BRKV - FBS is rising as one of the best forex brokers for the Asian regions in 2019, especially in Thailand and Indonesia. So, today I will give an FBS review for new traders who are still struggling to find themselves a suitable forex broker. FBS was founded in 2009. They allow traders to trade up to 35 currency pairs, 4 precious metals, 2 CFD, and cryptocurrencies.
When finding the best brokers, we need to have standards to rate them. These standards are the fundamentals that any brokers who want to become the best should meet. Those are:
|Trustworthy||Trading costs||Trading conditions||Local services|
|Regulations||Low spread||Good quotes||Payment system|
|Historical activities||Low commission||Trading platforms||Local offices|
Now, let’s have an FBS review based on the standards mentioned above. Also, I will compare some aspects of this broker to the top brokers such as Exness or XM.
When it comes to credibility, of course I’m talking about regulations. The first and foremost factor used to judge a broker is their regulations. Regulations are the licenses that trusted financial organizations give to a broker to manage that broker. Regulation is the thing that makes sure a broker has to follow a certain set of rules to guarantee traders’ safety. Only big forex brokers can meet the demands of those regulations. FBS is regulated by CySEC and IFSC, two of the most trusted regulations. So you can rest assured that you are in safe hands.
Speaking of regulations, there is one thing I think I need forex traders to understand. Some new traders tend to think that the broker who has more regulations is better than those who have less. This is actually a wrong idea. Having many regulations doesn’t mean that broker is better in term of trading. There are two scenarios here. If your country already has a regulation, you should work with broker who has that regulation. You won’t need any other regulations from elsewhere. Your own country’s regulation is enough. FBS has IFSC, a South African regulation, so traders in South Africa can be safe when trading with FBS. On the other hand, if your country does not have a regulation, like most Asian countries, you should trade with brokers who have at least one trusted regulation, FBS in this case is CySEC. Too many regulations will only put more limits on the broker. Regulation is just a signal that lets us know that this broker is decent, reliable, and safe to trade with. A broker only need one trusted regulation.
Most traders would love to do business with a low-spread broker. Spread is the difference between the Ask price and the Bid price of a currency pair. The spread of FBS is only from 0.2 to 1.1 pip which is in the top low spread brokers. And it's spreads are much lower than XM, FXTM, FXCM,... CHECK FBS SPREAD -> HERE.
Some brokers charge commissions for income, so does FBS. Based on the type of account, FBS has different commission rates. For the Cent and Standard accounts, there is no commission. CHECK FBS COMMISSION RATE -> HERE.
FBS offers many types of bonuses like deposit bonus, welcome bonus, or loyalty program. They have a bonus with the highest rate ever, up to $100. Their deposit bonus gives back trader 100% of the deposit amount. Also, there is the cashback program, which rebate you $7 for every lot traded. Right now, they are having the $50 bonus. You just need to sign up and $50 will be transferred to your account immediately. CHECK FBS BONUSES -> HERE.
BRKV - FBS offers traders 4 different types of account, which are the regular accounts (Cent account, Standard account, and Fixed Spread account) and the ECN account. Each account type has its own features that are suitable for different types of traders.
Cent account: This is the account for beginners or new traders. Why so? The required deposit is only $1. When you first start trading, you don’t want to put too much money in it because 90% of new brokers lose everything when they begin trading. With only $10, I think you can practice trading in real-life conditions for up to 3 months. The spread is relatively low, only around 1 pip. The order volume is from down to 0.01 lot Cent up to 1000 lots. The lower the better because that way you won’t lose too much money. And even better, this type of account does not charge any commission, so you can trade as much as you want without costing a penny.
Standard account: Traders with a bit more experience will trade with this account. 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, which is amazing.
Fixed Spread account: It is also called Zero Spread account. You can tell it by the name. 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 acco unt is $500. The other features are the same as Standard account like the leverage and the order volume.
ECN account: This is the account for experts and long-term traders. The minimum deposit required is $1000, which is pretty high, but the commission are much lower than other brokers ($6). Actually, this commission rate is just as low as that of Exness and XM, which is $5 and $6 respectively.
I’m sure that some US or UK brokers are very good in their country, but overseas, they are relatively bad, 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. Having a profit rate at 5% monthly is hard enough and now they have to pay 4% just for depositing? I don’t think so. That’s why it is not wise for Thai traders to trade with those US and UK brokers. Therefore, choosing brokers who can offer local payment systems is very important. FBS is great in this field. They offer depositing and withdrawing through almost all local banks and e-wallets in Asian countries. Furthermore, what makes FBS really wonderful is their transferring speed. They only come second to Exness, the fastest in the market. Transactions at FBS only take from half to an hour to complete through banks, while other brokers can waste you hours or even days.
Customer care is vital in this forex field, because forex is a very complicated subject. Traders are constantly need as much help and support from brokers as possible. That’s why how a broker assist its clients is a standard to evaluate it. FBS supporting team is fantastic in my opinion. They can support clients in English 24/7 on live chat. You can even tell them to call you back. That can show how dedicated they are to customers. For non-English speakers, they have offices in Indonesia, Malaysia, Egypt, Thailand, China, Korea and Myanmar that are always ready to help customers 5 days a week.