FBS is an FSCA regulated forex and CFD broker in South Africa. They offer multiple account types with low minimum deposits and fixed as well as floating spreads. Check all the pros and cons before opening your account at FBS.
FBS is an FSCA-regulated forex and CFD broker that offers online trading services through electronic trading platforms. It is a well-regulated broker with tight spreads across various financial instruments.
FBS offers trading services in the forex market and provides access to a wide range of currency pairs, as well as CFDs on indices, commodities, stocks, and cryptocurrencies. The broker supports both MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms, which are popular among traders for their features and tools.
In this comprehensive review of FBS South Africa, we have separately reviewed all the aspects of the broker that can affect the traders. We have discussed all the pros and cons of choosing FBS in South Africa.
Our objective is to assist the traders in making an informed decision and know everything about the broker before opening the account. This review has been done specifically for FBS South Africa which is an FSCA-regulated forex and CFD broker in South Africa.
Table of Content
|Broker Name||TRADE STONE SA (PTY) LTD|
|Regulation||ASIC, FSCA, CySEC|
|Year of Establishment||2009|
|Trading Platforms||MT4, MT5|
|Trading Instruments||150+ CFDs on forex pairs, commodities, indices, shares, ETFs, cryptocurrencies|
FBS Safety Pros
FBS Safety Cons
The safety of traders and their deposited amount greatly depends on the regulatory authority that authorizes and regulates the broker in a particular jurisdiction. Following are the details of regulatory licenses held by FBS in different jurisdictions.
The FSCA is also a top-tier regulatory authority in the jurisdiction of South Africa. South African clients are registered under FSCA regulation. This makes FBS safe for South African clients.
The trading name of FBS in Australia is FBS Oceania. FBS acquired an ASIC license in 2012. Australian clients at FBS are registered under ASIC regulation and are protected by ASIC regulatory compliance.
FBS acquired the CySEC license in 2017 with the legal entity Tradestone Ltd and license number 331/17. South African clients are not registered under CySEC regulation.
FBS is a registered financial services provider in Belize with the legal entity FBS Markets Inc under registration number 119717. Most global clients at FBS are registered under IFSC regulation but South African clients are not registered under IFSC regulation.
FBS was incorporated in 2009 and is headquartered in Australia at Suite 409, 350 George Street Sydney NSW 2000.
FBS can be considered safe for trading forex and CFDs in South Africa due to FSCA regulation. The broker operates in more than 150 countries and claims to have served more than 23 million traders worldwide.
FBS Fees Pros
FBS Fees Cons
The fees at FBS are lower than average among other FSCA-regulated brokers in South Africa. For a thorough review of the fees, we have separately described the trading and non-trading fees at FBS.
The fees incurred while trading on forex and CFDs are considered trading fees. FBS offers 3 account types with different fee structures. The trading fee at FBS is different for each account type chosen by the client.
The average typical spread for EUR/USD currency pair is 1.1 pips with the Standard account and 0.1 pips with the Ultra account type.
For a better understanding of the spreads incurred at FBS, we have compared the average typical spread charged by some of the most chosen brokers in South Africa. The following table compares the spread charged by the brokers with their commission-free accounts.
|Trading Instrument||IC Markets||FXTM||eToro||FBS||Pepperstone|
No trading commission is incurred with the Standard account type at FBS. The Zero spread account is also a commission-based account where no spreads are involved. The spreads with the Zero Spread account are fixed at 0 and do not change. The trading commission is $20 for a round trade of a standard lot.
A swap or overnight charge is the fee that is incurred if a leveraged position is kept open overnight. Swap fees are different for each instrument and also differ for long and short positions. The swap fee for EUR/USD at FBS with either of the account types is 6.37 and 0.69 for long and short positions respectively.
Overall, the trading fees at FBS are decent as the spreads are average while the swap fee is slightly higher compared to other FSCA-regulated brokers in South Africa.
These are the charges that are incurred from traders without executing any trade orders. Following are the components of non-trading fees at FBS in South Africa.
FBS does not charge a deposit fee if the deposits are made through credit and debit cards. For deposits made through Skrill, Sticpay, and Neteller, clients will be charged up to 5% of the deposit amount as a transaction fee.
The withdrawals through any of the methods used will incur a minimum commission of $1 or 5% of the withdrawal amount. Free withdrawals cannot be made through any method at FBS.
The inactivity fee is a monthly fee that is only incurred if no trading activity is witnessed for a prolonged period. Most forex and CFD brokers do charge this fee after a predefined period of inactivity.
Majority of FSCA-regulated brokers do charge inactivity fees but no such charges are incurred at FBS in South Africa.
Apart from this, we couldn’t find any other non-trading charges at FBS. They do not charge any account opening fee. A currency conversion fee may be incurred if the deposit currency differs from the base account currency. This can be an issue for the traders making a deposit in ZAR currency.
FBS offers 6 types of live accounts namely Standard, Cent, Micro, Zero Spread, ECN, and crypto. Following is the description of each account type at FBS.
Apart from pricing structure, there are no major differences between the account types at FBS in South Africa. All the account types require a minimum deposit of 50 units of the base account currency.
AUD, USD, and EUR can be selected as the base currency of the account while opening the account and cannot be changed later on. ZAR is not available as base currency of the account at FBS.
The account opening process at FBS is simple and can be done through the FBS website from any device. Following are the steps to open an account at FBS in South Africa.
Demo accounts are used to learn about the forex market, gain experience in the market, and test trading strategies. FBS offers a useful demo account for traders with virtual currencies. This account can be configured in multiple ways to suit the traders.
To open a demo account at FBS in South Africa, traders need to visit the official website on the web or download the FBS application on mobile. After clicking on ‘open demo account’, clients will be redirected to a page similar to a real account opening page. However, clients only need to provide their email to open a demo account. No other details are to be provided for a demo account.
After email confirmation, traders can configure the demo account by choosing the trading platform between MT4 and MT5. AUD and USD are the two options for the account currency of the demo account. Clients can enter any amount, to begin with, the demo account.
The demo account at FBS can only be opened with the pricing structure of the Standard account. There is no option to choose the commission-based ‘Ultra’ account type.
Overall, the demo account is useful for beginners as well as experienced traders at FBS. Those who prefer to trade with commission-based pricing with a low spread won’t find the demo account at FBS much useful. The choice of account type could have made it more useful for all types of traders.
FBS supports convenient deposits and withdrawals in AUD, USD, and EUR currencies. However, withdrawals will incur commission. Following are the methods that can be used for deposits and withdrawals at FBS in South Africa.
According to our analysis and comparison with other brokers, the withdrawal fees at FBS are higher for all methods.
FBS offers multiple trading platforms for different devices. We have separately reviewed the available trading platforms at FBS for different devices. For Desktop and web trading platforms, MT4 and MT5 are available at FBS. For mobile devices, FBS also offers their proprietary trading application called FBS Trader apart from MT4 and MT5.
Web Trading Platform
MetaTrader 4 and MetaTrader 5 are the available web trading platforms at FBS with all the available account types. Both these web trading platforms are third-party platforms. These are available in multiple languages and can be customised according to the client’s needs.
The web trading platform offers limited features compared to desktop platforms. Online external trading tools and plugins can be paired with these platforms. It has a one-step login and can be accessed through any web browser on desktop devices.
Mobile Trading Platform
For Android and iOS devices, FBS offers three trading platforms including their proprietary trading app. FBS Trader is an innovative trading platform for mobile devices with a simple interface and fast execution. The FBS Trader app is ideal for beginners but advanced traders might not find useful tools in the FBS Trader app.
Apart from FBS Trader App, MT4 and MT5 trading applications can also be downloaded on Android and iOS devices. MT4 and MT5 mobile apps can be linked with the FBS trading account to trade from mobile. These two apps are developed by MetaQuotes software but the accounts are managed by FBS.
The interface of MT4 and MT5 trading applications looks older and more complex compared to the FBS Trader app. Although the processing speed is the same with more trader tools and features.
Desktop Trading Platform
MetaTrader 4 and MetaTrader 5 are the two options for desktop trading platforms at FBS.
MT4 has a simple interface that looks similar to Windows 98. MT4 has fewer timeframes, indicators, and features compared to MT5 but is the most chosen forex and CFD trading platform globally. It was introduced by MetaQuotes Software in 2005 and is still used by a large number of traders.
MetaTrader 5 or MT5 is an upgraded version of MT4 that offers more advanced tools. MT5 is preferred mostly by experienced and professional traders. This platform allows easier access to algorithmic trading through the MQL5 language. The look and feel of MT5 are also better than MT4 with better visuals and features.
MetaTrader 4 and MetaTrader 5 are available at FBS for web, mobile, and desktop. The FBS Trader App is only available for mobile devices and is a much more convenient platform for beginners. No other trading platforms are available at FBS.
FBS offers a variety of research and analysis tools to assist the traders. Clients can access all the available tools at FBS through the official website and application under ‘Analytics and Education’ section.
The latest trends in the global capital markets and the events that can affect the prices of capital markets are published on a regular basis under the Forex News and Daily Market Analysis sections. Clients can stay updated with the latest trends and get assistance with their fundamental analysis of the capital markets.
The VIP analytics is an exclusive research report on various capital markets that is offered only to the clients who have deposited a total of $500 or more on FBS. The VIP analytics report is sent daily to the eligible traders.
Apart from this, FBS also offers trader tools like economic calendar, forex calculator, and currency converter. They also support a variety of education tools like forex guidebook, tips for traders, webinars, video lessons, seminars, and glossary.
The customer support service at FBS is excellent for South African clients. There are multiple methods to reach out to the support executives at FBS.
They generally take less than 2 minutes to revert on queries raised through live chat. The replies were helpful and relevant to the queries.
Overall, the customer support services at FBS are good for South African clients. The support staff is diligent and friendly. They will assist you at every step with or without opening the account at FBS. Traders can also raise random queries before opening the account to check the support services.
The number of available trading instruments at FBS is comparatively lower than many other FSCA-regulated brokers. However, all the major pairs that are mostly traded worldwide are available at FBS. Following are the details of available instruments at FBS in South Africa.
|Asset Class||Number of Instrument||Maximum Leverage|
|Currency Pairs||37||1:30 for majors, 1:20 for Minors, Exotics|
|Commodities||5||1:20 for Gold, 1:10 for others|
The number of available instruments is lower than most FSCA-regulated forex and CFD brokers. It must be noted that all the available financial instruments at FBS can only be traded as Contract for Deposit (CFD). This means that there is no actual buying or selling of the underlying assets. Only the difference between the opening and closing of the position is settled with cash.
FBS is a forex and CFD broker that typically operates using two trade execution methods for its clients, which are as follows:
Instant Execution: FBS offers instant execution for certain types of accounts. With this method, when a trader places an order, the trade is executed at the current available market price without any delays. The trade is either accepted or rejected instantly, depending on the prevailing market conditions.
Market Execution: FBS also provides market execution for some of its account types. With market execution, the trader’s order is executed at the best available market price once the order is submitted. This execution method is particularly common in ECN (Electronic Communication Network) account types, where orders are directly routed to liquidity providers for execution.
Yes. FBS is an FSCA-regulated forex and CFD broker that uses the STP method for order execution. It is also regulated by ASIC and CySEC. They offer low-cost trading with multiple pricing structures to suit different types of traders.
The number of instruments is lower than the majority of FSCA-regulated brokers but MT4, as well as MT5 trading platforms, are supported. They do not offer ZAR-based trading accounts with no local bank deposits and withdrawals and no local phone number for customer support in South Africa.
No, FBS does not offer ZAR-based accounts for South African traders. Traders can choose between USD and EUR as the base currency of the account. ZAR deposits are automatically converted to the base currency at prevailing conversion rates.
FBS can be considered better than OctaFX in South Africa due to FSCA regulation. The spreads at OctaFX are more attractive than that at FBS but OctaFX is less safer than FBS as FBS is regulated by FSCA in South Africa while OctaFX is not.
Withdrawals at FBS are processed within 15-20 mins through credit/debit cards but can take up to 2 days. The banks may take up to 5-7 days additionally to reflect the withdrawal amount in the bank accounts. The withdrawals through e-wallets are processed in less than 20 minutes.
FBS is an STP/ECN broker that offers trading services on forex and CFDs of indices, commodities, cryptocurrencies, etc. The ECN account is seperate while all the other accounts use STP method for trade execution.
Yes, FBS is an FSCA regulated broker that allows forex and CFD trading with a minimum deposit as low as $1. The spreads are low with availability of multiple trading platforms and account types. The Cent account is most ideal for the beginners at FBS.
The Cent and Micro account at FBS are ideal for beginners as it allows trading on micro lots with low spreads and low minimum deposit. The standard account is ideal for all types of traders while the ECN and Zero Spread accounts are ideal for experienced traders and scalpers.