FBS Broker Review 2023: Everything You Need to Know Before Signing Up

FBS Overviews

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Looking for the most effective trading solutions? FBS is one of the best trading platforms, and here is everything you need to know about it.

Facts About FBS

Pros and Cons

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Is FBS Safe? Broker Regulations

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In all our broker reviews, we go over the aspect of how safe a broker is. Choosing a broker requires careful consideration when you are looking to invest.
As such, all traders (from beginner traders to seasoned investors, day traders to institutions) look for a broker that can provide a certain amount of added protection.

Financial authorities will regulate reliable and safe brokers, and these authorities will differ depending on what region the broker does business in. Moreover, a broker can have entities in various regions it trades under, and each of these needs to be regulated by the proper authority.

Thus, to make sure you can have a better trading journey, we display the broker’s confirmed regulatory licenses and list any additional protections provided by them.

Let us look at how the various entities of FBS around the world are regulated and how it can affect you as a trader. We rated this mid-sized broker as having above-average trustworthiness in comparison to the industry.

FBS has five entities that operate throughout the globe and are regulated by a financial authority for each. Tradestone Ltd. is regulated by the Cyprus Securities and Exchange Commission (CySEC). FBS Oceania is regulated by the Australian Securities and Investment Commission (ASIC). Tradestone SA (PTY) Ltd. is regulated by the South Africa Financial Sector Conduct Authority (FSCA). FBS Markets Inc. is regulated by the International Financial Services Commission (IFSC) of Belize.

FBS Trading Terms for Clients

There are additional benefits that specific traders will be able to obtain depending on their region and what authority oversees that particular FBS entity. Due to CySEC and ASIC rules, clients of FBS in the E.U. and Australia can benefit from segregated accounts. This means that client funds are kept separate from the broker’s operating funds.

Clients are safeguarded when funds are kept in separate accounts if a broker experiences financial difficulties and files for bankruptcy. It essentially means that if the broker (in this case, FBS) goes out of business, you won’t lose your money.

The FBS Markets Inc. firm, overseen by the IFSC of Belize, does not provide the same level of protection. This is where clients from outside of Europe, Australia, and South Africa are dealt with. I.e., client accounts are not segregated when trading with the FBS Markets Inc. company.

What Can I Trade with FBS?

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In addition to Forex, FBS offers CFDs on stocks, stock indices, commodities, and cryptocurrencies. Although they provide a wide variety of instruments, their depth of selection in each asset class is not as great as that of CFD market leaders. Additionally, While a wide range of markets is available, some instruments, such as bonds and exchange-traded funds (ETFs), are not.

CFDs (Contracts for Differences) are financial derivatives that allow traders to speculate in different markets without owning the underlying assets. In more detail, let’s look at the FBS assets list (markets you can trade).

Forex

FBS lets you trade 43 currency pairs (Forex) in the form of CFDs and offers the most popular pairs. This includes the typical major, minor and exotic pairs like EUR/USD, USD/JPY, GBP/USD, and USD/CHF.

It should be noted that FBS has a number of accounts that a user is able to open and trade, and Forex is tradable on all accounts except for the crypto account. In fact, FBS has dedicated Forex accounts for professional traders, which we will look at later.

Commodities

In terms of commodities, FBS has a very limited assets list. Moreover, their commodities are classified under “Energies” and “Metals.”. In terms of Metals, clients are able to trade the typical Gold and Silver, and then for Energies, their assets list lets you trade Brent Crude Oil, Natural Gash, and WTI Crude Oil.

Depending on what account you choose to open, FBS commodities may not be assets you are able to take a position on.

Stocks

For stocks (shares), the FBS assets list contains 99. That is to say; you are able to trade 99 stocks in the form of CFDs depending on what account you choose to open. The most popular stocks, such as Netflix, Microsoft, Nike, Pepsi, Pfizer, Twitter, etc., make up the list.

Thus, if you are looking to hold long-term positions (investing), there are more than enough stock options for you.

Indices

Then for Indices, FBS also has 11 that you can trade. From the Australian 200 to the Hang Seng, the FTSE, and the Dow Jones, all the popular indices covering companies across the globe are ready for investing.

Remember that Indices are essentially a measurement of the price for a group of shares on a specific exchange. In simpler terms, they track the performance of a group of companies in a specific sector or that fulfill particular criteria.

Cryptocurrencies

Lastly, FBS also lets you trade 17 cryptocurrencies against the USD. From Cardano to Bitcoin, Ethereum, and Ripple, all the popular cryptocurrencies and some lesser-known ones are available. You should know that you will need to open up a specific crypt account if you plan to trade crypto with FBS and none of their other accounts will let you do this.

Below is a sampling of instruments across the various asset classes.

• Forex Majors: EUR/USD | GBP/USD | USD/CAD 
• Forex Exotics: USD/RUB | CNH/JPY | EUR/TRY 
• Indices: HK50 | JP225 | AUS200 
• Cryptocurrencies: Ethereum | Dash | Bitcoin 
• Commodities: UK Brent Oil | Gold | Silver 
• Shares: Facebook | Goldman Sachs | Nike 

While there is a wide range of markets available, some instruments, such as bonds and exchange-traded funds (ETFs), are not. FBS has a wider range of tradable instruments than the industry average.

FBS Trading Fees

Due to CySEC and ASIC rules, clients of FBS in the EU and Australia can benefit from segregated accounts. This indicates that client funds are kept separate from the broker’s operating funds. 

Clients are safeguarded if funds are kept in separate accounts if a broker experiences financial difficulties and files for bankruptcy. 

The FBS Markets Inc. firm, which is overseen by the IFSC of Belize and does not provide the same level of protection, is where clients from outside of Europe, Australia, and South Africa are dealt with. For instance, when trading with the FBS Markets Inc. company, client accounts are not segregated.

Facts About Trade Terms  

• FBS offers competitive spreads in major forex pairs and non-trading fees are better than average. Spreads were less competitive in other trading instruments such as commodities and indices. 
• FBS charges no deposit or withdrawal fees and only a $5 inactivity fee. This suggested to us a forward-thinking and customer-focused approach to pricing in this area.

How to Trade with FBS?

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FBS offers “traders choice” when it comes to their trading platforms. They have MetaTrader, an industry-leading platform millions of traders have used since 2005. MetaTrader 4 and 5 are available for both the web and desktop environments. For mobile trading, FBS offers their proprietary FBS Trader mobile app in addition to the MetaTrader 4 and 5 apps.

You do not need any additional software to trade using the MetaTrader web platform; all you need is a browser and an internet connection (and, of course, an FBS trading account). Users can trade directly through the platform using any operating system or browser. Key features of the FBS MetaTrader web platform include:

• One-click trading: You can use this feature to place orders with a single click based on predefined criteria.
• Trading from the chart: Order entry buttons are conveniently located within the charts
• Watchlists: These allow you to stay on top of the real-time prices of your favorite and other popular instruments.
• Trade History: Easily access and look over your recent trades.
• Advanced Charting: The MT5 web platform has strong charting capabilities with 31 indicators for technical analysis.
• Broad Range of Order Types: These include market orders, limit orders, stop loss orders and stop limit orders. Time-in-force conditions such as GTC (Good ‘Til Canceled) are available.

Apart from that, FBS also provides desktop MetaTrader 4 and MetaTrader 5 with advanced features such as copy trading, automated trading, and more (we will discuss MetaTrader features in detail a little on). Then MetaTrader 5 comes in 31 different languages.

For day traders and investors who like to trade using mobile trading, FBS provides MetaTrader 4 and 5 mobile apps and its own FBS Trader Mobile app.

The FBS Trader app has a user-friendly interface and allows users to trade a variety of instruments while on the go.

Customer support is easily accessible through the app’s chat feature. There are basic order types available; market orders, limit orders, and stop loss orders. The app also includes an economic calendar as well as a calendar for stock earnings and dividends.

The interface is well-designed and simple to use, but the app lacks some of the features available to FBS clients in MetaTrader 4 and 5. The mobile apps for MetaTrader 4 and 5 are available in 24 languages and include popular features such as alerts, one-click trading, and trade-off charts.

The MetaTrader 4 and 5 mobile apps also provide more order types and more advanced charting. Android and iOS versions of FBS Trader are available, while MetaTrader 4 and 5 are available only for Android. It should be noted that Apple has recently removed MT4 and MT5 from their App Store.

We have an article regarding that here.

How Can I Open FBS Account? A Simple Tutorial

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Opening an account at FBS is simple and entirely digital. The process is amazingly fast. In order to signup, you will first need to head to the FBS landing page. Here you will be immediately prompted with a “free account” notification allowing you to signup via a social media account (Google or Facebook).

You may also choose to signup via the “open account” button in the top right-hand corner of the browser. Choosing this will allow you to signup with an Email address rather than a social media account.

Once you have selected your preferred signup method, you will need to select the MetaTrader version (4 or 5) and the base currency for your account (USD or EUR). Note that if you signed up via Email and not a social media account, you would first need to verify your Email address.

If you are registering from within the E.U., you will be required to complete a brief KYC (Know Your Customer) survey. KYC ensures that brokers are aware of their client’s risk tolerance, investment knowledge, and financial situation. A KYC will include aspects such as;

• Verification of identity
• Verification of other credentials

For other clients, similar document requests will need to be provided when wanting to deposit and withdraw funds. This will include the following;

• copy of your passport or I.D.
• Bank statement or utility bill.
• Card verification (if applicable)

Note that once you have opened a “standard” account, you will be able to open up one of the five other types of trading accounts that FBS has to offer (which we will discuss later) by logging into your Personal Area and selecting to do so.

Free FBS Demo Account for Trading Practice

FBS also offers a demo account to help users practice trading using virtual funds and swap-free Islamic accounts that adhere to the principles of Sharia law.

These demo trading accounts can be created once a normal trading account has been created and you have logged into your FBS Personal Area. You will only need to head to the dashboard and select the “plus” icon to create these. Take note that, as with normal accounts, a demo account for any “account type” (Cent, Micro, Standard, etc.) can be created. We will discuss FBS account types a little further on.

FBS Charts and Analysis

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FBS has an array of tools and analytics that traders can use and draw on. They even have a section dedicated solely to Forex education. It should be understood that all the amount of information available from FBS is free to anyone. If you would like to peruse any of the analysis tools and analytics, you will only need to head to their website and choose one of the many options from their “Analytics and Education” tab.

Let’s start with market analytics, including Forex News, Daily Market Analysis, Forex TV, and VIP Analytics.

FBS provides daily market analysis and news written by its team of market analysts. Everything from technical analysis to market fundamentals is covered in the Forex News and Daily Analytics sections. The Forex TV section is similar to the news section, except that articles here are covered in video format. Daily trading plans and weekly insights are additional topics covered in video format.

Fresh content is added several times per day, and the overall volume of research is above the industry average. The news and other trading material are simple to grasp, making them suitable for novice and experienced traders alike.

FBS also offers traditional research tools such as an economic calendar (for currencies, stocks, and dividends), a forex calculator, and a currency converter. The trading calculator lets clients determine pricing for instruments based on FBS accounts, leverage, currency, and the bid/ask price. It’s a pretty nifty tool to work out what a position will cost.

In terms of education, FBS offers an array of trading material to learn based on;

• Beginner
• Elementary
• Intermediate
• Experienced

This trading education plan will teach you everything from “what is forex” to advanced analytics and trading techniques. The best part is that the course material is drip-fed via Email.

A five-week long ‘forex intensive’ course in video format is also available. With materials ranging from the forex market basics to complex trading strategies, there is something for all levels of traders to learn from.

Sparing no expense, FBS also offers Tips for Traders, Webinars, Video lessons, and Seminars, and if that is not enough, they also have a glossary section defining many trading jargon terms that investors and traders will use on a daily basis.

It should also be noted that all the features which are inclusive of MetaTrader 4 and MT5 are also available when using those specific platforms. These features range from copy trading to scalping robots, technical indicators, the MQL community, and more. Some features that are inclusive of MT4 and MT5 are;

• 38 technical indicators: Some include classic trend indicators, volume indicators, and oscillators.
• 44 analytical objects: Some include lines, channels, Gann, and Fibonacci tools.
• 21 time frames: Each instrument can be displayed in nine time frames from one minute to one month.
• Three types of charts: Traders can choose from Bar Charts, Japanese Candlestick Charts, and Line Charts.

MetaTrader is also well-known for its copy trading, automated trading capabilities and other features such as;

• Trading signals (copy trading): MetaTrader 4 signals enable users to automatically copy the activity of other traders in real-time.
• Automated Trading: MetaTrader 4 enables users to create, test, and deploy Expert Advisors (E.A.s). E.A.s are programs that use algorithms to monitor and trade markets. They search for opportunities based on predefined criteria and then either create a notification or automatically open a trade.

FBS also includes a robust charting feature in the MT5 desktop. Here is the offer: 

• 38 technical indicators that include classic trend indicators, volume indicators, and oscillators. 
• 44 analytical objects, including lines, channels, Gann, and Fibonacci tools. 
• 21 time frames in which each instrument can be displayed in nine time frames from one minute to one month. 
• 3 types of charts that traders can choose from, such as Bar Charts, Japanese Candlestick Charts, and Line Charts. 

FBS Account Types

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Now, let us look closely at the various account types FBS offers. FBS has six trading accounts that clients can open: Cent, Micro, Standard, Zero spread, ECN, and Crypto.

The Standard Account is designed for experienced traders, whereas the Cent Account is designed for beginners who want to trade real funds without taking on too much risk.

A Cent Account displays your balance in cents, and traders can place orders with a volume of 0.01 (lots). Transactions (positions) are also opened up in Cents. Trading on the FBS Cent account encourages low risk, and a deposit of USD 10 will essentially mean you have 1,000 cents to trade with, meaning you won’t be able to take on that much risk when you open up a position.

Returning to the Standard account, which offers ultra-competitive spreads without commissions, the option to change your Leverage for this account is also a viable way to raise your equity.

The “Professional status” is available for both Standard and Cent accounts. However, traders must meet several eligibility requirements to qualify as professionals.

The Micro account is geared toward traders focusing on Forex and Metals; these are the only assets that will be available to trade when using this account. Deposit on this account will only be USD 5, and the Leverage, as with the Standard account, will be quite high.

Then the Zero spread account should speak for itself. This account from FBS allows the trading of Forex and Metals with no spread, meaning you can increase your profits substantially on trades. It should be noted that this account has a commission fee of USD 20 per lot. If you are looking to scalp Forex, this account would be perfectly suited.

The ECN account is the choice of professional traders who are looking for the best possible trading conditions. The ECN account allows traders to open up positions directly without any “middleman.”. Take into consideration that the ECN account only offers 25 tradable currency pairs, and an initial deposit of USD 1,000 is required.

Lastly, the Crypto account is dedicated solely to cryptocurrency trading and is only accessible through the FBS Trader mobile app. You will also need to contact support in order for the FBS crypto account to be set up for you.

With FBS, it is up to you to decide what Leverage to trade with – from 1:5 to 1:3000. Moreover, the amount of Leverage you will be able to choose or have will also depend on your account type. Take note that crypto accounts will only have a leverage of 1:5.

Then you should know that FBS charge an inactivity fee for accounts that are not utilized. Although not a hefty fee, it is still USD 5 per month.

Broker account types

Do I Have Negative Balance Protection with This Broker?

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FBS provides negative balance protection. According to the FBS Customer Agreement, if the client’s account has a negative balance after a mandatory position closure, compensation is added to the account, which resets the account to zero.

As a result, if a negative balance is displayed after you have closed all your orders, FBS will immediately add the necessary amount to restore the account balance to 0.

However, in peculiar circumstances (when the FBS believes the client’s actions were deliberate), the company reserves the right to demand and claim (debit) payment from the client. If you have any additional queries regarding FBS’s negative balance protection, then you should contact their customer support (which they encourage you to do).

FBS Deposits and Withdrawals

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FBS offers different funding methods, including numerous electronic payment systems, credit and debit cards (Visa), and bank wire transfers. Some electronic methods for funding your trading account include;

• Neteller
• STICPAY
• Skrill
• Perfect Money

Users using an electronic payment system are credited within 24 hours, but funds are typically available immediately after a deposit except for wire transfers, which can take 3 to 4 business days.

Then there are no deposit fees or commissions charged by FBS for any deposits into a client’s trading account. However, remember that depending on what bank you do business with, they may charge you a wire transfer fee.

The minimum deposit in order to fund your account will depend on what FBS trading account you choose to open. The FBS CENT account has the smallest initial deposit of USD 1. The minimum deposit required to open the ECN account is USD 1,000.

Withdrawals from FBS are also free and typically take 15 to 20 minutes to process, except for bank wires, which can take up to 48 hours. It will help if you also remember that bank processing can take up to 5 to 7 business days.

Support Service for Customer

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FBS offers the full range of customer support channels: phone, live chat, and Email. In the E.U., customer support is available from Monday through Friday, 8:00 – 24:00 (GMT +3), excluding major holidays. However, 24/7 support is available in other regions. Additionally, customer support is available in multiple languages globally.

Individuals new to day trading and investing can also visit the FBS Help Center. This is a FAQ page that also offers additional information about the brokerage. Here you will be able to peruse all the trading information the FBS has to offer and, more likely than not any and all trading-related questions and questions about your account or the broker in general; you will be able to find them here. These include;

• FBS Personal Area (Mobile): Discover how clients can manage their trading accounts
• FBS Personal Area (Web): Learn more about the client Personal Area
• FBS Trader – Trading Platform: All information on the FBS Trader – Trading Platform
• FBS Copy Trade: Information related to copy trading
• Financial operations: Information on deposits and withdrawals
• Promotions and Bonuses: information on current promotions
• General Information: Information from registering to trading
• Partnerships: Information about their IB (Introducing Broker) program
• Loyalty Program: Information on client gifts

Prohibited Countries: Where Can I Not Trade with this Broker?

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FBS is regulated in 4 regions globally. This means that many countries (clients within those regions) are allowed to open up an account and trade. Countries that are allowed to trade with FBS include;

Austria, Belgium, Bulgaria, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, the Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden.

Due to the heavy rules of the Securities Exchange Commission (SEC) in the U.S., individuals who are based in the United States will not be allowed to conduct any trading with FBS whatsoever.

Remember that regions that are not governed by the financial authority responsible for the entities that FBS trades under will also not be allowed to open up any trading accounts and invest. We have provided a list of FBS-prohibited countries below.

Special Offers for Customers

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Occasionally FBS offers assorted bonus credits to its clients, which can be used in trading operations. These may be limited to only certain jurisdictions or countries, specific account types, etc.

You will need to check the FBS website for information on credit bonuses, and when they apply, and if you are still unsure of how a particular offer works, then we suggest contacting FBS customer support.

The one special offer that new clients can usually find is the “Level Up Bonus” from FBS. This is where FBS gives any user a USD 140 signup bonus along with a full set of trading educational material.

New clients need no special requirements, but some terms and conditions may apply. Take note that this signup bonus is split into two parts and will require the client to undertake two particular duties.

To claim USD 70, you will only need to open up a Level Up Bonus Account. Then to receive an additional USD 70, you will need to download the FBS Personal Area App. This will allow you to claim your next USD 70.

Additionally, FBS offers a 100% deposit bonus for new clients that are choosing them as a broker. Take note that this is in addition to the Level Up Bonus. Once you have opened up a new trading account, you will only need to go to the client portal (FBS personal Area) and select this promotion.

Essentially, FBS will front the amount you plan to deposit, which means you will have double your equity. What is even more astounding is that you are able to use this bonus as many times as you deposit. However, terms and conditions do apply.

Lastly, FBS also offers its “FBS Loyalty Program.”. This is an exclusive club where the “devotion” of FBS clients is rewarded with real gifts that range from company merchandise to hi-tech gadgets. The Loyalty program is based on a points system, and all you need to do to earn points is to trade.

The points system is broken up into tiers, and the more points, deposits, and turnovers you contribute, the higher your tier and the better the gifts that you will receive. You can find out more about how to level up your “status” here.

Take note that the signup bonuses that FBS offers are for most accounts except for the FBS ECN and crypto accounts.

FBS Review Conclusion: Reputable Broker with Easy-to-use Platform

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FBS is one of the most well-liked places to trade forex, CFDs on stocks, stock indices, commodities, and cryptocurrencies because of its rich and extensive educational resources, which vary from courses to live webinars. 

We were pleased to discover that the popular MetaTrader platform is feature-rich when we tested FBS. With a secure, streamlined trading environment built on the platforms, it provides an immediate “at home” feeling. 

The addition of copy-trading functionality adds to the platform’s completeness. Accordingly, while FBS can meet the needs of experienced traders with a higher risk tolerance, it also caters primarily to beginners. 

Residents in the EU and the UK have a lot to like about FBS’ offering, which includes vigilant regulatory oversight, fund segregation, ICF coverage, and a wide range of tradeable instruments. While international account holders can open additional accounts, high leverage should always be approached with caution. 

FBS offers a diverse range of services overall. By including exclusive web and desktop platforms, they could improve even further.

Summary and Key Takeaways

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We evaluated FBS across 8 categories:

Trust, Fees, Platform and Tools, Customer Support, Tradeable Instruments, Account Types and Terms, Deposit and Withdrawal, and Research & Education.

FAQs

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