ANALYZING THE PRESTIGE OF FBS BROKER
Among the top brokers in the field, FBS is day by day becoming a high prestige broker in Asian countries, especially in Thailand and Indonesia. In order to give new traders in the field a chance to consider working with a highly reliable broker in the field, I am writing this article to give them an in-depth analysis of FBS reviews. FBS is a broker that was founded in 2009, that allow traders to have as much as 35 currency pairs, 4 precious metals, 2 CFD, and cryptocurrencies in their order.
When it comes to rating a broker, there are certain fundamental standards to be followed:
- Trading costs
- Trading conditions
- Account types
- Payment systems
- Quotes quality
- Customer support
- Local offices
These criteria will be respectively applied to FBS to objectively evaluate the said broker. Moreover, FBS will be compared to other brokers in the field, including Exness or XM.
Regulations is the first criteria that should be analyzed when it comes to choosing a broker. Similar to any financial institutions, brokers have to follow certain rules and standards. Therefore it is vital to check which authority is the broker being regulated under and if the license is legit. Brokers conducting with no valid regulations will place the clients’ money at stake. Since the process of achieving a valid regulation is complicating, only the top brokers are bound to receive valid regulations. FBS is regulated by the CySEC and IFSC regulations, which is two of the most trustworthy regulations in forex trading.
However, it is important to keep in mind that the numerous number of regulations do not enhance the prestige of a broker. Regulations more or less restricts brokers in certain areas, therefore brokers with multiple regulations are less likely to be more profitable for traders. There are two cases when it comes to finding a broker with valid regulations. First is when a trader lives in a country that provides regulations itself. In this case, traders should seek for brokers with that regulations solely. For example, Africa is a country that provides regulations. Therefore, African traders should definitely work with FBS since it has the IFSC license of Africa. The second case is when traders live in countries that do not provide regulations. As a result, these traders should search for the best forex brokers 2019 that have a globally valid regulations. FBS has the CySEC license which is well-known for its dependability.
Any traders would be easily attracted by the low spread rate. To define, the difference between the Bid price and Ask price is called spread. The spread of FBS ranges from 0.2 to 1.1 pip, which is among the list of lowest spread rate among top brokers. In comparison to XM, FXTM or FXCM, this spread is much lower.
FBS also charge commission fee which changes depends on the each account types. As for Cent and Standard account, commission fee is not applied.
FBS provides plenty of the best forex bonuses such as deposit bonus, welcome bonus, or the loyalty program. By joining bonus programs, FBS’s clients can earn as much as 123$. For instance, the rebate bonus programs allow traders to receive a 100% rebate once they finish depositing.The cashback program allows traders to receive 7$ for each lot completion. Finally, the welcome bonus program allow any new traders who create an account at FBS to receive 50$.
There are four account types in FBS, with the two main account is regular accounts (Cent account, Standard account, and Fixed Spread account) and ECN account. From my perspective, each account has its own pros and cons that suits one specific trader types.
Cent account: This account suits new traders perfectly since it only requires 10$ for the minimum deposit amount. This is a particular feature that fits the beginners’ mindset since they might fear of losing all their money. By using Cent account, they can have up to 3 months of trading practices with practical trading conditions with only 10$. Another feature is that the spread rate of Cent account is 1 pip, and the order volume fluctuates from 0.01 to 1000 lots. In short, Cent account is the best trading platform for new traders since it offers practical trading conditions and free-of-charge commission.
Standard account: This account matches traders who have already learned the fundamental concepts of forex trading. Standard account requires 100$ for the minimum deposit, it has 0.5 pip for spread rate and the leverage is 1:3000. In comparison to XM, which has a leverage of 1:888, the spread of FBS is relatively higher. Another feature is the trading volume, which fluctuates from 0.01 to 500 lots for each order. As I have mentioned above, the Standard account is commission-free.
Fixed Spread account: Also known as Zero account, this account charges 20$ for commission fee to make up for free spread fee. The minimum deposit requirement for this account is 500$. As for the order volume, the Fixed spread account is the same as Standard account.
ECN account: This account is the experts’ favorite since it allows them to minimize their trading costs effectively. Even though the deposit requirement is pretty high with 1000$, the commission fee of this account is only 6$ which is even lower than that of Exness or XM.
Domestic traders in the US&UK regions have their faith in the US&UK brokers since these brokers apply strict policies. However, for traders outside these regions, trading with US&UK brokers would not be profitable for them since these brokers do no provide local payments. For instance, Asian traders are charged from 1.7% to 4% for depositing through credit cards. This is an extremely unreasonable price since 4% is more than a half of the monthly profit of each trader. Therefore, it is vital to look for brokers with local payment systems. FBS is the ideal broker for foreign traders since they offer many options from local banks to e-wallets. Moreover, the transaction speed of FBS is extremely fast which is only from 30 minutes to 1 hour.
In forex trading, the support from broker can significantly enhance the trading stability of a trader. As a result, I firmly believe that FBS is the best trader in this category with its 24/7 live chat English support and call back systems. In addition, FBS also provide support languages like Indonesian, Malaysian, Egyptian, Chinese, Korean and Myanmar for up to 5 days a week.