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Are you thinking of investing with FBS? Give a pause. Have you checked unbiased reviews about the broker or just investing by reading the biased reviews and following the misleading website? FBS has been in the market since 2009. It is a relatively old brokerage still needs many upgrades in terms of platforms, services, leverage, charges and official website. We will cover each point in detail in this FBS Review 2021.
Is FBS Scam or safe?
Some of the FBS branches are regulated by the central financial body while some with local and random authorities. The options available do not work correctly, and also, the firm does not offer any solutions to these issues. Moreover, the website’s UI/UX design looks more like the one followed by fraud firms.
The firm does not offer robust safeguard tools and encryption techniques to secure your transactions and personal details. Hence, investing with the firm can be extremely risky. It is better to stay away as there are more chances to lose your entire money and sensitive information. It is purely a scam.
Tradable markets and products
The firm facilitates trading on limited markets, and the options available in each market type is also restricted. Due to this, you may lose many excellent opportunities. You will be shocked listening that the broker does not provide trading on the topmost profit-generating tool, i.e. cryptocurrencies. Thus, it fails in offering a better and diversified trading portfolio.
Trading charges
If you think that the firm charges only the minimum deposit charge, then you are wrong. We checked the entire fees structure and found many additional charges on trade, including overnight fees and inactivity fees. The overnight fee changes daily depending on the market rate at the time of closing. The inactivity fee of $10 per year is charged if you are inactive for more than 180 days. Both these fees are relatively high compared to other renowned firms.
Apart from this, there are also deposit and withdrawal fees on different payments methods.
Is FBS global?
No, because of some legal issues from certain counties, the brokerage firm does not allow traders from the following regions: UK, Japan, USA, Canada, Israel, Myanmar, Brazil, Islamic Republic of Iran and Malaysia.
Spreads and commission
The broker charges high spreads and commission on the trade. The spread goes as high as 5pips for some assets; also, it keeps on changing while executing the trade order. Moreover, the broker charges $20 per lot as traded commission.
FBS: Deposit and withdrawal
The process of deposit and withdrawal of funds is time-consuming. You require to fill a withdrawal form to take out your funds from the trading account. It takes several business days for this to proceed. There is no short procedure to withdraw funds in case of an emergency.
Moreover, there are high charges associated with each withdrawal option which depends on the chosen payment types. Also, there is no information about cash, debit and credit card on the website.
Account types
The financial service provider offers just two account types to choose from the standard trading account and cent trading account. We checked these accounts, and there is no disparity in features and services of these accounts. The charges associated with each type are relatively high. Also, there is information about the stop-loss function that is missing. Thus, the broker has very less to offer.
The broker also offers a demo trading account by it is of no use as you can avail its services for the limited time.
Leverage
Leverage a popular financial tool which allows you to own relatively larger trade by paying a small amount. It helps in magnifying your profit size. Margin offered on trade by FBS is 1:300. This value is low compared to other advanced brokerage firms. They usually offer leverage up to 1:500.
Account opening process
The procedure for opening a trading account is complex. It involves many time-consuming formalities and asks for some sensitive information that you might not feel comfortable providing. It includes id proof, financial statements and several others. The entire process irritates investors.
FBS: Research tools
The research or market analysis is a vital financial instrument that helps determine the trade entry and exit point. It also provides a precise future market price which helps you to make the right decision. Sadly, the broker only has a calendar and news in this section. It lacks several crucial tools such as Fibonacci, pivot calendar and several others. The latest news is for paid subscribers.
Educational resources
The broker also disappoints in this section. Educational resources of the broker are not up to the mark. They also lack many vital concepts. It is a critical part of trading as it surges investors’ knowledge and assists them in sailing smoothly though the financial market hurdles.
Customer support service
We tested the customer support team of the broker on various levels. But, it is heartbreaking that these services fail to provide an instant and precise answer. The live chat option is offline most of the time and is handled by a robot which gives irrelevant answers. The team answers call after multiple attempts. So, as for the email service, they take three long days to revert.
Why should you not opt for FBS?
We have summarised some major setbacks of the firm. Read before you reach any decision.
1) Limited tradable markets and assets
2) Conventional platform with complex functions
3) Complex user interface
4) Poor customer support service
5) High withdrawal charges
6) High additional fees
7) Variable and high spreads
8) Complicated account opening
9) Poor leverage offered on trade
10) Lacks advance analytical tools
11) Needs improvement in regulation
12) Lack of robust safeguard tools
The Bottom Line
FBS is not a trustworthy broker. It does not offer robust encryption and safeguard tools to secure transactions. The services offered are also poor. Thus, it is absolutely a wastage of money investing with the firm which does not offer quality features. It is better to opt for a renowned, advanced and reliable broker if you wish to enhance your trading standards and harvest massives from the market. It includes Brokereo, 101invesing, HFTrading, ROinvesting, PrimeFin.
Frequently asked question
Is the broker secure?
The firm does not offer robust safeguard tools and encryption techniques to secure your transactions and personal details. Hence, investing with the firm can be extremely risky.
Does the broker charge commission on trade?
The broker charges $20 per lot as traded commission.
What are the cons of FBS?
The disadvantages associated with the FBS are as follows:
1) Limited tradable assets
2) Conventional platform
3) Complex user interface
4) Poor customer support service
5) High withdrawal charges
6) High additional fees
7) Variable and high spreads
8) Complicated account opening
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