Recently, FBS has become a great forex broker for Asian forex traders in 2018, particularly in Thailand and Indonesia. In fact, the idea of choosing a good broker might be quite difficult for the number of traders, especially new ones. Therefore, I decided to write this article with the aim of helping traders find a good broker in Asian regions. Basically, if you opt for this broker, you can trade up to 35 currency pairs,4 precious metals, 2 CFD, and cryptocurrencies. Normally, it is very important for traders to go for a good broker, who can support them constantly in terms of long-term plan. When it comes to good brokers, some certain standards should be taken into consideration to rate them. In order to become a good broker, they need to conform to some following criteria.
- Trading costs
- Trading conditions
- Account types
- Payment systems
- Quotes quality
- Customer support
- Local offices
Through this article, I will make a comparison between FBS broker and top brokers in forex market. As mentioned above, I will focus mainly on aforementioned standards to evaluate this broker.
- Credibility of FBS broker
The most effective way to evaluating a good forex broker is their regulations. Normally, it is very hard for forex broker to obtain regulations from reliable financial organizations. Therefore they will be more trust-worthy when they have a regulation provided by those trusted financial organizations. Basically, Regulations are licenses that trusted financial firms use to regulate brokers, which makes brokers to follow some certain rules in order to guarantee the safety of traders.
Admittedly, only large forex brokers can meet some certain demands of regulations. In reality, FBS broker has two trusted regulation now, which are CySEC and IFSC. As a result, there is no compelling reason for not choosing this forex broker. When it comes to regulations, traders should pay much attention to some aspects. It is often believed that a good broker should have more regulations, which is a wrong idea. We cannot make sure that a broker with many regulations can give their customers good trading conditions. Indeed, you need to follow two possible things when you consider a good broker. Firstly, if your country has a regulation, it is better for you to trade with broker who has that regulation. When you trade with FBS broker, you will be safer because of IFSC regulation. Secondly, in case, there is no regulation in your country, like most Asian countries, you had better trade with broker who have one reliable regulation. Obviously, FBS has CySEC is the most suited one for you in this case. Brokers cannot give their customers good trading conditions if they have many regulations. Hence, in order to consider a good broker, you only need to trade with broker who has one trusted regulation.
- Trading costs
Basically, going for low-spread brokers is always the first intention of traders in forex market. Spread is the difference between the Ask price and the Bid price of a currency pair. FBS’s spread is only from 0.2 to 1.1 pip which is listed in the top low spread brokers compared to some brokers like XM, FXTM, or FXCM…
It is clear that charging spread or commission is the way that brokers get their income. Some brokers choose to charge spread as their income while others charge commission. FBS broker charge their customers commission as their chief income. Apparently, the commission rate will depend entirely on the types of accounts. FBS does not charge commission if traders trade by Cent and Standard accounts.
When you come to FBS broker, you will have a chance to get some bonuses, which are deposit bonus, welcome bonus, or loyalty program. Basically, the highest rate that you might get is $123. In terms of deposit bonus, traders can get their 100% deposit amount back. Additionally, they also offer cashback program, which enables you to get $7 rebate for each lot traded. At present, it is very beneficial for traders to sign up for an account because you can get $50 bonus from FBS broker.
- Trading conditions
Account types: There are four types of accounts offered by FBS broker in forex market currently, which are regular accounts (Cent account, Standard account, and Fixed Spread account) and the ECN account. It would be very important for traders to have a good insight into each type of account because of their own features. Cent account: Normally, beginner or new traders will find it suitable if they choose this account type. It is because the deposit amount is only $1, which allows those traders to learn more about forex market without losing a big amount of money. At the beginning, it would be of important to traders to minimize the deposit cost because they hardly gain profit. The spread of this account type is very low, which is only 1 pip. You will be able to practice real trading condition for 3 months with only $10. The order volume of this account is from 0.01 lot Cent up to 1000 lots. It is considered to be the most effective account for new traders, which helps traders gain a profound understanding of forex trading condition. Afterward, traders will be able to win profits in an easy way.
Standard account: It is specifically designed for experienced traders to choose this type of account. In fact, the minimum deposit is roughly $100, which is average. On the other hand, the spread is quite low, which is 0.5 pip. It is very beneficial for traders to trade with this account because of higher leverage, which is up to 1:3000. In terms of XM broker, their standard account leverage is only 1:888. It appeals to experienced traders because they do not need to pay commission fee for this account. The order volume is from 0.01 to 500 lots.
Fixed Spread account: In fact, it is often called Zero Spread account, which has no spread. Traders will be charged $20 for commission when they trade with this type of account. Obviously, broker need to charge their traders because spread is their main income. Hence, when a broker does not charge spread, they have to charge commission as their main income. In terms of FBS broker, you only need to deposit $500, which is relatively low. Some other factors are similar to Standard account.
ECN account: experts and long-term traders have a strong tendency to opt for this kind of account because they have enough experience in forex market. Normally, the minimum deposit is quite high, which is $1000, while the commission is lower than other brokers, which is $6. Generally speaking, the commission rate is quite similar to two large forex brokers (Exness and XM), which is $5 and $6 respectively.
- Payment system:
US and UK brokers, by comparison, although enabling traders to gain a lot of profits, they are quite bad in overseas countries. In Asian countries like Thailand and Indonesia, traders cannot enjoy better payment system if they choose US/UK brokers. In fact, Asian traders will be charged from 1.7 to 4% of their total fund if they deposit by credit cards. After that, the rate of profit that they can get is 5% monthly while they have to pay 4% for depositing. Therefore, Asian traders should have a good decision when choosing forex brokers. With the aim of reducing depositing rate as well as getting more profits, traders had better find a broker, who offer local payment system. I consider FBS a great forex broker in this case because they offer their traders local payment system, which enables their traders to collect more benefits. In addition to local payment system, the transferring speed of FBS is also amazing, which only come second to Exness, the fastest in the market. In reality, transactions might take you hours or even some days if you trade with other brokers. On the contrary, it only takes you around half of hour to finish your transactions if you trade with FBS broker.
- Customer support of FBS
In forex market, good customer service is considered to be the most vital factor that traders are looking for. Basically, when traders first come to forex market, they hardly have a good understanding of this market because of its complexity. As a result, a good broker should support them at any time that they need. In my opinion, FBS broker is a great broker because they always support their clients, especially English 24/7. This enables traders to make good trading transactions when they trade with this broker. In addition, in terms of non-English speakers, they also have some local offices in some countries such as Indonesia, Malaysia, Egypt, Thailand, China, Korea and Myanmar, which allows their traders to gain profits easily. In these local offices, they will support their clients 5 days a week.
In one word, it would be a great opportunity for traders to opt for this broker because traders will find it easy to collect profits.