FBS Forex Broker Review
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.
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. FBS is a trading name of FBS Markets Inc (registration number 119717), Parallax Incorporated (VC0100), Tradestone Limited (353534). There are offices in a number of significant Asian countries, including China, and cities like Kuala Lumpur in Malaysia. However, we should mention that FBS does not accept customers from the USA, Cyprus, Belize, and Russia. FBS is an STP and ECN Forex broker and has won some prestigious awards, including some issued by the World Finance Foreign Exchange Awards.
FBS is regulated by IFSC and CySec:
- Regulation: IFSC; License IFSC/60/230/TS/17, No.1 Orchid Garden Street, Belmopan, Belize, C.A.
- CySec (Cyprus Securities and Exchange Commission), License Number: 331/17.
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, live chat, Facebook messenger, Telegram and WeChat. 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 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 1:3000 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 1:3000.
- 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 STP 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.
- ECN account – Minimum deposit of $1000 with a floating spread from 1 pip with a leverage up to 1:500.
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.
Deposits and withdrawals with FBS
We’ve already mentioned that funds can either be deposited in USD or EUR but also in THB(baths) as the account currency for Thailand, and all the most common payment methods are supported. These include debit and credit cards, bank wire transfers, NETELLER, Skrill, OK PAY, CashU, PerfectMoney and Bitcoin. For Wire Transfer the fee is 30EUR, minimal withdrawal amounts are as little as $1, unless it is via wire transfer, in which case the amount is $1000.
Customer support is available in a number of different languages. Lines of communication are open 24 hours a day, 7 days a week with through an email and live chat option. 24/5 for telephone and social media.
FBS can be considered a reputable broker, and has, in fact, won several awards. Read the reviews on the website and you’ll see their customers are happy with the service they receive. With such a low minimum deposit and a leverage of 1:3000, they are definitely one to try.