I have already posted at the Broker's Review section on FBS but has not given them a rating until I have actually traded live with them.
I have also stated that FBS perked my interest because the Broker is heavily advertised in my country, have quite a numbers of complaints and I want to see whether FBS is a genuine Broker or is another Broker claiming what they are not.
After a week of trading, I decided to give my brief experiences here and later & after I have tried all their top three trading accounts...i.e. Standard, Zero Spread, and ECN... I will post my review rating at FPA's Broker's Review section.
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On 25-Dec-2020, opened a Live Standard Trading account and funded it with a very small deposit of US$36.37…. Trading Platform: MT4 .. Leverage was set at maximum 1:3000 … Deposit medium: Via local Bank which was executed within minutes.
However, upon checking T&C more closely, it state Standard account should be funded with 1st deposit of US$100 and so funded another US$65.47 on 27-Dec-2020 bringing total deposits to US$101.84
Market was closed for the holidays from 25-27 Dec 2020 and so no trading.
At market open on Monday, 28-Dec-2020, I started trading on GBP/USD pair and later with EUR/USD too.
Trading Experiences:
Speed wise, trades execution is mediocre and as can be expected of most Brokers on Standard Trading account which has no Broker’s commission…i.e. irritating delayed trade executions & lagging time, occasional platform freezing, and of course wide spread. Comparing with my regular & main broker, I can see that the price is nearly always a few pips behind which means that pending or TP orders which should have been triggered were not.
Nonetheless, at end of the day, I was still up US$42.43 which was 41.66% over my deposits.
Feeling that the Trading Account is simply too small, on 29-Dec’20 I funded it with another US$55.91. But since that brought the Trading Account to over US$200, the Leverage was automatically reduced to 1:2000... that will also automatically be further reduced to 1:1000 once Trading Account is at & over US$2,000
At the end of 29-Dec-2020, the profit was only US$13.88
For some reason or other and as often happened to me, on 30-Dec-2020, I decided add some more funds to the trading account and made two deposits of US$60.93 each.
Then I noticed that FPS has a 100% Deposit Bonus, which can be initiated anytime within a one month period upon deposit, and decided to initiate that offer. And indeed, the 100% Deposit Bonuses were almost immediately added to match all my deposits in my Trading Account.
Then at the spur of the moment, on same day 30-Dec’20, I again decided to make one more deposit of US$121.86, which brought the total deposits to US$401.47
Profits make on 30-Dec’20 was US$42.30 and US$30.89 on the last trading day of 2020, taking total profits to US$129.50 which was 32.26% over total deposits.
The Trading account was USD532.11 and, quite frankly, I was getting tired of trading on a Standard Trading Account with wide spread, lagging time, occasional platform freezing, mediocre trades execution, etc, etc which reminded me & reminiscent of my early days in forex with all types of Brokers.
Total trades lost was 3 (should have been zero but was a little impatience to close out all opened trades either in profit or with as little losses as possible before the end of 2020).
On 1-Jan-2021, I decided to switch to another type of Trading Account offered called “
Zero Spread” which require minimum US$500 initial deposit and is supposed (as stated on FBS page) to be “
Designed for those who prefer trading at the fastest speed.”
So I opened a "
Zero Spread" trading account (took minutes to do that) did an internal money transfer from the Standard to the Zero Spread Trading Account (also took minutes to execute) and, on Mon 4-Jan-2021, shall experience firsthand exactly how FBS’s “
Zero Spread” perform compared to their Standard Trading account.
And once that “Zero Spread” trading account has reached US$1,000, I intend to migrate to FBS top trading account…i.e.
ECN trading account which, on FBS site, states: “
For those who want to feel the full power of trading with ECN technologies”.
What do I not like the most about FBS?
There is a
1.5% on all withdrawals which is very high and, worse still, there don’t seem to be a cap on the maximum amount to be charged. I am not sure what they charged for deposits but I am reasonably sure it’s quite high too.
Stay tuned for updates which should be in another week or so.
P/S: For Asst Moderator a.k.a Moderator: Due to the many long holidays, there is a lull in my project works which allows me some free time BUT not sufficient free time (in other words, still not up to it & a little lazy) to write that long sort-of-promised article