FBS Review

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FBS is a regulated brokerage offering online trading on a range of Forex and CFD instruments across different asset classes. The broker provides you with competitive trading conditions including tight spreads, low fees and rapid trade execution speeds. I was able to trade with FBS on the popular, powerful and user-friendly MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. They also provided me with a range of trading tools, market analysis, educational materials and convenient account funding options. I think they can be a good choice of broker for anyone looking to trade forex but found them to be slightly limited in terms of other instruments when compared to some of the best forex brokers.

Summary

FBS is a global online forex and CFD broker that has been in operation for many years and has become a very popular option amongst online traders. FBS Inc. began operations in 2009 and has grown in strength, size and capital. Today, the broker has offices and partners from all parts of the world. I like how the website is translated in over 17 languages to cater to the international community.

The broker claims that every day, thousands of new online trading accounts are opened. These accounts belong to both traders and new partners. FBS boasts of millions of clients from over 190 countries across the world.

FBS provides access for you to buy and sell over 75 trading instruments. The trading platforms available are the popular MT4 and MT5 trading platforms. However, FBS does not provide a dedicated social trading platform. I recommend checking out eToro if social trading is a deal-breaker for you.

The broker uses the ECN and STP brokerage model which means that they do not trade against you or take the opposite position as a market maker broker would. My favourite feature is that they offer spreads starting from 0 pips along with ECN technology for pricing and executions.

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Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

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Regulation

The European arm of the brokeragemis owned and operated by ‘Tradestone Ltd’ which is a financial investment services firm based in Cyprus. Tradestone Ltd is regulated by the Cyprus Security and Exchange Commission (CySEC). The registration number is 331/17.

The global website is operated by FBS Markets Inc. which is regulated by the International Financial Services Commission (IFSC) in Belize. The license number is IFSC/60/230/TS/18.

The European clients are given some form of insurance by the Investors’ Compensation Fund (ICF). If for any reason the broker becomes bankrupt, the ICF can compensate traders.

I would’ve liked to see FBS being regulated by more top-tier regulators. I would recommend checking out City Index since they’re regulated by some of the best bodies in the industry.

All clients are fully verified using the ‘proof of id’ and ‘proof of address’ method. The broker also adheres to the Anti Money Laundering (AML) policy.

Industry-standard Secured Socket Layer (SSL) has been implemented across all platforms and websites. I like this feature as it deter hackers and cyber criminals.

Countries

FBS does not allow clients from the following countries: Japan, USA, Canada, Myanmar, Brazil, Malaysia, Israel and the Islamic Republic of Iran. If your country is not accepted by FBS, you might want to check out our broker ratings to find one that is.

Platforms

MetaTrader (MT4 & MT5)

These are the MetaTrader platforms made available to FBS clients. These two platforms are the products of MetaQuotes Software Corporation which is a firm specialised in developing trading softwares. They came up with the MT4 in 2005 and later in 2010; they developed its updated version known as the MT5.

Basically, the two platforms look alike in appearance and have very similar features. The only difference is that the MT5, being the newer version, has more features and even expanded the features already existing in the MT4. Both platforms are available as desktop applications for windows and MAC computers. They are also available as WebTrader and as trading apps.

The WebTrader version can be accessed from the FBS website on a web browser. I like how it requires no downloads or installations. The MT4 and MT5 apps can be downloaded from the Android and iOS app stores so that you can trade on your mobile. I find the apps to be easy to use and have most of the features of the desktop application.

MT4 & MT5 Platforms

Here are a few of the features of the MetaTrader platforms:

• Customisable interface, windows, lists and overall appearance
• The market Watch and charts display the live ‘bid and ask’ price of every instrument
• Three chart styles which includes Bar chart, candlestick and line charts
• MT4 has 9 timeframes while the MT5 has 21 timeframes
• MT4 has 30 inbuilt indicators while the MT5 has 38
• Supports the automation of strategies using Expert Advisors (EAs)
• Access the MetaTrader market where you can buy trading tools like signals, indicators, EAs, etc

MT4 Multiterminal

This is the version of the MT4 trading platform designed for account managers. The MT4 Multiterminal is capable of managing different trader accounts from a single manager account. You can quickly and easily place trades in multiple accounts with a single click.

MT4 Multiterminal

FBS Trader

This is the mobile trading platform from FBS for trading on the go. The app is designed for iOS and Android devices and can be downloaded from their respective app stores. It has a simple interface and is user friendly. I like how it integrates with the MetaTrader platforms and can also be used to fund and withdraw from trading accounts. With the app, live quotes, charts and statistics can be accessed. My favourite feature is how the trade positions can easily be entered, modified or closed from the app.

FBS Trader App

FBS CopyTrade Platform

FBS CopyTrade is a social trading platform where you can replicate the trades of other expert traders who wish to share their strategies. The investor can copy traders whilst the expert trader receives a commission. The CopyTrade platform ranks the expert traders according to their success. Investors can then profile their statistics and make a choice. The minimum investment amount is $100. CopyTrade is only available via its mobile app which is developed for iOS and android devices. With the app, I can customise my favourite traders, start and stop copying a trader in one click and also chat with the support team. It should be noted that past performance is by no means any guarantee of future performance.

FBS CopyTrade App

Tools

FBS Personal Area Mobile App

This is an Android app designed by FBS in order to access the FBS personal area. With this app, I was able to create both demo and real accounts and manage all of them. From the app, I can manage my personal profile, fund and withdraw from my trading accounts and also view the accounts history. Account verification can be done from the app. Customer support is also accessible from the app if you need help.

FBS Personal Area Mobile App

Virtual Private Server (VPS)

A Virtual Private Server (VPS) can run your trading platform remotely 24/7 offering reduced latency, consistent internet connection and overall reliability. Traders who use complicated trading systems and automated trading systems (EAs) often insist on using VPS to solve the problem of fast connection round the clock. With a VPS, I did not need to keep the trading platform running on my computer as it runs remotely. FBS allows clients to set up a free VPS server. However, the client must be an active trader with a minimum balance of $450. If you would like access to a free VPS with no conditions, you might want to check out Switch Markets.

Economic Calendar

This can be an important tool for your fundamental analysis of the markets. This calendar is on the FBS Markets website and on the MT5 trading platform. It shows the date and time at which an event is to take place. These events are most likely to have an impact on the forex/CFD market. Analysts’ forecasts and history of past releases are shown on the calendar. I had to search through the calendar using filters on the right-hand side.

Currency Converter

This tool lets you easily convert one currency to another using the prevailing exchange rates. This is useful for traders who have a different currency from that of the trading instrument. It is also useful for traders whose account currency is different from their local currency.

Trader’s Calculator

This is a very useful tool where you can calculate estimated potential profits from a trade. You have to first choose the account type, trading instrument, currency, leverage and prices. The trader’s calculator then gives you the estimated profit for the trade based on your inputs.

Forex News

The news is updated every business day. It is grouped under the asset classes of commodities, currencies, stocks and economy.

Daily Market Analysis

This analysis is presented by FBS analysts. This section of the website looks at selected trading instruments and uses technical and fundamental analyses to make predictions. Trading ideas are given to traders to either buy or sell. Sometimes even ‘take profit’ and ‘stop loss’ prices are given. There is no guarantee of the quality of the analysis offered due to the unpredictable nature of trading.

Forex TV

This is made up of videos on daily and weekly market insights. I like how there are also videos on daily trading plans and video recordings of past webinars.

Education

The Forex Guidebook is the ultimate introduction to the world of forex trading. It is arranged in order for beginners, elementary, intermediate and experienced traders. The guide consists of articles, pictures and clear illustrations.

A library of the recommended forex books is listed on the website. This is to encourage beginners to buy some of these books and read. Most of the books can be bought from Amazon and the link to buy is provided. I like how there are over 100 books to choose from.

Webinars and Seminars are announced from time to time. I found the webinars to be more frequent as it comes up almost every week. Seminars are periodically held in different cities.

Also, there are video lessons on MetaTrader, FBS services and general forex trading. These can help you get started if you are new to trading and are not something provided by every broker.

Markets

FBS offer a good selection of forex pairs which include the major and the minor currency crosses. There are currency pairs, commodities and stock CFDs. I don’t think they offer a sizable amount of assets for trading. If you’re looking for a bigger offering of assets, you might want to check out IG. They have over 17,000 to choose from in comparison. However, if you just want to trade forex then FBS should have a good enough selection.

Accounts

FBS has a good variety of trading accounts to support clients with different investment levels and trading strategies. I appreciate that commissions are only charged on the ‘Zero Spread’ and ECN accounts. Only the Standard and Cent accounts are available to European clients. The maximum leverage is 1:30 due to ESMA regulations. The following online broker account types are available for you to choose from:

Cent Account

This minimum opening balance is $1 and the floating spread starts from 1 pip. The trading fee is incorporated into the spread. The maximum leverage is 1:1000. For European clients, the opening balance is €10 and the spread is 1:30.

Micro Account

The amount required to open this account is $5. The spread is fixed and it starts from 3 pips. The maximum leverage is 1: 3000.

Standard Account

This is the entry level account for a trader. The minimum account opening balance is $100. The variable spread starts from 0.5 pips and the maximum leverage is 1:3000. For European clients, the opening balance is €100 and the maximum spread is 1:30.

Zero Spread Account

The opening balance is $500 and the spread is fixed at 0 pips. Commissions are charged at $20 per lot. The maximum leverage is 1:3000.

ECN Account

This is the premium account offered by FBS. The floating spread starts from 1 pip and a commission of $6 is charged. The maximum leverage is 1:500 and the minimum opening balance is $1000.

Demo Accounts

Demo accounts are available for all account types. They can be great to practice trading online if you are a beginner. I often use demo accounts to try out new trading strategies.

Islamic Accounts

Islamic accounts are available on request. Islamic accounts do not incur rollover charges. This is the account type you would take a look at if you are a Muslim trader that must comply with Sharia law.

Support

FBS proudly asserts that its customer support desk is always available 24/7. I like how the support team is multilingual and can be reached via phone, email, fax and ‘call back’ form. The call back form is used to schedule a call from the support team at your convenience. For instant chats, they can be reached on web chat, viber, facebook messenger and telegram. On social media, they are on Facebook, Instagram, Twitter and YouTube.

Funding

FBS offers multiple payment options. The broker only accepts online payments and card payments. I like how withdrawal requests are processed within 48 hours but I prefer instant deposit methods as it means that I can have my funds quickly available if I need to try and take advantage of a market move. You must be verified before your withdrawal requests are approved.

Here are the account payment options:

• Credit/Debit Cards
• Electronic Payments
• Cryptocurrency
• Local Exchangers

Accounts can be opened in a limited selection of currencies, currently only EUR, USD. The different currency options are beneficial as currency conversion fees do not apply when using an account in your own currency. I would’ve liked to see them provide more currency options to cater to a larger community.

Conclusion

FBS is an established online trading broker that has been built with a desire to accommodate all levels of traders as well as trading styles. It is a regulated brand that has implemented all the necessary security procedures that are standard in the online brokerage industry.

I like how a beginner is fully supported with unlimited demo accounts and a selection of comprehensive training resources. With as little as $1, live trading can commence on the provided platforms. Spreads are low, starting from 0 pips and with ECN technology, your trades are executed in seconds with minimal slippage.

The FBS CopyTrade, analytics and trading tools are also very useful to help you with your day trading activities. The broker has won multiple awards and serves millions of traders across the globe. Despite that, I have to admit that there are other online brokers who offer much more trading instruments and more favourable fees overall, including IC Markets.

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FBS is a regulated brokerage offering online trading on a limited amount of Forex and CFDs via the MetaTrader platforms. They also provide a range of trading tools, market analysis and educational materials.

76.2% of retail investor accounts lose money when trading CFDs with this provider.

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