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FBS Broker Review
FBS is regulated by CySec and IFSC along with that the broker holds Anti Money Laundering policy.
FBS is one of the best-known brokers in India. But what I have experienced is that their support services are very unprofessional and also charge fees on deposits and withdrawals. Know more about what they offer.
Which licenses does FBS hold?
FBS Markets Inc is regulated by the following legal bodies.
INTERNATIONAL FINANCIAL SERVICES COMMISSION (IFSC), license IFSC/000102/310
Tradestone Ltd. (FBS) is regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 331/17
Pros and Cons of FBS
Pros
- Have their own trading application.
- Provide forex analysis for different currency pairs.
- Support is multilingual, so that helps different country people to speak comfortably with their own language.
- Copy trade is also available with FBS.
- Negative balance protection is also provided by the broker, which means that you can’t lose more money than your account balance.
- Bonuses are also provided.
- The research section here is very detailed and provides an excellent range of material
Cons
- They charge fees on deposit and withdrawal and they differ as per the channel.
- They have a limited number of assets available.
- I found the broker is expensive in every way, their spread and commission are high along with that they also charge withdrawal fees which adds more cost.
- Demo account is available only for a certain period of time.
What is the best thing about FBS?
The best thing about FBS is that they have fast execution of orders and they
FBS Account Type and Account Type Comparison
They offer 5 types of accounts on the MT4 platform which are Standard Account, Standard Cent Account, ECN Account, Micro Account, and Zero Spread Account.
Let’s have a look at the account description:
ACCOUNT COMPARISON
| Account Type | Standard Account | Standard Cent Account | Micro Account | ECN Account | Zero Spread |
|---|---|---|---|---|---|
| Initial Deposit | USD 100 | USD 1 | USD 5 | USD 1000 | USD 500 |
| Spread | Differ as per currency | Differ per currency | Differ as per currency | Differ per currency | 0 spread |
| Commission | USD 0 | USD 0 | USD 0 | USD 6 per lot | Starts from USD 20 per lot |
| Leverage | Up to 1:3000 | Up to 1:1000 | Up to 1:3000 | Up to 1:500 | Up to 1:3000 |
| Maximum open positions and pending orders | 200 | 200 | 200 | Unlimited | 200 |
| Minimum Order Volume | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Market Execution | 0.3 seconds mostly | 0.3 seconds mostly | 0.3 seconds mostly | 0.3 seconds mostly | 0.3 seconds mostly |
| Trading Instruments | 35 currency pairs, 4 metals, 6 CFD and 33 stocks | 35 currency pairs, 4 metals, 6 CFD and 33 stocks | 35 currency pairs, 4 metals, 6 CFD | 25 currency pair for trading | 35 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 accounts but before investing funds, do check their spread.
Comparison on the basis of Spread, Commission and Swap
FBS Spread:
This is the important part in deciding which account to use, as the spread should be the lowest then only the cost of the broker is low, but if you are selecting the account with a minimum spread also check the commission value for that account, both these factors matter the most.
For deciding the same let’s look for the average spread values of different accounts in the below table:
Average Spread Calculation
| Currency | Standard | Micro | Standard Cent | ECN | Zero Spread |
|---|---|---|---|---|---|
| XAUUSD | 35.1 | 40.9 | 95.4 | — | 5.1 |
| EURUSD | 7.6 | 30 | 8.2 | 0.6 | 0 |
| GBPUSD | 15 | 30 | 15.2 | 7.6 | 0 |
| AUDUSD | 18.2 | 30 | 16.7 | 5.2 | 0 |
| USDCAD | 19.9 | 30 | 19.7 | 8.1 | 0 |
| USDCHF | 22.6 | 70 | 23.7 | 11 | 0 |
| USDJPY | 12.6 | 30 | 11.9 | 1.2 | 0 |
| GBPJPY | 40.2 | 70 | 39.4 | 24.6 | 0 |
| EURJPY | 23.1 | 40 | 22.8 | 10 | 0 |
| NZDUSD | 27.2 | 40 | 27 | 10.8 | 0 |
As per the table, the ECN account type doesn’t have Gold (XAUUSD) that’s why the spread value of the gold is blank.
As per my experience, I found the spread more than other brokers in a standard account. The service of the broker is good but I find it more expensive.
FBS Commission:
As there are 5 types of accounts FBS broker offers, in which some of the accounts don’t have a 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 accounts have commission.
Let’s have a look at what are the commission charges for ECN Account:
ECN ACCOUNT COMMISSION CHARGES
Currency Pair | Commission Charges |
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 |
EURUSD | USD 6/1 lot |
As you can get an idea from the table itself that the commission value is fixed 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 the bid so from the above table we can conclude that USD 3 is charged for opening the bid per lot and USD 3 is charged for closing the bid per lot which gives a total of USD 6 as commission value per lot.
Now let’s have a look at what is the commission charges for Zero Account:
ZERO ACCOUNT COMMISSION CHARGES
Currency Pair | Commission Charges |
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 |
XAUUSD | USD 35/1 lot |
As you can see that the commission differs for every currency, here the starting commission is USD 20 but I find the commission value is quite higher as compared to other accounts or brokers.
FBS Swap:
Swap is the same for different types of accounts; 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:
Swap Short
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:
Swap Long
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.
Does FBS offer a no-deposit bonus?
From time-to-time promo offers to go on the FBS broker website, So there was a promo of a $50 No deposit bonus on their website which is showing as over for now as shown below:
Therefore, what I concluded is that FBS does offer no deposit bonus offer from time to time
FBS Trading Platforms
FBS has two platforms on which its users can trade. The first is MT4 and the Second is MT5. Well, the most used trading platform is MT4. Beginners and professionals both can use it pretty well. These platforms are specially designed for trading and analyzing the market.
We can also trade on FBS using mobile applications one of which is the common MT4 application which allows you to trade with any broker you want to. Also, FBS has its own application also where one can trade and check the account activities and trades.
Click here to know in more detail how these platforms work.
Opening Account Procedure
Opening an account with FBS Broker is quite easy, there are some steps that are required to be followed in order to open an account with them.
FBS also provides a Demo account, where you can learn how to trade. It is suggested to learn first before investing real money into it. Now, to know the detailed procedure on how to open an account with FBS click the below button.
Deposit and Withdrawal Options
FBS offers only a few options for deposit and withdrawal out of which I used to fund my account with Neteller which is a wallet transfer. They also have other options that one can use to fund their account.
To know more click the below button.
FBS Bonus and Promotions
A new type of bonuses feature has come to the website which includes a 100% deposit bonus and Referral program bonus credit. A Few weeks ago, there was no deposit bonus also going on but today the promo is over
If you opt for the 100% deposit bonus then the amount you deposit will get doubled and you will be able to get twice the amount that you have deposited. The offer is shown below:
And also, another type of bonus is a referral program where if anyone uses FBS from your reference you will get a credit of Free Bonus in your account.
FBS does provide a 100% bonus scheme available for all traders, you just have to opt it out and you are good to go. They also have recently launched a level-up bonus, with a level-up bonus account type in which you get $70 free in FBS personal area and $140 free in FBS personal area app. Here, is the screenshot for the same:
FBS Customer Support
For getting in touch with live support, you can click on the help option, which is on the bottom right corner of 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 an 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 about 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.
Conclusion
FBS broker was launched in the year of 2008. They have grown quite well in these years and have been in this market for more than 13 years now. FBS holds the license of IFSC and CySec. Along with that they also have an Anti-money laundering policy so no money can be misused here.
The broker offers 5 types of accounts named Standard account, Standard cent account, Micro Account, ECN account, and zero spread account. In this account, only ECN and zero spread account types have commission charges.
The beginners are well supported with the research articles and educational material with the help of which newbies can learn about trading. FBS also updates daily Forex analysis reports with the help of which traders can get an idea of the trend which is going on currently in the market. The minimum deposit of USD 10 becomes 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 compared to others along with that the broker charges 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 an account is quite annoying too and I also didn’t get any resolution.