FBS Review 2021
For this FBS review, we have opened a standard account with the broker and deposited over €5,000.
We traded the popular instrument in each market to get the real spreads and placed a total of 12 trades.
We also reached out to customer support to solve the issues we faced.
Finally, we withdrew our funds to see if there are any issues with the withdrawal process.
What is FBS?
FBS is a forex and contracts for differences (CFDs) broker with bases in Belize and Cyprus. It was founded in 2009.
The broker has operations in many countries across the globe and is regulated in Belize, Cyprus, and Australia. The offerings of the broker include trading services with forex, indices, commodities, and stocks, and cryptocurrency CFDs.
Some of the highlights of FBS are:
|🗺️ Authorised & Regulated in||Cyprus, Belize, Australia|
|🛡️ Is FBS safe||Yes|
|💰 EUR/USD Spread||1.13|
|💳 Minimum deposit||$10|
|💰 Withdrawal fee||0 (with exceptions)|
|🖥️ Trading Platform||MT4, MT5, FBS Trader|
|📈 Markets offered||Forex, Indices, Stocks, Commodities, Cryptocurrencies|
|📉 Number of Products||107(depends on the jurisdiction)|
Licenses and Regulations
FBS holds 3 regulatory licenses.
The broker is regulated in Cyprus, Beliz, and Australia.
The full list of FBS’s licenses is below:
|Legal entity||Registered in||Regulator||License number||Accepting clients from||Compensation scheme amount|
|Tradestone Ltd||Cyprus||Cyprus Securities and Exchange Commission (CySEC)||331/17||European Union||€20,000|
|FBS Markets Inc||Belize||International Financial Services Commission (IFSC)||IFSC/60/230/TS/17||Global||No compensation scheme|
|Intelligent Financial Markets Pty Ltd||Australia||Australian Securities and Investments Commission (ASIC)||426359||Australia||No compensation scheme|
Is FBS Safe?
Yes, FBS is a safe broker for trading from a regulatory standpoint.
The broker is regulated in 3 jurisdictions. Additionally, the clients under the CySEC-regulated entity receive a compensation scheme of €20,000 for the protection of their funds.
For our tests, we opened a Standard account on the MT5 platform with Tradestone Ltd which is regulated by Cyprus Securities and Exchange Commission (CySEC) in Cyprus.
Fees and Commissions
FBS fees are mostly built into spreads. The broker also charges commission on trades with some asset class and account tiers.
Spreads on our trades were lower than the industry average benchmark for most of the asset classes.
Spread Charged in Our Trades
For our tests, we have chosen popular instruments in each market. We placed 3 trades for each instrument to get a picture of the average spread.
Spreads for our trades in all asset classes remained stable with minor variations.
Details of our trades are shown below the table.
|Markets||Instruments||1st trade||2nd trade||3rd trade||Avg. spread|
Our testing finds that FBS spreads on forex, indices, and stocks CFDs are much lower than the industry average. Spreads on commodities are on the higher side.
|Markets||Instruments||Avg. spread charged in our trades||Industry avg. spread|
FBS does not charge deposit or withdrawal fees to traders under the Cyprus entity. Belize and Australian entities mostly do not charge any deposit fees, but there are some withdrawal fees.
Details on FBS deposit and withdrawal fees:
|Method||Deposit Fees (Cyprus)||Withdrawal Fees (Cyprus)||Deposit Fees (Belize)||Withdrawal Fees (Belize)||Deposit Fees (Australia)||Withdrawal Fees (Australia)|
|Neteller||0||0||0||Min 2% or $1, Max $30||0||4.99%, Min $1|
|Sticpay||NA||NA||2.5% + $0.3||2.5% + $0.3||NA||NA|
|Skrill||0||0||0||1% + $0.32||0||3.99% to 4.99%|
Some payment methods under the Cyprus entity require a transaction fee when traders withdraw funds without trading. The broker reserves the right to impose a 5% fee on any payment method, if necessary.
FBS does not have any account maintenance or inactivity fees.
FBS offers a few account types, but it varies with the entity.
Trading accounts under Tradestone Ltd (Cyprus):
|Standard Account||Cent Account|
|Trading Platforms||MetaTrader 4, MetaTrader 5, FBS Trader||MetaTrader 4, MetaTrader 5, FBS Trader|
|Account Currency||USD, EUR||USD, EUR|
|Commission||Commission fee on FX and metal, commission charged on Indices and Energies||Commission fee on FX and metal, commission charged on Indices and Energies|
|Order execution||Market Execution||Market Execution|
|Spread||From 1||From 1|
Trading accounts under FBS Markets Inc (Belize):
|Standard Account||Cent Account||Micro Account||Zero Spread Account||ECN Account|
|Trading Platforms||MetaTrader 4, MetaTrader 5, FBS Trader||MetaTrader 4, MetaTrader 5, FBS Trader||MetaTrader 4, MetaTrader 5, FBS Trader||MetaTrader 4, MetaTrader 5, FBS Trader||MetaTrader 4, MetaTrader 5, FBS Trader|
|Account Currency||USD, EUR||USD, EUR||USD, EUR||USD, EUR||USD, EUR|
|Order execution||Market Execution||Market Execution||Market Execution||Market Execution||Market Execution|
|Spread||From 0.5||From 1||From 3||From 0||From -1|
Trading accounts under Intelligent Financial Markets Pty Ltd (Australia):
|Standard Account||Cent Account||Ultra Account|
|Trading Platforms||MetaTrader 4, MetaTrader 5||MetaTrader 4, MetaTrader 5||MetaTrader 4, MetaTrader 5|
|Account Currency||USD, EUR, AUD||USD, EUR, AUD||USD, EUR, AUD|
|Commission||None||None||AUD 8.12/USD 6/EUR 5|
for one lot
|Order execution||Market Execution||Market Execution||Market Execution|
|Spread||From 0.7||From 0.6||From 0|
FBS also offers a swap-free Islamic account.
Our overall experience of opening a new account with FBS was smooth and quick.
We opened an FBS Standard Account for our tests under the Cyprus-regulated entity.
The process of registration of a new FBS account:
- Enter email and full name on the initial registration page (traders can also register using Facebook, Google, and Apple account).
- Choose the trading platform and account currency.
- Enter name, date of birth, gender, country of citizenship.
- Provide personal details like address and phone number.
- Enter details on origin and destination country of funds and tax declarations.
- Answer questionnaires on trading knowledge and experience.
We submitted the following documents to verify our FBS account:
- Copy of national identification (both front and back)
- Copy of passport
The registration process took around 10 minutes. Our account was verified in 7 working days.
Our account was registered on April 2, 2021, and approved on April 12, 2021.
Our overall account opening experience was smooth and without any issues from registration to verification.
Deposit and Withdrawal
Both deposits and withdrawals on FBS are easy and fast.
The broker mostly does not charge any fees on deposit, but some traders can face withdrawal charges on certain methods.
Minimum deposits on FBS varies with account type and entity under which the trader opened the account.
The minimum deposit for traders under Tradestone Ltd (Cyprus):
- Standard account: $100
- Cent account: $10
The minimum deposit for traders under FBS Markets Inc (Belize):
The minimum deposit for traders under Intelligent Financial Markets Pty Ltd (Australia):
- Standard account: $50
- Cent account: $50
- Ultra account: $50
Traders only need to maintain the minimum deposit balance on their accounts.
FBS supports deposits with bank transfers, credit and debit cards, and popular e-wallets like Neteller, and Skrill.
We tested the deposit process on FBS using a credit card, Neteller, and Skrill.
Details of our fund deposits are shown in the below table.
|Payment Method||Submitted Date||Funded Account Date||Funding Time||Fee|
FBS allows withdrawals with bank transfers, credit and debit cards, and online wallets like Neteller and Skrill.
Overall, our experience with the FBS withdrawal process was positive.
The broker charged an unnecessary 5% fee on our Neteller withdrawal. Though not usual, the broker already notified that it might charge this 5% fee in some withdrawal methods.
Details of our withdrawal requests are in the table below.
|Payment Method||Submitted Date||Fund Released Date||Fund Arrived Date||Withdrawal Time||Fee|
|Credit card||2021-04-21||2021-04-21||2021-04-21||5 hours||0|
To process withdrawal requests, FBS requires the submission of a verification code, which the broker sends to the registered email.
When we initiated the withdrawal request on the credit card, the broker asked us to provide a copy of our bank card (both sides) for verification.
We tried to withdraw 50 EUR to our Neteller account but it was rejected. We received an email saying we need to withdraw most of the amount first to the Skrill account and then the rest to the Neteller account.
Markets and Products
FBS offers CFDs trading services with forex, indices, stocks, and commodities instruments. Only the Australian entity offers cryptocurrency CFDs trading.
The complete list of FBS offerings are:
The markets and the number of offered instruments will depend on the account jurisdiction.
FBS offers are decent trading conditions. The broker allows hedging and scalping strategies but retail traders cannot change leverage levels.
|Change Leverage||No (only professional traders can change leverage levels)|
Leverages offered by the various entities of FBS are detailed below:
|Markets||Tradestone Ltd||FBS Markets Inc||Intelligent Financial Markets Pty Ltd|
|Major Currency Pairs||30:1||888:1||30:1|
|Non-Major Currency Pairs||20:1||200:1||20:1|
|Other Commodities (except Gold)||10:1||25:1||10:1|
FBS offers the following trading platforms:
- MetaTrader 4 (Desktop, web, and mobile)
- MetaTrader 5 (Desktop, web, and mobile)
- FBS Trader (Only on mobile)
FBS Trader is the proprietary trading platform of the broker, while both the MetaTrader platforms are developed by a third-party company named MetaQuotes Software.
We executed all our trades on the MetaTrader 5 trading platform.
FBS offers copy-trading services under FBS Markets Inc, which is regulated in Belize. The service is available to traders with standard and micro accounts.
FBS offers several deposit bonus program for new traders under the Belize-authorized entity.
Quick Start Bonus
FBS traders can receive a $100 no-deposit bonus. Traders need to complete a 7-step tutorial and trading with this amount to the profits generated from the bonus.
|Available instrument||All instruments|
Traders need to open a Level Up Bonus account to get this bonus. Traders need to open login from both web and mobile devices to get the full $140 bonus.
Profits generated from the bonus amount can be withdrawn only after trading for 20 days.
|Available instrument||All instruments|
Both new and existing FBS traders can receive 20% cashback on the trading spreads.
|Available instrument||All instruments|
|Trading Requirement||Min. 5 lots or max. 60 lots have to be traded in 30 days|
Research and Tools
FBS offers various tools and features for market research and analysis.
Tools offered by the broker include:
- Charting tools
- Economic calendar
- Signals and indicators
- Trading ideas
- Expert analysis
- Sentiment charts
FBS offers extensive educational resources to the traders.
The broker’s educational materials only include:
- Detailed courses on trading
- Guides on platforms
- Video guides
- Demo account
FBS offers excellent customer support.
Traders can contact the broker via:
- Live chat (also available on Facebook, Telegram, and WeChat)
- Scheduled phone call
The support staff is available 24/7.
Our experience with FBS customer support was good.
The support staff on both live chat and email was quick to respond and provided accurate and detailed answers.
|Question||Response Time||Quality of reply|
|Live Chat||Asked why our credit card deposit was declined||1 minute||Clear and accurate|
|Asked several questions about their withdrawal fees, trading commissions, and trading conditions||2 hours||Clear and very detailed|
The broker also has a detailed FAQ section for frequently faced issues.
Our overall experience with FBS was positive.
The spreads charged on our forex, stocks, and indices trades were much lower than the industry average. And the onboarding experience was also smooth.
FBS allows hedging and scalping, but leverage change is not allowed to retail traders.
The broker does not usually charge fees for deposits but we were charged with an unusual $5 fee on Neteller deposits. We recommend traders use a credit card for deposits and withdrawals.
The customer support was also excellent and the answers provided to us were clear and detailed.
We recommend FBS to forex traders who run EA and other trading strategies.
Author of this review
By George Rossi
Author of this review
I am a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange and commodity markets and an independent trader.
Now I am passionate about reviewing and comparing forex brokers.
Everything you find on BrokerTested is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology