FBS Broker Review
The Exness Group is a well-known brokerage that lets client trade foreign currency (Forex), precious metals cryptocurrencies, energy indices (Stocks), and soft and hard commodities. Customers of an online broker can change their investment plans and other financial services to fit their own needs. The Exness Group was started in 2008, and it now has a number of affiliates worldwide that offer trading services everywhere.
The main office of the Exness Group is in Limassol, which is in Cyprus. The company also maintains offices in London, which is located in the United Kingdom.
Trading Platform
Mobile App
Both MT4 and 5 and FBS’s own mobile app, FBS Trader, are available for download. Trading on the go has never been easier than it is with the stylish FBS Trader app. Within the app, you can use the built-in chat function. The program includes helpful tools like an economic calendar and a calendar detailing earnings and dividends for companies.
Even though the app’s interface is nice and easy to use, it only has some of MetaTrader’s features. Popular features like notifications and 1-click trading are supported in 24 languages across MetaTrader 4 and 5. MetaTrader4 and 5 are also available for Android, and FBS Trader is available for iOS.
Exclusive Tools available on FBS
Traders can trigger price alerts when an instrument crosses predefined thresholds. The system is able to notify users via playing an audio file, sending an email, or sending a push notification to their mobile device. Investors can save their favorite instruments in a financial panel and keep an eye on quotes in real-time.
Thanks to this new functionality, traders may now place an order with a single tap and no need for a second confirmation. The ability to place a deal with a single button is extremely helpful for day traders who are looking to make quick profits.
Financial transactions are based on a chart. Trades can be made quickly and easily from the charts in MT5.
Deposits and Withdrawals
FBS excels over its rivals because it does not tack on extra fees on withdrawals and deposits. With electronic payments, users are usually credited within a day. A wire transfer may take up to 2 days to process, and it may take an additional 5-7 working days for the money to show up in your account afterward.
- Deposit At FBS, deposits do not cost anything, and customers can access multiple payment methods. Except for wire transfers, which take between three and four business days to complete, funds are available instantly. Remember that most banking institutions will charge you a fee for wire transfers.
The minimum deposit required to open an account with FBS is anywhere from 1 euro to 10 euros, depending on the mode of payment used.
- Withdrawal Withdrawal from FBS is also completely free, and the processing time ranges from 15 to 20 minutes, except for bank wires, which require 48 hours to complete. It could take the bank anywhere from five to seven business days to process the transaction.
Even for bank wire transfers, FBS does not impose any withdrawal fees.
Leverage
Trading in foreign exchange (FX) and contracts for difference (CFDs) is popular because of the high level of leverage offered to traders. In contrast to the 1:30 leverage available to traders with standard and cent accounts, those classified as professionals have access to 1:500 leverage. Traders with $1,000 may manage $30,000 in market exposure using 1:30 leverage. You can keep $500,000 in trades with only $1,000 if you are a professional trader and have access to 1:500 leverage.
The leverage offered on Crypto accounts is somewhat lower, at 1:2. With only $1,000, an investor can only manage $2,000 in market positions.
How to Get Your Account Started
The procedure for opening an FBS account is straightforward and conducted entirely online. The online form takes just five minutes to complete, and you will be approved for the account in one working day.
To create an account with FBS, you will need to follow these steps:
- Please include your contact information in the following fields:
- You can use either the demo account or the genuine one.
- Choose the platform you’ll use, as well as the base currency.
- To prove who you are and where you live, you will need to upload a copy of your passport or another form of identification, as well as financial statements or utility bills.
FBS Trading Products
Forex and contracts for difference (CFDs) on
- stocks
- commodities
- stock indices
- cryptocurrencies
are just some of the markets that FBS covers. They have a good selection of instruments, but the size of their products in each asset class isn’t as big as the CFD market leaders. a number of different currency pairs, such as GBP/USD, EUR/USD, and USD/CAD; five different commodities, such as oil and gold; and a number of different futures contracts. A stock index is a group of individual shares that can be used to evaluate a market sector, the stocks trading on an exchange, or the economy of a whole country. Cryptocurrencies are a form of digital currency that are protected via encryption, such as Bitcoin.
Customer Support
Email, live chat, and the traditional telephone are all supported communication methods for FBS’s customer service department. Quick responses can be expected from representatives who are both helpful and kind. When using live chat, you don’t have to talk to a robot to be connected to a real person. Agents will respond to your phone inquiry in a few rings, and service will respond to your email within twenty-four hours.
Customer service is available in the European Union (EU) from Monday to Friday, 8:00 a.m. to 8:00 p.m. (GMT +3), except for significant holidays. In other places, on the other hand, service is offered around the clock. The company provides customer service in a variety of languages around the world.
FBS Pros and Cons
Pros
- Low commissions on stock and CFD trades,
- No charges for inactivity.
- Outstanding education and support for the customers.
- Opening an account is simple and quick.
Cons
- There is no investor protection for customers outside of the EU.
- Slim product offerings
Final Words
This broker has exceeded all expectations with the teaching material that they provide. Newcomers to trading can benefit tremendously from the publications, videos, and seminars that are now accessible. The powerful MetaTrader platform has a wealth of available features. Overall, the offerings provided by FBS are diverse and comprehensive. Their set of tools might be improved by introducing unique platforms for browser and desktop use. This would allow traders to achieve even greater success.