FBS Nigeria is a company which was founded in 2009 as a forex trading platform that offers financial and investment service among different nations of the world. One of such services is creating a platform for forex trading in Nigeria. FBS has its headquarters located in Belize with some functioning branches in Indonesia, China, Korea, Malaysia, Egypt, Korea, Myanmar and other countries of the world.
FBS has won so many awards and prized which have made them recognized and noted among other forex companies. The awards won include Highly Recommended Forex Broker Insurance of the year (Indonesia), and the Best Customer Service Broker Award (Asia) which they won in 2016.
FBS is regulated by IFSC and CySEC. Today, FBS Nigeria has offered more than 40 different trading symbols: which include 35 currency pairs, 4 metals, and 2 CFD. It has its website on www.fbs.com.
Apart from the physical currency which can be felt, seen and touched, there are digital currencies which exist and are traded by people in the foreign exchange market.
A person who trades in the forex market is called a forex trader. A forex trader is known for buying currencies and selling them for profit and gain in the foreign exchange market. There is much profit in forex business and it is one of the surest ways of making money in Nigeria.
There are many forex brokers with different features and services in the exchange market. One of them is FBS Nigeria. FBS Nigeria is a forex broker whose main interest is to provide a trading platform for people to buy and sell different foreign currencies.
In this review, you will know about the forex company called FBS Nigeria, the methods, the features, pros and cons of FBS Nigeria, FBS services, how to register with FBS Nigeria, payment options, how to buy foreign currencies on FBS Nigeria, FBS Nigeria trading accounts. Any other information which isn’t specified will be revealed to you in this article.
FBS Trading Accounts
Currently, FBS offers six different trading accounts to forex traders to trade on foreign currencies. There is the Cent account, the Micro account, the Standard account, the Zero Spread account, the Unlimited and the ECN account.
The Cent account offers traders the opportunity of trading and has a real experience on the real account. It comes with fewer risks and the minimum deposit of the FBS Cent account is $1. The leverage is at 1:1000 with a floating spread. The Cent account has a floating spread of 1 pip. Traders are allowed to trade with the Cent account with the use of robots, tactics, and strategies without any restrictions.
The Micro account has an account minimum deposit of $5 and a leverage of up to 1:3000. The fixed spreads start at 3 pips.
The Standard account has a minimum account of $100 with a leverage of up to 1:3000. It has a floating spread from 1 pip.
The Zero Spread account has a minimum account of $500 with a leverage of up to 1:3000. It has a fixed spread of 0 pip. The commission attracted to the Zero Spread account is $20.
The Unlimited account has a minimum account of $500 with a leverage of up to 1:500. The account has no trading limit on the transactions and It has a floating spread of 0.2 pip.
The new account launched by FBS is the ECN account. The ECN account is the best in terms of being close to real market trading situations. It offers many possibilities, opportunities, and features for professional traders such as the inclusion of a $6 commission, a minimum account deposit of $1000, a floating spread of -1 pip and a leverage of up to 1:500.
FBS has a segregated account is available for FBS traders. A segregated account is a different account for forex traders in which 70% of your funds are stored in a personal bank account that will guarantee the safety of the funds. The segregated account allows traders to deposit just 30% of their money while trading 100% of their money in unlimited trading conditions.
There is the availability of a Demo account for traders who are beginners, newbies, and people with no knowledge ofthe forex market. The demo account is a good way of practice, it gives new forex traders the experience of how forex works. The demo account doesn’t require any account deposit since it comes with virtual funds.
The good thing is that you won’t lose you money if you are a demo account holder. However, the sad thing is that if you make a lot of money in the demo account, you won’t be able to withdraw the funds. That is why you are advised to pick any trading account and deposit the amount needed.
See the diagram below to see the different account types.
Promotions and Account Bonuses
FBS offers several bonuses to customers which comes with incentives and prizes to encourage their traders to trade on their platform. There was a period when FBS forex traders get a 100% bonus on their account deposit and they were another promotion called the $123 deposit bonus.
There is an additional $15 per bonus transaction which is known ad “Cashback”. The Cashback bonus includes quick withdrawal payments that come with no restrictions and getting your cash back when you lose your trades.
There is also a promotion known as “Lots of Apples” promotion. Ever since it began on September 16th, 2014, it gives traders good prizes such as an iPhone Plus for placing a trade.
FBS Nigeria also has a trading contest for demo account users. The contest works once every two weeks. The goal is to finish with the highest balance and the top 5 winners get $200 each which sums to a total cost of $1000.
Trader Education Guidance
FBS provides different educational materials such as regular market analysis, trading calculators to their traders to educate them on how they can trade successfully in the forex market.
Features of Forex Broker: FBS
Availability of a demo account for inexperienced forex traders.
An account minimum of $1 on the Cent account which gives traders a real trading experience in the forex market.
FBS provides 6 different trading accounts for their traders.
It’s micro account has a leverage of 1:3000.
The Micro account has a minimum account deposit of $5.
The standard account has an initial account deposit of $100 with a leverage of up to 1:3000.
The Zero Spread account has an initial account deposit of $500.
The Zero spread account has a commission that starts from $20 and a leverage of 1:3000
An Unlimited Account has an initial deposit of $500.
The Unlimited account has a leverage of 1:5000.
The Unlimited account has no trading limits.
The ECN account has an initial deposit of $1000.
The ECN account has a leverage of up to 1:5000.
The segregated account ensures the safety of funds while trading.
It has a 24/7 Standby customer care support
Its minimum account for withdrawal is $1
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Customer Care Support
FBS has a responsive customers which is available for 24 hours everyday (24/7). Clients and traders can contact the FBS customer care by phone, chat support or by mail. The website is available in at least 20 languages which include Indonesian, Malay, Korean, Thai, Arabic, Spanish, Portuguese, French, Chinese, English, Vietnamese. Japanese, Urdu, Lao, Bangla, Turkish, Burmese, German, French, and Italian.
Payment Options and Methods for Account Deposit and Withdrawal of FBS Funds
There are several ways by which account can be funded. Clients and traders can deposit funds in their account with Credit/debit cards, WebMoney, Bank wire transfer, Neteller and other online payment gateway systems such as Paypal and Skrill.
Account deposit for;
Cent account – $1
Micro account – $5
Standard account – $100
Zero Spread account – $500
Unlimited account – $500
ECN account – $1000
Withdrawal of funds
The minimal amount for withdrawal for bank wire transfer is $200 while for other payment options, the minimal account is $1.
Merits of FBS Nigeria
The Cent account has a minimum account deposit of $1 which is affordable for Nigerians the price is less than N400.
The demo account gives beginners the knowledge of how to trade in the foreign exchange market.
They make use of the MT4 and Meta trader 5 trading platform.
With the availability of six accounts, traders and clients can choose any account type of their choice.
FBS has a stable customer care support which is available 24/7.
The company is a regulated company.
Provision of calculators and education materials for the traders to analyze the forex market.
They offer bonuses and promotions which come with different prizes to their clients.
The ECN account offers a lot of possibilities and freedom of action for professional forex traders.
They have a multilingual customer care support.
Demerits of FBS Nigeria
The ECN account requires a minimum deposit of $1000 which is expensive.
FBS has high spreads on some of its trading accounts.
FBS is an international forex broker that offers CFD trading mostly to countries within the Asian continent. It remains a worthy option for forex traders to try out since it has web trading platforms and different trading accounts for its customers. With many heavy scams and fraud in the forex market, FBS Nigeria has proven to be reliable to its clients.