FBS is considered as one of the best forex brokers in Asian regions in 2018, especially in Thailand and Indonesia. In this article, let me give you the Fbs reviews for beginners who are finding it difficult to choose their appropriate forex brokers.
What are criteria of a broker used to rate it? Following are the some main criteria that any good brokers should have:
- Credibility: Regulations
- Trading cost: Spread, commission and bonuses
- Trading conditions: Payment systems, types of accounts and quotes quality
- Customer support: Local offices and availability
In addition to review of FBS, I will also compare some features of this broker to other first-rate brokers such as Exness or XM.
Founded in 2009, FBS allow it clients to trade up to 35 currency pairs, 4 precious metals, 2 CFD and cryptocurrencies.
FBS review: Credibility
With regard to credibility, obviously regulations should be mentioned. The regulations is one of the most important factors that can indicate whether a broker is good or not.
Regulations are known as the licenses that a broker is given by trusted financial organizations, which help these organizations oversee that broker. With regulations, brokers are obliged to follow a certain set of rules to protect their traders. In fact, only big forex brokers can have these regulations. FBS has two of the most trusted regulations, CySEC and IFSC. Therefore, don’t worry if you trade with FBS.
About regulations, many new traders misunderstand that the brokers which have more regulations are better than those which have less. Indeed, obtaining many regulations doesn’t mean that a broker is better in term of trading. Let me explain. There will be 2 situations. Suppose that your country already has a regulation, you should work with a broker which has that regulation and you don’t need any other regulations because the regulation of your own country is enough. FBS has South African regulation and traders in this area can be protected when they trade with FBS. The other situation is that your country does not have a regulation, like most Asian countries. In that case, you are advised to trade with brokers which have at least one trusted regulation such as FBS with CySEC. More regulations, more limits are put on the broker. Regulations is among the factors that indicate this broker is trustworthy to trade with and one trusted regulation is sufficient for traders.
About trading costs
It is clear that brokers with low-spread are preferred. Spread is known as the difference between the Ask price and the Bid price of a currency pair. FBS is has relatively low spread, which is only from 0.2 to 1.1 pip. This spread is much lower than that of other brokers such as FXTM, XM or FXCM,…
In much the same way, FBS charges commissions for income like some other brokers. FBS offers its clients different commission rates up to account types. You can use the Cent or Standard accounts without commission.
There are many types of the best forex bonuses in 2019 such as deposit bonus, welcome bonus and loyalty program. FBS provide its customers with the highest rate ever of a bonus, up to $123. The deposit bonus pays back traders 100% of the deposit amount. Besides, FBS also offers the cashback program. This program will rebate you $7 for each lot traded.
About trading conditions
- Types of account
There are 4 main account types: Cent account, Standard account, Fixed Spread account and the ECN account. Each account type is designed for specific trading demand.
Cent account: This type of account is suitable for new traders and beginners because of its low required deposit, only $10. Traders are afraid of the risk and nobody want to deposit too much money when they first start trading. With only $10, I suppose that you can practice trading in real-life conditions for up to 3 months. The spread is only about 1 pip and the order volume is from down to 0.01 lot Cent up to 1000 lots. It is better if this amount is lower since that way you won’t lose too much money. Moreover, with Cent account, the traders can trade as much as they want since it does not charge any commission.
Standard account: This type of account can be used by experienced traders. The minimum deposit is about $100, which is not too high. The spread is only around 0.5 pip. The leverage is high, up to 1:3000. Standard account leverage of XM is only 1:888 and the order volume is from 0.01 to 500 lots. Standard account is similar to Cent account in term of commission free.
Fixed Spread account: Also known as Zero Spread account, it doesn’t has no. This type of account charges traders $20 for commission instead. This can be explained: The brokers has their main income from the spread and the brokers must charge the commission if the spread is zero. The min deposit for this account is $500. The leverage and the order volume of Fixed Spread Account and that of Standard account are alike.
ECN account: This account is recommended for experts and long-term traders. While the minimum deposit required is high, which is $1000, its commission is much lower than that of other brokers ($6). This commission rate is low. It is similar to that of Exness and XM, which are the best ECN brokers.
- Payment system
As far as I’m concerned, some US and UK forex brokers are good in their countries but defective in foreign parts, especially in some Asian countries such as Thailand or Indonesia. In Asia, if traders use their credit cards to deposit, their banks will charge them from 1.7 to 4% of their total fund. They Obtaining a profit rate at 5% monthly is difficult and they can’t pay 4% just for depositing. It seems that unsatisfactory. For this reason, choosing a suitable brokers who can provide local payment systems is essential. FBS is among the brokers have the superior payment systems. In Asian countries, It offer depositing and withdrawing through not only all local banks but also e-wallets of customers.. Furthermore, FBS is great with its swift transferring speed. Transactions at FBS is time-saving since it only take you from half to an hour to complete via banks, whereas other brokers can waste you hours or even days.
The forex trading market is pretty complicated and traders always need help and also support from their brokers and so customer support is one of the most important standards to choose a broker. I think FBS supporting team is great. This broker can support clients in English online 24/7. You also can tell them to call you back. That can show how FBS dedicated to its customers. For people who are non-English speakers, this broker offers offices in Thailand, China, Indonesia, Malaysia, Egypt, Korea and Myanmar that are always willing to assist customers 5 days a week.