FBS Broker Review
Is FBS Legit?
!! 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 is a regulated forex broker that accepts Nigerian traders with a $5 minimum deposit but does not have Naira Accounts
| đź“· Name of Broker | FBS |
| 👨 Accepts Nigerian Traders? | Yes |
| âš– Regulation | FSC Belize |
| đź’°Minimum Deposit | $2 (around 3,000 NGN) |
| 🚀Leverage | 1:3000 |
| đź’¸ EUR/USD average spread | 1.1 pips |
| đź’ł Minimum withdrawal | 1,200 NGN |
| đź’± Account currency | USD,EUR |
| 🏖️Inactivity fee | $0 |
| 🎧Support | 24/7 |
| âś…Reason To Trade | |
| ❌Reason To Avoid |
Regulation & Trust – 5/10
FBS Markets Inc. activities in Nigeria are regulated/overseen by the Financial Services Commission Belize so your trading account will be subject to Belize laws.
FBS suffers weak regulation because it is only regulated in one low-tier jurisdiction which is Belize. FBS does not have any top tier regulation from regulators like the FCA UK.
FBS Withdrawals & Deposits – 7/10
Minimum Deposit for FBS Broker
The FBS minimum deposit is 2 USD when you are depositing from any Nigerian bank. However, other deposit methods require higher minimum deposit.
How To Fund Your Trading Account
1. Nigerian Banks
FBS allows you transfer funds from your Nigerian Bank Account into the FBS receivable account from where FBS will disburse it into your trading account.
Most major Nigerian Banks are supported and the deposit processing time at FBS is instant.
2. Visa/MasterCard
FBS accepts deposits and withdrawals using Visa and MasterCard. Depositing into your trading account using Visa and MasterCard is done instantly. The limit for deposits is from $3 to $999,999.
Withdrawal takes 15-20 mins or a maximum of 7 business days. Withdrawing using this method attracts a commission of 0.5 EUR. The limit for withdrawal is from $1 to $50,000.
3. Sticpay
You can make withdrawals and deposits into your account using Sticpay.
The minimum deposit using Sticpay is $5 and depositing into your trading account is instant.
Withdrawal takes 15-20 mins or a maximum of 48hrs. The minimum amount to withdraw is $3 and the maximum amount is $50,000.
4. Neteller
FBS accepts deposits and withdrawals using Neteller. Depositing into your trading account using NETELLER is done instantly and is free. The limit for deposits is from $10 to $100,000.
Withdrawal takes 5-7 mins or a maximum of 48hrs attracting a 2% commission (a minimum of $1 and a maximum of $30). The limit for withdrawal is from $4 to $25,000.
5. Skrill
You can make withdrawals and deposits into your account using Skrill.
The minimum deposit using Skrill is $12 and the maximum deposit is $500,000 and depositing into your trading account is instant.
Withdrawal takes 15-20 mins or a maximum of 48hrs attracting a 1-2% commission + 0.29 EUR. The minimum amount to withdraw is $10 and the maximum amount is $50,000.
6. USSD
You can make deposits into your trading accounts using USSD. It takes 15-20 mins for deposits to reflect into your account.
The minimum amount to deposit into your account using this 1,300 NGN and the maximum amount is 4,000,000 NGN.
7. Crypto
You can make deposits into your trading accounts using Crypto options like Bitcoin, USDT (TRC20), and USDT (ERC20). It takes 15-20 mins for deposits to reflect into your account. The minimum amount to deposit into your account using this $1.
Withdrawals takes 15-20 mins or a maximum of 72hrs to reflect in your account. You can withdraw funds through Bitcoin (limit from $20 to $99,999,999), USDT (TRC20) (minimum of $20), USDT (ERC20) (minimum of $70), Bitcoin Cash (minimum of 0.01BCH), Ethereum (limit from 0.01 to 99,999.99 ETH), Litecoin (minimum of 0.10LTC), USDC ERC20 & USDC Solana (minimum of 10 USDC).
FBS Broker Minimum Withdrawal
The FBS minimum withdrawal is 1,200 Naira when you are withdrawing to a Nigerian bank account.
Other withdrawal methods have higher withdrawal limits like Skrill has a 10 USD minimum withdrawal, Neteller has a 4 USD minimum withdrawal, Mastercard has a 5 USD minimum withdrawal & Visa Card has a 2 USD minimum withdrawal.
FBS Broker Withdrawal Time
Withdrawal time at FBS broker is instant when you are withdrawing to a Nigerian Bank Account. Bank withdrawals must be split into the number of times you deposited for example if you made 3 different deposits, you must make 3 different withdrawals.
Withdrawal time through Skrill, Neteller & Bank Cards take 24 hours but can reach 7 days if there are challenges.
Range of Accounts – 5/10
1. Real Account
This is the only live trading account type offered by FBS as they have discontinued the Pro & Cent Accounts.
This account is for you, whether you are a seasoned trader or a beginner. This account gives you access to 550+ trading instruments to trade with a leverage up to 1:3000.
In the Real Account, you have access to real-time market quotes and order executions.
2. Demo Account
The FBS Demo Account is opened for you automatically so you can find the login details in your personal area.
The Demo Account is also very easy to setup so you don't need to start contacting customer support to activate the demo account or you.
The FBS Demo Account is one of the best we have reviewed so far.
Account Management – 6/10
Negative Balance Protection
FBS provides a Negative Balance Protection (NBP) feature, ensuring that your accounts are safeguarded from falling into a negative balance.
This means that even in highly volatile market conditions, where sudden price swings could potentially lead to significant losses, you are not held responsible for amounts exceeding your initial deposit.
This protection acts as a safety net, automatically resetting the account balance to zero if your losses surpass your available funds. It eliminates the risk of owing money to the broker
Account Currency
FBS does not have Naira Account but offers EUR and USD as the two base currencies for their trading accounts.
Margin Call & Stop Out
At FBS broker, a Margin Call will come when your Margin Level falls to 40% & you will be stopped out when your Margin Level falls to 20%.
Maximum Number of FBS Accounts Per Client Area
FBS allows you to open up to 20 trading accounts per platform type (MetaTrader 4 and MetaTrader 5) under a single Personal Area, provided two conditions are met:
- The Trader Area must be verified.
- The total deposit across all accounts must be $100 or more.
If these conditions are not fulfilled, you are limited to one account per platform type. You are permitted to register only one Personal Area, ensuring streamlined account management and compliance.
Account Opening Steps
To open an FBS account, visit the official website and click on Open Account.
You’ll be directed to the Trader registration page, where you can input your email and full name to register, or you can register with your Google account, Facebook, or Apple account.
The next step is to set a new password that’s 8 characters long and click on “Create password”.
A link will be sent to your email for confirmation, click on “Confirm Email” and proceed with your registration.
Enter your personal data which includes your Full Name, Date of Birth, and Country of Residence & you’ll be redirected to your dashboard.
To get verified, select “All countries except USA” and click on continue. Choose the document that’s available for verification (BVN, NIN, Driving License, ID Card, or Passport). Enable your camera for face capture and follow the prompts.
Range of Markets – 6/10
1. Forex CFDs
FBS offers 70+ currency pairs to trade with, these includes EURUSD, GBPUSD, USDJPY, EURGBP with a leverage up to 1:3000. Depending on the sum, you can adjust your leverage for open and reopened positions:
FBS offers full access to Forex Exotic instruments on the MetaTrader 5 (MT5) platform, while the MetaTrader 4 (MT4) platform provides a limited selection of exotic instruments, including USDSGD, EURTRY, USDCNH, CNHJPY, EURCNH, USDMXN, USDTRY, USDZAR, and USDBRL.
2. Metal CFDs
FBS offers 8 metals including Gold, Silver, and Platinum at a fixed leverage of 1:500.
3. Indices
You can access 10+ indices including US100 (NASDAQ), AU200, DE30, UK100, and JP225 covering major markets.
US300, US100, and US500 have a fixed leverage of 1:500 while other indices have a leverage of 1:200.
4. Energy CFDs
You can trade on Brent Crude Oil, WTI Crude Oil, and Natural Gas with a leverage of 1:200
5. Stock CFDs
FBS offers a wide range of stocks to trade on like Apple, Tesla, Nvidia with a leverage 1:100.
FBS Fees – 7/10
1. Spread
FBS spreads start from 0.7 pips when markets are calm, but on the average when there moderate volatility, expect average spread of EUR/USD at 1.1 pips, XAU/USD at 0.3 pips, & Nasdaq at 2.09 pips.
All FBS spreads are variable and they do not offer fixed spreads.
2. Commission
FBS doesn’t charge commissions on trades. The commissions charged during withdrawals are not done by FBS.
3. Overnight Fees (swaps)
FBS charges a swap fee for positions held overnight. If you hold a Forex Exotic position for the long term, a weekly fee applies.
This fee kicks in seven days after the position is opened and is charged every weekend after that until you close the trade.
4. Inactivity Fee
FBS does not charge inactivity fees but dormant account will be archived and you may lose the account history even if you unarchive it.
5. Withdrawal Fees
FBS charges withdrawal fees of 2.5% + N200 when you are withdrawing to your Nigerian Bank Account.
FBS also charges withdrawal fees of 1 EUR on Visa & 2 EUR on Mastercard
The only free withdrawal method at FBS is SticPay.
Trading Platforms – 6/10
1. FBS Mobile App
FBS App allows you to trade while on the go, it is available on the App Store and Google Play Store.
The FBS app offers 90+ indicators to identify trends. The easy-to-use and customizable charts helps you analyze price movements and these charts are from TradingView. You can also receive trading updates, notifications, and promotions from the app.
2. MT5
The MetaTrader 5 gives access to 550+ FBS trading instruments from an improved platform. The MT5 is available on the App and Google Play Stores, and you can also access its Web Terminal.
MT5 gives you access to advanced analysis tools like 21 chart timeframes and 38 technical indicators. You can also automate your trades with the improved Expert Advisors (EAs) for a more precise and accurate trading algorithm.
With the MT5 platform, you can make use of the hedging option to optimize risk management. You can stay up-to-date on economic events and data with the Economic Calendar. MT5 allows you gain precise control over your positions with 8 pending order types.
3. MT4
The MetaTrader 4 is an easy to use trading platform that is available on the App and Google Play Stores, and you can also access its Web Terminal.
MT4 gives access to 9 chart timeframes and 31 technical indicators to help you manage your trading strategies. You can choose from over 17,700 Expert Advisors (EAs) and technical indicators to automate your trading.
You can manage multiple MT4 accounts from a single terminal with the MT4 Multiterminal. You can enter the market at any time with a single click on the MT4 with the One-Click Trading feature.
Trading Tools – 7/10
1. VPS
The Virtual Private Server (VPS) offered by the FBS trading platform provides a robust and reliable solution for traders looking to enhance their trading performance.
By hosting your trading environment on a remote server, VPS ensures uninterrupted trading, data security, 24/7 operation, lightning-fast execution, and a secure connection.
2. Economic Calendar
The Economic Calendar helps you stay ahead in the market and make informed decisions, highlighting key economic and political events that impact global trading trends.
3. Trading Calculators
Trading Calculator
The FBS trading calculator is best used when trading with MetaTrader so you can estimate things like the spread, pip value, swaps & margin required to enter a trade.
Profit Calculator
Before you open a trade on MetaTrader, the FBS Profit Calculator will show you how much you will profit or lose but you must enter the price you intend to enter & exit at, and if you intend to buy/sell.
Currency Converter
The FBS Currency Converter tool will help you convert from one currency to another at the latest FBS derived exchange rates.
Customer Support – 10/10
1. Live Chat
24/7 live chat is available with a 1 minute hold time.
2. Telephone
FBS offers a 24/7 customer support. FBS offers a live support where you can get a response in less than a minute. You can also use the Call Back feature to call the support team to get issues rectified and get proper information regarding the platform.
3. Help Center
The Help Center helps with general information regarding the basics and everything you need to know of working with FBS. In the Help Center, you have access to learn about setting up your account, information about deposits and withdrawals, resources that can be used on the platform for successful trades, and information about other products and services.
4. Education
No matter your level in trading, FBS offers courses in the FBS Academy that helps you understand how to trade with the platform and the usage of the resources available.
You can also make increase your knowledge bank with FBS Seminars, Trading tutorials, and the blog.
Final Verdict – 6/10
FBS is a high risk forex broker because they are regulated by a low tier regulator.
FBS is one of our best forex brokers in Nigeria for beginners because of their low minimum deposit/withdrawal requirement, easy demo account setup and 24/7 support..
| 🏛️ Broker | ⚖️ Regulation | 💰Deposit & Withdrawals | 💱Account Types | 🧹Account Management | 🛒Range of Markets | ✂️Fees | 💻Platforms | 🛠️Tools | 🚑Support | 🏆Score |
| HFM | 10 | 10 | 10 | 10 | 8 | 7 | 5 | 8 | 9 | 8.4 |
| Tickmill | 10 | 7 | 7 | 9 | 9 | 8 | 7.5 | 10 | 6 | 8.2 |
| Pepperstone | 10 | 10 | 6 | 6 | 9 | 6 | 10 | 9 | 7 | 8.1 |
| Exness | 10 | 10 | 10 | 6 | 5 | 7 | 8 | 5 | 8 | 7.8 |
| FxPro | 10 | 10 | 6 | 10 | 9 | 6 | 8 | 5 | 7 | 7.8 |
| Just Markets | 6 | 9 | 10 | 7 | 7.5 | 9 | 7 | 4 | 8 | 7.5 |
| Deriv | 5 | 8 | 9 | 6 | 10 | 6 | 7 | 6 | 9 | 7.3 |
| XM | 10 | 10 | 6 | 6 | 8 | 8 | 6 | 6 | 6 | 7 |
| AvaTrade | 10 | 5 | 4 | 5 | 10 | 4 | 7 | 8 | 9 | 6 |
| Headway | 5 | 7 | 8.5 | 8 | 5 | 6 | 6 | 3 | 7 | 6 |
| FBS | 8 | 7 | 5 | 6 | 6 | 7 | 6 | 7 | 10 | 6 |