FBS Editor’s Verdict
FBS is a Belize-headquartered broker catering to 27M+ traders from 150+ countries. Traders get a simplified account structure featuring one account for everyone, the MT4 and MT5 trading platforms, an FBS app, and 550+ trading instruments. The $5 minimum deposit and 200+ payment processors ensure accessibility, and beginners receive education and research. Therefore, I consider FBS among the most beginner-friendly Forex brokers best suited for first-time traders. My FBS broker review evaluated the trading conditions. Is FBS the best broker for your trading requirements?
Overview
FBS offers beginner traders a quality trading environment.
FBS Five Core Takeaways:
- MT4/MT5 for algorithmic traders
- Balanced asset selection with reasonable, commission-free trading fees
- High-paying multi-tier partnership program
- MetaTrader MultiTerminal for multi-account management
- Limited cryptocurrency trading
Belize ASIC, CySEC, FSC Belize 2009 ECN/STP $5 Other, MetaTrader 4, MetaTrader 5 $11.00 $14.00 $0.05 $0.31 $20.00 69.21% Not applicable 0.7 pips Commission-free 200+
Regulation and Security
Trading with a regulated broker will limit the potential for fraud and malpractice. I always recommend that traders check regulations and verify them with the regulator by double-checking the provided license with their database. FBS has three regulated subsidiaries with clean track records.
Country of the Regulator | Australia, Belize, Cyprus |
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Name of the Regulator | ASIC, CySEC, FSC Belize |
Regulatory License Number | 000102/6, 331/17, 426359 |
Regulatory Tier | 4, 1, 1 |
Is FBS Legit and Safe?
My FBS review found no verifiable misconduct or malpractice by this broker, founded in 2009. Therefore, I recommend FBS as a legitimate and safe broker.
FBS regulation and security components:
- Regulated by the Belize Financial Services Commission (FBS Markets), the Cyprus Securities and Exchange Commission (Tradestone LTD), and the Australian Securities and Investments Commission (Intelligent Financial Markets Pty LTD)
- Founded in 2009
- Segregation of client deposits from corporate funds
- Negative balance protection
Fees
Average Trading Cost EUR/USD | $11.00 |
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Average Trading Cost GBP/USD | $14.00 |
Average Trading Cost WTI Crude Oil | $0.05 |
Average Trading Cost Gold | $0.31 |
Average Trading Cost Bitcoin | $20.00 |
Minimum Raw Spreads | Not applicable |
Minimum Standard Spreads | 0.7 pips |
Minimum Commission for Forex | Commission-free |
Deposit Fee | |
Withdrawal Fee |
FBS offers a commission-free cost structure with floating minimum spreads from 0.7 pips or $6.00 per standard round lot for major currency pairs. Forex traders may use the FBS Trading Calculator to receive information on a trade before entering it.
FBS has no internal deposit or withdrawal fees, but third-party processing costs and currency conversion fees may apply. During my FBS review, an inactivity fee was non-existent.
The average trading costs for the EUR/USD at FBS are:
Minimum Spread | Commission per Round Lot | Cost per 1.0 Standard Lot |
1.1 pips | $0.00 | $11.00 |
Here is a snapshot of FBS spreads:
MT4/MT5 traders can access swap rates from their platform by following these steps:
1. Right-click the desired symbol in the Market Watch window and select Specification.
2. Scroll down until you see Swap Long and Swap Short.
Below is a list of trading cost examples for buying and selling the EUR/USD, holding the trade for one night and seven nights in the commission-free FBS account.
Taking a 1.0 standard lot buy/sell position in the EUR/USD, at the average spread and holding it for one night in the FBS account will cost the following:
Average Spread | Commission per Round Lot | Swap Long | Swap Short | Total TradingCosts |
1.1 pips | $0.00 | $5.46 | X | -$16.46 |
1.1 pips | $0.00 | X | -$0.61 | -$10.39 |
Taking a 1.0 standard lot buy/sell position in the EUR/USD, at the average spread and holding it for seven nights in the FBS account will cost the following:
Average Spread | Commission per Round Lot | Swap Long | Swap Short | Total TradingCosts |
1.1 pips | $0.00 | $38.22 | X | -$49.22 |
1.1 pips | $0.00 | X | -$4.27 | -$6.73 |
Noteworthy:
- FBS offers positive swap rates on qualifying assets, allowing traders to earn money on qualifying positions.
Range of Assets
Currency Pairs | |
---|---|
Cryptocurrencies | |
Commodities | |
Crude Oil | |
Gold | |
Metals | |
Equity Indices | |
Stocks | |
Stocks (non-CFDs) | |
Bonds | |
ETFs | |
Options | |
Futures | |
Synthetics |
Traders get 550+ assets with a focus on Forex and equity trading. I like the overall balance of the asset selection, but the absence of ETFs is a shame, and I would like more cryptocurrency CFDs.
FBS offers the following asset selection:
- 72 Forex pairs
- 5 cryptocurrencies
- 11 metals and energies
- 11 indices
- 474 equity CFDs
FBS Leverage
Maximum Retail Leverage | 1:3000 |
Maximum Pro Leverage | 1:3000 |
What should traders know about FBS leverage?
- Maximum retail Forex leverage is 1:3000
- Metals max out at 1:500
- Energies and indices get 1:200
- Equity CFD traders get a maximum leverage of 1:100
- Not all assets within a sector qualify for the maximum leverage
- FBS has dynamic leverage, lowering it as the account equity increases, which is an excellent risk management tactic.
- FBS issues a margin call at a 40% margin level with an automatic stop-out at 20%.
- Negative balance protection ensures depositors cannot be held liable for more than they deposit.
- Traders should always use appropriate risk management with leveraged trading to avoid magnified trading losses.
Account Types
FBS simplified its account structure by offering everyone the same account. Demo accounts and swap-free Islamic accounts are also available.
My observations concerning the FBS account types:
- The minimum deposit is $5.
- The maximum leverage is 1:3000.
- Account base currencies are the EUR, USD, and JPY.
- Order volume between 0.01 lots and 500 lots.
- The maximum orders per client max out at 500, including 200 pending orders.
- The order execution speed is as low as 0.01 seconds.
FBS Demo Account
Demo trading does not expose traders to the true range of trading psychology and can create unrealistic expectations. Therefore, I want to caution beginner traders against using demo trading as a simulation tool because no real money is at stake, and demo accounts rarely duplicate true real-live account conditions. Demo accounts are best used as an educational tool to familiarize yourself with the broker's platform.
What stands out about the FBS demo account?
- FBS offers customizable MT4/MT5 demo accounts.
- No expiry on demo accounts.
- There is no limit on how many demo accounts a trader can add.
- A demo account requires registration but not account verification.
Trading Platforms
MT4 | |
---|---|
MT5 | |
MT4/MT5 Add-Ons | |
cTrader | |
Proprietary Platform | |
Automated Trading | |
Social/Copy Trading | |
DOM? | |
Guaranteed Stop Loss | |
Scalping | |
Hedging | |
One-Click Trading | |
OCO Orders | |
Interest on Margin |
FBS offers traders a choice between the MT4/MT5 trading platforms as desktop clients, lightweight web-based alternatives, and popular mobile apps. I recommend the desktop client, as it offers all the functions, including algorithmic trading. Traders can upgrade MT4 via 25,000+ custom indicators, templates, and EAs, while MT5 features 10,000+. MT4 traders also get the MultiTerminal for multi-account management.
Mobile traders can also opt for the in-house-developed FBS app, which is ideal for monitoring portfolios.
Unique Features
FBS focuses on its core trading environment, which it upgraded over the past few years to ensure traders get improved trading conditions. I also want to note the focus on community and the numerous programs FBS supports. FBS donated over $1.3M to 35 charities across 20 countries, which shows a sense of corporate responsibility.
Research and Education
FBS publishes analytics in five languages, including actionable trading recommendations. Traders can also qualify for VIP Analytics by depositing $500 monthly and placing one trade. Please note that this enables VIP Analytics for one month, and traders must repeat the process the following month to keep receiving them.
What about education at FBS?
The FBS Academy consists of well-structured beginner education, available through quality written content. FBS also educated beginners through seminars, webinars, trading tutorials, and the Trader’s blog.
My conclusion:
- I recommend beginners take advantage of the excellent education at FBS, which I rank among the best in the industry.
- I also advise traders to continue with in-depth education from third parties focusing on trading psychology and the relationship between leverage and risk management.
- Avoid paid-for courses and mentors.
Customer Support
Customer Support Methods | |
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Support Hours | 24/7 |
Website Languages | EN ES PT MS TH ID Other |
FBS’ multilingual customer support is available 24/7 via e-mail and phone, including a call-back option and live chat. The Help Center answers many questions, and I had no reason to contact customer support during my FBS review, as FBS explains its products and services well.
Bonuses and Promotions
During my FBS review, neither bonuses nor promotions were available. FBS provides a high-paying multi-tier partnership program that I recommend for passive income seekers. It pays up to 43% of the trading fees FBS earns per trade, and the FBS Partnership Program has 700K+ partners to date and $1.5M+ in monthly paid-out commissions.
Awards
FBS has 90+ industry awards. Among the three most recent are the Best Forex Trading Support 2024 award by FXDaily, the Best Trading Application Asia 2024 award by World Business Outlook, and the Best Partner Programme Asia 2024 award by Global Brands Magazine Awards.
Opening an Account
FBS has a user-friendly online account opening process that follows well-established industry practices. It does not engage in data mining unless traders sign up via the CySEC (EU) or ASIC (Australia) entities. Traders may also register at FBS using their Facebook or Google IDs.
What should traders know about the FBS account opening process?
- FBS complies with global AML/KYC requirements.
- Account verification is mandatory.
- Most traders pass verification by uploading a copy of a government-issued ID and one proof of residency document.
- FBS may ask for additional information on a case-by-case basis.
Minimum Deposit
The minimum deposit at FBS is $5.
Payment Methods
Withdrawal options | |
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Deposit options |
FBS accepts 200 payment methods, including bank wires, e-wallets, localized payment processors, and cryptocurrencies.
Accepted Countries
FBS does not provide a detailed list of accepted countries. FBS notes that “FBS Markets Inc. does not offer financial services to residents of certain jurisdictions, including, but not limited to: the USA, the EU, the UK, Israel, the Islamic Republic of Iran, Myanmar.” It applies to its primary entity in Belize, as the CySEC-regulated entity caters exclusively to the EU, while UK residents can register via the ASIC-regulated entity.
Deposits and Withdrawals
The secure FBS back office and user-friendly FBS app handle financial transactions for verified clients.
What are the key takeaways from the deposit and withdrawal process at FBS?
- The minimum deposit is $5, which can vary depending on the payment processor.
- Deposit currencies are USD, EUR, local currencies, Bitcoin, Ethereum, Litecoin, Bitcoin Cash, USDT (TRC20), and USDT (ERC20).
- FBS does not list a minimum withdrawal amount.
- External processing times and fees depend on the payment processor.
- FBS processes withdrawal requests for credit/debit cards the same business day, bank wires within 48 hours, and Skrill or Neteller between 15-20 minutes with a maximum of 48 hours.
- In compliance with AML regulations, the name of the trading account and payment processor must be identical.
- FBS will return the deposit amount to the funding source before traders can request excess withdrawals to an additional payment processor.
Is FBS a good broker?
I like the trading environment at FBS for beginners, as they receive an excellent education, actionable trading signals, one account type, a $5 minimum deposit, and 200+ payment processors, including cryptocurrencies. Traders can use MT4, MT5, or the FBS app and benefit from a balanced asset selection plus a high-paying multi-tier partnership program. Therefore, I recommend FBS for beginners seeking a quality, trustworthy, and socially responsible Forex broker. FBS has been a reliable broker operating since 2009, and it is supervised by three global regulators: the FSC in Belize, the CySEC in Cyprus, and the ASIC in Australia. Beginner traders should consider FBS for its wealth of educational content. It is ideal for beginners to learn the fundamentals of trading. It also offers in-house trading recommendations, aiding new traders until they develop personalized trading strategies. FBS processes withdrawal requests for credit/debit cards the same business day, bank wires within 48 hours, and Skrill or Neteller between 15-20 minutes with a maximum of 48 hours. FBS has no restrictions on Indian traders and accepts them as clients. FBS became operational in 2009. FBS is a market maker using STP. It can act as the direct counterparty to trades placed by clients, meaning it will also directly profit from their losses. FBS's secure back office handles all financial transactions, and traders must verify their accounts before requesting withdrawals.FAQs
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