FBS

IFSC Regulation: Indian traders will be trading with FBS Markets Inc, which is authorised and regulated by the IFSC in Belize.

Safety Features: While the IFSC requires brokers to keep client funds in separate accounts and issue monthly statements to their clients, it does not require FBS to offer negative balance protection so traders can end up owing money to the broker. Nor does the IFSC require FBS to restrict leverage to protect its traders.

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

• Cent: 1 USD
• Micro Account: 5 USD
• Standard Account: 100 USD
• ZERO Spread: 500 USD
• ECN Account: 1000USD
• 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.
   
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. 

With FBS traders can trade a limited selection of Forex, stock CFDs, indices, energies, metals and cryptocurrencies.

FBS is unusual amongst brokers in that it offers six different account types, whereas most brokers will offer three or fewer. Trading costs are lower than average on three of its accounts and significantly higher than average on the other three accounts. All accounts have a different minimum deposit requirement.

We opened and tested several of FBS’ accounts:

Cent Account

Cent accounts are suitable for beginner traders and allow trading micro-lots. The initial deposit is 1 USD; floating spreads average at 0.8 pips (EUR/USD), which is much tighter than at other brokers, and leverage is up to 1:1000. 

Standard Account

Standard accounts are commission-free accounts with a minimum deposit of 100 USD, variable spreads that average at 0.8 pips (EUR/USD), which is tighter than other similar brokers, and leverage of up to 3000:1.

Micro Account

Micro accounts are commission-free and have a minimum deposit of 5 USD. Spreads are fixed at 3 pips on the EUR/USD, which is wider than most other brokers, and leverage is up to 3000:1. 

Zero spread Account

The Zero Spread account is perfect for those traders who prefer high-speed trading. However, this is a high commission account – at 20 USD per lot, making it unappealing for most traders. Spreads are fixed at 0 pips on the EUR/USD, leverage is up to 3000:1, and the minimum deposit requirement is 500 USD.

ECN Account

The ECN account is the most suitable account for experienced traders. The minimum deposit on the ECN Account is 1,000 USD, variable spreads start at 0.1 pips (EUR/USD), and a commission of 6 USD is charged per lot. Maximum leverage on the ECN Account is up to 500:1, but ECN account holders can only trade on 25 FX pairs. While the minimum deposit requirement is high, its ongoing trading costs are as low as those charged by other ECN brokers.

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 1:5. 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 MetaTrader 5 only.

Islamic Account

All accounts are available as swap-free accounts, except for the ECN Account. Changing account status to Swap-free is available in the account settings only for the citizens of countries where one of the official (and dominating) religions is Islam. 

For long-term strategies where a position is held open for longer than two days, FBS charges a fixed fee for the total number of days during which the order was opened.

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 MT4/MT5 Mobile Trading Apps

FBS offers support for MT4 and MT5 mobile trading apps for Android and iOS. Traders should be aware that there is some loss in functionality when compared to the desktop trading platforms, including reduced time frames and fewer charting options, but traders can close and modify existing orders, calculate profit and loss, and trade on the charts.

Platform Comparison:

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

MT4 and MT5

The main benefit of using third-party platforms such as MT4 and MT5 is that traders can keep their own customised versions of the platforms should they choose to migrate to another broker. Both MT4 and MT5 are available for Windows, Android, iOS, and web browsers.

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 INR, Indian 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 to a live trading account, but it charges fees for withdrawals under certain conditions. Deposits made via electronic payment systems are processed instantly, and deposit requests via other payment systems are processed within 1-2 hours.

FBS has a wide selection of promotions and bonuses advertised on its website. For example, the broker offers a 100% deposit bonus, which doubles the deposit available for trading. Please see the website for further details.

Under its trading tools section, FBS lists an Economic Calendar, a Trading Calculator, and a Currency Converter, which are all fairly standard. It also offers a VPS service for traders with a higher minimum deposit and a decent copy trading service for investors and traders.

VPS

FBS offers a VPS service to traders who deposit more than 450 USD and who trade three lots within the first month of use. Traders who do not trade these volumes will be charged a fee of 33 USD per month to use the service, which is around the industry average.

VPS hosting allows traders to run automated algorithmic strategies, including expert advisors 24 hours a day 7 days a week on a virtual machine. VPS services have the advantage of never suffering connectivity issues and have extremely low latency due to their proximity to major international exchanges. 

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 are free of charge for all visitors, and are divided into three separate sections:

• Forex News – A regular news feed of the day’s important events will fundamentally affect Forex trades. It is concise, updated frequently, and 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.

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:

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 16 different languages.

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