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FBS broker review shows that this is a multi-asset forex trading company that offers its clients some of the best experiences when it comes to online trading. They have over 12 years of experience in the field, making them a reliable company to trade with.
This FBS broker review seeks to understand FBS better, to trade with, or not to trade with? Let’s find out.
Is it Legit or a Scam?
FBS is a company that operates in multiple regions, but its regulator is the Cyprus Security Exchange Commission (CySEC). FBS is further regulated under the name of Tradestone Ltd. This means that it is a company stationed among some of the biggest brokerage companies in the world.
As far as this FBS review goes, this is not a scam. It has a license that complies with MiFID, which ensures the security of the funds that clients invest with the company.
They offer negative balance protection to their customers, which is a good deal.
FBS has several account types that are open to traders. These include the Standard, Cent, Crypto, Islamic, demo, and Demo Cent accounts.
The minimum deposit charged in all these accounts is $1, allowing traders to join the Crypto account. For the Standard account, the minimum deposit is 100 euros, and for the Cent account, it is 10 euros. The three accounts make up FBS’ clients’ major trading alive accounts.
They have two demo accounts that they offer their traders. The demo trade account differs from the Demo Cent account in the number of lots allowed to trade. The Demo Cent account allows traders to use up to 500,000 units, while the normal demo account has 500 units. Also, they have a demo crypto account that their clients use. These accounts do not expire after a period.
The best feature of the Islamic account is that it has no interest fees, even when a person holds their position overnight. More of this is coming up.
Fees, Commissions, and Spreads
Remember when we were talking about the Islamic account? The good thing is that they do not have any fees involved with the account and are charged a floating spread of 1 pip. They also have a relatively high leverage of 1:500 when a person goes for the pro version of the account.
FBS has tried to make itself a low-charging fee brokerage company and, to a large extent, has made it possible. The broker does not charge any deposit or withdrawal fees to their clients. They do not charge an inactivity fee, but they charge the average CFD fees that are required.
They have relatively expensive spreads that are charged on forex instruments ranging from 0.7 to 3.2 pips, depending on the instrument. CFDs have a higher spread than forex instruments with low-cost spreads around one pip.
They use a few trade promos and bonuses to engage with their traders. These include the level up of $70 that users can get when they create an account with them.
Trading Platform and Instruments
There are only three trading platforms available for FBS. These include the FBS trader, MT4, and MT5 trading platforms. These platforms can be traded through web traders, phones, or desktops. The FBS trader cannot be found on other devices if not on android and iPhone devices.
These platforms are basic in their forms and come with the normal tools and resources they normally have. These include the indicators and trading tools, among other features.
FBS has a variety of trading instruments that include forex, stocks, energies, indices, metals, forex exotic, and cryptocurrency. The variety is wide regarding trading instruments, but there are not as many. They have 40 plus currency pairs, including the exotic ones, and a limited number of indices which is a big letdown.
They have a great customer support center open to traders throughout the week. A quality support center is available through live chat, email, or phone. Notably, during this FBS broker review, we found the live chat to be a fast way to get information.
Is FBS Worth Trading with?
Well, this is ultimately up for the trader to choose. Nothing sets the trader apart; they have low fees and spreads.
The services are average at best, but safety and reliability are well assured. Find more about them through their live chat customer support.
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