FBS-account-types-review

FBS Account Types

FBS provides 6 different account types, the FBS Cent account, an FBS Micro account, an FBS Standard account, an FBS Zero account, an FBS ECN account, and an FBS Crypto account. The Islamic account and demo account options are also available. Each account type has its own set of conditions.

Updated : November 14, 2023

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005 regulations book

Account Types Overview

005 feature selection

Account Types

001 cash withdrawal

Account Features

004 review

Pros and Cons

008 auction

Final Verdict

001 question

FAQ

fbs new logo

Overall Rating

Min Deposit

USD 5

Regulators

FSC, FSCA (south africa), ASIC, CySEC

Trading Desk

MetaTrader 4, MetaTrader 5, WebTrader, FBS Trader – all in one mobile trading platform.

Crypto

Yes

Total Pairs

250

Islamic Account

Yes

Trading Fees

Low

Welcome Bonus

100% Deposit Bonus

Account Activation Time

Instant

FBS Account Types Overview

👉 According to research in Nigeria, FBS, a Belize-based ECN and STP broker, was founded in 2009 and provides a comprehensive selection of CFD and FX trading instruments across several different asset classes. FBS has seen a significant increase in popularity and strength over the last several years.

 

👉 As a registered and international broker, FBS also provides FX and CFD trading across a wide range of other asset classes for Nigerian traders and investors. There is no regulation offered through Nigeria’s Central Bank (CBN), but FBS has the support of other respectable authorities, allowing Nigerian traders to have confidence in FBS.

 

👉 With offices in numerous locations across the globe, FBS ensures that traders have access to the information, products, and customer services they need in the language they are most comfortable with.

 

👉 FBS has millions of registered traders from more than 190 countries, making it an internationally recognized brand. Every day, the broker sees thousands of accounts registered, ensuring that there is a steady flow of liquidity across its platforms.

 

👉 Trading accounts provided by FBS allow traders access to over 75 different tradable instruments using sophisticated and versatile trading platforms, all available across several devices including desktops, mobile devices, and Internet browsers.

 

👉 FBS users an ECN and STP execution approach, which means that orders are transmitted to market makers and liquidity providers and that FBS does not profit from its customers’ trading losses or take the opposing side of a transaction, as is the case with Market Maker brokers.

FBS At a Glance

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

Belize – FSC/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 (₦)3877 Nigerian Naira equivalent to $5
💳 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,
💰 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, Spanish, Filipino, Indonesian, Malay, Portuguese, Thai, and Swahili, 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 Account Types

fbs account types

👉 FBS provides six retail investor accounts via which traders can access a variety of financial marketplaces. FBS provides some of the most accommodating trading conditions in the trading industry, with accounts suitable for both novice and experienced traders.

➡️ FBS Cent Account

➡️ FBS Micro Account

➡️ FBS Standard Account

➡️ FBS Zero Account

➡️ FBS ECN Account

➡️ FBS Crypto Account

FBS Account Features

FBS Cent Account

👉 The primary characteristic of the FBS Cent Account is that the balance is denominated in cents and all transactions are also denominated in cents. The Cent Account is well-known for its low-risk trading environment, which makes it an excellent choice for newcomers.

👉 Additionally, this account is suitable for experienced traders who want to evaluate their trading tactics. The Cent Account enables traders to open smaller positions and requires a cheaper initial investment.

Account FeatureValue
💳 Minimum Deposit3877 Nigerian Naira equivalent to $5
📈 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 Pro Account

👉 The Pro Account offers unlimited open orders and lower spreads, you can execute complex trading strategies and save money on large orders. And with lower margin requirements, you have greater control over your positions and risk management.

Account FeatureValue
💳 Minimum Deposit160,532 Nigerian Naira equivalent to $200
📈 Average spreadFloating from 0.5 pips
🔎 Commissionfrom 0%
📈 Leverageup to 1:2000
📅 Maximum opening positions200
📊 Order volumefrom 0.01 to 500 lots (with 0.01 step)
📈 Market ExecutionFrom 0.3 seconds, STP
📱 Trading PlatformMetaTrader 4, MetaTrader 5, FBS Trader
🚀 Tradable Instruments72 Forex pairs, 8 metals, 3 energies, 11 indices, 479 stocks, 5 crypto pairs
☪️ Swap-Free Islamic OptionYes

FBS Standard Account

👉 Traders who prefer a more traditional approach to forex trading will find everything they need in this account type. Spreads are competitive, and there are no commissions associated with trading on the Standard account.

Account FeatureValue
💰 Minimum Deposit41,500 Nigerian Naira equivalent to $100
📊 Average spreadFloating, from 0.5 pip
💵 CommissionNone
💸 LeverageUp to 1:3000
📈 Maximum opening positions200
📊 Order volumeBetween 0.01 to 500 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 Demo Account

👉 Trading on a demo account allows traders to get a feel for the real market without risking any of their own money.

👉 For those who are new to trading, FBS provides a secure trading environment where they can test their methods, practice trading, and discover what the forex broker has to offer in a real-world trading environment.

👉 The demo account that FBS offers can be registered on any of the following account types:

➡️ FBS Cent Account

➡️ FBS Micro Account

➡️ FBS Standard Account

➡️ FBS Zero Account

➡️ FBS ECN Account

👉 The demo account is available for 40 days, after which Nigerian traders can either open a real trading account or open a new demo account, depending on their preference.

FBS Islamic Account

👉 The purpose of an Islamic Account is that it caters specifically for Muslim traders who follow Sharia law. The law prevents its followers from paying any type of interest, such as overnight fees, which is seen as wasteful or exploitive.

👉 Overnight fees are charged if Nigerian traders hold positions open for longer after the trading day has concluded and this type of account allows exemption from such fees or interest, should they hold positions open for longer.

👉 Any of the following active trading accounts can be converted to an Islamic Account:

➡️ FBS Cent Account

➡️ FBS Micro Account

➡️ FBS Standard Account

➡️ FBS Zero Account

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 FSC 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

FBS Final Verdict

👉 Overall, FBS can be summarised as a trustworthy and credible broker that is very competitive in terms of its trading fees, (against major currency pairs). The spread is also very low and is considered low-risk.

FAQ

Are Nigerian traders allowed to open a FBS trading account?

Yes, Nigerian traders are allowed to open a FBS trading account. 

How long does a FBS withdrawal take?

Card withdrawals take more or less 3-4 business days, while bank transfer withdrawals are processed within 7-10 business days. 

Does FBS offer Nigerian shares or other instruments?

No, FBS does not offer any instruments native to Nigeria.

Which platforms are supported by FBS?

FBS supports the use of the following:

  • MetaTrader 4
  • MetaTrader 5
  • FBS Trader
  • CopyTrade Platform

Does FBS offer leverage?

Yes, FBS offers leverage up to 1:3000.

 

9.5/10 - (11 votes)