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FBS Review 2021: Is the broker safe?
This FBS Review 2021 contains answers to some common questions that many traders ask or search on the internet about FBS charges, services and legitimacy.
About FBS Review
This brokerage firm was established in the year 2009. Since that time, the firm has worked hard to expand its service and features to meet traders’ demand. However, it still needs to focus on certain areas to stand in the neck to neck competition with various other emerging but advanced brokerage firms. The firm mainly operates through two following locations:
1) Cyprus: Vasileos Georgiou A 89, Office 101, Potamos Germasogeias 4048, Limassol, Cyprus
2) Belize: 2118, Guava Street, Belize Belama Phase 1, Belize
Yes, the thing must be bothering you though being one of the oldest financial service providers, the firm has two physical office locations. It is the broker’s major drawback. The broker serves thousands of customers from just two office locations, making it hard to reach them for major problems. It is also significant to note that the broker claims that it consistently gets partner accounts and 7,000 novice traders every day. However, there is no information on the official website of the broker to back this data.
Types of account offered by FBS and fee charged
The broker offers four different accounts to traders: Cent account, micro account, standard account, zero spread account and ECN account. The minimum deposit of a cent account and the micro account is average. However, if we look into the minimum deposit of a standard account ($100), ECN account ($1000) and zero spread account ($500), it is extremely high. It is hard for traders to meet this requirement. And also it is too high concerning other advanced and renowned brokerage firms like HFTrading ($250), ROinvesting ($100) and 101investing ($100).
Apart from these professional accounts, the broker also offers a demo trading account for beginners and Islamic account for Muslim traders. The time provided for the demo trading account is limited. Again, the brokerage firm may charge an additional fee for Islamic trading account if you open your trading position for more than two days.
In various reviews, the minimum deposit fee of FBS is written as $1. But, it is clear from their official website that their minimum fee is $1, and it goes as high as $1,000 depending on the types of account and country you belong.
Apart from the minimum deposit, you must pay some additional fees on trade, including the following.
1) Overnight fee: The broker charges the fee if you hold your trading position overnight. FBS overnight fee is high and varies daily depending on the market closing.
2) Inactivity fee: The broker charges an inactivity fee if you are inactive for more than 180 days. The inactivity fee is $10 per year, which is relatively high concerning other firms.
Commission and spreads
The broker’s spreads are not up to the market. The minimum spread is 3pips which is high compared to other brokerage firms such as T1markets and Global TradeATF. Also, the broker charges $20 per lot as a traded common on zero spread account.
Leverage on trading
The official website of the broker says that it allows leverage of 1:3000 on trading. It might seem an attractive figure, but, the reality is that this value is too high to believe in it. And if we consider that it is real, how can we forget that leverage is a double-ended sword? It magnifies your profit, but at the same time, it magnifies losses too. Trading on such high leverage is very risky.
Tradable assets and markets
FBS brokerage does offer an extended list of seventy-eight favourable assets ranging from stocks up to CFDs and forex. From the recent data, you can trade the following assets:
1) Forex pairs: 28 (including minor and major pairs and nine exotic pairs)
2) Metal assets: 5
3) CFDs: 3
4) US stocks: 35
However, if we compare these assets with other advance brokerage, firms will find that FBS’s assets are seriously quite limited. They need to add some more to expand the trading portfolio of traders. Also, stock CFDs are not present for trading in the EU.
Because of several legal constraints from particular counties, the broker cannot accept customers originating from the following regions: UK, Japan, USA, Canada, Israel, Myanmar, Brazil, Islamic Republic of Iran and Malaysia. These restrictions might be partial or complete. Thus, if you live in any of these countries, you will have to look for other alternative brokerage firms.
Is FBS a scam or safe?
FBS scam is true. When you try some of the options, they do not work properly. It does not offer any solutions. Moreover, it is discouraging to see the disdainful UI and UX look, which is mostly carried by imposters and fraudulent. So, keeping up with the broker is highly risky. You can lose your budget once and for all.
Deposit and Withdrawal
There are extremely few ways for the transaction, which can leave you dejected. It includes wire transfers, e-wallet, credit card and several others. The deposit is instant, but the withdrawal takes three to four business days. Also, the process of filling the withdrawal form is time-consuming and tiring. The fees for the deposit of withdrawal are as follows:
The commission of $0.30 and a fee of 2.5%, Globe Pay with an amount of 1.5% and Perfect Money also charges a certain amount depending on the method of funding. Also, it may require a conversion fee if you deposit a non-base currency. So, it is all convoluted and messes up your mind. A trader has to waste so much time that it may put the mood off.
Traders are subjected to withdrawal high charges, which is a demotivating factor for every market player. Moreover, it depends on the payment method and conversion fee (if the base currency is not similar to your bank account’s currency). So, there is no room for improvement. The fees and commission are listed below in detail:
- Visa: $1 commission
- Skrill: 1% + $0.32
- Stic Pay: 2.5% + $0.30
- Neteller: 2% (max $30 and min $1)
- Globe Pay: 1%
- PerfectMoney: 0.50%
These charges seem like the broker is working as a thug.
Customer support service
The customer support service of the broker is good. The available options to contract the team are email, phone, chat option (web-based). But, all these options will work if you are well versed in English. The customer service with FBS is available only in the English language.
Cons of FBS
- The demo account for novice traders is available for a short duration.
- If you are an EU trader, the broker offers only two accounts types.
- The broker does not offer any service in the USA, Japan, UK, Canda, Israel and several other countries.
- The number of base currencies available with the broker is also limited.
- They have limited trading tools.
- They provide limited tradable assets (less than 90 assets).
- High spreads on their cent accounts.
The Bottom Line
The broker is annoying and working in the financial market since 2009, but managed hopelessly. However, it quintessential for the firm to upgrade its trading features, services and trading assets as the market is no more the same and has changed to a greater extent in the past few years. Otherwise, people would chuck it. FBS scam is a resounding reality which is making cacophony in the corridors.
New brokerage firm pops up every single day with excellent features that too at very low charges. So, FBS has no chance to be in the market. Also, these firms are safe and carry regulation for central regulatory bodies, unlike FBS. So, it is high time they should pay heed to several areas to stand in the market firmly. You can opt for some advance and renowned firms such as HFTrading, PrimeFin, Oinvest and others.
Frequently asked questions
What is the minimum deposit of FBS?
The minimum deposit required to open an online trading account with the broker varies to $1000, which is extremely high.
Is FBS regulated?
It seems more like a scam than regulated.
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