FBS Account Opening, Deposit and Withdrawal Method
Opening Account Procedure
Before opening an account with FBS, kindly check the comparison of the account as it will help you in choosing the right one.
The steps to open an account with FBS broker are as follows:
1. Visit their website >> click here
2. Click on the open account option on the main page as per the image below:
3. Now, you will be directed to a new page where you have to do the registration by entering your email id and your full name as per the image below:
4. Once you click on the register as trader a pop-up will open in which you have to select the email with which you want to create an account.
5. Then fill up the required details, select the account type, if you are a newbie go with a micro or standard cent account so that you can trade with small money.
6. Once you finish your registration, the system automatically generates the temporary password, which will be sent to your email id with a link, you can change your password from there.
7. Upload the required documents for getting yourself verified
8. The account id and the password you generated will be used as login credentials for your MT4 platform.
9. Fund your account and start trading.
9. Fund your account and start trading.
10. Once every detail is finished you will receive an email with a confirmation link, confirm your account and start trading.
One thing to note about this broker is that if you are from the United States, Japan, Canada, Myanmar, Brazil, Israel, Iran then you cannot use this broker.
Deposit and Withdrawal Options
They offer the channels as per the below image in which some of the methods even have charges for depositing funds to your account.
As my bank card was not working for international transactions, I used Neteller to fund my account and it was quite easy to do so, even I got my funds in my account within a minute or two.
The minimum deposit amount is 10 dollars but for an ECN account, 10 dollars are not sufficient as the lot size is 0.10 in volume so for that more amount is required in that account. Apart from that you can start trading by depositing USD 10 dollars in your account, but remember you will only be able to trade as per the money you have deposited.
As per the image, it is clear that they do charge when you withdraw your funds, the percentage differs as per the platform you use to withdraw your funds from. I used Netellar to withdraw my funds and was charged a commission which is min 1 dollar or 2% of the withdrawal amount. This is the first broker I came to know who charges fees on withdrawal, it is already expensive from spread and commission after that also they charge withdrawal fees which eventually make the cost of the broker higher.
So, this is also a factor in increasing the cost of the broker, there are other brokers who don’t charge a single penny on deposits and withdrawals.
Deposit Withdraw Rate / FBS Deposit Fee
If we say about the amount they charge on deposit and withdrawal, well deposit doesn’t have a charge from the channel I have funded my account I didn’t pay a single penny while depositing funds. But when I tried to withdraw my funds it was clear that there will be a deduction of the amount. The minimum amount that will be deducted would be USD 1 or 2% of the withdrawal amount.
For example, if you are withdrawing USD 10 dollars from an account, then the amount they charge would be USD 1 and you will receive USD 9 in your account whereas if you are withdrawing USD 250 then 2% would be deducted which would be USD 5 and to be sincere it is expensive.
To login into the FBS account click on the login option given on the top right corner of the home page, the below screen will be shown once you click that option.
FBS Demo Account
FBS does provide demo accounts, and this is considered to be the best way to learn to trade and to practice the techniques live using the account.
When to use Demo Accounts?
There are several conditions where you can use a demo account such as:
- If you are new to trading and don’t have any idea how to trade on the trading platform.
- If you want to use a new trading strategy, then to test it out it is best to use a demo account.
- If you start using an automated trading platform, you can test it out on a demo account.
- If the reason you want to do forex is to check your skills.
In this article, we have learned the detailed procedure of opening an account with an FBS broker. The account opening procedure is quite similar to the other broker. You just have to follow the steps and to get yourself verified and trade using a real account you have to upload your identification and address proof.
Apart from that to login into the FBS account, you have to download MT4 desktop software from the FBS website and log in from the credentials provided to you once your account is created and you are good to go.
We also got to know about the demo account and when is it required to use it.
We also learned about the deposit and withdrawal methods FBS Broker offers. They have some limited options from which you can choose from. Deposits don’t have any charges but withdrawal do. They charge 2% fee for withdrawing the amount which on the other hand increase the overall cost of the broker.