Now, it’s time to see how FBS performs based on the standards mentioned above. Besides, I will compare some aspects of this broker to the top brokers such as Exness or XM.
1. Credibility
People often consider credibility in terms of its regulations. The regulation is the key factor to evaluate a broker. Regulations are the licenses which the financial organizations give to a broker to manage that broker.
All brokers have to obey a certain set of rules to guarantee traders’ safety but only big forex brokers can meet the demands of those regulations. FBS is regulated by CySEC and IFSC, two of the most trustworthy regulations.
A lot of new traders tend to think that the broker who has more regulations is better than those who have less. I don’t really agree to this idea. Having many regulations doesn’t mean that broker is better in term of trading. 2 situations can occur.
If a broker in your country has a regulation, you are strongly advised to partner up with them. You won’t need any other regulations from elsewhere. That’s enough for you. FBS has IFSC, a South African regulation, so traders in South Africa can be safe when trading with FBS.
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On the contrary, if a broker in your country doesn’t have a regulation, like most Asian countries, you should trade with brokers who have at least one trustworthy regulation, FBS in this case is CySEC. Sometimes, too many regulations will only put more limits on the broker. Regulation is a signal to show that this broker is reliable, and safe to trade with. In other words, a broker only need one trusted regulation.
2. Trading costs
Spread: (Spread is the difference between the Ask price and the Bid price of a currency pair.)
Most of the traders prefer trading with a low-spread broker. The spread of FBS ranges only from 0.2 to 1.1 pip which is in the top low spread brokers. And its spreads are a lot lower than those of XM, FXTM, FXCM, ...
Commission:
Some brokers charge commissions for income, so does FBS. In terms of the types of account, FBS has different rates of commissions. For the Cent and Standard accounts, there is no commission.
Bonuses:
FBS offers many typical kinds of bonuses, such as: deposit bonus, welcome bonus, and loyalty program. They have a bonus with the highest rate which is up to $123. Their deposit bonus gives back trader 100% of the deposit amount. Moreover, there is the cashback program, which rebates you $7 for every lot traded. They are having the $50 bonus. To get this $50, you just register an account and this money will be transferred to your account instantly.
3. Trading conditions
Account types:
Basically, FBS offers traders 4 different types of account. They are the regular accounts (Cent account, Standard account, and Fixed Spread account) and the ECN account. Each kind of accounts has own characteristics which are suitable for different types of traders.
Cent account: This account is mainly for beginners or new traders. Because the required deposit is only $1. When you jump in trading, I advise you to put just a little money in it because 90% of new brokers will lose when they’re in trading right from the start.
With only $10, it’s enough for you to practice trading in real-life conditions for up to 3 months. The spread is at a low rate, only around 1 pip. The order volume is from down to 0.01 lot Cent up to 1000 lots. The lower the better because with that way, you won’t lose too much money. And even better, this type of account doesn’t charge any commission, so you can trade as much as you want without costing.
Standard account: This account is for a bit more experienced traders. The minimum deposit is average, at about $100. The spread is better, only around 0.5 pip. The leverage is up to 1:3000, which is pretty high. Higher leverage is better. XM’s standard account leverage is only 1:888. The order volume is from 0.01 to 500 lots. And just like Cent account, this account is commission free.
Fixed Spread account (called Zero Spread account) This type of account has no spread. Instead, it charges traders $20 for commission. This is understandable because spread is main income of brokers. If the spread is zero, the broker must charge commission. The minimum deposit for this account is $500. The other features are the same as Standard account like the leverage and the order volume.
ECN account: This account is mainly for experts and long-term traders. The minimum deposit is $1000, which is relatively high, but the commissions are a lot lower than those of other brokers ($6). Actually, this commission rate is just as low as that of Exness and XM, which is $5 and $6.
Payment system:
In common, the majority of US or UK brokers are very good in their country, but overseas, this doesn’t mean good as well, especially in Asian countries like Thailand or Indonesia. In Asia, if traders deposit by their credit cards, their banks will charge them from 1.7 to 4% of their total fund. This charge is too high. It’s hard enough to get a profit rate at 5% every month. Paying 4 % for only deposit is not a wise decision. So, for Thai traders, they shouldn’t trade with those US and UK brokers in those cases.
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From this conclusion, it’s better for brokers to be offered via local payment systems. Luckily, FBS has a lot of advantages in this field. They offer to deposit and withdraw through almost all local banks and e-wallets in Asian countries.
In addition, I’m really impressed by FBS’s transferring speed. They only come second to Exness, the fastest in the market. It just takes you from half to an hour to complete your transactions through banks, while other brokers can waste you hours or even days with discomfort.
4. Customer support: