FBS is on the rise to become the largest possible forex broker out of the regions in Asia in 2018. This case is especially true to countries like Indonesia and Thailand. Thus, in this article, I will do a throughout review on FBS for beginners still struggling with finding a perfect broker for themselves. First of all, FBS was founded back in 2009. This broker allows their traders to have trades of up to around 35 pairs of currency, 4 expensive metals of any kind, 2 FCD in addition of cryptocurrencies.
When picking out the very best brokers, one must set some standards to rate. These are all the fundamentals needed to be met by any kind of broker as long as they want to be the best there is. They are:
- Costs for trading
- Conditions for trading
- Quotes quality
- Payment systems
- Account Types
- Support for customer
- Local offices
Now, we will check if FBS can meet these standards that I have listed out. In addition, I will make a comparison between some aspects of FBS and those of the current best brokers like XM or Exness.
When it is reliability that we talk about, it will, of course, be about the regulations. These things are the very first that an expert will look into to judge any broker. Regulations are licenses which the trusted financial organizations will give to one broker to be able to manage it. These things are what helps make sure one broker follows any specific rule sets in order to guarantee the trader’s safety. The ones that can meet the demands of these regulations are usually big brokers. In this case, FBS has regulations from IFSC and CySEC, the two most trusted organizations. Thus, you can be sure that you are in good hands.
When it comes to regulations, there are things that forex traders must always be aware of. Numerous new traders have a habit of thinking that any broker with more regulations will automatically be better than the ones who have lesser. This is in truth a wrong belief. The number of regulations a broker has does not equal its trading quality at all. In fact, here is what you should do when it comes to regulations. If the country you are doing trades in does have its own regulation, then you should no doubt work with brokers who possess that regulation. You don’t need any other additional regulation from somewhere else. In the other case where there is no regulation in your country, which is common in most Asian regions, then you should choose a broker with at least one trustable regulation. In FBS case, it is CySEC. After all, having so many regulations will undoubtedly give the broker a whole lot of pressure. It is just something to help us know that a broker is safe, reliable, and decent. Thus, they need only one trustable regulation.
Cost for trading
FBS does indeed have quite a lot of bonuses of any kind such as deposit, welcome, or loyalty. The highest rate bonus belongs to them, it is up to a whole $123. The deposit bonuses give back to the traders 100% of the amount they deposited. There is also a cashback program that gives back to the traders $7 with a traded lot. In addition, they are currently having a bonus $50 that will be given immediately to your account if you just simply sign up.
All brokers charge income commission, and FBS is no exception. It has quite different commission rates based on account types. However, there will be no commission for a Standard account as well as Cent account.
It is common that most traders would like to do business with brokers who have low spreads. Those things are the difference between Bid price and Ask price of any currencies pair. FBS only has spreads that range from 0.2 to 1.1 pip. These are the lowest for any big broker as well as lower than FXCM, FXTM, XM, etc.
Conditions for trading
It is the most vital part of the forex field. After all, forex trading is quite a hard to get subject. Beginners will require help from brokers as much as they possibly can. That is the reason the way brokers assist their clients is important to evaluate them. In my personal opinion, FBS has a fantastic support system. They have 24/7 live chat to support their clients. There are always options for them to call back to the traders. This is how one sees the dedication to consumers that they are showing. For non-native English speaker, FBS has support staffs in Myanmar, Korea, China, Thailand, Egypt, Malaysia, and Indonesia that is always full of supportive staffs to help you throughout the 5 working days of a week.