Here Are the 9 Pros and Cons

FBS Fact sheet

When choosing a brokerage there are a number of things to consider. First and foremost is security. FBS is regulated by a number of regulatory bodies including the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investment Commission (ASIC), and the Financial Sector Conduct Authority (FSCA). In addition, FBS is a member of the trader's compensation fund. Having a large number of regulators means that the broker is trustworthy. 

FBS traders can trade different financial assets, such as stocks, indices, currency pairs, and commodities. However, keep in mind that you will not be able to trade all of them using the MetaTrader 4 platform. In case you wish to have access to all these assets, you should choose MetaTrader 5 instead. 

Currency Pairs

FBS offers all major currency pairs as well as some exotic ones. For example EUR/USD, USD/JPY, GBP/USD, USD/CHF, AUD/USD, USD/CAD, and NZD/USD. Major currency pairs are very liquid, thus spreads are smaller. Trading exotic pairs can be riskier as the spreads are larger and these pairs often suffer from low liquidity. You should avoid trading exotic pairs if you are a beginner trader.

Commodities

Commodities are raw materials, and FBS offers the most popular ones to its traders. You can trade gold - XAU/USD, silver - XAG/USD, platinum, palladium, natural gas, and oil in the form of WTI crude oil or Brent oil. 

Leverage and spreads are linked to the account type you choose and how heavily the asset is traded. 

Stocks

Shares are fractions of company ownership. With FBS you can trade the most popular stocks, for example, Apple, Alphabet, Meta, Tesla, etc. 

Indices

Indices are baskets of individual stocks that are ranked by major banks or financial companies. Indices such as S&P 500, Dow Jones index, etc. can be found on FBS. These instruments are not only tradable instruments but also many traders use them as indicators of market direction. 

It’s important for traders to keep an eye on indices as they show the sentiment in the markets. S&P 500 index represents the 500 biggest American companies that are traded in the stock market. If S&P 500 is bearish, that might be an indication of a weakened US economy. This might be a good indication that if you buy USD against the Euro you might see a profit thanks to a bearish US economy.

One big advantage FBS has over other brokerage firms is its variety of account types. If you are trading intraday and make a lot of trades, you may consider an account type that offers tighter spreads and ECN services for speedy execution. For swing traders and long-term investors, account types that charge less for holding positions longer are more attractive. 

Let’s look at what kind of accounts are offered by the FBS.

Cent account

The Cent account allows you to start trading using just 1 USD. The commission is 0$ and the leverage goes up to 1:1000. The account is great if you are learning how to trade or need to test your strategies. This account has floating spreads starting from 1 pip. Spreads are based on liquidity in the markets. The more liquid the asset, the smaller the spread. Market execution is starting from 0.3 sec, STP.

Micro account

The minimum initial deposit for opening a Micro account is 5 USD. Offering 0$ commission and fixed spread from 3 pips. Leverage is much higher compared to the Cent account and is up to 1:3000. Keep in mind that the high leverage can increase your wins, on the other hand, it can increase your losses too. So be careful when trading with high leverage. Market execution speed is starting from 0.30 sec, STP.

Standard account

The minimum initial deposit for a Standard account is 100 USD, offering up to 1:3000 leverage.

The standard account is very attractive if you take into account that the spreads start from 0.5 pips and there’s no commitment required. Standard accounts are generally aimed at traders that are not specialized in certain trading styles and timeframes. 

Zero spread account

In case you don’t like trading with spreads, you can open a Zero spread account and pay a commission starting from $20/lot instead. For opening a Zero spread account the minimum initial deposit is $500 and the maximum leverage is 1:3000.

ECN account

If you are a more seasoned trader, you might be attracted to opening an ECN account. The leverage is smaller, up to 1:500, and the smallest initial deposit is 1000 USD. The commission is $6 on trades. In general, scalpers and intraday traders choose ECN accounts as there is no delay in market execution. ECN stands for Electronic Communication Network. This technology directly connects traders to the markets.

Crypto account

For using a Crypto account you will need a larger deposit to make money in smaller movements in price as the maximum leverage is only up to 1:5, even though the minimum initial deposit is only 1 USD. Commission for a crypto account is 0.05% for opening and closing positions.

Keep in mind that all of the accounts have a limit to how many open positions you can have, except for the ECN account. The maximum number of open positions is 200. ECN does not have any limits when it comes to the number of opened positions as the traders are directly executed in the markets. This is one more reason why active, intraday traders choose ECN accounts.

FBS Demo account

Demo accounts are useful tools for novice traders to master trading. It’s not an easy task to become a profitable trader. Most traders lose money when they fail to plan their trades. Demo trading can help you develop a profitable trading strategy and become a more confident trader and earn money consistently. There are many occasions when a profitable strategy stops working in the live trading environment as market conditions change, in cases like this, you need to trade on a demo account to save your profits from evaporating.

FBS offers a free demo account and it’s a great way to learn, but it’s worth mentioning that you can never experience greed and fear nearly as much as when you trade with real money. 

Opening a demo account is easy. All you have to do is to register as a trader, download and install MetaTrader 4 or MetaTrader 5 and start the journey.

Getting started on FBS - Main steps

In general, FX brokers offer user-friendly registration procedures and FBS is not an exclusion. We’ll walk you through all the steps you need to take in order to start trading live. 

Step 1: Open an account

In order for you to open an account, you should register as a trader first. Go to fbs.com and select OPEN ACCOUNT in the top right corner to start the registration process.

Step 2: Verify your account via email

Once you enter your email and full name, a verification email will be sent.

Step 3: Choose an account type

This step deserves more thought process as your fees and the minimum initial deposit will be based on the type of account you choose. Currently, FBS offers a large variety of accounts to choose from.

Step 4: Choose the platform

You will be able to choose between MetaTrader 4 and MetaTrader 5. Then you will be able to choose your account currency type, and leverage.

Step 5: Install the platform, save passwords, verify, and fund the account

Saving passwords is essential. To avoid memorizing lots of new passwords you might use the same password for your online personal cabinet and MetaTrader platform.

After all this, you will need to fulfill the KYC rules in order to get verified. KYC stands for Know Your Client, and it is a common practice for regulated brokers to request some verification information. You will need to provide a copy of a government-issued ID and proof of residence to pass this stage.

Once you are verified it's time to fund your account. FBS offers a large number of funding options to choose from. Check them out and select the best one for you.

Step 6: Log into your MetaTrader and start placing orders

Congratulations if you’ve come this far but the journey has only begun. Always remember that only hard work and dedication can guarantee long-term success.

The fees and commissions vary for the different account types. As mentioned above, ECN accounts have higher fees. Some fees are linked to commissions, while others are linked to spreads. 

Whichever account type you choose, you will still have to pay for trading. Keep in mind that there is a monthly inactivity fee of 5 USD. It will be deducted from your account after 180 days of not placing an order. In case your account has less than 5 USD on its balance, the inactivity fee will not be deducted. In general, FBS has low fees compared to other brokers.

Comparing FBS fees with other brokers

On paper 1 pip or 0.5% fee per trade seems very low but if you trade 100 times, 1 pip per trade becomes 100 pips in total. It is crucially important to choose a broker that offers you smaller fees and commissions. Having low fees is as important as the safety and reputation of the broker.

Follow our detailed comparison to learn more about the different policies that brokers use when it comes to charging their customers.

FBS fees compared to Interactive Brokers fees

*Inactivity fee was eliminated by IB in 2021, it used to be $20/m

FBS fees compared to eToro fees

FBS fees compared to IG fees

FBS fees compared to XM fees

FBS fees compared to AvaTrade fees

FBS fees compared to Capital.com fees

FBS offers only 2 trading platforms, MetaTrader 4 and MetaTrader 5. While both platforms are famous among professionals, there are other platforms that are more user-friendly for beginners. For instance, the cTrader platform offers a better user experience for newcomers.

MetaTrader 4 and MetaTrader 5 have all the necessary features needed for proficiently trading currencies. They are the most widely used platforms in the world of foreign exchange. MetaTrader 4 is mainly used for trading CFD FX instruments. MetaTrader 5 is covering both centralized and non-centralized financial markets, which include stocks, futures, currencies, etc. Both platforms give excellent tools to their users to conduct technical analysis.

You can download the FBS Trading app on your mobile from Google Play or find it on the App Store.

Mobile apps are a convenient way of keeping track of your trading. Almost all normal operations can be done using the app. Open and close the position, fund and withdraw money, keep track of currency values, etc.

Mobile apps are very useful when you lose an internet connection on your PC or there’s a power outage and you wish to close a position. However, it’s very difficult to conduct good market analysis on your phone.

FBS offers an extensive amount of educational material. After all, the broker has won an award for having the “Best Investor Education in 2017”. The company hires professionals to host live webinars to educate its clients on how to use MetaTrader 4 and MetaTrader 5, how to conduct market analysis, and how to use bots. 

In addition, you can view their daily market analysis and participate in many educational events hosted by FBS.

One more important thing to consider is customer service. You can contact the brokerage from Monday through Friday, 8:00 - 24:00 (GMT +3) excluding major holidays. You can live chat, request a call, or leave a message and they’ll get back to you during business hours. 

Overall, the customer support is very friendly and professional. 

To sum everything up, FBS offers a limited number of platforms and assets, however, it is regulated by some of the most reputable authorities which makes its services fully secure and trustworthy. Additionally, its fees and commissions are very competitive. As a trader, you can choose an account type that best suits your trading style. Customer service is smooth, professional, and friendly. And you have access to a great number of educational materials.