FBS is a licensed international broker that caters to Nigerian traders and investors. While FBS is not regulated by the Central Bank of Nigeria (CBN), it has the backing of other reputable regulators, providing Nigerian traders the reassurance they need to trust FBS.

FBS at a glance

FBS Review – 15 key points quick overview:

FBS Nigeria Overview

👉 Traders can take advantage of the broker’s competitive trading conditions, which include tight spreads, minimal commissions, and fast transaction execution. A wide variety of trading tools, market research and instructional resources are also provided by the company.

👉 The FBS CFD trading platform was founded in 2009 by investors who were interested in trading research and technical analysis. FBS provides global markets with transparent and trusted applications for more than 27M CFD traders.

👉 Today, FBS is an international brand present in over 150 countries. The brand unites several companies offering their clients opportunities to trade Margin FX 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).

👉 At the time of writing, FBS has executed over 1,700,472,356 orders and has more than 22,958,267 active traders, of which 8.79% originate from Nigeria.

👉 This FBS review will provide traders with the details that they need to consider whether the broker is suited towards their unique trading objectives and needs.

Distribution of Traders

👉 The distribution of traders with FBS is as follows:

➡️️​ Malaysia – 12.66%

➡️️​ Philippines – 9%

➡️️​ Nigeria – 8.79%

➡️️​ India – 6.77%

➡️️​ Brazil – 5.11%

➡️️​ Qatar – 4.46%

➡️️​ Republic of Korea – 4.42%

➡️️​ Others – 62.91%

Popularity among traders who choose FBS

🥇 10% to 20% – Top 3

🥇 7% to 10% – Top 5

🥇 5% to 7% – Top 10

🥇 1% to 5% – Top 20

🥇 0,5% to 1% – Top 40

🥇 0,2% to 0,5% – Top 100

🥇 0,05% to 0,2% – Top 100+

FBS Regulation and Safety of Funds

👉 FBS is a trusted international broker that is headquartered in Belize, with regulations and authorization through the International Financial Services Commission (IFSC) in the region under license number IFSC/000102/198.

👉 Tradestone Ltd is the European arm of FBS, operating in Cyprus. Tradestone Ltd is regulated and authorized by the Cyprus Securities and Exchange Commission (CySEC) under license number 331/17.

👉 The European customers are offered some type of insurance through the Investors’ Compensation Fund (ICF). If for whatever reason the broker falls bankrupt, the ICF can pay traders up to a maximum value of €20,000.

👉 All traders who register a trading account with FBS are subject to the Know Your Client process. To verify the trading account, traders must submit proof of their identity and their proof of residence. Traders must note that FBS is compliant with Anti-Money Laundering policies, reflected in the requirements from traders with regards to deposits and withdrawals from/to unknown accounts.

👉 Negative balance protection is applied to retail investor accounts, ensuring that the trading account of traders does not go into a negative if they experience significant loss. This is often likely when traders use high levels of leverage to increase their position size and the market moves against them.

👉 FBS guarantees that all client funds are kept in segregated accounts with top-tier banks. This ensures that client funds are not used for operational purposes or to help FBS fulfil its financial obligations.

FBS Account Types and Features

👉 FBS offers a choice between six retail investor accounts that can be used to connect traders against several financial markets. FBS offers some of the most flexible trading conditions in the industry and these accounts accommodate beginner and experienced traders alike.

✅ FBS Cent Account

✅ FBS Micro Account

✅ FBS Standard Account

✅ FBS Zero Account

✅ FBS ECN Account

✅ FBS Crypto Account

Live Trading Accounts

✅ FBS Cent Account

👉 The FBS Cent Account’s main feature is that the balance is denominated in cents and all transactions are carried out in cents as well. The Cent Account is known for its low-risk trading environment, making it an ideal option for beginner traders.

👉 This account is also suited to experienced traders who want to test their trading strategies. The Cent Account allows for smaller position sizes and offers a lower initial deposit.

✅ FBS Micro Account

👉 The Micro Account helps beginner and experienced traders calculate their profits accurately by using powerful trading tools such as the Trader’s Calculator. The Micro Account offers bonuses such as the 100% deposit bonus, Level-Up Bonus, and cashback.

✅ FBS Standard Account

👉 This account type accommodates traders who want a conventional forex trading experience. The Standard account offers competitive spreads and commission-free trading.

✅ FBS Zero Account

👉 The main feature of this account type is the 0-pip spread charged. This allows traders to increase their profits and calculate their profits more accurately. However, this account type may not have a spread but there are commissions charged.

✅ FBS ECN Account

👉 The Electronic Communications Network (ECN) Account is suited to professional traders who seek the best possible conditions. This account type allows both buyers and sellers to trade without any intermediaries.

✅ FBS Crypto Account

👉 This account is ideal for crypto traders who want to participate in the crypto market. The FBS Crypto Account supports a wide range of instruments including coins, coin-fiat, coin-coin, and coin-metal trading.

✅ Demo Account

👉 A demo account is a practice account that offers traders a certain amount of virtual funds that they can use, allowing them to enter the live market without risking their capital.

👉 There is a certain degree of risk involved when trading financial markets and FBS offers its clients a risk-free platform where they can test strategies, practice trading, and explore what the forex broker offers in a safe trading environment with real market conditions.

✅ Islamic Account

👉 Depending on the trading style and the trading strategy of the forex trader, they may keep their trading positions open for longer than 24 hours on a trading day.

👉 This means that the trader could incur an overnight or rollover fee. This is a type of interest that is prohibited by Riba principles of Sharia law, which means that Muslim traders are often restricted in forex trading.

👉 FBS offers Muslim traders a swap-free Islamic account on:

➡️️​ FBS Cent Account

➡️️​ FBS Micro Account

➡️️​ FBS Standard Account

➡️️​ FBS Zero Account

Account Registration

👉 To register an account, traders can select the “Open Account” option on the official website, allowing the trader to proceed to the personal area once they have registered on the website.

👉 Once traders have completed the account application, they must pass a profile verification in which they must submit their proof of identity and address. Once traders have completed the checks and their account is verified, they can choose their preferred trading platform and start trading.

FBS VS  Alpari VS Tickmill – Broker Comparison

Trading Platforms

FBS offers the use of these trading platforms:

➡️️​ FBS Trader Mobile App

➡️️​ MetaTrader 4

➡️️​ MetaTrader 5

👉 Both MetaTrader 4 and 5 share a similar look and feel, as well as many of the same functionalities. The only real difference between the MT4 and MT5 is that the MT5 has additional functions and even expands on those in the MT4.

👉 Both systems may be used on a desktop computer running Windows or Mac OS X using desktop programs. They may also be accessed through a web browser or mobile trading platforms. A web browser may be used to access the FBS WebTrader version.

👉 This app doesn’t need to be downloaded or installed. Apps for MT4 and MT5 are available for Android and iOS. Most functionalities of the desktop program are available in mobile applications.

👉 Some functions offered by these platforms include:

➡️️​ Customizable interfaces

➡️️​ Market Watch and Charts that are displayed in real-time

➡️️​ Three chart styles to choose from

➡️️​ MetaTrader 4 features 9-time frames while MetaTrader 5 has 21

➡️️​ MetaTrader 4 has 30 built-in technical indicators while MetaTrader 5 has 38.

➡️️​ Both platforms support the use of automated trading strategies such as expert advisors (EAs).

👉 FBS Trader is one of the best mobile trading platforms and the software is available in the relevant app stores for iOS and Android users. The mobile app offers an easy-to-use graphical user interface making it ideal for everyday usage.

👉 In addition, FBS Trader can be used to deposit and withdraw money from trading accounts. The software also gives users access to real-time quotations, graphs, and data.

FBS Range of Markets

FBS offers a choice between a range of instruments that can be traded, including:

✅ Forex

✅ Precious Metals

✅ Indices

✅ Energies

✅ Stocks

✅ Exotic Forex

✅ Cryptocurrencies

FBS Broker Comparison for Range of Markets

Trading and Non-Trading Fees

Spreads

👉 The spreads that traders can expect when they use FBS will depend on the financial instrument they trade, the account type they use, and the market conditions (in the case of variable spreads). The competitive spreads that traders can expect with FBS are as follows:

➡️️​ FBS Cent Account – Variable, from 1 pip

➡️️​ FBS Micro Account – Fixed, from 3 pips

➡️️​ FBS Standard Account – Variable, from 0.5 pips

➡️️​ FBS Zero Account – Fixed, 0 pips

➡️️​ FBS ECN Account – Floating, -1 pips

➡️️​ FBS Crypto Account – Floating, from 1 pip

Commissions

👉 Commissions are charged on the following retail investor accounts:

➡️️​ FBS Zero Account – from $20 per lot

➡️️​ FBS ECN Account – $6

➡️️​ FBS Crypto Account – 0.05% for opening as well as 0.05% for closing positions

Overnight Fees, Rollovers, or Swaps

👉 Traders can expect overnight fees or interest when they hold their positions for longer than 24 hours. The fees are either credited or debited depending on the position that the trader holds. Typical overnight fees that traders can expect on EUR/USD, for instance, on a 100,000-standard lot in EUR are as follows:

➡️️​ Long swap of -6.37 pips

➡️️​ Short swap of -0.69 pips

Deposit and Withdrawal Fees

👉 FBS charges deposit fees on Sticpay payments at a rate of 2.5% + $0.3 commission. Withdrawal fees are charged on these payment systems:

➡️️​ Credit Card – $1 commission

➡️️​ Debit Card – $1 commission

➡️️​ Neteller – 2% with a minimum of $1 and a maximum of $30

➡️️​ Sticpay – 2.5% + $0.3 commission

➡️️​ Skrill – 1% + $0.32 commission

➡️️​ Perfect Money – 0.50% commission

FBS Deposits and Withdrawals

👉 FBS offers the following deposit and withdrawal methods:

➡️️​ Credit Card

➡️️​ Debit Card

➡️️​ Neteller

➡️️​ Sticpay

➡️️​ Skrill

➡️️​ Perfect Money

➡️️​ Local Exchanges

👉 Nigerian traders must note that while they can make deposits in Nigerian Naira, their deposit will automatically be converted to the base currency, which is either EUR or USD. This means that traders could be subject to currency conversion fees.

10 Best Forex Brokers in Nigeria for 2023

Rank

Broker

Review

Regulators

Min Deposit

Official Site

#1

Read Review

$100

Visit Broker

#2

Read Review

$5

Visit Broker

#3

Read Review

$1

Visit Broker

#4

Read Review

$100

Visit Broker

#5

Read Review

$10

Visit Broker

#6

Read Review

$100

Visit Broker

#7

Read Review

$200

Visit Broker

#8

Read Review

$100

Visit Broker

#9

Read Review

$100

Visit Broker

#10

Read Review

$10

Visit Broker

#1

4.8/5

User Score

Sign Up

#2

4.7/5

User Score

Sign Up

#3

4.5/5

User Score

Sign Up

#4

4.4/5

User Score

Sign Up

#5

4.7/5

User Score

Sign Up

#6

4.6/5

User Score

Sign Up

#7

4.7/5

User Score

Sign Up

#2

4.8/5

User Score

Sign Up

#9

4.4/5

User Score

Sign Up

#10

4.7/5

User Score

Sign Up

FBS Education and Research

👉 The Forex educational material offered by FBS includes:

➡️️​ Forex Guidebook

➡️️​ Tips for Traders

➡️️​ Webinars

➡️️​ Educational Video Lessons

➡️️​ Seminars

➡️️​ Glossary

➡️️​ FAQ

👉 The tools and resources that advanced traders can expect include:

➡️️​ Forex News Feed

➡️️​ Daily Market Analysis

➡️️​ Forex TV

➡️️​ VIP Analytics

➡️️​ Economic Calendar

➡️️​ Forex Calculators

➡️️​ Currency Converter

Bonuses and Promotions

👉 FBS offers a wide range of bonuses, promotions, and contests including:

➡️️​ FBS Traders Parties

➡️️​ Get a Car from FBS

➡️️​ Level-up Bonus

➡️️​ 100% Deposit Bonus

➡️️​ Cashback

➡️️​ Quick Start Bonus

➡️️​ Referral Program

➡️️​ Risk-free investments

➡️️​ Loyalty Program

➡️️​ Trade to Help

➡️️​ FBS Winning Season

➡️️​ FBS Leaders’ Summit

➡️️​ FBS League

➡️️​ FBS Gift Season

FBS Affiliate Program

👉 FBS offers a comprehensive partnership program that can boost the income of partners. FBS offers a $15 per lot commission on EUR/USD pairs and the broker guarantees regular commission payouts.

👉 In addition, when joining the affiliate program, partners can expect access to 24/7 customer service and the help of a dedicated affiliate manager. In addition, when choosing the FBS Partnership Program, the following is offered:

➡️️​ It allows partners to develop their businesses and achieve long-term wealth.

➡️️​ It allows partners to profit without risks.

➡️️​ Partners can earn commissions up to $80 per lot traded by the partner’s client.

➡️️​ It provides partners with total control over their profit and the more active the partner is in attracting clients, the more they could earn.

➡️️​ There is a wide range of promotional materials offered.

➡️️​ Partners can obtain unique promo materials that allow for offline advancement

Verdict on FBS

FBS is a comprehensive online broker that offers a plethora of trading opportunities, trading tools, trading options, and more. FBS is a well-established online trading broker that caters to traders of various skill levels and styles. In the online brokerage market, it is a regulated brand that has adopted all the required security measures.

FBS Pros and Cons

Frequently Asked Questions

Is FBS a good broker to trade with?

Our review of FBS reveals that this broker is very competitive in its trading fees, the spreads on offer is low and the broker is overall considered a low risk good broker to trade with.

Does FBS offer leverage and what is the maximum ratio offered?

Yes, FBS offers leverage up to 1:3000.

Is FBS brokers a fake or scam?

No, FBS brokers is not considered a fake or scam as this broker adheres to the regulatory frameworks of the International Financial Services Commission (IFSC) and The Cyprus Securities and Exchange Commission (CySEC).

What is the overall rating for FBS out of 10?

Overall rating for FBS is 9/10.

Is FBS suitable for beginner and professional traders?

Yes, FBS is a suitable broker for novice traders and professional investors.