Among the popular brokers in Asia, FBS is supposed to be the most well-known one, especially in Thailand and Indonesia. Doubtlessly, this FBS review will give you a full view of FBS. We hope it is useful to not only new traders who are finding an appropriate broker but also all traders.
The review is based on four criteria including reliability, trading costs, trading conditions and customer services.
- How can we know that FBS is reliable?
The factor that can determine the reliability of FBS is regulation. It means the license issued by credible financial organizations in order to manage a broker. Also, it is one element that forces that broker to follow the rules to guarantee traders’ safety. In addition, brokers cannot meet the requirements of such regulations unless they are large brokers. As FBS is regulated by two of the most reliable regulations which are CySEC and IFSC, you can feel secure when trading with them.
There exists one thing related to regulations that I think traders should note. Some believe that the more regulations a broker possesses, the more trustworthy that broker is. In fact, it is not true. Let us explain this in two scenarios.
Scenario 1: Your country already has a regulation. This means any brokers who want to be trusted just need to get your country’s regulation. Any other regulations are useless here. A specific example is FBS which has IFSC – a trusted regulation in South Africa. If you are South African traders, trading with FBS is a safe choice for you.
Scenario 2: Your country does not have a regulation. The best way for you in this case is trading with a broker that has one to two reliable regulations, such as FBS which has CySEC. Do not choose those that have too many regulations, as the more regulations they possess, the more limits they get.
- How do trading costs help us to evaluate FBS?
When it comes to trading costs, there exist three elements that we need to make clear. They are spread, commission and bonuses.
Traders tend to work with a broker offering low spread. So what does spread mean?
Spread is defined as the dissimilarity between the Ask price and the Bid price of a currency pair. For FBS, the spread is really low which is only from 0.2 to 1.1 pips. With such spread, FBS is listed in the top low-spread brokers such as Exness, XM, HotForex. (Check out XM reviews).
Similar to other brokers, FBS also charges commission for income. However, its commission rates are different from others. The rates are based on the account types. For example, there is no commission for Cent and Standard accounts.
Not only providing traders with many kinds of bonuses such as deposit bonus, welcome bonus and loyalty bonus, FBS also offers a bonus with the highest rate – up to $100. Besides, they also have many other attractive programs for clients like cashback program or $50 bonus.
- Are the trading conditions of FBS more special than others?
The two criteria that can evaluate FBS’s specialty consist of account types and payment system.
3.1 Account types:
FBS’s account types include Cent account, Standard account, Fixed Spread account and ECN account. Specifically:
Cent account is used for new traders. As a beginner, you of course do not want to invest a big amount of money. Thus, Cent account is a perfect choice for you because of the following benefits:
- Only $1 is required for deposit.
- You only need to spend $10 to get 3 months of practicing in real-life conditions.
- No commission is charged.
Standard account is used for those with a little bit more experience. Some features of this account include:
- The deposit is $100 which is in average level.
- The spread is pretty low – about 0.5 pip.
- The leverage is high – up to 1:3000.
- No commission is charged.
Fixed Spread account has some following features:
- There is no spread for this account.
- The commission is $20.
- The deposit is $500.
ECN account is used for experts and long-term traders.
- The deposit is rather high – $1000.
- The commission is lower – $6.
3.2 Payment system:
Its deposit and withdrawal are offered via most of local banks and e-wallets in Asia. The transferring speed is very fast, only after Exness. Also, transactions only needs from half to an hour to be completed.
- What should we note about FBS’s customer services?
The customer supports at FBS is wonderful. They support traders in English 24/7 on live chat. They even call you back if you want. Those who cannot speak English can go to FBS’s local offices in Indonesia, Malaysia, Egypt, Thailand, China, Korea and Myanmar which are available 5 days per week.
This article is brought to you by BRKV.