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FBS Broker Review

FBS, is regulated by CySec and IFSC along with that the broker hold Anti Money Laundering policy. They also have SSL layer to protect their website from cybercrime and hackers.

Pros

Cons

What is the best thing about FBS?

The best thing about FBS is that their platform is secure, even have SSL layer to protect accounts from hackers and they also provide analysis for different currency pairs

Which Account type you recommend and why?

The best account type in my point of view is Standard as it has no commission and spread is also low as compared to other account type.

What can be traded with FBS?

With FBS broker, you can trade into the following categories:
     1. Forex Currency Pairs: 28 Standard pairs Plus 16 Exotics
     2. Metals: 4 metal pairs
     3. Energies: WTI and brent Crude Oil
     4. Stocks (Global Only): 40 company shares
     5. Indices: Long list of cash-based indexes including the NASDAQ

“Well considering all the factors before choosing a broker is mandatory, so lets look what exactly does FBS Provide”

Web and Desktop Platform offered by FBS

Download 

MT4

This is the most common platform which is used by many of the traders throughout the world. This platform is considered best for the beginners but there is no restriction for the same even professional traders use this platform to trade. This Platform itself provide several plus points which are as follows:
1. Easy to use and Understand
2. Many types of indicators are in this platform which makes easy to analyze the market       trend.
3. Access to various currency pairs, CFDs and cryptocurrency.
4. Can be used on any operating systems such as windows, mac, Linux etc.
5. Allows you to trade any time in 5 days (Monday to Friday). 

The above picture shows the MT4 platform, on the left side the first partition is the market watch panel, below which the navigation panel is shown, the black screen is showing the graph of the currency pairs, the tab in the bottom is the terminal where you can see your ongoing trades.

MT5

This is a bit advance from MT4 providing everything that is needed for flexible trading. There are several powerful tools provided by this platform to analyze the market better and make right choices of investment. With the availability of 31 languages into which it can be translated, this adds plus point to the platform. There is also option to subscribe the signals, use technical indicators, run trading robots, and rent a virtual server. This platform is most suitable for professional traders.

Mobile trading platform FBS offers

FBS offers you to trade using two methods which are as follows:

Meta Trader app for Mobile

This is the common application used by most of the people across the globe to trade different brokers account on the single platform. With the help of this application, you can open orders, close them and as also can see the charts. The application looks like the below image.

FBS trading App

FBS also offers their own trading application for both android and IOS platform, on their application you can trade and can manage all of the accounts altogether. The application looks like the below image.

Account Type Comparison

They offer 5 types of accounts on MT4 platform which are Standard Account, Standard Cent Account, ECN Account, Micro Account and Zero Spread Account.

Account TypeStandard AccountStandard Cent AccountMicro AccountECN AccountZero Spread
Initial DepositUSD 100USD 5USD 1000USD 500
SpreadDiffer as per currencyDiffer per currencyDiffer as per currencyDiffer per currency0 spread
CommissionUSD 0USD 0USD 0USD 6 per lotStarts from USD 20 per lot
LeverageUp to 1:3000Up to 1:1000Up to 1:3000Up to 1:500Up to 1:3000
Maximum open positions and pending orders200200200Unlimited200
Minimum Order Volume0.010.010.010.010.01
Market Execution0.3 seconds mostly
Trading Instruments35 currency pairs, 4 metals, 6 CFD and 33 stocks35 currency pairs, 4 metals, 6 CFD and 33 stocks35 currency pairs, 4 metals, 6 CFD25 currency pair for trading35 currency pairs, 4 metals, 6 CFD

Well, the speed of execution is almost similar in every account type, so you can go with any of the account but before investing funds, do check their spread.

Opening Account Procedure

Before opening account with FBS, kindly check the comparison of the account as it will help you in choosing the right one.

Steps to open 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 register as trader a pop up will open in which you have to select the email from which you want to create account with.

5. Then fill up the required details, select the account type, if you are a newbie go with micro or standard cent account so that you can trade with small money.

6. Once you finish your registration, system automatically generate 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 with this broker is that if you from 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 transaction, 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.

Minimum deposit amount is 10 dollars but for 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 differ 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 charge 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 of increasing the cost of the broker, there are other brokers who don’t charge a single penny on deposit and withdrawals.

Deposit Withdraw Rate

If we say about the amount they charge on deposit and withdrawal, well deposit don’t have 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 deduction of the amount. The minimum amount that will be deducted would be USD 1 or 2% of the withdrawal amount.

For an 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.

Comparison on the basis of Spread, Commission and Swap

Spread:

This is the important part in deciding which account to use, as the spread should be lowest then only the cost of the broker is low, but if you are selecting the account with minimum spread also check the commission value for that account, both these factors matter the most.

For deciding the same let’s look for average spread values of different account in the below table:

CurrencyStandardMicroStandard CentECNZero Spread
XAUUSD35.140.995.45.1
EURUSD7.6308.20.60
GBPUSD153015.27.60
AUDUSD18.23016.75.20
USDCAD19.93019.78.10
USDCHF22.67023.7110
USDJPY12.63011.91.20
GBPJPY40.27039.424.60
EURJPY23.14022.8100
NZDUSD27.2402710.80

As per my experience I found the spread more than other brokers in standard account. The service of broker is good but I find it more expensive.

Commission:

As there are 5 types of account FBS broker offers, in which some of the accounts don’t have commission but some do. Account types such as standard, standard cent and micro account don’t have any commission charges apart from them ECN and Zero account have commission.

Let’s have a look at what are the commission charges for ECN Account:

EURUSD

USD 6/1 lot

GBPUSD

USD 6/lot

AUDUSD

USD 6/lot

USDCAD

USD 6/lot

USDCHF

USD 6/lot

USDJPY

USD 6/lot

GBPJPY

USD 6/lot

EURJPY

USD 6/lot

NZDUSD

USD 6/lot

As you can get idea from the table itself that the commission value is fix in this account no matter what the currency is. One thing to always remember is that the commission is charged on both sides opening of bid and closing of bid so from above table we can conclude that USD 3 is charged for opening the bid per lot and USD 3 charged for closing the bid per lot which gives total of USD 6 as commission value per lot.

Now let’s have a look at what is the commission charges for Zero Account:

XAUUSD

USD 35/1 lot

EURUSD

USD 20/1 lot

GBPUSD

USD 30/1 lot

AUDUSD

USD 30/ 1 lot

USDCAD

USD 30/1 lot

USDCHF

USD 80/1 lot

USDJPY

USD 30/1 lot

GBPJPY

USD 80/1 lot

EURJPY

USD 30/1 lot

NZDUSD

USD 40/ 1 lot

As you can see that the commission differ for every currency, here the starting of commission is USD 20 but I find the commission value are quite higher as compared to other accounts or brokers.

Swap:

Swap is same for different types of account; you can clearly see the same in the below table. Let’s see what are the swap short values does FBS charge from their traders:

Currencies

Standard

 Micro

Standard Cent

ECN

Zero Spread

XAUUSD

(-2.01)

(-2.01)

(-2.01)

 

(-2.01)

EURUSD

(-6.69)

(-6.69)

(-6.69)

(-6.69)

(-6.69)

GBPUSD

(-8.44)

(-8.44)

(-8.44)

(-8.44)

(-8.44)

AUDUSD

0.26

0.26

0.26

0.26

0.26

USDCAD

(-3.65)

(-3.65)

(-3.65)

(-3.65)

(-3.65)

USDCHF

1.33

1.33

1.33

1.33

1.33

USDJPY

(-1.11)

(-1.11)

(-1.11)

(-1.11)

(-1.11)

GBPJPY

(-6.12)

(-6.12)

(-6.12)

(-6.12)

(-6.12)

EURJPY

(-4.8)

(-4.8)

(-4.8)

(-4.8)

(-4.8)

NZDUSD

0.32

0.32

0.32

0.32

0.32

We all now know that swap is charged if the bid is open for more than one day, if you are trading you might see the swap value in the terminal where your trade is running.

Let’s have a look at swap long values:

Currencies

Standard

 Micro

Standard Cent

ECN

Zero Spread

XAUUSD

(-2.01)

(-2.01)

(-2.01)

 

(-2.01)

EURUSD

(-6.69)

(-6.69)

(-6.69)

(-6.69)

(-6.69)

GBPUSD

(-8.44)

(-8.44)

(-8.44)

(-8.44)

(-8.44)

AUDUSD

0.26

0.26

0.26

0.26

0.26

USDCAD

(-3.65)

(-3.65)

(-3.65)

(-3.65)

(-3.65)

USDCHF

1.33

1.33

1.33

1.33

1.33

USDJPY

(-1.11)

(-1.11)

(-1.11)

(-1.11)

(-1.11)

GBPJPY

(-6.12)

(-6.12)

(-6.12)

(-6.12)

(-6.12)

EURJPY

(-4.8)

(-4.8)

(-4.8)

(-4.8)

(-4.8)

NZDUSD

0.32

0.32

0.32

0.32

0.32

Here, in swap there is a day on which swap is charged 3 times, this happens when you open a trade on Friday and as the market is closed on Saturday and Sunday there are no swap charges on those days, but in the next week on Wednesday if the trade is open even at Wednesday midnight then the swap charged on that particular day is three times.

Chat Support

For getting in touch with live support, you can click on the help option, which is on the bottom right corner on every page and once you open the help option the window will open as follows:

Click on live chat option and you will be connected to the support.

The support is available 24*7, so you can get in touch with them whenever you are facing any issue.

The only issue I faced was that whenever I open account, I have to reselect the currencies again and again which was quite annoying but when I asked the support about the same, even the agent was confused why this is happening he told me to select all currencies which I didn’t do because there are a lot of currencies and there is no option to select them all at one go I have to select every currency one by one.

My issue neither got clarified nor resolved.

Research and Education

As per the other broker FBS also offers you to learn analytics and educate yourself so that you can trade easily. To check for the same, you have to visit their website and there you have to click on analytics and education option and you will see the below options.

For example, they offer you to know about the market analysis in which forex news, daily market analysis and forex TV is available. To check the forex news, you have to click on that option and the below screen will be shown.

In the above picture, there are categories if you want to know about some particular category then you can click on that particular tab, otherwise all categories option is the default page on which it will lead you onto in which all types of news are posted.

For checking other options in this Market analysis section, you just have to click on the particular option.

Next, they also offer some trader tools which may help them in trading better. The tools which they offer are Economic Calendar, Forex Calculator and currency converter.

Suppose, I have to check the forex calculation then all I have to do is to click on forex calculator option and the below screen will be shown.

The third option which they provide to learn about forex is Forex education in which you can look for forex guidebook, forex books, tips for traders, webinars, video lessons, seminar and glossary. To know more about any of the category all you are needed is to click on that option. For example, I want to look for forex books. When I clicked on that option the below screen will be opened.

Trading Experience

As described in the above section also, they provide all the required material to learn about forex trading so even if you are new and don’t have any knowledge related to it you can learn it and can trade then. Therefore, there is no restriction of experience with this broker anyone can trade with this broker.

Conclusion

FBS broker was launched in the year of 2008. They have grown quite well in these years and has been in this market for more than 12 years now. FBS hold the license of IFSC and CySec. Along with that they also have Anti money laundering policy so no money can be misused here and Standard Secured Socket layer which help the platform to prevent them from cybercrime and hackers.

The broker offers 5 types of account named as Standard account, Standard cent account, Micro Account, ECN account and zero spread account. In these account only ECN and zero spread account types has commission charges.

The beginners are well supported with the research articles and education material with the help of which newbies can learn about trading. FBS also update daily Forex analysis report with the help of which traders can get idea of the trend which is going on currently in the market. With the minimum deposit of USD 10 it become one of the attractive features of this broker.

The broker is quite expensive as compared to others because the commission as well as spread value is higher as compared to other along with that the broker charge fees on deposit and withdrawal options which altogether makes it more expensive.

Apart from that my overall experience with the broker is good, I didn’t face any issues only that the reselection of the currencies again and again whenever I open account is quite annoying to which I also didn’t get any resolution.