FBS Review

Regulation & Trust – 5/10

FBS Markets Inc. activities in Nigeria are regulated by the Financial Services Commission (FSC) located offshore in Belize. FBS does not operate globally hence they do not have other regulatory licenses to add to the one they currently hold. This is why we score FBS 5/10 for trust/regulation.

Payment Channels – 7/10

The FBS minimum deposit is $2 when you are depositing from any Nigerian bank. However, other deposit methods require higher minimum deposit.

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.

The FBS minimum withdrawal is N1,200 when you are withdrawing to a Nigerian bank account.

FBS also accepts deposits and withdrawals using Visa and MasterCard. The limit for card deposits is from $3 to $999,999.

Card withdrawal takes 7 business days. Withdrawing using this method attracts a commission of 0.5 EUR. The limit for withdrawal is from $1 to $50,000.

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 N1,300 and the maximum amount is N4,000,000.

Account Types – 4/10

We were not impressed to see that FBS only offers one account type which is the standard account. There is no raw spread account on offer so traders seeking low spread may need to look elsewhere.

Another thing we don't like is that FBS does not offer the local naira account currency, the default account currency is always USD.

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.

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

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%.

Range of Markets – 5/10

Forex CFDs

We counted 70+ FX pairs when going through the FBS product catalogue, these pairs were spread across major, minor and exotic ones, which is good enough for any trader.

Metal CFDs

When it comes to metals, FBS offers the major ones such as gold and silver as well as some other not so popular metals. The collection of metals is good.

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.

Energy CFDs

Not a very vast collection of energies but the popular ones (natural gas and oil) are available.

Stock CFDs

FBS offers a wide range of stocks to trade on like Apple, Tesla, Nvidia with a leverage 1:100.

The FBS product catalogue is not as vast as that of closest rivals, ETFs, Bonds and Soft Commodities are missing.

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.