It’s rather confused to find out a suitable forex broker for new traders or beginners because there are several brokers in the forex world. They may be a good broker or scammer. After carrying out many research and partnering up with many brokers, I found that FBS is one of the best forex brokers for the Asian regions in 2018, especially in Thailand and Indonesia. This article is reviewed to give new traders a total knowledge of FBS and identify a suitable broker.
Founded in 2009, FBS allow traders to trade up to 35 currency pairs, 4 precious metals, 2 CFD, and cryptocurrencies.
When we identify the best broker, some typical standards are the most important things to base on. Here are some of them:
- Trading costs
- Trading conditions
- Account types
- Payment systems
- Quotes quality
- Customer support
- Local offices
The detailed information will be clarified what I mentioned above. Some aspects will be compared with Exness or XM.
The most vital element in credibility is about regulations. This is the first factor to identify a reliable broker or not. Regulations are the licenses that financial organizations offer to a broker to manage that broker. Its functions are to compel a broker 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.
To have a thorough understanding of regulations, you need to keep this in mind. Some new traders think that the broker who has more regulations is better than those who have less. I don’t highly appreciate this idea. When you have many regulations, this doesn’t mean that broker is more reliable. It’s lucky if the broker in your country already has a regulation, I encourage you to partner up with that broker with regulation. Just a regulation is enough for you to trade.
On the contrary, if there are not any regulations in your country, like most of the Asian countries, you should trade with brokers who have at least one trustworthy regulation. FBS (regulated by CySEC) is a typical example. Sometimes, it’s not good to have too many regulations that put more limits on the brokers. Regulation is just a signal that lets us know that this broker is reliable, and safe to trade with.
- Trading costs
Spread: (Spread is defined as the difference between the Ask price and the Bid price of a currency pair.)
A lot of traders tend to partner up with 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 much lower than XM, FXTM, or FXCM…
Some brokers charge commissions for their income, so does FBS. Based on the types of account, FBS has different commission rates. For the Cent and Standard accounts, there is no commission.
Several types of bonuses will be offered by FBS such as: deposit bonus, welcome bonus, or loyalty program. They have a bonus with the highest rate ever, up to $123. Their deposit bonus gives back trader 100% of the deposit amount. In addition, there is the cashback program, which rebates 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.
- Trading conditions
FBS offers traders with 4 different types of account, which are the regular accounts (Cent account, Standard account, and Fixed Spread account) and the ECN account. Each account types are suitable for different types of traders with several characteristics.
Cent account: This is the account for beginners or new traders. Because the required deposit is only $1. This low deposit makes them safe. When you jump in trading at the first time, you don’t want to make a lot of deposit because 90% of new brokers lose everything from the start.
With only $10, this amount can help you to 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. With 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 any risks.
Standard account: This account is for normal or a bit more experienced traders. The minimum deposit is at average rate, 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: (also called as 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 very suitable for experts, long-term and professional traders. The minimum deposit required is $1000, which is pretty high, but the commission are much lower than that of other brokers ($6). Actually, this commission rate is just as low as that of Exness and XM, which is $5 and $.
As you know that, some US or UK brokers are very good at payment in their country but if they’re overseas, this doesn’t seem good, 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 costs too high. It’s very hard to reach a profit rate at 5% every month and now they have to pay 4% just for depositing? It seems nonsense. That’s reason why it is not wise for Thai traders to trade with those US and UK brokers.
From this conclusion, it’s wiser to partner up with brokers who are ready to offer local payment systems. FBS is a great choice for you. They offer deposit and withdrawal through almost all local banks and e-wallets in Asian countries. In addition, I’m surprised at FBS’s transaction speed. They only come second to Exness, the fastest in the market. It takes you from half to an hour to complete your transaction, while you have to wait for a long time (hours or even days) to finish which isn’t not worthy doing that.
- Customer support:
Customer service is the core foundation of any brokers. Forex is not a simple subject. As a broker, you can’t know everything. That’s reason why you need a lot of help from brokers. It’s better if they support you as much as possible. This standard is a decisive factor to evaluate a reliable broker. After experiencing with FBS, I really highly appreciate it.
You also can contact FBS agents by phone to several international numbers or request a call back. They can support clients in English 24/7 on live chat. I don’t have any reasons to complain about them. For non-English speakers, they have offices in Indonesia, Malaysia, Egypt, Thailand, China, Korea and Myanmar that are always willing to give you the instant support 5 days a week without delay or nuisance.