FBS Forex Review
FBS Forex Review
While most brokers provide several account type options, Clients of FBS are offered a choice of six. All of them offer market execution and the chance to trade in micro lots in Cent account for easier risk management. Besides, FBS’s clients may choose between fixed and variable spreads, commission-free trading and zero spread plus commission.
In addition, FBS forex broker provides swap-free (Islamic) accounts as well as VIP Services. STP/ECN environment is also available with this broker.
The service that we like the most about FBS is the deposit insurance (available for Cent, Micro, Standard account types), which helps you to insure between 10% and 100% of your deposit – as long as you have traded a certain number of lots, the broker pays you back the insured amount in case you lose it. This way you can stop worrying about your investment, and can focus on making some dough instead.
Keep in mind that this broker does not provide financial services to residents of Belize, the USA, Russia and Japan.
Established back in 2009, FBS is now a popular international broker which has won numerous awards. It offers its clients competitive trading conditions, wide range of trading accounts, payment methods, a choice of fixed and variable spreads, Metatrader 4 and MetaTrader 5, as well as various promotions.
Behind the brand is FBS Markets Inc., a company licensed and regulated by the International Financial Services Commission of Belize (IFSC).IFSC has very liberal control over forex brokers, but still, the regime in Belize is far better than those in other offshore jurisdictions.
In 2017 FBS, undertook an important step and got licensed in one of the most popular destinations for forex brokers – Cyprus. Its EU entity Tradestone Limited operates under the regulatory oversight of the Cyprus Securities and Exchange Commission, a.k.a. CySEC.
Forex brokers licensed by CySEC must comply with a number of requirements regarding capital adequacy, transaction reporting, clients’ funds segregation, AML policies, etc. Besides, all licensed entities are members of the Investor Compensation Fund, which may cover a maximum of 20,000 EUR per person in the event of broker insolvency.
Furthermore, under the MiFID regulations every CySEC-regulated ibroker is entitled to operate throughout the EU and the EEA.
Minimum Initial Deposit
One may open an account with FBS with just $1 – a symbolically low initial amount. In comparison, FX Choice (which also holds a license from IFSC) requires at least $100 as a minimum for opening an account, but it offers pure STP/ECN environment.
Average spreads & Commissions
According to us, the best spreads of FBS are offered on the ECN and Unlimited account types. Spreads on ECN account start from -1 pip (negative spread) and the commission is just $6 per lot.
In comparison, Fx Choice offers typical spreads amounting to 0.5 pips on EUR/USD, and commission of $3.86 per lot applies. For further information, you may look up real-time spreads of 15 leading brokers here.
The maximum leverage levels available with this broker are among the highest in the industry, reaching 1:3000. While this may sound attractive, especially to traders on a small budget, since it allows them to operate with significantly higher amounts, keep in mind that higher leverage involves greater risk.
We advise traders to exercise caution when using higher leverage levels, in this case – to benefit from the deposit insurance option, provided by FBS.
MetaTrader 4 is the most popular forex trading platform. Equipped wirth a number of technical indicators, advanced charting tools, extensive back-testing environment, and a wide range of Expert Advisors (EA), it is preferred by most traders. allowing clients to fully automate their trades. MT4 comes in desktop, and mobile versions.
As most MT4’s indicators and Expert Advisors (EA) are not supported on the MT5 platform, the latter is still in the shadow of its predecessor. Recently, however, a number of enhancements were made to the MetaTrader 5 and the hedging option was finally added to it and it gains popularity. What is more, Russian developer MetaQuotes announced it will no longer issue updates to the MT4 and will instead concentrate on the MT5.
FBS runs a variety of promotions. At the time of writing this review the following bonuses are available:
– 100% bonus for deposit;
– Welcome bonus $123 for 7 days;
On the first day of each month, you will be able to withdraw as much profit received on the bonus funds as many lots you have traded within the previous month x3.
-Cashback program, allowing traders to receive up to $15 per lot.
Methods of Payment
FBS offers its clients a wide range of payment methods: credit cards (Visa, Visa Electron, Mastercard), bank wire, Skrill, Neteller, WebMoney, Perfect Money, OKPAY, YuuPay, LaoForexBoard, FBS Asia Exchanger, Zaw Forex Service.
FBS appears to be a decent broker, who has operated for more than 8 years and has won many awards. It offers reasonable conditions for trading in a variety of products through different platforms.
FBS Forex Review Conclusion
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