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With the aim of trading with good brokers in forex market, the multitude of forex traders are facing the dilemma of how they can opt for good forex brokers. FBS broker is recently becoming one of the best forex brokers in forex market in 2018 in terms of Asian regions. To be more specific, FBS broker is considered to be the best forex broker in Thailand and Indonesia. In reality, FBS was founded in 2009 which has been appearing in forex market for almost 11 years. In order to help you fully understand this broker, I will give you some overall comparison between FBS and top forex brokers such as Exness or XM. I hope that this article can help you make a good decision if you are looking for a good forex broker. FBS allows traders to trade up to 35 currency pairs, 4 precious metals, 2 CFD, and cryptocurrencies.
There is no doubt, first of all, that we should take some certain criteria into consideration before choosing a good broker. Here are some standards that a broker should follow if they want to be a good broker in forex market.
- Trading costs
- Trading conditions
- Account types
- Payment systems
- quotes quality
- Customer support
- Local offices
1. Why is FBS broker reliable?
The best way to measuring a good broker is to check their regulations. Basically, regulations are licenses that reliable financial organizations provide brokers to manage those brokers. It is the fact that regulations make brokers have to comply with a certain set of rules to guarantee clients’ safety. In reality, if brokers can get regulations from reliable financial organizations, they will be more trusted. CySEC and IFSC are two the most trusted regulations that FBS gets at present. Hence, it is very safe for you to trade with FBS broker without worrying about anything. For some traders, a good broker should have many regulations in forex market; but it is totally wrong. If brokers have many regulations, they hardly offer traders good trading condition. From my own experience, you should choose broker who obtains a regulation from your country. Indeed, FBS gets IFSC, a South African regulation, which ensures the safety of traders in South Africa. On the other side, if there is no regulation in your country, you should choose broker who has at least one reliable regulation. In this case, FBS gets CySEC, which is very beneficial for their customers. In one word, regulations are the most crucial thing that traders should take into account in forex market.
2. Trading costs
Perhaps not many traders want to trade with high-spread brokers in forex market. Therefore, they have a tendency to choose low-spread forex brokers. Obviously, spread is the difference between the Ask price and the Bid price of a currency pair. FBS is listed in the top low spread brokers in forex market, which is only from 0.2 to 1.1 pip.
FBS charges their clients commission as their main income. The amount of money that they charge will depend on account types. In fact, if you choose Cent and Standard accounts, you will not be charged.
If you trade with FBS broker, you will be able to choose different types of accounts like deposit bonus, welcome bonus, or loyalty program. Indeed, traders can get back their 100% deposit amount thanks to deposit bonus. The highest bonus rate that traders can get up to $123. Additionally, they also offer cashback program, which will rebate their customers $7 for each lot traded. Currently, it is a good chance for traders to opt for FBS broker because they are giving their customers $50 bonus. You can get this amount of money if you sign up for an account here.
Read more for: best forex bonuses of 2018
3. Trading conditions
Presently, traders have four account options when trading with FBS broker, which are the regular accounts (Cent account, Standard account, and Fixed Spread account) and the ECN account.
Normally, it is specifically designed for new traders and beginners because of low deposit. You only need to deposit only $1 when you create this account. In fact, it would be a great thing for new traders to practice their trading experience without losing a lot of money. You can practice your trading condition in three months with only $10. The spread of this account is quite low, which is 1 pip. The request volume is from down to 0.01 part Cent up to 1000 parcels.
This account type is suitable for experienced traders. In fact, traders have to deposit $100 when they choose this type of account. The spread of this account is very low, which is around 0.5 pips. It is very beneficial for traders to choose account with higher leverage. The leverage of this account is up to 1:3000, which higher than XM’s standard account (1:888). The request volume is from 0.01 to 500 parts. Like Cent account, this account type is commission free.
Fixed Spread account:
This kind of account has no spread. Traders have to pay for commission charge, which is $20. The minimum deposit is $500.
It is the best suited account for experts and long-term traders, which requires $1000 for minimum deposit. On the other hand, the commission is very low, which is only $6. As a matter of fact, the commission rate of this account is quite equivalent to that of Exness and XM.
It is obvious that US/UK brokers are very great in their countries. However, in terms of overseas countries, they are not very good, especially in Asian countries like Thailand or Indonesia. Normally, when traders use their credit cards to deposit, they will be charged from 1.7 to 4% of their entire fund. Honestly, you have to pay 4% for depositing and the profit rate is only 5% every month. It is not a good decision for you to trade with US/UK brokers in this case. The most effective way to reducing depositing cost is to trade with FBS, who offer your local payment system. FBS provides their traders depositing and withdrawing through all local banks and e-wallets in Asian nations. In addition, transferring speed takes traders only a few seconds, which comes second to Exness, the fastest in the market.
4. Customer service of FBS broker
When it comes to customer service, it is definitely a great thing for traders to trade with a broker, who always supports them at any time. In fact, forex market is considered to be the most complicated field, which requires traders to have enough experience. However, not many traders will be able to make profit when they first come to forex market; they thus need to get support from their traders. In terms of FBS broker, they offer their traders good customer services, which enable their customers gain profits easily. They support their traders English 24/7 through online chat. In terms of non-English speakers, they have local offices in different regions such as Indonesia, Malaysia, Egypt, Thailand, China, Korea and Myanmar, which support their traders 5 days a week. Therefore, I myself believe that FBS is a better choice for most traders in Asian regions. You will have more opportunities to gain as many profits as possible if you trade with FBS broker.