FBS Broker Review

Editor Editor:  Chris Cammack Updated: Nov 20, 2023
Author Author:  Alison Heyerdahl

Last Updated On Nov 20, 2023

Alison Heyerdahl
Broker Score
4.33 4.33 / 5
Rated #30 of 78 Recommended Brokers
🏦  Min. DepositUSD 5
🛡️  Regulated By
💵  Trading Cost 
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 
AlertAccepts Filipino Clients. Spreads start at 0.70 pips on the EUR/USD on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. FBS is regulated by ASIC, CySEC, the FSCA, and the IFSC.

Last Updated On Nov 20, 2023

Alison Heyerdahl

75-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website you agree to our Terms of Service.

Our verdict on FBS

FBS is a well-regulated international broker with a wide range of accounts, including a dedicated crypto account and a low-cost entry-level account, over 100 cryptocurrency pairs, and an easy-to-use mobile trading app. However, Filipino traders should be aware that even though FBS is regulated by some top-tier authorities, they will be onboarded through FBS’ Belize-based entity, which provides less regulatory oversight. 

Other drawbacks are the high trading costs on its Micro, Crypto, and Zero accounts, and the high withdrawal fees. Beginners should also be wary of the high leverage available on some FBS accounts, without proper risk management high leverage can quickly wipe out smaller accounts. Otherwise, FBS provides a welcoming environment for beginner traders, with an excellent selection of educational and market analysis materials, and 24/7 customer support.

🏦  Min. DepositUSD 5
🛡️  Regulated By
💵  Trading Cost 
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 
Best Beginner Broker (FBS)

Overall Summary

Trust Rating
11110.54.5/ 5
Trading Conditions
11110.54.5/ 5
Trading Platforms
11110.54.5/ 5
Deposit & Withdrawal
111003/ 5
Education & Research
11110.54.5/ 5
Assets Available
11110.54.5/ 5
Customer Service
11110.54.5/ 5
Beginner Friendly
Welcome Bonus

Account Information

Base Currencies
Number of FX Pairs
Crypto Pairs
Copy Trading
Hedging Allowed
Scalping Allowed
Islamic Account

Trading Conditions

Account Name
Trading Desk
6 USD / lot - ECN Account
0 pips
0.20 pips
0.30 pips
Negative Balance Protection

Company Details

Company Name
FBS Markets Inc
Website Language
English, Portuguese, Indonesian, Malay, Vietnamese, Arabic, Hindi, Chinese, Spanish
Support Language
English, Portuguese, Indonesian, Malay, Vietnamese, Arabic, Hindi, Chinese
Office Locations
Cyprus, Belize, Australia, South Africa


  • Tight spreads
  • Low minimum deposit
  • Excellent education
  • Excellent market analysis


  • Limited range of assets
  • Extreme leverage

Is FBS Safe?

Although FBS is regulated by some excellent regulators, Filipino residents will be onboarded through FBS’ subsidiary in Belize. Additionally, Filipino traders are not afforded negative balance protection. 

IFSC Regulation: Filipino traders will be trading with FBS Markets Inc, which is authorised and regulated by the IFSC in Belize. See below for FBS’ IFSC licence:

FBS IFSC Regulation

Safety Features: While the IFSC requires brokers to keep client funds in separate accounts and issue monthly statements to their clients, it does not require FBS to offer negative balance protection so traders can end up owing money to the broker. Nor does the IFSC require FBS to restrict leverage to protect its traders.  

Company Details:

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Group Regulators
Trading Desk
Year Founded
Office Locations
Additional Fees
Cyprus, Belize, Australia, South Africa

FBS’ Financial Instruments

The choice of financial assets offered by FBS is limited compared to other similar brokers, but it offers a wider range of cryptocurrencies.

High leverage: FBS offers some of the highest leverage levels available at any broker – up to 3000:1 on some of its account types. It also only requires a minimum deposit of 1 to 5 USD on its commission-free accounts, which in combination with the high leverage makes it difficult to hold a substantial trading position without getting stopped out and losing the money in your trading account.

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Financial Instrument
Number of Assets
Stock CFDs
  • Forex: FBS has only 37 currency pairs available for trading which is lower than the industry average.  These include majors (EUR/USD, GBP/USD, and USD/JPY), minors (NZD/CAD, EUR/JPY, and USD/ZAR), and exotics. 
  • Share CFDs: FBS offers 96 share CFDs, which is limited compared to other large international brokers.  The selection available includes some of the major US, UK, and European Exchanges. 
  • Indices: There are 12 indices available for trading at FBS, which is limited compared to what is available at other similar brokers. The most popular indices are those that combine the shares of some of the largest and globally acknowledged companies.   
  • Metals: FBs offers trading on 4 metals, which is very limited compared to what is commonly available at other brokers.  Most other brokers offer between 5 and 10 metals.  These include metals such as gold, silver, platinum, and palladium. 
  • Energies: FBS offers trading on five energies, which is, again, limited compared to what is on offer at other similar brokers.  
  • Cryptocurrencies: Cryptocurrency trading is only offered on the FBS Trader app, and FBS offers trading on over 100 pairs, which is impressive. Also, unlike traditional markets, crypto trading is available 24/7.

Overall, the selection of trading instruments available at FBS is generally limited, but it has an excellent range of cryptocurrencies.  

Accounts and Trading Fees

FBS has a wider range of trading accounts than other brokers and its trading fees are around the industry average.

Trading Fees: FBS is unusual amongst brokers in that it offers six different account types, whereas most brokers will offer three or fewer. Trading costs are lower than average on three of its accounts and significantly higher than average on the other three accounts. All accounts have a different minimum deposit requirement. 

See below for more details:

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Trading account
Min. Deposit
Min. Spread EUR/USD
Trading Cost (USD)
Spread Only
6 USD / lot
Fixed Spread
USD 100
Spread Only
AUD 50
6 USD / lot
Zero Spread
USD 500
20 USD / lot

Cent Account

Cent accounts are suitable for beginner traders and allow trading micro-lots. The initial deposit is 1 USD; floating spreads average at 0.8 pips (EUR/USD), which is much tighter than at other brokers, and leverage is up to 1:1000. 

Standard Account

Standard accounts are commission-free accounts with a minimum deposit of 100 USD, variable spreads that average at 0.8 pips (EUR/USD), which is tighter than other similar brokers, and leverage of up to 3000:1.  

Micro Account

Micro accounts are commission-free and have a minimum deposit of 5 USD. Spreads are fixed at 3 pips on the EUR/USD, which is wider than most other brokers, and leverage is up to 3000:1. 

Zero spread Account

The Zero Spread account is perfect for those traders who prefer high-speed trading.  However, this is a high commission account – at 20 USD per lot, making it unappealing for most traders.  Spreads are fixed at 0 pips on the EUR/USD, leverage is up to 3000:1, and the minimum deposit requirement is 500 USD.  

ECN Account

The ECN account is the most suitable account for experienced traders.  The minimum deposit on the ECN Account is 1,000 USD, variable spreads start at 0.1 pips (EUR/USD), and a commission of 6 USD is charged per lot.  Maximum leverage on the ECN Account is up to 500:1, but ECN account holders can only trade on 25 FX pairs.  While the minimum deposit requirement is high, its ongoing trading costs are as low as those charged by other ECN brokers.  

Crypto Account

FBS offers a dedicated Crypto account, which supports more than 100 instruments: coins to coins, coins to fiat, coins to metals, etc. The minimum deposit on this account is 1 USD, and leverage is fixed at 1:5.  However, spreads are extremely wide on these assets, and commissions are 0.1% (round turn), which translates to 100 USD per lot traded.  The crypto account is available on MetaTrader 5 only.

Islamic Account

All accounts are available as swap-free accounts, except for the ECN Account.  Changing account status to Swap-free is available in the account settings only for the citizens of countries where one of the official (and dominating) religions is Islam. 

For long-term strategies where a position is held open for longer than two days, FBS charges a fixed fee for the total number of days during which the order was opened.  

FBS Account types

Deposits & Withdrawals

Although we were pleased to find that FBS charges no deposit fees, it charges high withdrawal fees for certain payment methods.  

In line with Anti-Money Laundering policies, deposits and withdrawals at FBS cannot be made to/from third-party accounts.  

Trading Account Currencies: We were disappointed to find that although deposits can be made in most national currencies, they are subsequently converted into USD and  EUR. Because FBS does not support accounts denominated in PHP, Filipino traders will have to pay conversion fees on all deposits and withdrawals.  Conversion fees can make trading expensive and affect profitability.

Deposit and Withdrawal Fees: FBS does not charge for making deposits to a live trading account but charges fees for withdrawals under certain conditions. Deposits made via electronic payment systems are processed instantly, and deposit requests via other payment systems are processed within 1-2 hours.

See below for a list of FBS payment methods:

  • Visa: Deposits are instant and free. Withdrawals take 15 – 20 minutes and may take as long as 5 -7 business days to reach your bank account. Withdrawals are charged at a 1 USD commission.
  • Skrill: Deposits are instant and free. Withdrawals take 15 – 20 minutes to be processed, and a commission of 1% + 0,32 USD is charged.
  • Neteller: Deposits are instant and free. Withdrawals can take 15-20 minutes to be processed, and a 2% minimum, and 30 USD maximum commission is charged.
  • Sticpay: Deposits are instant, but are charged at a 2.5% + 0.3 USD commission. Withdrawals can take up to 15 – 20 minutes to be processed, and a 2.5% + 0.3 USD commission is charged.
  • Perfect Money: Deposits are instant, but commissions may apply depending on the payment system. Withdrawals take 15 – 20 minutes to be processed, and a 0.5% commission is charged.

Overall, while FBS provides a wide range of funding methods, and deposits are generally free, withdrawals are expensive, and all currencies are converted into EUR or USD, and so most traders will have to pay currency conversion fees.  Additionally, Filipino traders cannot deposit or withdraw funds via bank transfer.

Bonus Structure

FBS has a wide selection of promotions and bonuses advertised on its website. For example, the broker offers a 100% deposit bonus, which doubles the deposit available for trading. Please see the website for further details.

FBS Deposit Bonus

FBS’ Mobile Trading Apps

FBS offers a wider range of trading platforms than is typically available at other brokers, including its own in-house mobile trading app. 

FBS Trader

We quickly realised that the FBS Trader app is not a trading platform, but more of a portal that allows traders to manage their MT4 and MT5 platforms from a mobile device or tablet.  We were pleased to see that the FBS Trader App is now also available on iOS where previously it was only available for Android devices. 

FBS Trader Features: We enjoyed how easy it is to use the FBS Trader app. After you register an account, it takes you through a tutorial to help you easily navigate the platform. The app also has an intuitive home screen and sophisticated dashboard that allows you to easily skip between a real or demo account. The app allows you to view educational videos, has an integrated economic calendar, and allows you to contact customer support. Traders can also track real-time stats, open/close/edit positions, add stops to open positions and delete working orders.

FBS Mobile FBS Mobile FBS Mobile

FBS MT4/MT5 Mobile Trading Apps

FBS offers support for MT4 and MT5 mobile trading apps for Android and iOS. Traders should be aware that there is some loss in functionality when compared to the desktop trading platforms, including reduced time frames and fewer charting options, but traders can close and modify existing orders, calculate profit and loss, and trade on the charts.  

Other Trading Platforms

With both MT4 and MT5 available, FBS’ platform support is average. 

MT4 and MT5

The main benefit of using third-party platforms such as MT4 and MT5 is that traders can keep their own customised versions of the platforms should they choose to migrate to another broker. Both MT4 and MT5 are available for Windows, Android, iOS, and web browsers.

Platform Comparison:

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Platform Choice
Copy Trading
11110.54.5/ 5
111104/ 5
11110.54.5/ 5

Opening an Account at FBS

The account opening process is easy, hassle-free, and fast.

It took us about 5 minutes to open an account at FBS, and once our documentation had been submitted, our accounts were ready for trading immediately. 

As a Filipino trader, you are eligible to open an account at FBS as long as you meet the following minimum deposit requirements:

  • Cent: 1 USD
  • Micro Account: 5 USD
  • Standard Account: 100 USD
  • ZERO Spread: 500 USD
  • ECN Account: 1000USD
  • Crypto Account: 1 USD

Opening a live account at FBS is easy and fast. While FBS also offers Corporate Accounts and Joint Accounts, we will focus on opening an Individual Account:

  1. Initially, you will need to click on “Open Account” and register your name and email address.  
  2. Thereafter,  you will choose between a Real or a Demo Account.
  3. Next, you must fill in your full name, phone number, email address, and date of birth. You will also have to choose your base currency, platform, and leverage.
    FBS Account Opening
  4. Once this step is complete, FBS needs at least two documents to accept you as an individual client:
    1. Proof of Identification – current (not expired) coloured scanned copy (in PDF or JPG format) of your passport.
    2. If no valid passport is available, a similar identification document bearing your photo such as an ID card or driving licence will work.
  5. Once this step is complete, you must make at least the minimum required deposit for your chosen account via one of FBS’ deposit methods. 
  6. Your documents will be checked by the verifications department within 48 hours. Any deposits will be credited to the account only after your documents have been approved and your personal area is fully activated.
  7. We advise you to read FBS’ risk disclosure, customer agreement, and terms of business before you start trading.

Overall, the account opening process at FBS is hassle-free, and accounts are generally ready for trading in 48 hours. 

Trading Tools

FBS’ trading tools are average compared to other similar brokers, and it doesn’t offer technical analysis tools such as Autochartist or Trading Central.

Under its trading tools section, FBS lists an Economic Calendar, a Trading Calculator, and a Currency Converter, which are all fairly standard. It also offers a VPS service for traders with a higher minimum deposit.  


FBS offers a VPS service to traders who deposit more than 450 USD and who trade three lots within the first month of use.  Traders who do not trade these volumes will be charged a fee of 33 USD per month to use the service, which is around the industry average.  

VPS hosting allows traders to run automated algorithmic strategies, including expert advisors 24 hours a day, 7 days a week, on a virtual machine. VPS services have the advantage of never suffering connectivity issues and have extremely low latency due to their proximity to major international exchanges. 

Overall, FBS offers an average number of trading tools compared to other large international brokers.

Trading Tools Comparison:

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Economic Calendar
Trading Central
Trading View
Free VPS

FBS for Beginners

FBS is one of the better brokers for beginners – the education section is comprehensive and well-structured, and the market analysis is up-to-date and well-explained. Unusually, customer service is available 24/7 – a welcome development, where the norm is 24/5.  This is extremely beneficial for beginner traders who will likely set up trading accounts on weekends.  

Educational Material

FBS offers a good selection of educational materials compared to most other brokers, and it is suitable for both beginners and more experienced traders alike.

The education section at FBS is well-structured and well-organized, and all material is free. Education is split into five sections:

  • Forex Guidebook – the core of the education section, this is one of the better guides to Forex trading we have seen. It is split into chapters for Beginner, Elementary, Intermediate, and Experienced traders. This guidebook will be useful in some form for almost all readers.

    FBS Education

  • Tips for Traders – a frequently updated blog with useful posts covering various aspects of trading in an erudite and informal format. Recent blog posts include Triple Screen Trading Strategy and Bill Williams Fractals Indicator.
  • Webinars – includes a schedule and register of upcoming webinars. FBS holds webinars weekly from its office in Moscow, and registration is a simple procedure.
  • Video Lessons – as you would expect, this is a collection of short videos covering various aspects of Forex trading – good for those who prefer watching to reading, but not as comprehensive as the Guidebook
  • Glossary – FBS offers a good glossary of Forex terms.

Overall, the education section at FBS is more comprehensive than the material that is available at other brokers.  

Education Comparison:

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Beginner Course
Advanced Course
Well Structured Education
Education Quality

Analytical Material

FBS’ market research is average compared to most other large international brokers.

The FBS Market Analysis is broken down into technical analysis and fundamental analysis.  The technical analysis is somewhat limited, but the fundamental analysis is more detailed and offers Forex traders basic coverage of key topics.

Market analysis materials at FBS are free of charge for all visitors, and are divided into three separate sections:

  • Forex News – A regular news feed of the day’s important events will fundamentally affect Forex trades. It is concise, updated frequently, and well-written.
  • Daily Market Analysis – Here you will find short analytical articles on the day’s events, which is very useful for new traders.
  • Forex TV – a collection of videos on everything from suggested trading plans for the week ahead to historical webinars. The trading plans, in particular, are beneficial for new traders.

Overall, FBS offers a range of market analysis materials that are useful for traders of all experience levels, but it is not as comprehensive as what is offered by other brokers.

Customer Service

Available 24/7, FBS’ customer support is better than that offered by other brokers.

Customer service is available in multiple languages, 24/7 – which is exceptional for an industry where the standard is 24/5. Support is available by email, live chat, and social media, in 16 different languages.

We found the customer service responsive, polite, and resourceful.  They were able to answer all our questions satisfactorily.

Safety and Industry Recognition

Regulation: The FBS CFD trading platform was founded in 2009 by investors who were interested in trading research and technical analysis. Today, FBS is an international brand present in over 150 countries with over 27 million traders on its books. The brand unites several companies offering trading on Forex and CFDs. The companies include FBS Markets Inc. (licensed by IFSC), Tradestone Ltd. (licensed by CySEC), Intelligent Financial Markets Pty Ltd. (licensed by ASIC), and TRADE STONE SA (PTY) LTD. (licensed by FSCA). See below for more details:

  • Intelligent Financial Markets Pty Ltd is regulated by ASIC, license number: 426359.
  • FBS Markets Inc is regulated by IFSC, license IFSC/000102/124; Address: 2118, Guava Street, Belize Belama Phase 1, Belize.
  • Tradestone Ltd. is authorised and regulated by the Cyprus Securities and Exchange Commission of the Republic of Cyprus, with company registration number 353534.
  • FBS Markets Pty Ltd is regulated by the FSCA in South Africa Licence number 50885.

It’s true that FBS is regulated by two top-tier authorities (ASIC and CySEC) and directs its Filipino clients to its Belize-based entity. But, it does segregate client funds from its own, has a long track record of behaviour, and provides monthly statements to its clients. 

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process. Central to that process is the evaluation of the broker’s reliability, the broker, the platform offering of the broker, and the trading conditions offered to clients, summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.

Forex Broker Scoring

FBS Disclaimer

Trading Forex is risky, and each broker must detail how risky the trading of Forex CFDs is to clients. FBS would like you to know that: CFD’s are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.2% of retail accounts lose money when trading CFD’s with this provider. You should consider whether you understand how CFD’s work and whether you can afford to take the high risk of losing your money.


FBS is a large online international broker with five live accounts with average trading conditions, but accounts that are suitable for both beginners and experienced traders.  It offers low minimum deposits and micro-lot trading on its entry-level accounts and low spreads on accounts with higher minimum deposits. However, FBS charges extremely high withdrawal fees and only offers accounts denominated in USD and EUR.  

FBS offers support for MT4 and MT5 in addition to its proprietary trading app and offers a VPS service for traders who deposit more than 450 USD.  FBS also offers excellent educational and market analysis materials; exceptionally, its customer support is available 24/7. 

Editorial Team


Chris Cammack
Head of Content

Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.


Alison Heyerdahl
Senior Financial Writer

Alison joined the team as a writer in 2021. She is the Senior Editor for FXScouts.  She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers. She has a passion for Forex trading and over a decade of editorial experience researching Forex and the financial services industry, producing high-quality content. She hosts a weekly podcast, “Let’s Talk Forex,” alongside her colleague, Chris, and has produced over 100 Forex educational videos for the FXScouts YouTube channel. She also writes weekly technical analyses and has tested and reviewed over 100 Forex brokers.


Ida Hermansen
Financial Writer

Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.

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AlertAccepts Filipino Clients. Spreads start at 0.70 pips on the EUR/USD on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. FBS is regulated by ASIC, CySEC, the FSCA, and the IFSC.
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Broker Score
4.33 4.33  / 5
Rated #30 of 78 Recommended Brokers
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FBS Financial Regulation

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