What is FBS? Latest 2023 FBS Platform Review

FBS is perhaps the most suitable trading platform for newcomers among the reputable forex brokers operating in Vietnam. Not only that, but FBS also excels in its marketing efforts. Besides spending generously on advertising, FBS consistently focuses on product development and implements policies and strategies to reach out to new traders as their target audience. It’s worth noting that their continuous advertising across various media channels has contributed to attracting a large number of investors to trade with them.

As usual, Coinvn98 will continue to provide reviews of FBS, similar to the many other reputable forex brokers we have reviewed in the past. If you are interested in FBS, please read the following article to determine whether FBS is the right choice for your trading needs.

 

Overview of FBS Exchange

In reality, all the reputable forex brokers we have reviewed possess one common criterion – longevity, with a track record of operating for at least 10 years or more. FBS is no exception, having been established in 2009, accumulating 11 years of experience in the financial market.

One of FBS’s smart moves is that it has a dedicated website for each country it operates in. This sets it apart from other forex brokers that typically rely on IP-based language switching. Currently, FBS manages more than 19 different websites. Perhaps it is for this reason that upon the first visit, FBS creates a friendly, approachable, and trustworthy impression for each customer. Many people have placed their trust in FBS as their preferred trading platform.

As a result, FBS has achieved impressive successes, serving over 14 million clients from 190 countries worldwide and creating 7,000 new accounts daily. Notably, FBS boasts an astonishing 80% customer retention rate, a figure coveted by any forex broker in the industry!”

 

The Numbers that Speak for FBS

FBS Exchange Operating License

FBS is currently regulated by the International Financial Services Commission (IFSC, registration number 119717) and CySEC (registration number 353534).

To be fair, FBS’s licenses may not be as robust as some other forex brokers like ICMarkets, XM, or XTB (XTB holds 12 licenses from various reputable financial regulatory authorities such as CySEC, FCA, BaFIN, CNMV, IFSC…). However, the CySEC license partially reflects FBS’s efforts to enhance its services to provide the best quality to traders.

What does the CySEC license mean for FBS and traders?

Compared to some regulatory bodies, CySEC is relatively proactive in examining forex brokers and alerting traders to suspicious activities. It’s worth noting that CySEC adheres to all the principles outlined by MiFID (Markets in Financial Instruments Directive) when Cyprus became an EU member in 2004. Therefore, in the event of a forex broker under CySEC supervision going bankrupt, all traders are insured by the Investor Compensation Fund for up to €20,000.

Furthermore, CySEC sets certain standards that all forex brokers, including FBS, must comply with if they are under its regulation:

1. Must have segregated accounts: This is crucial as it not only demonstrates a broker’s strong financial capability but also ensures that client funds are not misused for other purposes.
2. Minimum capital requirement: Forex brokers, in general, and FBS, specifically under CySEC regulation, must maintain a minimum capital of €750,000 to ensure they have sufficient funds in all circumstances to fulfill contractual obligations arising from client trades.
3. Submission of audited financial reports: CySEC mandates that all forex brokers must submit independently audited financial reports for review.
4. Membership in the Investor Compensation Fund Scheme (ICFS): This is aimed at protecting investors if the broker goes bankrupt and cannot fulfill contractual obligations, with insurance coverage of up to €20,000.
5. Full disclosure of products and services offered to traders.

With these requirements in mind, it becomes evident that even with only two licenses, the assurance provided by CySEC goes some way in reassuring traders when conducting business with FBS.”

 

“One noteworthy point is that CySEC only granted FBS a license in August 2017, despite FBS being established since 2009. This demonstrates FBS’s substantial efforts to enhance and expand its market presence, aiming to provide the best services to its customers. Therefore, with what FBS has achieved, it is highly likely that in the not-so-distant future, FBS may receive licenses from other reputable authorities such as the FCA or BaFIN.

In addition to FBS, many other forex trading platforms are also under the regulation of CySEC. If you are interested in any specific platform, you can find all the information here.

Types of Accounts at FBS

Similar to many other forex brokers like Exness and ICMarkets, FBS offers accounts for both MT4 and MT5 platforms. In the case of MT4, there are five types of accounts, while MT5 offers only two types, Cent and Standard. If you intend to trade stocks and CFDs, you should consider opening a Cent or Standard account under MT5.

Cent Account

• Minimum Deposit: $1
• Spread: Floating from 1 pip
• Commission: $0
• Maximum Leverage: 1:1000

This account type is denominated in Cent units of the United States dollar. Therefore, when you deposit 1 USD into this account, you will have 100 Cent, similarly, if you deposit 10 USD, you will have 1,000 cents. You will use this Cent amount for trading at FBS instead of USD, as in other account types.

So, what are the benefits of this for new traders?

It allows you to experience real market trading without risking a lot of money, thus helping you survive longer in the forex market!

Since you trade with an account denominated in Cent, you won’t need to deposit a large sum of money; just 10 USD is enough. With 10 USD (equivalent to 230,000 VND), you can access the real market, experience various emotions, and trade in a way similar to other account types, enhancing your trading experience and gaining a better understanding of the psychology behind each trade you place.

Moreover, because it’s a Cent account, the risk factor is significantly reduced compared to USD-denominated accounts. Thanks to this, even though you are trading with just 10 USD, it feels like you are trading with a much larger sum. This makes the 10 USD not seem too small and encourages your trading abilities, elevating your trading experience to a higher level.

 

Micro Account Minimum Deposit: $5 Spread: Fixed from 3 pips Commission: $0 Maximum Leverage: 1:3000

As mentioned earlier, FBS seems to be doing well in catering to new traders. Therefore, FBS offers two account types for beginners: the Cent account and the Micro account.

Unlike the Cent account, the Micro account requires a minimum deposit of $5 or more, but you get a higher leverage of up to 1:3000. The most significant advantage is that you will enjoy a fixed spread instead of a floating spread like other account types.

A fixed spread is a type of spread that remains the same regardless of market volatility. This means that at any given time, a trader can calculate the trading cost for each executed order. However, because the spread is almost constant at all times, fixed spreads are generally higher than floating spreads. As you can see, FBS is no exception, with spreads for this account type going up to 3 pips. Therefore, you should consider choosing the account type that suits you best.

Standard Account Minimum Deposit: $100 Spread: Floating from 0.5 pips Commission: $0 Maximum Leverage: 1:3000

This account type is likely suitable for the majority of traders when participating in trading at FBS. Apart from enjoying super high leverage of up to 1:3000, the minimum deposit is also just $100 or more. Moreover, the spread starts from only 0.5 pips, which is quite attractive, along with zero commission.

Furthermore, this account type is available for the MT5 platform provided by FBS. Therefore, if you want to trade stocks or CFDs, this is undoubtedly the account type for you.

Zero Spread Account Minimum Deposit: $500 Spread: Floating from 0 pips Commission: $20/lot Maximum Leverage: 1:3000

Although FBS offers some advantages for Zero Spread accounts, such as having an ultra-low floating spread starting from 0 pips and high leverage up to 1:3000, it also comes with a high commission of $20 per lot and a relatively high minimum deposit requirement of $500 or more. Consequently, this is not the account type that many traders choose.

ECN Account Minimum Deposit: $1,000 Spread: Floating from -1 pip Commission: $6 Maximum Leverage: 1:500 Offered Products: 25 forex currency pairs

The last account type, and the only ECN account offered by FBS, is the ECN account (the other account types are STP accounts).

The “tradition” of ECN accounts is to charge only a commission fee, with spreads always at an ultra-low level determined by the market. As you can see, FBS charges a commission fee of only $6 per lot for this account type, which is very reasonable, along with a floating spread starting not at 0 pips like many brokers, but at -1 pip. This is extremely favorable for traders who prefer scalping.

However, the biggest drawback of this account type is that FBS offers a very limited range of trading products, with only 25 forex currency pairs available. This means that if you want to trade precious metals, stocks, or CFDs, you will need to open additional account types. Additionally, the minimum deposit of $1,000 or more is relatively high compared to the general standard of other ECN forex brokers.

 

So, which type of account should traders choose when trading with FBS?

If you are a beginner, the Cent account is probably the most suitable account for you to practice trading. It allows you to trade with your own money in real-time market conditions, which is quite different from trading with a demo account. Therefore, you will learn much more by opening and trading with this type of account:

In addition, in our personal opinion, the Standard account is the second most suitable account type for most traders at FBS. Of course, since FBS offers various account types, you can choose other account types that best suit you without necessarily relying on our opinion.

FBS offers three main trading platforms: MT4, MT5, and the FBS Trader software developed by FBS.

 

rading Software Provided by FBS

MT4 Platform

This is the default and widely used trading software that almost every forex broker must have. Therefore, most traders are familiar with it and know how to use it.

In addition to providing essential tools and integrated automated trading, FBS also offers various versions of MT4, such as trading on the web, MT4 Multiterminal, and desktop versions for Windows and MAC OS, as well as mobile versions for iOS and Android.

Basic features of FBS MT4 include:

Direct web trading All types of trade orders with just a click 30 technical indicators for analysis 9 timeframes, from one minute to one month Real-time quotes Trade history and journal Trading via automated Expert Advisors (you can build your own or upload existing ones) MT5 Platform

MT5 is a newer version designed to replace MT4. Therefore, MT5 even has some improvements to overcome some of the shortcomings of MT4. In addition to supporting all the features found in MT4, MT5 also offers extended features such as additional technical indicators, multiple timeframes, and advanced drawing tools. Similar to MT4, FBS MT5 also supports the web version, desktop applications for MAC OS and Windows PC, as well as mobile versions for iOS and Android.

Basic features of FBS MT5 include:

Technical and fundamental analysis tools Automated trading capabilities Market Depth feature (with a chart and real-time data) Support for all types of trade orders and various execution modes Simultaneously open up to 100 different charts 21 timeframes, from one minute to one month FBS Trader

This is an exclusive software developed by FBS, similar to XTB’s xStation. Therefore, in addition to trading with MT4 or MT5, you can use FBS Trader because it is simpler and more user-friendly.”

 

Additionally, FBS Trader also provides detailed information to make it easy for you to monitor: Contract type; Trading volume; Current buy/sell volume; profit information, and Stop Loss information. The app is entirely free, so you can download it to experience and enjoy the professional services provided by FBS.

Resources Provided by FBS

Analysis Deals Provided by FBS

You might be surprised to hear us say this, but in fact, FBS is a rare forex platform today that not only provides news but also offers technical and fundamental analysis from FBS’s own experts.

You can refer to technical analysis videos conducted by FBS here.

You can see that FBS is truly a forex broker that provides excellent support for novice traders, right?

Trading Products and Leverage at FBS

Here is some basic information about the trading products and leverage provided by FBS:

• A total of 37 forex currency pairs, including 9 exotic currency pairs and 28 other forex currency pairs, with a maximum leverage of 1:3000.
• 4 types of metals, including gold and silver with a leverage of 1:333, and palladium and platinum with a leverage of 1:100.
• 5 CFDs with a leverage of 1:100.
• 33 stock CFDs with a leverage of 1:10.

 

This may disappoint many traders who prefer high leverage trading. However, leverage is a double-edged sword, and the higher the leverage, the greater the risk. In fact, many brokers, like ICMarkets, offer a maximum leverage of 1:500, and for products like cryptocurrencies, the leverage is as low as 1:5. So, what FBS is offering here is aimed at ensuring the safety of traders’ margin capital.

Commission Fees and Spreads at FBS Spread Fees

FBS offers two types of spreads: floating and fixed. Generally, the spread rates vary depending on the type of account. Among them, the account with the lowest spread is the ECN account, which starts from -1 pip. The Micro account, on the other hand, has the highest fixed spreads, which are stable in all market conditions but higher compared to other account types.

Commission Fees

Only the ECN and Zero Spread accounts at FBS have commission fees. Other account types do not have this fee.

However, the Zero Spread account with a fee of 20 USD per lot is quite high, whereas the ECN account charges only 6 USD per lot, making it a very attractive option compared to many other brokers. So, if you want low spreads and a commission fee of only 6 USD per lot, the ECN account is the right choice for you.

Deposits and Withdrawals at FBS

FBS allows customers to deposit and withdraw funds through various options, including electronic payment gateways like Neteller, Perfect Money, Skrill, as well as through local bank transfers and Visa cards. Currently, FBS supports deposits and withdrawals through 8 major banks in Vietnam, making it quite convenient for traders. This is in addition to popular electronic payment gateways like Neteller, Perfect Money, and Skrill, which many traders prefer and use.”

 

FBS processes deposits and withdrawals very quickly and conveniently. Compared to Exness, FBS is perhaps the second forex broker that handles deposit and withdrawal processes at “rocket speed.

FBS Promotions

FBS is one of the most generous brokers when it comes to bonuses. Many of FBS’s bonus programs have been well-received by the Vietnamese trading community, thanks to their high visibility. This has attracted a significant number of new traders to join FBS. The most popular bonus programs offered by FBS include:

Trade 100 Bonus

As the name suggests, with this bonus, you receive 100 USD to trade in real-time. If your trading generates a profit, you can withdraw that profit (up to a maximum of 100 USD).

So, what are the requirements to receive the Trade 100 Bonus from FBS?

You must trade on the MetaTrader 5 platform. The trading volume must be 0.01 lot. The maximum amount you can withdraw is 100 USD. The trading days should be 30 days (trading days are the days when you open or close a trade). The maximum number of open positions at any given time is 5 trades. The minimum trading volume to receive the bonus is at least 5 lots traded within the 30-day trading period.

In reality, the requirements for this bonus have changed slightly compared to before. However, the Trade 100 Bonus is mainly suitable for new traders who are just starting in the industry. It can be used to practice trading, experience real-time trading, or for those who intend to switch brokers. Achieving a trading volume of 5 lots with a trading volume of only 0.01 lots and a maximum of 5 trades per transaction requires a lot of patience to unlock the bonus.

100% Deposit Bonus

This bonus allows you to double your margin during your trading. For detailed information, you can refer to the image below:

 

Cashback

Free overnight trading (Swap fee) at FBS

In fact, this is not a promotion provided by FBS. However, it’s quite interesting, so we mention it here for your convenience.

Swap fees are the fees you have to pay if you hold a position overnight. Every forex broker has this fee, and it varies for different currency pairs.

In reality, compared to many other forex brokers, FBS offers reasonable overnight fees. But it doesn’t stop there; FBS also has a mechanism for free overnight trading. This can be especially useful when you trade precious metals like gold or if you want to plan long-term trades. By reducing these fees to $0, you can minimize costs and potentially earn more profit.

Currently, this program is not free automatically, so if you want to benefit from it, you need to send an email to FBS support at support@fbs.com with a request for free Swap and provide them with specific information such as:

• Your MT4 account number for which you want to receive free swap.
• Your full name and registered email address.
• Both sides of your ID card or passport used for account verification.

One important note: This free Swap program does NOT apply to Exotic Forex pairs, CFDs, and ECN accounts.

Customer service at FBS

FBS is probably one of the most reputable forex brokers that provides excellent support for Vietnamese traders. In addition to having a dedicated website for the Vietnamese market, FBS also has a friendly and helpful Vietnamese support team. Therefore, you can feel confident that you will receive assistance promptly through various channels, such as phone, email, and live chat.

As mentioned earlier, it seems that FBS is designed with novice traders in mind. Therefore, the broker has various strategies to support new traders. In addition to providing specific analysis strategies for currency pairs, FBS also offers a Call Back feature for traders.

 

In other words, you only need to provide your phone number, the preferred time for FBS to call you, and the issue you need advice on. Immediately within the specified time frame, an FBS representative will call you to provide assistance with anything you need.

So, in addition to live chat on the website, you can use this method to request support from FBS staff.

Pros and Cons of FBS:

Pros:

1. Multiple flexible methods for depositing and withdrawing funds.
2. A variety of account types to choose from, suitable for different types of clients.
3. Professional and attentive customer support.
4. High leverage of up to 1:3000.
5. Fast deposit and withdrawal processes.
6. Simple account registration procedures.

Cons:

1. No cryptocurrency trading.
2. Limited range of trading products.
3. Some account types have relatively high spreads.
4. Lack of certifications from reputable European regulatory bodies like the FCA.

 

Conclusion:

For new traders who often do not have excessive requirements but need good support from a broker with a Vietnamese support team available at all times to assist with both simple and complex questions, FBS has done an excellent job in this regard. Therefore, it’s not surprising that FBS is a popular choice among Vietnamese traders, especially newcomers to the field. If you are new to trading and want dedicated guidance from IBs (Introducing Brokers) along with a wealth of resources provided by FBS to enhance your trading experience and risk management, then FBS could be the right choice for you. Wishing you success in your trading endeavors!