Financial Brokerage Services or FBS is a Forex broker company mostly based in Asia. With offices across China, Russia, the Philippines, Malaysia, and Indonesia, it is a strong broker that keeps itself regulated by the International Financial Services Commission (IFSC). FBS has over 3,000,000 clients from around the world, and has won numerous awards for their brokerage services. However, FBS is not free from criticisms, as we’re about to illustrate.
FBS Regulation
Yes, FBS is regulated by the IFSC. Unfortunately, however, the IFSC isn’t as reputable of a regulator as the FCA, CFTC, and ASIC. This isn’t all bad, however, as FBS is also regulated by CySec in Cyprus, which allows it to be regulated in the European Union.
Limited Accounts
Where most brokers have a variety of possibilities when it comes to types of accounts, FBS only has four. These include cent accounts, where the minimum deposit is just $1, with a leverage of 1:1000. Then you have the standard accounts that have a minimum deposit requirement of $100, with a leverage of 1:3000. You also have the zero spread accounts with a minimum deposit of $500, and a maximum leverage of 1:3000. And finally, the ECN accounts with a minimum deposit of $1000 and a maximum leverage of 1:500.
As you can see, the average leverage of the accounts is relatively high. This tends to be better for novice traders with less capital. At the same time, higher leverage also means a greater potential for losing money.
Also read: Quick Review of Forex Broker FxPro
