In Asia, FBS is considered one of the best brokers in the past years. They’re well-known in Indonesia and Thailand. In this article, I will undertake FBS reviews for the beginners and new traders who are looking for a reliable forex broker to partner up with. Here is some typical information of FBS. It was set up in 2009 and the traders can execute up to 4 precious metals, 2 CFD & cryptocurrencies and 35 currency pairs.
You have to follow some criteria to find out the best forex brokers. In this table, some fundamental standards are necessary for any broker to take into serious consideration.
- Trading expenses
- Trading conditions
- Customers care
So it’s high time to make FBS reviews with above-mentioned standards. Other brokers will be compared with FBS to have a general aspect of the broker.
Regulations are the most important elements of credibility which is used to evaluate any reliable brokers. By definition, Regulations are legal licenses given to a broker by trustworthy financial firms. Every broker will have to obey some set of rules for traders’ safety. Just some big brokers can meet the needs of these regulation. IFSC and CySEC are two of the most trusted organizations of regulations to give FBS regulations. So you will be protected from any risks if you’re in FBS.
Some beginners think that a broker with more regulations is better than others. I don’t think this idea is right. Having a lot of regulations doesn’t means a broker is good in terms of their trading. 2 cases can happen. If you have regulations in your country, I advise you to partner up with local brokers. One in-home regulation is enough for you. FBS owns IFSC, a regulation in South Africa. It’s safe to work with them.
On the contrary, if you don’t get a regulation in your country, it’s wise to work with a trusted broker with regulation. Sometimes, having too many regulations will set a limit of trading. Regulation is a symbol of trust, fame and safety.
The traders tend to work with a low- spread broker. It’s defined as the difference between Bid price and Ask price of a currency pair. With FBS spread, it’s between 0.2 to 1.1 pip that is in the best low spread brokers among others such as Exness, XM, HotForex. (Check out HotForex reviews)
FBS charge commissions for income. In terms of the kind of accounts, it has several rates of commissions. There is no commission for the accounts of Cent and Standard.
Deposit bonus, loyalty program and welcome bonus are the typical bonuses offered by FBS. The deposit bonus will be totally paid back traders. In addition, with cashback program, you will rebate $7 for every lot trading. You will have $50 in your account if you sign up right now.
CONDITIONS OF TRADING
There are 4 several kinds of accounts are offered by FBS. They are 3 regular accounts (Cent account, Standard account & Fixed Spread account) and ECN account. Each account are suitable for each trader.
Cent account is only for trading newbies. Because the minimum required deposit costs only $1. At the first time of trading, it’s risky put a lot of money because the chances of new brokers to win is impossible. With $10, you can be easy to practice trading in real conditions in 3 months without losing. The spread is just around 1 pip. The lower it is the better it is. And even better, this type of account doesn’t charge any commissions, so you can trade any times you want without losing.
Standard account is for experienced traders. The minimum deposit is just $100. The spread is better, about 0.5 pip. The leverage comes to 1:3000. This account is charged no commission.
Fixed Spread account has no spread. Instead, it charges each trader $20 for commission. It’s acceptable because the spread is main money of brokers. If the spread comes to zero, the brokers have to charge commission. The minimum deposit is $500.
ECN account is for experts and long-term traders. The minimum required deposit is $1000, but the commission are a lot lower than others ($6).
SYSTEMS OF PAYMENT
In US or UK, some brokers are well-known. But in Asia, they are not suitable, especially in Thailand or Indonesia because if traders make a deposit by credit cards, their bank will charge between 1.7 and 4%. If you make a profit 5% a month and pay 4% for depositing. It doesn’t sound reasonable.
Instead, choosing any brokers offering local systems of payment is much wiser. FBS is a good choice of Asian traders. You can deposit and withdraw money via all of the e-wallets and the local banks. Also, transferring speed of FBS is an outstanding feature. It only takes from 30 to 60 minutes to finish via banks on FBS transactions while other brokers can take a lot of time: hours to days or even more time.
Customer service is the backbone of any business, especially in forex companies. As you know, trading forex is a very complicated matrix of world.
A lot of constant help are highly appreciated in trade because most of the traders will be confused at forex system. For this reason, it’s a high criterion to evaluate a good broker. FBS team of support is available in English 24/7 on live chat.
You can easily make a request of calling back if needed. That can be a proof of how dedicated they are to their clients. To non-English speakers, they have various branches in Malaysia, Indonesia, Korea, Thailand, China, Egypt and Myanmar to support them 5 days a week with care and enthusiasm.
This article is brought to you by Mario Draghi.