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FBS

FBS Review
Trader's rating 4
Editor's rating 4.4

Trading Accounts

Account type Minimum deposit Minimum trade size Maximum leverage Spreads
Cent $1 0.01 lot 1:1000 from 1 pips
Standard $100 0.01 lot 1:3000 from 0.5 pips
Zero Spread $500 0.01 lot 1:3000 0 pips + $20/lot
Micro $5 0.01 lot 1:3000 fixed, from 3 pips
ECN $1000 0.1 lot 1:500 from -1 pip + $6/lot

 

While most brokers provide several account type options, Clients of FBS are offered a choice of four. All of them offer market execution and the chance to trade in micro lots in Cent account for more precise risk management. Besides, FBS’s clients may choose between variable spreads, commission-free trading and zero spread plus commission.

 

In addition, FBS provides swap-free (Islamic) accounts as well as VIP Services. STP/ECN environment is also available with this broker.

 

Keep in mind that this broker does not provide financial services to residents of Belize, USA and Russia.

 

The Company. Security of Funds

 

Company

Country

Regulation

FBS Markets Inc.

Belize

IFSC

Tradestone Limited

Cyprus

CySEC

 

Established back in 2009, FBS is now a popular international broker which has won numerous awards. It offers its clients competitive trading conditions, wide range of trading accounts, payment methods, a choice of fixed and variable spreads, Metatrader 4 and MetaTrader 5, as well as various promotions.

 

Behind the brand is FBS Markets Inc., a company licensed and regulated by the International Financial Services Commission of Belize (IFSC).IFSC has very liberal control over forex brokers, but still, the regime in Belize is far better than those in other offshore jurisdictions.

 

In 2017 FBS, undertook an important step and got licensed in one of the most popular destinations for forex brokers – Cyprus. Its EU entity Tradestone Limited operates under the regulatory oversight of the Cyprus Securities and Exchange Commission, a.k.a. CySEC.

 

Forex brokers licensed by CySEC must comply with a number of requirements regarding capital adequacy, transaction reporting, clients’ funds segregation, AML policies, etc. Besides, all licensed entities are members of the Investor Compensation Fund, which may cover a maximum of 20,000 EUR per person in the event of broker insolvency.

 

Furthermore, under the MiFID regulations every CySEC-regulated ibroker is entitled to operate throughout the EU and the EEA.  

 

Trading Conditions

 

Minimum Initial Deposit

One may open an account with FBS with just $1 – a symbolically low initial amount. In comparison, FX Choice (which also holds a license from IFSC) requires at least $100 as a minimum for opening an account, but it offers pure STP/ECN environment.

 

Average spreads & Commissions

According to us, the best spreads of FBS are offered on the ECN account type. Spreads on ECN account start from -1 pip (negative spread) and the commission is just $6 per lot.

 

In comparison, Fx Choice offers typical spreads amounting to 0.5 pips on EUR/USD, and commission of $3.86 per lot applies. For further information, you may look up real-time spreads of 15 leading brokers here.

 

Maximum Leverage

The maximum leverage levels available with this broker are among the highest in the industry, reaching 1:3000. While this may sound attractive, especially to traders on a small budget, since it allows them to operate with significantly higher amounts, keep in mind that higher leverage involves greater risk.

We advise traders to exercise caution when using higher leverage levels.

 

Trading Platforms

 

FBS provides its clients with a choice of three trading platforms: Metatradeer 4 (MT4) and MetaTrader 5 (MT5) and mobile trading platform by FBS.  All platforms are offered as desktop, web and mobile versions.

 

MetaTrader 4 is the most popular forex trading platform. Equipped wirth a number of technical indicators, advanced charting tools, extensive back-testing environment, and a wide range of Expert Advisors (EA), it is preferred by most traders.  allowing clients to fully automate their trades. MT4 comes in desktop, and mobile versions.

 

As most MT4’s indicators and Expert Advisors (EA) are not supported on the MT5 platform, the latter is still in the shadow of its predecessor. Recently, however, a number of enhancements were made to the MetaTrader 5 and the hedging option was finally added to it and it gains popularity. What is more, Russian developer MetaQuotes announced it will no longer issue updates to the MT4 and will instead concentrate on the MT5.

More brokers using the MT5 can be viewed here.

 

Promotions

FBS runs a variety of promotions. At the time of writing this review the following bonuses are available:

 

- Welcome trade 100$ bonus

- 100% bonus for deposit;

- Cashback program, allowing traders to receive up to $7 per lot.

 

Methods of Payment

 

FBS offers its clients a wide range of payment methods: credit cards (Visa, Visa Electron, Mastercard), bank wire, Skrill, Neteller, Perfect Money, OKPAY, YuuPay, LaoForexBoard, FBS Asia Exchanger.

 

Conclusion

 

FBS appears to be a decent broker, who has operated for more than 9 years and has won many awards. It offers reasonable conditions for trading in a variety of products through different platforms. Here are, in a nutshell, the advantages and disadvantages of FBS:

 

Pros Cons
   
Variety of platforms, MT4 available  No significant disadvantages
Competitive spreads (especially on ECN accounts)  
Low minimum deposits required  
Variety of promotions  
ECN/STP environment available  

 

Headquarters:  Suite 5, Garden City Plaza, Mountain View Boulevard, BELMOPAN, Belize, C. A.

Country: Belize 

Regulated by: IFSC, CRFIN

Website: www.IdnFBS.com

Bonus:

$5 no deposit bonus!
Open an account and get $5! No deposit required! 

100% Bonus
Get 100% on all deposits

FBS deposit insurance!
With FBS you can be sure that in case you lose your deposit FBS will return it!

FBS MasterCard
Try out advantages of deposit and withdrawal anytime and anywhere with your FBS MasterCard

Super Trader Contest for real accounts
Unlimited prize fund! 30 traders get 10$ for each traded lot and super gadgets.

FBS Pro Demo Contest 
Become a real professional of Forex Market. Prize fund: $1000 each month. 

Bonus for IB 
Every IB gets real funds for every real client acquired.


iPartner
Acquire clients, get points and win super prizes from FBS!

Share your secret of success

If you increased your Bonus $5 10 times and more, share your secret of success and get $7 from FBS!

Self-rebate

Trade with FBS and receive up to $ 15 per transaction additionally!
 

Awards:
 
2015 - Best ECN/STP Forex Broker
2015 - The Best Broker Insurance & Service. Excellent of The Year. 
2014 - Best Broker in Southeast Asia (Forex Report Awards by World Finance)
2014 – Best Broker Asia Pacific (International Finance Magazine)
2014 – Best Forex Brand Asia (Global Brands Magazine) 
2013 - Best Partnership Program (Masterforex-v)
2013 - Best Trading Platform (China Finance Online) 
2013 - Best Forex Broker South-East Asia (World Finance)
2013 - Best Broker in Asian Region (Forex Expo)
2012 - Best MT4 Platform (9th China (Guangzhou) International Investment & Finance Expo)
2012 - Best Forex Broker Asia (World Finance Awards)
2012 - Fastest Growing Forex Broker Asia (Global Banking and Finance Review)
2011 - Best Mini Forex Broker (World Finance Awards)
2010 - Best Mini Forex Broker (ShowFX World)
 

 

Dukascopy

Dukascopy Review
Trader's rating 3.7
Editor's rating 3.9

Trading Accounts

  

Account type Minimum Initial deposit Minimum trade size Maximum leverage Average Spreads (and Commission)
Standard $1 000 0.01 1:100 0.2 pip + $3.5/lot*

 

*Commission is calculated per standard lot of 100 000 currency base units (per side). Commission discounts offered to clients with higher Equity or Net deposits (details provided below).

 

Dukascopy provides a single account type with leverage up to 1:100, tight variable spreads and a reasonable commission. Micro lots are available for trade and all transactions are executed automatically on its ECN, whatever their size.

 

Besides, PAMM services are also available with this broker. The Percent Allocation Management Module (PAMM) is a technical solution allowing Dukascopy’s clients to have their accounts managed by a trader appointed by them on the basis of a limited trading power of attorney. PAMM solution allows the trader on one trading platform to manage simultaneously unlimited number of managed accounts. 

 

The Companies

 

Company  

Country 

Regulation

Dukascopy Bank SA

Switzerland

FINMA

Dukascopy Europe IBS AS

Latvia

FCMC

Dukascopy Japan K.K

Japan

JFSA

 

Founded in 2004, Dukascopy Bank is a Swiss online bank based in Geneva, Switzerland, providing online trading services (with focus on foreign exchange, bullion, CFD and binaries), banking and other financial services through proprietary technological solutions.

 

The broker has a EU subsidiary, as well as a Japan-based unit (as a result of acquisition of Alpary Japan in the beginning of 2015). In addition to its Geneva Headquarters, Dukascopy Bank has offices in Zürich, Riga, Kiev, Moscow, Kuala Lumpur and Hong Kong.

 

All Dukascopy customers take advantage of the Swiss Forex Marketplace (SWFX) ECN dealing model. The broker's pricing model is transparent, and so are its operational metrics. To top this up, Dukascopy offers a historical data feed, and market depth monitor as well. 

 

Security of Funds

 

Dukascopy is regulated by the Swiss Financial Market Supervisory Authority (FINMA) both as a bank and a securities dealer. So, this broker is rock solid in terms of safety and security.

 

Getting such a license is not an easy task, as applicants must comply with a set of draconian requirements, including a minimum capital requirement of CHF 20 million. Moreover, Swiss forex brokers are obliged to sign the Swiss Banks and Securities Dealers agreement, which protects all customer deposits of up to CHF 100,000.

 

The broker’s subsidiaries are also duly regulated: Ducascopy Europe AS is an EU licensed investment brokerage company based in Latvia, and is regulated by the local Financial and Capital Market Commission (FCMC); Dukascopy Japan holds Type-1 license by the Financial Services Agency of Japan (JFSA).

 

Besides, Dukascopy Bank exercises consolidated supervision from Switzerland over its subsidiaries, ensures adequate liquidity, risk diversification and capital adequacy at a Group level.

 

Trading Conditions

 

Minimum initial deposit

The initial deposit requirement of $1,000 is probably a tad off-putting to rookies looking to start with a smaller amount of money, however the broker's educational and research section is outstanding and can probably make a pro trader out of a monkey. Calendars, charts, market news and research, signals, calculators and many other tools are at trader's disposal. 

 

Average Spreads & Commissions

The spreads offered by Dukascopy are variable and pretty tight, averaged 0.2 pips for the EUR/USD pair, but traders also need to pay a commission of $7 per lot round trip. Nonetheless, the cost of trading with this broker is around 0.9 pips per lot for this pair, which is really low and competitive pricing. Most brokers offer spreads within the range of 1.0 – 1.5 pips on EUR/USD.

In comparison, Swissquote, the only other regulated Swiss broker, provides variable spreads starting from 1.8 pips on EUR/USD (and charges no commission fees).

 

Besides, discounts on commission fees are available to clients with higher net deposits or equity in their accounts:

  

Net Deposit/Equity Commission (per standard lot per side)
≥ $5 000 $3.3
≥ $10 000 $3.0
≥ $25 000 $2.5
 
≥ 10 000 000 $1

 

Maximum Leverage

Dukascopy provides its clients with maximum leverage of 1:100, which is considered a low ratio for the market.  If you need higher leverage levels, many forex brokers offer leverage equal to or exceeding 1:500. Keep in mind, however that higher leverage increases the risk associated with trading on margin. That is why Swissquote also offers leverage up to 1:100 and even advises inexperienced traders to use leverage lower than this.

 

Trading Platforms

 

Ducascopy supports the ever-popular MetaTrader4 (MT4), and also offers its proprietary Forex trading platform JForex.

 

The MT4 hardly needs a presentation. This is the most popular trading software, highly praided by traders of all skill levels. The platform has great charting and is especially popular for its automated trading bots, called ExpertAdvisors.

 

JForex platform is designed for traders interested in automated trading and/or developing and testing trading strategies based on the JAVA programming language. It is available as desktop, web and mobile versions. Here are some of the tools and features the platform offers:

 

- 250 indicators and chart studies

- Calendar of economic events, news

- Automated trading on user's machine or Strategy Server

- Automated trading historical tester

- Renko, Range bars, Point&Figure and Line break charts

- Mql4 expert advisor converter to JAVA

 

Dukascopy’s web-based JFrorex. Click to enlarge.

 

Besides, this broker also offers the possibility of API integration for professional traders (who deposit a minimum of USD 100.000). The Dukascopy API is based on FIX4.4 protocol. The API is used to receive real-time data feed, submit orders, set / modify / cancel orders, and receive automated notifications of trading activities.

 

In addition, Dukascopy offers social trading functionality.

 

 

Methods of Payment

 

Clients of Dukascopy can make deposits to and withdrawals from their accounts via bank wire, debit cards (Maestro, Visa Electron), and credit cards (MasterCard, Visa). Unlike most brokers, Dukascopy does not support e-wallets, such as Skrill, Neteller and PayPal.

 

Conclusion

 

Dukascopy Bank is a Swiss forex broker offering a wide range of financial instruments for trade on it robust JForex platform. Holding an actual banking license, among others, it is secure and well-regulated, and offers excellent trading conditions: very tight spreads and fast ECN execution through the SWFX Swiss FX Marketplace technology. To sum up the above, here are the advantages and disadvantages with regards to this broker.

     

Pros  Cons
Very well-regulated Mediocre leverage levels
Tight spreads and low cost of trading High initial deposit required
ECN environment with deep liquidity  
Automated & Social trading available as well a MT4 bridge   

                         

Headquarters:  ICC, Route de Pré-Bois 20, 1215 Geneva 15 

Country: Switzerland 

 

Regulated by: FINMA (Swiss Financial Market Supervisory Authority)

 

Subsidiaries: Dukascopy Europe

 

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