-volatile ECN account.
Cent Account is for the beginner, better than the Demo account, with the real trading condition, hence real pressure and real loss; but super low required minimum deposit of $1 – only after Exness Cent Account with no requirement. Besides, the order is down to 0.01 lot Cent, the spread is low and commission, free, are the advantage for novice traders, who don’t have many coins to lose.
Standard Account is for the experienced. Minimum requirement $100 deposit; 0.5 pips – the lower the better spread; the leverage is up to 1:3000 (XM’s Standard leverage is lower, 1:888), and similar to the Cent Account, free commission. And besides, there is also the 100% bonus rate Deposit bonus to keep regular traders on FBS site.
Fixed Spread Account is slightly different with the Standard. Fixed Spread is spread-free, so as the name of Zero Spread Account, but in return, the higher the commission of $20. In addition, fixed Spread Account minimum deposit is of $500, which needs stronger hands and bigger pocket to gamble and to handle.
ECN Account is always for expert design. In FBS, the ECN requires a considerably high minimum deposit, $1000, but the commission is lower ($6) compared to many other brokers ($7). The condition is relevant with long-term traders, which is also applied by Exness ($5) and XM ($6).
Payment System is one key opponent to choose a broker, especially for Asian traders, living in forex-limited countries and brokers’ headquarters are overseas. The online-multiset broker generation has great advantages in terms of payment, including the FBS. Traders can deposit and withdraw via both local banks and online e-wallets system. This offer needs the high-tech development of transferring speed, and FBS stands second, only after Exness with the instant transaction. The local bank system helps transactions at FBS take just half an hour to finish, while many others would leave you to wait for hours, or even days.
Spread is the difference between the price of selling (bid) and that of buying (ask) for a currency pair, from which brokers take a little part as the service charge. Most traders love to do trade with low-spread brokers, and FBS allows that condition that lay in the top lowest spread. The range is from 0.2 to 1.1 pip, lower than those of XM, FXTM, FXCM, etc.
Commission is the expense that traders pay brokers for fulfilling an order, and also FBS main income – that’s why the Spread is that attractive. The rates of commission in FBS are different between each account types. The condition for the Cent and Standard accounts are free as mentioned above.
Bonus Programs are the plus to FBS, which encourages loyal traders and also attracts the new businesspeople. There are three groups: Welcome or Sign-up bonus, Deposit bonus, and Lot back bonus. FBS is different from many other brokers, offer all three incentive programs. Welcome bonus from the broker names ‘123’, for the highest ever $123 sign-up bonus rate. The Deposit bonus is significant for the deposit rate of 100%. The cashback program rebates $7 for each lot traders complete.
Note: Recently, FBS also offers the new $50 bonus program. Sign-up, verify, then $50 will be added to your account immediately.
Through times of struggling in the Forex market, FBS doesn’t have the multi-language system with over 30 tongues as XM or Exness; but their support in the new homeland, Asia, is well-rounded. The online chat support in English is available 24/7, and traders can even book FBS broadcaster for a recall for later help. For non-English speakers, they have regional offices in China, Korea, Egypt, Indonesia, Malaysia, Thailand, and Myanmar with local staff members. They are open on weekdays, ready for questions and answers. That shows how dedicated FBS is to their clients, especially in the Asia regions.
FBS has advanced a lot from its own difficulties and currently raced fast, especially in their hometown, in Asia. Not the best, but a worth-trading and promising broker for Asian traders’ community. The strategy is clear, to raise the number of the regular and loyal clients, very similar to the Asian characteristics, with the low trading cost, super Bonus programs, and various account options which can match up with all sorts of traders. FBS could be predicted to catch up the same level of Exness and XM soon, next year, 2019.