FBS Oceania Review
Does FBS Work in Australia?
!! Regulator Warning !!
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.43% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
I liike the simplicity that comes with FBS and the low entry requirements and high leverage, its perfect for starters
FBS supports non-document verification so you do not need to upload your means of ID to open an account, you just input the ID number which is great. I wish they didnt charge any withdrawal fees. They are not the best broker out there but they are definitely worth considering if you are a casual trader.
Everything is so low quality with this broker. Their mobile app is low quality and slow, their MetaTrader also slow and they charge withdrawal fees to make it worse.
The deposit and withdrawal conditions are a waste of time. If you deposit say 3 times a day you must split your withdrawal into 3 if not they say the money could get suspended. What kind of talk is that,
Been trading with FBS for 2 years now and I like their execution speed and tight spreads but I think they should add more account base currencies (especially for African countries) and also add start offering crypto CFDs
FBS has this funny and inconvenient withdrawal policy that if you paid in say R100 two times then when you want to withdraw you cannot withdraw R200 at once, you must split it into two separate R100 withdrawals. When I was trading with them that was the withdrawal policy I don't know if it has changed. It is not only time wasting but means paying withdrawal fees twice. Overall they are a good broker so 3 stars
I am enjoying FBS especially their 1:3000 leverage and the fact that I can withdraw as little as $1. Yes they charge 2.5% withdrawal fee but it is negligible. They should improve on the account currencies available by adding more account base currencies
FBS is a good forex broker especially if you are trading on a budget. Their fees are not high and they are very flexible. I opened my account and verified my documents within 4 minutes! fastest ever with any broker I have traded with. Someone dropped a comment about their mobile app, I faced a similar challenge but the trick is to login with your email address instead of trying to login with your google profile. Their mobile app is really good.
The broker is okay but they should improve on their customer service please. At least when someone opens an account welcome them even if its with an email and ask if they are facing any challenges.
Their mobile app is bs! It loads and loads before it manages to open. I only like them for their low minimum withdrawal and support for several withdrawal methods.
FBS Oceania is an ASIC regulated CFD trading platform with a 50 AUD minimum deposit & 24/7 support
| 📷 Name of Broker | Intelligent Financial Markets PTY LTD |
| 📷 Trading Name | FBS Oceania |
| 👨 Accepts Australian Traders? | Yes |
| ⚖ Regulation | ASIC |
| 💰Minimum Deposit | 50 AUD/USD/EUR |
| 🚀Leverage | 1:30 |
| 💸 EUR/USD average spread | 1.1 pips |
| 💳 Minimum withdrawal | 0 AUD |
| 💱 Account currency | AUD,USD,EUR |
| 🏖️Inactivity fee | $0 |
| 🎧Support | 24/7 |
| ✅Reason To Trade | |
| ❌Reason To Avoid |
Regulation - 10/10
The ''FBS Oceania" trading name is used by Intelligent Financial Markets PTY LTD who are regulated by the Australian Securities & Investment Commission (ASIC) with AFSL number 426359.
FBS Australia is also a registered member of the Australian Financial Complaints Authority (AFCA) for the purpose of external dispute resolution between you & FBS.
Deposit & Withdrawal - 7/10
FBS Oceania Minimum Deposit
The FBS minimum deposit in Australia is 50 AUD/USD/EUR, irrespective of the account type you are opening.
How To Deposit
1. Australian Bank Transfer
FBS Oceania allows you fund your trading account by making a transfer from your local bank account, into the FBS Oceania receivables account; the FBS deposit processing time is instant.
2. Visa/MasterCard
FBS accepts funding via Visa & MasterCard and you can initiate the process from your Personal Area.
3. Skrill & Neteller
FBS accepts funding via Skrill & Neteller so you can initiate the process from your Personal Area.
How To Withdraw
You can only withdraw from your FBS Account using the Bank Transfer method. To make a withdrawal, login to your Personal Area, go to the menu, select withdraw & input the desired amount.
Minimum Withdrawal Amount
FBS has no minimum withdrawal embargo so you can withdraw any amount you like.
When you make little profits, you can choose to withdraw them and this is convenient.FBS Withdrawal Processing Time
FBS withdrawals are processed instantly so you will get your funds in around 10 minutes from the time of submitting your withdrawal request.
Account Types - 8.8/10
1. FBS Cent Account
The Cent Account is a spread-only account whose display currency is in US Cents. This account has some restrictions like you cannot trade Crypto or Stock CFDs on it.
Why would anyone open such an account? Well, the Cent Account is ideal for beginners who want to risk only little capital. It is also good for trying out new trading styles
2. FBS Standard Account
The Standard Account allows you trade all instruments on the FBS menu & it is also a spread-only account.
3. FBS Ultra Account
The Ultra Account charges you a flat commission on each trade but in exchange, you get lower spreads that what other accounts offer.
Unlike other FBS Accounts, you cannot trade 0.01 lot on the Ultra Account, rather you must trade bigger lot sizes from 0.1 lot to 500 lots.
Account Management - 7/10
FBS Account Currencies
FBS offers AUD account currency, as well as EUR & USD account currencies.
Negative Balance Protection
At FBS, Negative Balance Protection is mandatory so all accounts so you don't lose more than you deposited into your account. Any negative balance will be absorbed by FBS and your account balance restored to zero.
Account Opening Procedure
1. Registration
To register an FBS Oceania account profile, go to the FBS website, click on "open account", enter your name & email then click on ''register''.
you don't need to create a password because FBS automatically registers you using your google profile gotten from your device.
You will be redirected to your Personal Area where you will be prompted to choose your preferred account currency (AUD, EUR or USD)
FBS will then create a special MT5 password for you which you should copy out and keep safely. Other MT5 details like server name, server IP address etc. will also be displayed so you can copy and keep these safe.
You will be required to fill in more personal details then upload your Australian government issued government ID and a utility bill. You can skip this step for later by clicking on the ''next'' button to proceed to the next step
2. Trading Experience Quiz
In this step, you will be required to take a quiz to prove you know the basics about CFD trading and this is because of ASIC regulation requirements.
if you pass the quiz you will be asked to upload your ID documents to verify your account so you can make your first deposit & start live trading.
FBS Oceania Fees - 6/10
1. Spread
FBS spread starts from 0.6 pips on the Cent & Standard Accounts & this means when markets are calm you can get spreads as low as 0.6 pips on these accounts.
however, on normal busy trading days, expect average spreads of 1.1 pips for EUR/USD, 2.3 pips for XAU/USD (Gold) & 1.9 pips for Nasdaq.
2. Commissions
When using the Ultra Account you get spreads from 0.0 pips because you will also be changed a commission of $3 per side per standard lot traded.
3. Overnight Fees
FBS Oceania does not do swap-free trading so you must pay a fee to keep your CFD trades open till the next day.
4. Inactivity Fees
FBS does not charge inactivity fees on dormant accounts.
Range of Markets - 5/10
1. Forex CFDs
You can trade 30+ forex pairs including several AUD pairs such as AUD/USD, AUD/CAD, AUD/JPY, etc.
2. Metal CFDs
Only Gold (XAU/USD) and Silver (XAG/USD) are available for trading at FBS.
3. Indices CFDs
You get to trade over 10+ Indices including AUS 200 and Nasdaq.
4. Oil & Gas CFDs
Only 3 commodities are available for trading and they are UK Brent Crude, U.S. Crude & Natural Gas CFDs.
5. Stock CFDs
Over 100+ Stocks of the major companies in the world, are available for trading. However, most of the stock are those of European & American companies.
6. Crypto CFDs
Bitcoin, LiteCoin, Ethereum & Ripple are the only Crypto CFDs you can trade at FBS.
Trading Platforms - 4/10
MT5 is the only trading platform offered by FBS in Australia. The MT5 comes as a mobile app & desktop version.
FBS in Australia does not offer MT4 or cTrader platforms and this is a minus for them.
Trading Tools - 5/10
1. Economic Calendar
FBS offers an Economic Calendar to show you the exact dates when important economic data like NFP, CPI, etc. will be released. However, the FBS economic calendar is not user-friendly as the sorting function is hard to understand.
2. Trading Calculator
the FBS trading calculator tells you how much margin you will need to open a position, the pip value of spread & the overnight swap fees you will be expected to pay.
This calculator does not tell you how much profit you will make from a trade so we would have loved if FBS included a Profit calculator.
3. Currency Converter
The FBS currency converter tool is there to help you get the value of one currency in another using the same rates FBS uses.
Customer Support - 4/10
1. Telephone Support
FBS Oceania can be reached through their Australian telephone help lines but the lines are not toll-free.
2. Email Support
FBS does not offer live chat, so if you want to reach them (especially if you want to send a document) you need to do so through their dedicated email address found on their website.
3. Education
FBS has a comprehensive selection of educational resources but we wish these were not just eBooks but videos as well.
Final Verdict - 5.5/10
FBS Oceania was established in 2021, making them a relatively new broker and they are still a lot of things they can improve on.
However, we recommend FBS Oceania for beginner traders who do not intend to trade big lot sizes, because FBS doesn't provide sophisticated tools to manage high risk trades.