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FBS-review

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

🏛️ HeadquarteredBelize
🏛️ Nigerian Based OfficeNo
👍 Accepts Nigerian Traders?Yes
📅 Year Founded2009
📱 Nigerian Office Contact NumberNone
⚖️ RegulationIFSC, CySEC, ASIC, FSCA
🔎License Number

Belize – IFSC/000102/198

Cyprus – 331/17
⚖️ CBN RegulationNone
✴️ Regional RestrictionsJapan, United States, Canada, United Kingdom, Myanmar, Brazil, Malaysia, Israel, the Islamic Republic of Iran
☪️ Islamic AccountYes
📈 Demo AccountYes
📈 Retail Investor Accounts6
📊 PAMM AccountsNone
📊 Liquidity ProvidersCurrenex
✅ Affiliate ProgramYes
📊 Crypto trading offered?Yes
🚀 Offers a Nigerian Account?No
💻 Dedicated Nigerian Account Manager?No
📈 Maximum Leverage1:3000
📈 Leverage Restrictions for Nigeria?No
💳 Minimum Deposit (₦)400 Nigerian Naira equivalent to $1
💳 Nigerian Naira Deposits Allowed?Yes
💰 Active Nigerian Trader Stats1.3 million
👥 Active Nigerian-based FBS customers150,000+
💰 Nigeria Daily Forex Turnover$1.25 million+
💳 Deposit and Withdrawal OptionsCredit Card
Debit Card
Neteller
Sticpay
Skrill
Perfect Money
Local Exchanges
💰 Segregated Accounts with Nigerian Banks?No
💻 Trading PlatformsFBS Trader, MetaTrader 4, MetaTrader 5, CopyTrade Platform
💰 Tradable AssetsForex
Precious Metals
Indices
Energies
Stocks
Exotic Forex
Cryptocurrencies
🌐 Offers USD/NGN currency pair?No
🌐 USD/NGN Average SpreadN/A
📈 Offers Nigerian Stocks and CFDsNo
👨‍💼 Languages supported on WebsiteEnglish, German, Spanish, French, Italian, Portuguese, Indonesian, Malay, Vietnamese, Turkish, Korean, and others
👥 Customer Support LanguagesMultilingual
👥 Customer Service Hours24/7
👥 Nigerian-based customer support?No
💰 Bonuses and Promotions for NigeriansYes
✴️ Education for Nigerian beginnersYes
📊 Proprietary trading softwareYes
💰 Most Successful Nigerian TraderUche Paragon ($20 million net worth)
✔️Is FBS a safe broker for Nigerians?Yes
✔️Rating for FBS Nigeria9/10
✔️Trust score for FBS Nigeria75%

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.

👉 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 Regulation

👉 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 account types

👉 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.

Account FeatureValue
💳 Minimum Deposit400 Nigerian Naira equivalent to $1
📈 Average spreadFloating, from 1 pip
🔎 CommissionNone
📈 LeverageUp to 1:1000
📅 Maximum opening positions200
📊 Order volumeBetween 0.01 to 1,000 cent lots
📈 Market ExecutionFrom 0.3 seconds, STP
📱 Trading PlatformMetaTrader 4, MetaTrader 5, FBS Trader
🚀 Tradable InstrumentsForex, precious metals, indices, energies, forex exotics, stocks
☪️ Swap-Free Islamic OptionYes

✅ 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.

Account FeatureValue
💳 Minimum Deposit2,000 Nigerian Naira equivalent to $5
📈 Average spreadFixed, from 3 pips
🔎 CommissionNone
📈 LeverageUp to 1:1000
📅 Maximum opening positions200
📊 Order volumeBetween 0.01 to 500 lots
📈 Market ExecutionFrom 0.3 seconds, STP
📱 Trading PlatformMetaTrader 4, FBS Trader
🚀 Tradable InstrumentsForex and precious metals
☪️ Swap-Free Islamic OptionYes

✅ 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.

Account FeatureValue
💳 Initial Minimum Deposit (₦)20,700 NGN equivalent to $50
📈 Minimum Deposit after the initial20,700 NGN equivalent to $50
🔎 Minimum Trading Volume0.01 lot
📈 Swap-Free Account OptionYes
📊 Average Spreads on Major Forex Pairs• AUD/USD – 1.3 Pips
• GBP/USD – 1.6 Pips
• EUR/USD – 1 Pip
• USD/JPY – 1.2 Pips
• XAU/USD – $0.2
• WTI/USD – $0.04
💰 Forex Commissions per round turnNone
🔨 Precious Metals Commissions per round turnNone
📱 Commissions on Indices per round turnNone
🚀 Maximum Leverage RatioFrom 1:30 to 1:500 depending on region and experience
💸 Account Base CurrencyUSD, AUD, EUR, GBP, NZD, CAD, JPY

👥 One-on-one ServiceYes
📈 Access to Market AnalysisYes
💵 Deposit FeesNone
📉 Share CFDs offered on MT5• ASX – 290+
• NYSE – 820+
• NASDAQ – 450+
• ARC – 110+
💻 Margin Requirement on MT520%
📲 DMA share CFD Exchanges on MT5ASX, NYSE, NASDAQ, ARC

✅ 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.

Account FeatureValue
💳 Minimum Deposit207,750 Nigerian Naira equivalent to $500
📈 Average spreadFixed, 0 pips
🔎 CommissionFrom $20 per lot
📈 LeverageUp to 1:3000
📅 Maximum opening positions200
📊 Order volumeBetween 0.01 to 500 lots
📈 Market ExecutionFrom 0.3 seconds, STP
📱 Trading PlatformMetaTrader 4, FBS Trader
🚀 Tradable InstrumentsForex, precious metals, Forex Exotics
☪️ Swap-Free Islamic OptionYes

✅ 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.

Account FeatureValue
💳 Minimum Deposit415,500 Nigerian Naira equivalent to $500
📈 Average spreadFloating from -1 pip
🔎 Commission$6
📈 LeverageUp to 1:500
📅 Maximum opening positionsNone
📊 Order volumeBetween 0.01 to 500 lots
📈 Market ExecutionECN
📱 Trading PlatformMetaTrader 4, FBS Trader
🚀 Tradable Instruments25 forex currency pairs
☪️ Swap-Free Islamic OptionNo

✅ 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.

Account FeatureValue
💳 Minimum Deposit400 Nigerian Naira equivalent to $1
📈 Average spreadFloating from 1 pip
🔎 Commission0.05% for opening and 0.05% for closing positions
📈 Leverage1:5
📅 Maximum opening positions200
📊 Order volumeBetween 0.01 to 500 lots
📈 Market ExecutionFrom 0.3 seconds, STP
📱 Trading PlatformMetaTrader 5
🚀 Tradable InstrumentsCryptocurrencies
☪️ Swap-Free Islamic OptionNo

✅ Demo Account

FBS 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

FBS swap free

👉 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

FBS 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

FBSAlpariTickmill
📱 Trading PlatformMetaTrader 4
MetaTrader 5
FBS Trader
CopyTrade
MetaTrader 4
MetaTrader 5
MetaTrader 4
MetaTrader 5
💰 Minimum Deposit400 NGN1,000 NGN41,600 NGN
📈 Maximum LeverageUp to 1:3000Up to 1:1000Up to 1:500
📈 Average SpreadFrom 0.0 pipsFrom 0.4 pipsFrom 0.0 pips
💰 CommissionsFrom $6$1.5$1 per 100,000 traded
✴️ Margin Call/Stop-Out40% and 20%60% and 40%100% and 30%
📊 Order ExecutionSTP, ECNInstant and MarketMarket
📊 No-Deposit BonusYesNoYes
📈 Cent AccountsYesNoNo
⚖️ CBN RegulationNoNoNo
💳 NGN DepositsYesYesNo
📊 Nigerian Naira AccountNoYesNo
👥 Customer Service Hours24/724/524/5
📊 Trading Accounts643
☪️ Islamic AccountYesYesYes

Trading Platforms

FBS offers the use of these trading platforms:

➡️️​ FBS Trader Mobile App

➡️️​ MetaTrader 4

➡️️​ MetaTrader 5

➡️️​ CopyTrade Platform

👉 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.

👉 To learn from the trades of other successful traders, FBS CopyTrade offers a social trading platform where members can copy the trades of other members. While the expert trader receives a commission, the investor can copy traders. Traders on the CopyTrade platform are ranked based on their overall performance.

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

FBSAlpariTickmill
️ForexYesYesYes
Precious MetalsYesYesYes
ETFsNoNoNo
CFDsYesYesYes
IndicesYesYesYes
StocksYesYesYes
CryptocurrencyYesNoYes
OptionsNoNoNo
EnergiesYesNoYes
BondsNoNoYes

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 2022

Rank

Broker

Review

Regulators

Min Deposit

Official Site

#1

AvaTrade Islamic

4.8/5

User Score

#2

4.7/5

User Score

#3

4.5/5

User Score

#4

Tickmill Review South Africa

4.4/5

User Score

#5

4.7/5

User Score

#6

4.6/5

User Score

#7

4.7/5

User Score

#8

4.8/5

User Score

#9

4.7/5

User Score

#10

4.7/5

User Score

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 pay-outs.

👉 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

✔️ Pros❌ Cons
There is a very low minimum deposit requiredSeveral regions are restricted from service
FBS is an online broker with regulation through IFSC and the Cyprus Securities and Exchange CommissionThe spreads on some accounts are very high
There is a choice between investor accountsInactivity fees apply to dormant accounts
Traders have access to fast, flexible payment methodsThe demo account expires after 40 days
The trading conditions are favourable and competitiveWithdrawal fees and deposit fees are charged
There are demo accounts and Islamic AccountsThere is a limited selection of funding options and there are only two base account currencies
Customer service is available 24/7Currency conversion fees are charged on deposits made in currencies other than USD and EUR
The broker is reputable and has a high trust score
FBS is an official trading partner that offers a comprehensive affiliate program
There are several bonuses and promotions offered

 

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.

9.5/10 - (17 votes)

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