FBS Broker Review

Author By Jeffrey Cammack
Updated: June 9, 2022
Overall Rating
4.23 4.23 / 5
Rated #40 of 66 Recommended Brokers
🏦  Min. DepositEUR 1
🛡️  Regulated By
💵  Trading Cost 
USD 7
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 
AlertAccepts UK Clients. Average spread EUR/USD 0.7 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. FBS is regulated by CySEC and the IFSC. 76% of traders lose money with this provider.
Last updated on 9 Jun 2022
by Editorial Director Jeffrey Cammack
Jeffrey Cammack

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Our verdict on FBS

FBS is a low-risk CySEC-regulated international broker with a range of accounts, including a low-deposit entry-level account, a dedicated crypto account, and a decent range of trading platforms. 

However, some drawbacks are FBS’ high trading fees and the limited range of Forex pairs. Otherwise, FBS provides a welcoming environment for beginner traders, with an excellent selection of educational and market analysis materials, and 24/7 customer support. 

🏦  Min. DepositEUR 1
🛡️  Regulated By
💵  Trading Cost 
USD USD 7
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Overall Summary

Regulation
111104/ 5
Trading Conditions
11110.54.5/ 5
Trading Platforms
11110.54.5/ 5
Deposit & Withdrawal
111003/ 5
Education & Research
11110.54.5/ 5
Assets Available
11110.54.5/ 5
Customer Service
11110.54.5/ 5
Beginner Friendly
Excellent
Welcome Bonus

Account Information

Base Currencies
EUR, USD
Number of FX Pairs
37
Crypto Pairs
100
Copy Trading
Hedging Allowed
Scalping Allowed
Islamic Acct

Trading Conditions

Account Name
Trading Desk
Commission
6 USD / lot - ECN Account
EUR/USD
0.70 pips
GBP/USD
1.20 pips
USD/JPY
1.30 pips
Negative Balance Protection

Company Details

Company Name
FBS Markets Inc
Founded
2009
Website
Website Language
English, Portuguese, Indonesian, Malay, Vietnamese, Arabic, Hindi, Chinese, Spanish
Support Language
English, Portuguese, Indonesian, Malay, Vietnamese, Arabic, Hindi, Chinese
Office Locations
Malaysia, Laos, Thailand, Dubai, Brazil, Turkey

Pros

  • Tight spreads
  • Low minimum deposit
  • Excellent education
  • Excellent market analysis

Cons

  • Limited range of assets
  • Extreme leverage

Is FBS Safe?

With strong local and international regulation, FBS is a safe broker for British traders to trade with.

CySEC Regulated: While awaiting authorisation by the Financial Conduct Authority (FCA) of the UK, British traders will be trading with the European subsidiary of FBS, which is licenced and regulated by the Cyprus Securities and Exchange Commission (CySEC). The Temporary Permissions Regime allows EEA-based firms to operate in the UK. See below for FBS sign up notice:

FBS Sign Up Notice

Safety Features: FBS clients in the UK will have a leverage limit of 30:1 for Forex trading and have negative balance protection, so they can never lose more money than they have in their trading accounts. Traders will also have their funds held with the Bank of Cyprus Public Company Ltd in segregated accounts and are protected by the Investor Compensation Fund, which is not available under FBS’ other regulatory authorities.

Company Details:

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Group Regulators
Trading Desk
Website
Year Founded
Office Locations
Inactivity Fee
CySEC
ASIC
FSCA
IFSC
STP
ECN/DMA
2009
Malaysia, Laos, Thailand, Dubai, Brazil, Turkey
Yes

FBS’ Financial Instruments

The choice of financial assets offered by FBS is limited compared to other similar brokers, but it offers a wider range of cryptocurrencies.

Due to CySEC regulations, maximum leverage on all assets is low, though this will be the same for all CySEC-regulated brokers.

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Financial Instrument
Number of Assets
Leverage
Cryptocurrencies
100
2:1
Energies
5
20:1
Stock CFDs
96
2:1
Forex
37
30:1
Indices
12
20:1
Metals
4
20:1

  • Forex: FBS has only 37 currency pairs available for trading which is lower than the industry average.  These include majors (EUR/USD, GBP/USD, and USD/JPY), minors (NZD/CAD, EUR/JPY, and USD/ZAR), and exotics. 
  • Share CFDs: FBS offers 96 share CFDs, which is limited compared to other large international brokers.  The selection available includes some of the major US, UK, and European Exchanges. 
  • Indices: There are 12 indices available for trading at FBS, which is limited compared to what is available at other similar brokers. The most popular indices are those that combine the shares of some of the largest and globally acknowledged companies.   
  • Metals: FBs offers trading on 4 metals, which is very limited compared to what is commonly available at other brokers.  Most other brokers offer between 5 and 10 metals.  These include metals such as gold, silver, platinum, and palladium. 
  • Energies: FBS offers trading on five energies, which is, again, limited compared to what is on offer at other similar brokers.  
  • Cryptocurrencies: Cryptocurrency trading is only offered on the FBS Trader app, and FBS offers trading on over 100 pairs, which is impressive. Also, unlike traditional markets, crypto trading is available 24/7.

Overall, the selection of trading instruments available at FBS is generally limited, but it has an excellent range of cryptocurrencies.  

Accounts and Trading Fees

FBS offers three accounts, including two commission-free accounts and a dedicated crypto account, with reasonable minimum deposit requirements. 

Trading Fees: FBS’s trading costs are about average on its two commission-free accounts, but significantly higher than other brokers on its Crypto Account. 

See below for more details:

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Trading account
Min. Deposit
Min. Spread EUR/USD
Commission
Trading Cost (USD)
Cent
EUR 10
0.60
Spread Only
8.0
Crypto
USD 1
1
0.01%
100
Standard
EUR 100
0.60
Spread Only
8.0

Cent Account

Cent accounts are suitable for beginner traders and allow trading micro-lots. The initial deposit is 10 USD and spreads average at 1.1 pips (EUR/USD), which is around the industry average.

Standard Account

Standard accounts are commission-free accounts with a minimum deposit of 100 USD, and variable spreads that average at 1.1 pips (EUR/USD). 

Crypto Account

FBS offers a dedicated Crypto account, which supports more than 100 instruments: coins to coins, coins to fiat, coins to metals, etc. The minimum deposit on this account is 1 USD, and leverage is fixed at 1:2.  However, spreads are extremely wide on these assets, and commissions are 0.1% (round turn), which translates to 100 USD per lot traded.  The crypto account is available on the FBS Trader app only.

Demo Accounts

FBS offers free demo accounts, allowing traders to test out the Forex strategies with virtual money, using real market data. Using a demo account is a good way to learn how to trade. Demo accounts expire after 40 days, after which time they are automatically deleted.  Clients can open a new one when this happens.

Deposits & Withdrawals

Although we were pleased to find that FBS charges no deposit or withdrawal fees, withdrawal times are longer than the industry average.

In line with Anti-Money Laundering policies, deposits and withdrawals at FBS cannot be made to/from third-party accounts.  

Trading Account Currencies: We were disappointed to find that although deposits can be made in most national currencies, they are subsequently converted into USD and  EUR. Because FBS does not support accounts denominated in GBP, British traders will have to pay conversion fees on all deposits and withdrawals.  Conversion fees can make trading expensive, and affect profitability.

Deposit and Withdrawal Fees: FBS does not charge for making deposits or withdrawals. Deposits made via electronic payment systems are processed instantly, and deposit requests via other payment systems are processed within 1-2 hours.

See below for a list of FBS payment methods:

  • Visa: Deposits are instant and free. Withdrawals take 15 – 20 minutes and may take as long as 5 -7 business days to reach your bank account. Withdrawals are also free.
  • Mastercard: Deposits are instant and free. Withdrawals take 15 – 20 minutes and may take as long as 5 -7 business days to reach your bank account. Withdrawals are free.
  • Maestro: Deposits are instant and free. Withdrawals take 15 – 20 minutes and may take as long as 5 -7 business days to reach your bank account. Withdrawals are free.
  • Bankwire: Denominated in EUR, bank wire transfers can take 3 – 4 days to be processed and withdrawals take approximately 48 hours.
  • Skrill: Deposits are instant and commission fees charged by FBS can be found in the Personal area. Withdrawals take 15 – 20 minutes to be processed and are free.
  • Neteller: Deposits are instant and FBS commissions can be found in your Personal area. Withdrawals can take 15-20 minutes to be processed, and are free.

Overall,  FBS provides a limited range of funding methods but both deposits and withdrawals are free.

FBS’ Mobile Trading Apps

FBS offers a wider range of trading platforms than is typically available at other brokers, including its own in-house mobile trading app. 

FBS Trader

We quickly realised that the FBS Trader app is not a trading platform, but more of a portal that allows traders to manage their MT4 and MT5 platforms from a mobile device or tablet.  We were pleased to see that the FBS Trader App is now also available on iOS where previously it was only available for Android devices. 

FBS Trader Features: We enjoyed how easy it is to use the FBS Trader app. After you register an account, it takes you through a tutorial to help you easily navigate the platform. The app also has an intuitive home screen and sophisticated dashboard that allows you to easily skip between a real or demo account. The app allows you to view educational videos, has an integrated economic calendar, and allows you to contact customer support. Traders can also track real-time stats, open/close/edit positions, add stops to open positions and delete working orders. 

FBS Mobile

 

Other Trading Platforms

With both MT4 and MT5 available, FBS’ platform support is average. 

MT4 and MT5

The advantage of brokers offering third-party platforms such as MT4 and MT5 is that traders can take their own customised versions with them should they decide to migrate to another broker.  However, the in-house platforms available at other brokers are usually more beginner-friendly and easier to set up than MT4 and MT5.  

Both MT4 and MT5 are available for Windows, Android, iOS, and web browser.

Opening an Account at FBS

The account opening process is easy, hassle-free, and fast.

It took us about 5 minutes to open an account at FBS and once our documentation had been submitted our accounts were ready for trading immediately. 

As a British trader, you are eligible to open an account at FBS as long as you meet the following minimum deposit requirements:

Standard Account: 100 USD

Cent Account: 10 USD

Crypto Account: 1 USD

Opening a live account at FBS is easy and fast. While FBS also offers Corporate Accounts and Joint Accounts we will focus on opening an Individual Account:

  1. Initially, you will need to click on “Open Account” and register your name and email address.  
  2. Thereafter,  you will choose between a Real or a Demo Account.
  3. Next, you will have to fill in your full name, phone number, email address, and date of birth. You will also have to choose your base currency, platform, and leverage.
    FBS Account Opening
  4. Once this step is complete, FBS needs at least two documents to accept you as an individual client:
    1. Proof of Identification – current (not expired) coloured scanned copy (in PDF or JPG format) of your passport.
    2. If no valid passport is available, a similar identification document bearing your photo such as an ID card or driving licence will work.
  5. Once this step is complete, you will need to make at least the minimum required deposit for your chosen account via one of FBS’ deposit methods. 
  6. Your documents will be checked by the verifications department within 48 hours. Any deposits will be credited to the account only after your documents have been approved and your personal area is fully activated.
  7. We advise you to read FBS’ risk disclosure, customer agreement, and terms of business before you start trading.

Overall, the account opening process at FBS is hassle-free and accounts are generally ready for trading in 48 hours. 

Trading Tools

FBS’ trading tools are limited compared to other similar brokers, and it doesn’t offer technical analysis tools such as Autochartist or Trading Central.

Under its trading tools section, FBS lists an Economic Calendar, a Trading Calculator, and a Currency Converter, which are all fairly standard.

Overall, FBS offers a limited number of trading tools compared to other large international brokers.

Trading Tools Comparison:

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Broker
Autochartist
Trading Central
Trading View
FBS
Pepperstone
AvaTrade

FBS for Beginners

FBS is one of the better brokers for beginners – the education section is comprehensive and well-structured, and the market analysis is up-to-date and well explained. Unusually, customer service is available 24/7 – a welcome development, where the norm is 24/5.  This is extremely beneficial for beginner traders who will likely set up trading accounts on weekends.  

Educational Material

FBS offers a good selection of educational materials compared to most other brokers, and it is suitable for both beginners and more experienced traders alike.

The education section at FBS is well-structured and well-organized, and all material is free. Education is split into five sections:

  • Forex Guidebook – the core of the education section, this is one of the better guides to Forex trading we have seen. It is split into chapters for Beginner, Elementary, Intermediate, and Experienced traders. This guidebook will be useful in some form for almost all readers.
  • Tips for Traders – a frequently updated blog with useful posts covering various aspects of trading in an erudite and informal format. Recent blog posts include Triple Screen Trading Strategy and Bill Williams Fractals Indicator.
  • Webinars – includes a schedule and register of upcoming webinars. FBS holds webinars weekly from its office in Moscow, and registration is a simple procedure.
  • Video Lessons – as you would expect, this is a collection of short videos covering various aspects of Forex trading – good for those who prefer watching to reading, but not as comprehensive as the Guidebook
  • Glossary – FBS offers a good glossary of Forex terms.

Overall, the education section at FBS is more comprehensive than the material that is available at other brokers.  

Education Comparison:

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Broker
Beginner Course
Advanced Course
FBS
Pepperstone
AvaTrade

Analytical Material

FBS’ market research is average compared to most other large international brokers.

The FBS Market Analysis is broken down into technical analysis and fundamental analysis.  The technical analysis is somewhat limited, but the fundamental analysis is more detailed and offers Forex traders basic coverage of key topics.

Market analysis materials at FBS is free of charge for all visitors, and is divided into three separate sections:

  • Forex News – A regular news feed of the day’s important events that will have fundamental effects on Forex trades. It is concise, updated frequently, and is well written.
  • Daily Market Analysis – Here you will find short analytical articles on the day’s events, which is very useful for new traders.
  • Forex TV – a collection of videos on everything from suggested trading plans for the week ahead to historical webinars. The trading plans, in particular, are beneficial for new traders.

Overall, FBS offers a range of market analysis materials that are useful for traders of all experience levels, but it is not as comprehensive as what is offered by other brokers.

Customer Service

Available 24/7, FBS’ customer support is better than that offered by other brokers.

Customer service is available in multiple languages, 24/7 – which is exceptional for an industry where the standard is 24/5. Support is available by email, live chat, and social media, in 14 different languages.

We found the customer service responsive, polite, and resourceful.  They were able to answer all our questions satisfactorily.

Safety and Industry Recognition

Regulation: Founded in 2009, FBS is a Russian Forex and CFD broker with regulation from the Australian Securities and Investment Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), and the Financial Sector Conduct Authority (FSCA) in South Africa. See below for more details:

  • Intelligent Financial Markets Pty Ltd is regulated by ASIC, license number: 426359.
  • FBS Markets Inc is regulated by IFSC, license IFSC/000102/124; Address: 2118, Guava Street, Belize Belama Phase 1, Belize.
  • Tradestone Ltd. is authorised and regulated by the Cyprus Securities and Exchange Commission of the Republic of Cyprus, with company registration number 353534.
  • FBS Markets Pty Ltd is regulated by the FSCA in South Africa Licence number 50885.

In October 2020, researchers discovered a data breach on an unsecured server, ElasticSearch,  that left the confidential records of 16 million traders at FBS exposed.  Records included names, passwords, email addresses, national ID cards, bank statements, and credit card information, among other sensitive details.  The white hat hackers led by Wizcase found that the server was left open without any encryption or password protection and that the information was accessible to anyone. It was uncertain how long the server had been unprotected before the discovery was made. FBS immediately secured the server, but this oversight could have led to scams, phishing, and other attacks on FBS clients. 

Overall, FBS is considered a safe broker to trade with, but traders should be aware of the 2020 data breach and proceed cautiously.

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.

Forex Broker Scoring

FBS Disclaimer

Trading Forex is risky, and each broker is required to detail how risky the trading of Forex CFDs is to clients. FBS would like you to know that: CFD’s are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.2% of retail accounts lose money when trading CFD’s with this provider. You should consider whether you understand how CFD’s work and whether you can afford to take the high risk of losing your money.

Overview

FBS is a large online international broker with three live accounts with average trading conditions, but accounts that are suitable for both beginners and experienced traders. It offers low minimum deposits and micro-lot trading on its Cent account, and has a dedicated crypto account.  FBS offers support for MT4 and MT5, and no trading tools to speak of, however, it provides excellent educational and market analysis materials, and exceptionally,  its customer support is available 24/7.  

AlertAccepts UK Clients. Average spread EUR/USD 0.7 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. FBS is regulated by CySEC and the IFSC. 76% of traders lose money with this provider.
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