FBS Review – Are They a Scam?

FBS Overview

Founded2009
PlatformMetaTrader 4 for PC, MetaTrader 4 for iOS, MetaTrader 4 for Android, MetaTrader 4 WebTrader
Minimum account size$1
Minimum lot size0.01
Tradable assets30+
Maximum margin1:3000
Spread on EUR/USD0.05 pip
Payment methodsCredit Cards, Bank Centra Asia, Mandiri, Bank Negara Indonesia, Bank Rakyay Indonesia, OCBC NISP, Fasapay, Perfectmoney, Yuu Collect, Webmoney, Skrill, Wire Transfer
Demo accountYes
Accepts Indonesian tradersYes
RegulatedIFSC (Belize), CRFIN (Russia)
SupportPhone, E-mail, Live Chat
Websitewww.idnfbs.com

 

Skip Content and Read the Bottom Line!

 

Pros

  • Regulated
  • $1 minimum account size

Cons

  • Limited number of assets
  • Dull platform layout and design
  • Lots of trader complaints
  • Mediocre support

 
FBS is a Belize-based forex broker that has been operating since 2009. They offer a selection of platforms which are accessible over a variety of devices.

Platform

FBS have a suite of MetaTrader 4 platforms that can be accessed on PCs, tablets and smartphones via downloadable programs, apps or directly via a web browser. This warrants FBS with a Platform score of 9/10.

Design

We find the platform design to be dull and too basic. They should have at least added some colors or some visual elements to make the interface more inviting. This gets a a Design score of 2/5.

fbs platform

Minimum Deposit

It is possible to open an active account and make an initial deposit of $1 via their Cent account. Other account types however require higher deposits but since they allow a very small amount for starters, they earn a Minimum Deposit score of 5/5.

Minimum Lot Size

A minimum lot size of 0.01 is accepted by this broker. This is at par with the standard size so we are rating them a Minimum Lot Size of 4/5.

Tradable Assets

Unfortunately they only have around 30 assets and this could be a setback if you plan to explore other products in the future. With a limited trading opportunity, we are giving them a Tradable assets score of 2/5.

fbs assets

Payouts

The spreads that they have are competitive and are very tight even for major currency pairs. The EUR/USD for example has a spread of 0.05. This deserves a Payouts score of 10/10.

Withdrawal Time

The maximum time for processing withdrawal requests is 2 days while bank wire transfers may take up to 7 days. This sits well within the industry standards which is why we are rating them with a Withdrawal Time score of 8/10.

Deposit and Withdrawal Methods

Among the accepted payment methods include credit cards (Visa and MasterCard), Bank Centra Asia, Mandiri, Bank Negara Indonesia, Bank Rakyay Indonesia, OCBC NISP, Fasapay, Perfectmoney, Yuu Collect, Webmoney, Skrill and Wire Transfer. This warrants a Deposit and Withdrawal Methods score of 5/5.

fbs deposit

Customer Support

They have an Indonesian phone support but the waiting time was just not acceptable. It took around 10 minutes before we were able to get an agent on the line. To be fair, they were able to provide detailed answers but the long waiting time really needs to be resolved. This warrants a Support score of 7/15.

fbs support

Quoting Accuracy

The quotes were generally accurate though in a few instances, we’ve experienced some re-quotes particularly when markets prices are highly volatile. This warrants FBS a Quote Accuracy Score of 8/10.

Reputation

This company has been in operation since 2009 but after checking out various financial reviews and discussions over the web, we’ve learned that they have been plagued by a growing number of user complaints. A lot of Indonesian traders seem to be not satisfied with this broker and for this reason they notched a low Reputation score of 11/20.

fbs reputation
fbs reputation
fbs reputation

Conclusion

While there some good things to say about FBS like the low minimum deposit and their regulation, this broker also has a lot of disadvantages that must be taken into consideration. The limited number of assets, the boring platform design and the long waiting time to contact the support are just some of the setbacks that you need to weigh in if you are going to trade with this broker.

Final Score: 71/100

We highly recommend that you sign-up with a much more stable and reliable brands like LCG, XM or Pepperstone as alternatives so you can continue with your trading activities.