FBS broker review: what is it and can you trust it?
Among many brokerage companies, it is very important to select the most profitable option. However, it often appears that behind profitable numbers stand scam services that never let their users withdraw their earnings. Is it the same here? Read our FBS broker review to find out!
About FBS
The company was founded in 2009 and has worked without any significant issues ever since. It currently works in more than 190 countries. However, the USA is not included in the list and the company does not explain the reasons for that. The broker is regulated by CySec and IFSC. These authorities are not very reputable, but they are better than nothing.
At its foundation, the brokerage service was only based in Belize. However, it also opened an office in Cyprus and started working there too. This makes it easier for both pro and beginner traders to work with the service.
What can you trade with FBS?
The available assets include many different instruments. These include:
- Forex
- Metals
- CFD
- Futures
Although the number of instruments is not that big, it is still very competitive in comparison with a lot of other services.
To work with all these tools, the company uses the MetaTrader 4 and 5 software. It is available for desktop, web, and mobile. You can trade from any place around the world and keep in touch with your portfolio. There are 50 indicators and charting tools, 3 types of charts, VPS, hedging positions, and other useful features.
Payment methods at FBS
It is quite surprising, but FBS has an enormous number of supported payment methods. These include:
- Bank cards
- Wire transfers
- Skrill
- Neteller
- Perfect Money
- Sticpay
- Bitwallet
- Local Exchangers and others
This makes deposits and withdrawals easy for all traders. The minimum investment is $1 which is very low in the industry. This makes “dummy-trading” available with some profits.
Withdrawal requests are usually completed upon 1-2 business days. It all depends on the method you choose. Sometimes it might take more time. If you think that there might have been an error, contact the support service for help.
Account types
There are many account types to choose from. At the moment this review was written, there were 6 types: Standard, Cent, Micro, Zero Spread, ECN, and Demo. They vary by the deposit requirements, spreads, order volume, and leverage.
Basically, traders of all levels can find something suitable for themselves. It does not matter whether you are a beginner or a professional. The service offers good conditions for both.
Customer support at FBS
According to the information on the broker’s website, it aims to provide the best user experience and with high-quality support and guidance. This, in fact, is not fake because the specialists work 24/7. Usually, the answers are very quick and appear to be quite professional.
If you need to solve any issues, the support service can be contacted via live chat, phone call, and social media. Scroll down the broker’s website to find links to all the social media pages and contact options. There even is Telegram, Viber, and Messenger.
Customer reviews on FBS
According to the information on Trustpilot, the reviews are somewhat mixed. There are both positive and negative opinions that cover various issues. 39% of all commentaries are “Excellent” while 27% appear to be “Bad”. This shows that something is wrong with the company.
A user with the nickname “Mahyar Nooraninejad” writes that the broker is a bad choice for scalpers or short term investors. The reason is that the spreads and fees are too high. As an example, the trader mentions gold with the spreads that are around 170 pips.
Another user, “Hesham Kaheld”, writes that he has been working with the company for 2 years and there have been no issues. He states that the deposits and withdrawals were fast and easy, even though he did not work with huge sums.
Although many reviews seem to be fake and appear to be spam, we recommend that you make some research on your own before working with this company. It will help you to save your funds from getting lost if anything appears to be wrong.
Is FBS a scam?
With this company, there are both positive and negative sides.
The pros include:
- Many years of working.
- 190+ countries.
- Negative balance protection.
- MetaTrader software.
- Many payment methods.
The cons include:
- Regulatory authorities from offshore zones.
- Different protective measures that are not always good for the trader.
- A lot of negative reviews regarding withdrawals, slippage, and other issues.
You should decide on your own whether you can trust this company or want to try out something else. Remember that trading always involves risks!
Final thoughts
According to all the information that we have found, FBS seems to be neither good nor bad. Although it is regulated by a few authorities, all of them are from offshore zones that do not have a good reputation. Moreover, there are quite a lot of negative reviews that write about one and the same issues. This is not a good sign and makes us think that something is wrong here. What do you think about it?
