Table of contents:
- 1 The Broker FBS in test – My FBS Broker experiences
- 1.1 Regulation and deposit insurance
- 1.2 No German language website available
- 1.3 FBS Broker experience with the trading offer
- 1.4 Account-dependent conditions at broker FBS
- 1.5 Deposit insurance of up to 100 percent
- 1.6 Open a trading account with FBS Broker in a few moments
- 1.7 Start with a free demo account
- 1.8 Deposits and withdrawals with fees only
- 1.9 Trading with MetaTrader 4 and 5
- 1.10 Extensive bonus program at FBS Brokers
- 1.11 24/7 customer service in English
- 1.12 Conclusion on the FBS Broker experience
The Broker FBS in test – My FBS Broker experiences
FBS is a Belize-based Forex broker with clients in Europe and Asia. It offers trading in around 40 currency pairs. Traders can choose between several accounts with fixed and variable spreads starting from 0.0 pips. Opening a trading account is possible with a minimum deposit of 1 US dollar. New customers receive a free bonus account with 123 USD credit. Special features include exceptionally high leverage of up to 1:3000 and English language support is available around the clock via live chat, phone and email. Read all about my personal FBS Broker experience here.
- The most important facts about FBS at a glance:
- Belize based broker for Forex and CFDs
- No EU regulation
- WebTrader and MetaTrader 4 as trading platform
- Free bonus account with 123 USD trading capital without deposit
- Low minimum deposit of 1 USD
- Cheap spreads from 0.0 pips
- Direct market execution
Regulation and deposit insurance
The broker is backed by FBS Markets Inc. based in Belize. The company is regulated by the local financial supervisory authority International Financial Services Authority (IFSA). In terms of security, traders have to make significant cutbacks here. This cannot be compared with regulation within a European financial market authority. So far, there is no further information available regarding the requirements of a regulation in Belize. For example, there is no information on the accounts in which client funds are managed.
The lack of EU regulation is of course not yet an indication that FBS is working in a dubious manner. The company was founded in 2009 and has several branches in Asia and North Africa. According to its own information, the Forex broker serves more than two million clients in 120 countries. In addition, the company opens around 7,000 new trading accounts every day. However, it is not possible to verify this information beyond doubt. So far, however, no negative FBS Broker experiences have been made that traders have been cheated or ripped off.
No German language website available
The FBS website is available in several languages, but unfortunately not in German. The content is well structured, so that the information you are looking for can be accessed quickly. Information on conditions, account models, bonuses or asset indexes is available in sufficient detail. A risk warning for Forex trading is also provided.
However, the company does not provide more detailed information about the broker. Another negative aspect is that the legal information can also only be viewed in English. To understand these in detail, good language skills are essential.
FBS Broker experience with the trading offer
On the website of FBS Broker, CFDs are also advertised, but in principle it is a pure Forex broker. According to my experience with FBS Broker, the Asset Index includes about 40 currency pairs. Among them are all majors like EUR/USD, GBP/EUR or EUR/CHF. In addition, some exotic currency pairs can also be traded.
With CFD trading, however, the offer is very limited. During the test period, only CFDs on a few commodities such as oil or gold were offered. Those who are interested in trading contracts for difference will find a much more comprehensive offer at brokers such as IFC Markets or GBE Brokers.
Account-dependent conditions at broker FBS
As the FBS Broker experience shows, customers can choose between five different account models:
- cent account
- Micro Account
- Standard Account
- Zero Spread Account
- Unlimited Account
The accounts differed in terms of minimum deposit, trading conditions and service. Thus the cent account can be opened with a deposit of only 1 US dollar. For trading, the broker allows a leverage of up to 1:1000.
For traders who prefer a fixed spread, the Micro Account with a minimum deposit of 5 US dollars is ideal. The spreads start here for the majors like EUR/USD at 3 pips. The maximum leverage for this account is up to 1:3000, while the Standard Account also benefits from a higher leverage. The spreads are variable like the Cent Account and start at 1.0 pips. A minimum deposit of $100 is required when opening an account.
With the Zero Spread Account, as the name suggests, there is no spread. In return, a commission of 20 US dollars per traded position is charged. However, the minimum deposit of 500 US dollars is much higher. The Unlimited Account also offers favorable trading conditions. Here, traders can already trade from variable spreads of 0.2 pips. The maximum leverage of 1:500 is a little lower, but is sufficient for most traders.
There are still differences in terms of the maximum open positions. With the cent account, up to 100 positions are allowed at the same time. The other accounts allow 200 simultaneous orders and the Unlimited account has no limit.
Deposit insurance of up to 100 percent
For most account models, the broker offers a so-called deposit insurance. Thereby traders secure the amount of their deposit with 100 percent. For this, a certain number of positions must be traded. For example, to hedge a deposit of 100 US dollars, 12 trades are required. In this way, traders can protect themselves against losses of their trading capital without additional investment.
Open a trading account with FBS Broker in a few moments
The registration with FBS Broker is done online in a few moments. Just enter your name and e-mail address and the trading account will be created directly. To make the first steps with FBS Broker easier for you
Step 1: First click on the “Open an Account” button in the upper right corner of the website. If you are already a customer of FBS Broker, you can log in directly with your access data via “Login”.
Step 2: Then enter name and e-mail address to open the trading account. Alternatively, registration is also possible via various social networks such as Facebook or Twitter. In addition, select the desired account model and currency. The account can be managed either in US dollars or euros. Please note that this setting cannot be changed later.
Step 3: The customer now receives a temporary password. This can be changed directly into a password of his own choice.
Step 4: On the screen the most important data of the trading account are now displayed. This includes a PIN, which is required for financial transactions, for example. Please print this page and keep it safe. The trading platform can then be downloaded.
Step 5: Finally, the customer data must be verified. This is also possible at a later date if desired. An activation link will be sent to confirm the e-mail address. The number is confirmed by transmitting a PIN. In addition, the customer data is confirmed by uploading a copy of the ID card and proof of residence.
Start with a free demo account
The free opening of a demo account is now offered by almost all Forex brokers. With FBS Broker this is possible independently of a live account. Customers can choose between all five account models, which makes it easier to decide on a specific account. According to my FBS experience, the demo account can be used for an unlimited period of time. So even experienced traders have the opportunity to test new strategies in advance without risk.
Deposits and withdrawals with fees only
One of the negative FBS Broker experiences is that fees are generally charged for payment transactions other than credit cards or bank transfers. Deposits are generally possible with credit cards and the e-wallets of Skrill, Neteller, WebMoney, Perfect Money and OK Pay. The deposit fees for these vary between 0.8 and 7.5 percent.
The fees for payouts by e-Wallet are also quite high. Traders should therefore use a credit card if possible. A flat fee of 30 euros is charged for transfers to bank accounts. This also applies if a part of the payout is booked to the credit card. If the payout exceeds the amount previously deposited with the credit card, the excess difference will be transferred to a bank account of the trading account holder. Payments to third party accounts are not possible here either.
Trading with MetaTrader 4 and 5
In addition to the classic MetaTrader 4, the Broker already offers the follow-up version MetaTrader 5. Here you can find a comparison of the two platforms. Both platforms allow automated trading and are equipped with a wealth of functions. Thanks to a large number of indicators and analysis tools, comprehensive technical analysis becomes a breeze. Alternatively, the broker also provides a WebTrader. This is available without download from any PC with internet access. All platforms are also offered in a mobile version. The apps can be downloaded free of charge for iOS and Android in the respective App Stores.
Extensive bonus program at FBS Brokers
FBS offers a wide range of bonuses and rewards for new and existing customers. Bonus 123 gives traders the opportunity to trade for seven days without making a deposit. With the bonus amount of 123 euros, profits can be achieved in unlimited amounts. No verification or contact information is required to participate.
For this purpose the broker offers a 100 percent bonus on deposits. This bonus is not limited in its amount. Before a payout, a certain number of lots must be traded. To do so, divide the bonus amount by three. For example, if you have received a bonus of 300 euros, you must trade 100 lots before you can withdraw.
24/7 customer service in English
The English-language support is available around the clock, seven days a week. German customers can contact us via Live Chat. This is free of charge and an employee will get in touch with you after a few moments. Alternatively, the customer service can also be reached via an international telephone number and e-mail. According to my FBS experience, e-mails are answered within 24 hours.
There is nothing to complain about in terms of quality at Support. The employees are friendly and answer all questions in great detail. Further training opportunities are not to be found at FBS Broker. Unfortunately, traders have to do without learning videos, guides or webinars.
Conclusion on the FBS Broker experience
Overall, the FBS Broker experience is mixed. Positive is the low minimum deposit of 1 Euro as well as the high maximum leverage. The trading offer is acceptable at least as far as foreign exchange is concerned. With the five account models, all traders can find the trading account that suits them best. Negatively the missing EU regulation catches the eye. In addition, the fees for deposits and withdrawals are sometimes very high.