When checking the matte about one forex broker, there are some major aspects that should be put into the plate to be analyzed. From my many studies and research, one broker is suggested to be qualified can meet the requirements of trading condition, trading cost, customer care and reliability. These things are exact the same things that you should exam FBS too. FBS is founded in 2009, and until now they are running the trading business with 35 pairs of currencies and 4 precious metals. They also have 2 CFD and transact with cryptocurrency as well. Now, in this article below, I will show you some clear points to prove that FBS is worth trading with.
FBS is ruled by reliable regulations
Regulation is provided by reputable organizations which present the principles that brokers have to pursue. These principles will make the financial security for traders when they get into trading trouble. So, traders usually care very much about that point. They like to work with the brokers having the trustful licenses. About FBS, the licenses they have are CySEC and IFSC. These two licenses are from the reputable agencies. More importantly, the number two of licenses is the secured number because too many licenses can cause difficulties for both traders and brokers. There is a case that traders do the trading with brokers that do not have licenses from their own countries; and they have to pay more fees for. Therefore, choose the brokers with your countries’ licenses, so you are protected by that licenses. For instance, FBS has one license from Africa that is CySEC, which can save African traders from the risks. African traders should stick with that one. And in the opposite situation, when your country supplies no licenses at all, your better choice is one license owning brokers. With one trusted license they can show that they are reliable and can save more fees for your trading. This tip is definitely useful for Asian traders because their market is not totally legally protected now.
Trading condition: accounts and payment method
The target of FBS about account sorts is to develop different trading plans of traders. Then to fit various kinds of traders, FBS organizes some key accounts which are Cent account, Standard account, Fixed Spread account and ECN account. Among them, the first three accounts types are in regular accounts.
- Cent account is fit more for beginners who are in the learning stage and do not want to lose a lot money in this stage. For that purpose, Cent account is no commission charge and the the spread is just 1 pip. Moreover, for the practicing path, with 10$ for Cent account traders can open tons of orders with the value from 0.01 lot Cent to 1000 lots, which can be meant that 10$ equals 3 months trading for practicing only.
- Standard account is not charged commission either and they are opened with deposit of 100$ least but the spread is only 0.5 pip which is lower than Cent account’s and they also the leverage is very promising at 1:3000. There are many positions could be run with this leverage and the value of orders is just 0.01 to 500 lots. The Standard account is a little bit more complicated than so it is better for skilled traders.
- Fixed Spread account is no spread paid account that has the same leverage and value of orders with Standard account but the commission can reach 20$ because of the income sources. Although the spread is zero the deposit is quite higher than with 500$ at the limitation level.
- ECN account is more complex and that are more suitable for professional traders who can tackle with 1000 $ of deposit for the probable least amount. However, the amazing thing about trading ECN account is that the commission required is just 6$ equal to XM and a little bit higher than Exness (with 5$).
Payment process is not always being smooth for especially Asian traders because some Asian traders could learn the lesson that UK and US broker may be more truthful but the payment is harsh when they are not in these UK and US countries they will not take any benefit from UK and US brokers except the traders from UK and US, not to mention the fee that Asian traders have to pay for the abroad transaction that could be from 1.7% to 4% from the deposit amount. It illogical because the profit they can make just only 5%. Therefore, local payment is suitable for traders from Asian like Thailand or Indonesia…
About that, FBS supports their Asian clients very well with the local banks in Thailand, Indonesia or China… They also install the e-wall for the online payment. The withdrawal and the deposit way are perfectly done with this systems and the time is quick within minutes only, which is the second fast system after Exness.
Payment rates for trading
The payment that traders are usually charged is for spread and commission. Besides, FBS offers some forms of bonuses that help traders partly reduce the fees.
For FBS, the spread is quite low; there spread is considered to be the in the lowest spread brokers, at 0.2 to 1.1 pip. To see much the lower level is you can check other brokers such as XM, FXTM or FXCM… to check the comparison.
Commission is changing depending on the accounts you open with FBS, for example Cent account and Standard account are free from commission. It is common for the commission amount because the forex world the fact that earning of brokers in mainly from commission fee is very clear.
The bonuses are interesting too. To attract more clients, FBS also develops the bonus programs that can help traders to check if what they can get from their trading.
First bonus is deposit bonus that comes from the deposit amount that can be given 100% from the deposit.
Or the loyalty program could be recognized with the name of Cashback program. This program will reward some amount into traders’ account by counting the trading lots that are completed by traders. For FBS, the rebated amount is 7$ for one lot.
The welcome bonus or the 50$ bonus is popular for new open account. And the amount as the bonus is 50$ for the traders who just open a new account with FBS.
Totally, the amount that traders could receive from all the bonus is 123$ all, which is a big saving for traders, especially the traders with huge investment.
Local care for clients
Forex itself is not the apparent field that could bring more trouble for traders if they are not totally recognized from it. To help answer the answers from traders, FBS build the system of the local care with live chat opened all week or even clients can require the live chat staff to call back at the convenient time. FBS also has the local offices sit at the areas that they have clients in there such as Indonesia, Egypt, Korea, China….opening 5 days a week. Clients from the countries that are not familiar with English can ask for help also using their very national language.
To summarize all the matters about FBS, here are list things that you should do the research for: trading cost (commission, spread…), trading condition (accounts, payment system, quote quality), Reliability (licenses), customer care (local service and working time or language tool…)
To check the qualification of one broker or FBS all these things are worth paying time doing research about.