Are you interested in trading forex on FBS but then wondering about the type of account you should pick? Do not fret! This article will help you with that.
Regardless of whatever trading strategy you employ, FBS has a variety of account types that traders can from. These account types include cent, micro, standard, zero spread, and ECN, each with features that are peculiar to them. The various account types are designed in such a way that they can cater to the specific needs of traders. Let us now discuss the accounts.
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Cent Account
This is aimed at those that just started their trading journey and are still trying to understand how the market works. A cent account makes it possible to trade with as little as $1 without any commission being charged. The available leverage on this account is as high as 1:1000, which means traders can control up to $10 in trading capital while having just 1 cent. Also, the FBS cent account features a floating spread from 1 pip.
Micro Account
This account type offers higher leverage than the cent account at 1:3000 along with a fixed spread from 3 pips. But similar to the cent account, no commissions are charged for trades carried out on this account. The number of maximum open positions and pending orders stands at 200 which is the same as the cent account, while the minimum deposit is $5.
Overall, the FBS micro account is quite similar to the cent account with the major differences coming in the available leverage, type of spread, and minimum deposit.
Standard Account
This is a very common account type that offers a certain degree of flexibility to traders with a minimum deposit of $100. It features a floating spread starting from 0.5 pips with no commission and leverage up to 1:3000.
🌐 WebsiteSince 2009, the action of FBS Holding Inc. or known as FBS in the world of forex trading has been recognized by various international institutions. With clients reaching 14 million as of 2019, FBS has received the title of Most Transparent Forex Broker 2018, Best Investor Education 2017, Best Customer Service Broker Asia 2016, IB FX Program, and many others.
FBS is regulated by IFSC Belize and CySEC Cyprus. This broker has been trusted by millions of traders and 370 thousand partners from various countries. Based on their data, FBS garners about 7,000 new traders and partner accounts every day. And, 80% of the clients stay in the FBS for a long time. No wonder the broker is growing rapidly due to the incredible growth in the number of clients.
Trading products offered by FBS range from forex, CFD, precious metal, and stock. For forex trading, CySEC-regulated FBS offers leverage up to 1:30 on Cent and Standard Accounts. Clients who want to try higher leverage than that can alternatively register an account under FBS Belize.
In all types of accounts, provided spreads start from 1 pip. On a standard account, volume orders can be made from 0.01 to 500 lots. Therefore, this account is recommended for experienced traders.
Whereas on Cent Accounts, volume orders can be carried out with a maximum of 500 cent lots or the equivalent of 5 standard lots. Cent Accounts involve a different level of risk. FBS recommends Cent Accounts for beginner traders. All account types support the following trading tools: 28 currency pairs and 2 metals.
Before plunging into the real forex market, traders can practice with FBS Demo Account which consists of two types, i.e Standard and Cent.
FBS uses the MetaTrader 4 and MetaTrader 5 platforms. They offer them on Windows and Mac as well as Android and iOS mobile. These platforms provide a trading experience at traders' fingertips, allowing traders to progress as a trader anywhere at any time.
MetaTrader platforms also have a variety of mainstay features, including the possibility to create, buy, and use expert advisors (EA) and scripts, One-click trading and embedded news, technical analysis tools, the possibility to copy deals from other traders, hedging positions, and VPS service support.
Another advantage provided by FBS is a deposit bonus of 100% for clients who fulfill certain requirements. The process of depositing and withdrawing funds can be run easily and quickly. Based on clients' testimonies, each process usually takes no more than 3-4 hours, except on holidays.
To increase the security of client funds, FBS also provides segregated account where 70% of funds can be deposited in the client bank. This broker also presents something unique; a guarantee 10% to 100% of the deposit fund. If a trader loses funds during a transaction but is insured, FBS will refund the trader's funds.
Traders also have the opportunity to develop a side business when trading with FBS, namely as an Introducing Broker (IB) or Affiliate. The FBS partnership system provides partner commissions that are already in 3 level positions. Only by introducing new clients to FBS according to certain procedures, traders can earn extra income.
Traders will also get trading education experience at FBS. They have prepared a comprehensive forex course. The course consists of 4 levels: beginner, elementary, intermediate, and experienced. Traders can take courses that will turn them from newbies to professionals. All materials are well-structured. Besides, FBS provides various forex analyzes, webinars, forex news, and daily market analysis that can be accessed easily on their site.
Traders can access the FBS website with many language choices. Of course, this will increasingly provide comfort for traders. Available languages include English, Dutch, Italian, French, Portuguese, Indonesian, Spanish, and others. Live chat support is also provided 24 hours 7 days a week.
In conclusion, FBS is a widely known broker among retail traders around the world. It continually grows to become a preferred broker because of flexible trading conditions that enable its clients to trade with various instruments, low deposit, and other trading advantages.
Zero Spread Account
This account type is perfect for traders whose preference is high-speed trading but has no interest in covering the cost of the spread. The minimum deposit requirement for this account is $500 along with a fixed spread of 0 pip, hence the name. It features a commission of $20 per lot, leverage of 1:3000, and a market execution starting from 0.3 seconds.
ECN Account
This FBS account is ideal for traders who want to experience the full power of trading with ECN technologies. With this account type, buyers and sellers can trade without any intermediaries. The ECN account provides traders with certain benefits such as positive spread, top-speed market execution, and multiple liquidity providers. Also, there is no restriction on the kind of trading strategies that can be used on this account while the maximum number of orders is unlimited.
See Also: Is ECN Account Good for Scalping?
Accounts Comparison
Let us now carry out a comparison of the accounts to provide a better understanding that will help you with the process of choosing the best FBS account type.
Cent vs Standard Account
These two accounts are highly popular among traders and even though they are similar, there are some clear differences between them. They both are commission-free but their minimum deposit differs with $1 being the minimum deposit for the cent account and $100 for the standard account.
Also, the number of maximum positions and pending orders is 200 for both accounts but the leverage they offer is different. The cent account offers leverage of up to 1:1000 while it is 1:3000 on the FBS standard account.
Zero Spread vs ECN Account
These two accounts have the largest minimum deposit requirements among all FBS account types as it stands at $500 for the zero spread account while it is $1000 for the ECN account. There is a commission of $20 per lot on the zero spread while it is fixed at $6 on the ECN account. In terms of leverage available on both accounts, there is a wide gap with the zero spread offering 1:3000 while it is 1:500 on the ECN account– the smallest among all FBS accounts. The zero spread account offers 35 currency pairs while the ECN account only offers 25.
To conclude, the main thing as a trader is to define your trading goals clearly as this will make it easier for you to choose which account types will suit you best.
Speaking of FBS, it would be no fun unraveling their trading features without comparing them to other popular brokers. One such content could be explored in FBS or XM: Which Forex Broker is Better for Beginners?
