This unbiased FBS Review 2024 contains all the essential information you required to know before choosing the firm. It is a firm that entirely focuses on its profit maximisation rather than thinking about traders’ interest.
About FBS
FBS is a financial service provider established in the year 2009. The features offered by the broker are not up to mark and limited when compared with other firms. There are certainly many areas which require immense improvements. It includes the high minimum deposit, unrealistic leverage, poor customer support, outdated platforms, limited trading range etc.
The other major setback of the firm is that it has only two physical office locations. It serves its clients from two isolated office locations. Many times, it becomes hard for traders to reach the broker in case of some serious queries. Also, the customer support service of the broker is poor. Both these issues create a huge communication gap between both parties. Isn’t it worthless to opt for such a firm where you cannot contact the concerned parties for your queries?
Is FBS a scam or safe?
There is no information about the regulation and licence of FBS on its official website. Thus, it compels us to think that the broker is scam and unsafe for trading. Also, it does not offer segregated bank accounts, advance safeguard tools and secure encryption technology. So, it is risky to invest with the firm. Think before you make any decision.
Types of trading account
The broker offers four account types, but the minimum deposit associated with each account is beyond normal trader’s reach. The fees are extremely high.
- For Standard account, the deposit amount is high.
- For ECN account the minimum deposit is as high as $1000
- Zero spread account, the minimum deposit is as high as $500
These amounts are clearly twice/five times/ten times compared to some renowned and advanced brokerage firms. Also, the trading charges charged by FBS does not do justice with the limited service it offers.
Moreover, the broker offers demo trading for a limited period, and it is relatively slow. The Islamic account opening requires high charges (high deposit fee plus an additional fee). This additional fee is charged in case you open a trade for more than two days.
Minimum deposit
The minimum deposit accepted by the broker is extremely high and goes as high as $1000. It seems like the broker is more concerned about its profit maximisation keeping the interest and emotions of traders at the side.
Trading fee
Apart from the minimum deposit, you require to pay some high additional charges which include:
1) Inactivity fee: You need to pay an inactivity fee (if you are inactive for more than 180 days). This fee is relatively high concerning other brokerage firms. It is $10 per year.
2) Overnight fee: The broker charges a high overnight fee on trade, and it varies daily depending on the price at which the market closes.
Spreads and commissions
The broker’s spreads are variable and high. The minimum spread for trade is three pip which is extremely high compared to some renowned firms. Moreover, the financial service provider charges $20 per lot (traded commission) on a zero spread account.
Leverage on trade
From the official website, it is clear that the broker offers leverage of 1:3000. The limit is extremely high and unrealistic, alarming us that the firm is not safe. Also, this limit is far beyond the one fixed by some authentic bodies. The European Union has fixed the maximum limit to 1:300. Firms failing to meet this limit falls in the list of unsafe and untrustworthy firms for trading.
Moreover, working on such high leverage can be extremely risky as leverage magnifies your losses.
Tradable assets and markets
FBS is a relatively old brokerage firm. Still, it has not taken any initiative over the years to expand this asset range. The tradable products and markets offered for trading are limited. Thus, the firm fails to offer an extended trading portfolio to its users. Also, stock CFDs are not available in the European Union.
Deposits and Withdrawal
The process of deposit and withdrawal is complex and time-consuming. You need to fill the withdrawal form and wait for your request to proceed. The entire withdrawal takes more than four business days and also requires several charges. Apart from this, the options available are also limited.
Customer support service
The customer support team of the broker is inefficient and offers services in a single language. The response time for answering your queries is high. Many times the team does not receive phone calls, and the live chat option is offline.
Disadvantages of FBS
- The broker offers a demo trading account to neophytes for a limited period.
- It offers limited trading tools.
- The number of base currencies is also limited.
- The broker does not provide service in popular regions including Japan, UK, Canada, USA, Israel and several other countries.
- High and variable spreads.
- Limited tradable assets and markets for trading
- The broker offers only two account types for European traders.
- Untrustorwna and unsafe
- Poor customer support
- Unrealistic leverage
- High minimum deposit
The Bottom Line
FBS is a relatively old brokerage firm but unfortunately fails in offering quality services. There are various setbacks such as high minimum deposit, poor customer support, unrealistic leverage, outdated platforms and many others that disappoint traders. Also, there is no information about the regulation and licence of the broker. Hence, it is unsafe for trading. You can start your trading journey with other regulated and reliable firms such as HFTrading, ROinvesting, T1Markets, Global TradeATF, 101investing.
