FBS Nigeria Review 2021
FBS is our #8 ranked forex and CFD broker in Nigeria. The broker is not regulated by any top tier regulatory authority other than CySEC, but offers attractive spreads and suitable account types. Read our detailed review and find out whether you should trade with FBS or not.
FBS is an international forex and CFD broker based in Belize, CA. It is a No Dealing Desk (NDD) broker which means it does not participate in any of the trades. The forex and CFD trades are executed by the Straight Through Processing (STP) method.
FBS offers fixed as well as variable spreads account types but traders in Nigeria cannot open an account with NGN as a base currency. FBS is not regulated by any tier 1 or tier 2 regulatory authority other than CySEC, but the low spreads, helpful customer support, and various other pros can be resourceful for traders in Nigeria.
We have reviewed FBS forex and CFD broker for traders in Nigeria after considering every advantage and drawback of the broker.
FBS Nigeria Pros
- FBS charges lower spreads than many of the forex and CFD brokers in Nigeria.
- It has multiple account types to suit every type of trader.
- The minimum deposit is as low as 1$.
- FBS provides attractive bonus offerings to traders.
FBS Nigeria Cons
- FBS is not regulated by any top-tier regulatory authority.
- It does not have a local office in Nigeria.
- It does not have a local Nigerian phone number for customer support.
- FBS does not offer a Naira-based trading account.
- The number of trading instruments is lower than most of the brokers in Nigeria.
FBS Nigeria – A quick look
|👌 Our verdict on FBS||#8 Forex Broker in Nigeria|
|🏦 Broker Name||FBS Nigeria|
|💵 Typical EURUSD Spread||0.9 pips (with Standard Account)|
|📅 Year Founded||2009|
|💰 Hotforex Minimum Deposit||1$|
|⚙️ Maximum Leverage||1:3000|
|⚖️ FBS Regulation||IFSC|
|🛍️ Trading Instruments||37 currency pairs, 50+ CFDs on Indices, Cryptos, Metals, etc|
|📱 Trading Platforms||MT4 & MT5 for desktop, web & mobile|
Is FBS Safe?
FBS is regulated by International Financial Services Commission (IFSC) as a trading and investment firm under license number 119717. IFSC is a regulatory authority based in Belize, that ensures the integrity and accountability of the brokers based in Belize.
Unlike most of the international forex and CFD brokers in Nigeria, FBS is not regulated by any major top-tier regulatory authorities like FCA, FSCA, or ASIC.
It was launched in 2009 and claims to serve more than 16 million clients from 190 countries. FBS has officially partnered with FC Barcelona which is a renowned football club in Spain and Leicester City FC of England. This partnership can slightly enhance the safety ratings of the broker but the unavailability of the top-tier regulatory license is a major setback.
The user reviews of the existing clients have mixed opinions, but most of them are positive.
FBS is less safe than some of the available forex brokers in Nigeria as they are regulated with only 1 regulator.
The fee structure at FBS is fairly attractive as variable spreads are comparatively lower than some of the brokers in Nigeria. To provide a better perspective of fees charged at FBS, we divide it into trading and non-trading fees.
This is the fee that is charged from the traders for each executed trade order. Spreads and commission are the major components of the trading fees at FBS. The broker offers multiple account types to suit the requirements of multiple types of traders. The fees charged are different for each of the available account types.
- Cent Account: It is the variable spread account type that does not charge any commission from the traders. The spreads start from 1 pips per lot. The average typical spread for EUR/USD for the cent account is 1.1 pips per lot with no commission involved.
- Micro Account: It is the fixed spread account type that does not involve any commission. The spread with the micro account type is 3 pips per lot for each available trading instrument including EUR/USD.
- Standard Account: This is a variable or floating spread account type that does not charge any commission from the traders. The spreads start from 0.5 pips per lot. However, we found the average typical spreads for EUR/USD to be 1.1 pips per lot which can go as low as 0.8 pips per lot.
- Zero Spread Account: Traders do not have to pay any spread on the available trading instruments with this account type. A fixed commission of 20$ per lot is charged for the round trade of all the currency pairs. The commission for CFDs is 25$ per lot for each round trade.
- ECN Account: The ECN account type at FBS involves a fixed commission of 6$ per round trade along with variable spreads which are as low as 0 pips per lot. The average typical spread for EUR/USD was found to be 0.2 pips per lot for the ECN account type.
Non Trading Fees
The non-trading fees at FBS are decent as they do not charge any fees for account opening and inactivity. The only non-trading fees that can be incurred to traders in Nigeria are the deposit and withdrawal fees which are different for each type of payment method.
We liked the low floating spreads with the cent and standard account types at FBS. Although, the fixed spread of 3 pips per lot can be costly for the traders. The commission with the zero spread account type is also higher and can be inefficient for the traders in Nigeria.
Overall, in comparison with the majority of regulated forex brokers in Nigeria, we found FBS to be decent in terms of trading and non-trading fees. The cent and the standard account types are most attractive due to low spreads and zero commission.
FBS offers the MetaTrader trading platform which is the most popular and commonly chosen trading platform for various devices. The MetaTrader 4 and MetaTrader 5 trading platforms are available at FBS for Android, iOS, web, Windows, and macOS.
MetaTrader 4 and 5 offer a user-friendly and resourceful trading experience through various devices. The charting and analysis tools available at MetaTrader can be highly advantageous in executing profitable trade orders.
The MetaTrader trading platform is supported by almost every regulated forex and CFD broker in Nigeria. What we found unique about FBS is the availability of ‘FBS Trader’ which is a new trading platform introduced by FBS to allow an efficient trading experience. The FBS Trader trading platform is available for Android and iOS devices.
FBS Customer Support
The customer support service at FBS is helpful as the customer support executives can be reached out anytime through live chat and multiple social media messaging applications. We raised multiple queries at FBS through all the available methods.
- Live Chat: The live chat window is available at the official website of FBS and can also be reached out through the FBS application. We found the support staff to be very helpful and resourceful as all our queries were answered with a minute. The waiting queue might reach up to 10-12 during peak trading hours but the support executives are user-friendly and offer diligent services. The live chat support is available 24/5 and is not available on the weekends.
- Social Media Application: The customer service executives at FBS can also be reached out through WeChat, Facebook Messenger, Viber, Line, Telegram, and WhatsApp. Our experience with most of the messaging apps wasn’t excellent as we had to wait for 2-4 hours for a reply on WhatsApp and Telegram.
- No Nigerian Phone Support: FBS does not offer a local phone number for customer support. Although, traders can request a callback from the support executives regarding any query by filling out the callback form at their official website and applications.
Our experience was good with the live chat window at FBS but the channels of connectivity with the support executives are limited for the Nigerian clients due to the unavailability of a local phone number. This limits us from giving five-star ratings to FBS in customer support as some of the regulated forex brokers in Nigeria offer local phone support and can be reached out anytime.
FBS Trading Accounts
FBS offers 5 different types of live account types along with a demo account. The fees, initial deposits, and various features are different for each account type chosen. Following is the description of each available account type at FBS:
- Cent Account: It is the ideal account type for beginners at forex and CFD trading as the minimum deposit requirement is as low as 1$. The cent account type allows trading on cent lots (1000 units) with all the available trading instruments at FBS. The spreads are variable with no commission involved. Traders can trade with a maximum leverage of 1:1000 with this account type.
- Micro Account: It is the fixed spread account type with no commission involved. The minimum deposit requirement is 5$ and the maximum leverage is up to 1:3000 for all the available trading instruments. Traders can trade with standard lots with this account type but the fixed spread of 3 pips per lot makes it costlier for the small volume traders in Nigeria.
- Standard Account: It is the variable account type with floating spreads starting from 0.5 pips per lot. The minimum deposit requirement on this commission-free account type is 100$. The standard account gives access to all the available trading instruments with a maximum leverage of 1:3000 on standard lots.
- Zero Spread Account: As per the name, it is a zero spread account type and does not incur spreads on any of the available currency pairs and CFDs. It does charge a commission of 20$ and 25$ for the currency pairs and CFDs respectively for each round trade. The minimum deposit requirement is 500$ and the maximum leverage is 1:3000 for the zero spread account.
- ECN Account: It is the only account type at FBS in which the market execution occurs through the ECN method instead of STP. The minimum deposit requirement of 1000$ is required with this account type but the variable spreads are as low as 0 pips per lot. Traders have to pay a commission of 6$ for each round trade. The maximum leverage is 1:500 for all the available currency pairs. This account type does not support trading with stocks and CFDs.
Availability of multiple types of accounts with different requirements and features allows every type of trader to take advantage of the capital markets. FBS also provides a demo account that can be used by beginners to gain experience, learn basic strategies & terminologies involved in forex and CFD trading.
FBS offers a decent number of trading instruments and covers the most widely traded forex and CFD tools. Following trading instruments are available to trade at FBS:
- Forex: A total of 31 currency pairs are available to trade at FBS including major, minor, and exotic currency pairs.
- Metals: FBS offers CFDs on 4 precious metals namely gold, silver, platinum, and palladium.
- Energies: Traders can trade with WTI and Brent crude oil through CFDs at FBS.
- Indices: FBS offers trading on 4 major indices including NASDAQ.
- Stocks: CFDs on 40 major American and European stocks are available to trade at FBS.
The number of the trading instruments is comparatively lower than most of the available forex and CFD brokers in Nigeria. The unavailability of various major indices, cryptocurrencies, and commodities is a major drawback in terms of available trading tools at FBS.
Deposits and Withdrawals
FBS accepts a limited number of payment gateways for deposits and withdrawals. Transaction through most of the available methods is free but a few methods can involve additional commission for each transaction.
Traders in Nigeria can deposit at FBS through VISA card, Neteller, and Skrill without any commission however withdrawals through the same methods include commission. The time taken for the completion of each transaction can be different. FBS also uses third-party exchangers for local deposits which charge additionally depending on the method chosen.
Traders in Nigeria cannot deposit or withdraw directly through local banks and need to use a third-party exchanger which is a major drawdown in this segment. Some of the regulated brokers in Nigeria allow local bank transfers without any additional cost.
FBS has a separate section in the personal area after opening the account where current bonus offerings can be seen by the traders. At the time of this review, FBS was offering a 100% deposit bonus in which the deposit amount is doubled. Although, the doubled amount cannot be withdrawn and is only available for trading.
FBS also offers a level-up bonus through which traders can get up to 140$ by completing several steps like verifying email and connecting with social media platforms.
Compared to other regulated forex and CFD brokers in Nigeria, we found FBS to be fairly attractive to traders in Nigeria in terms of bonus offerings.
Do we Recommend FBS?
Yes, but there are better alternative brokers. FBS offers low spreads and allows the trader to choose the most suitable account type for oneself. It has fixed as well as variable spread account and offers attractive bonuses to the traders.
However, the unavailability of an NGN trading account and a local office in Nigeria can be an obstacle for choosing FBS in Nigeria. The broker is only regulated by CySEC & no other top-tier regulatory authority, which makes FBS less safe compared to other brokers like Hotforex, Exness, or FXTM.
Frequently asked questions: FBS Nigeria
Is FBS safe for Nigerian traders?
FBS does not hold any major regulatory license and is only regulated by IFSC. Partnership with renowned football clubs in Europe slightly enhances the trust factor. FBS might be less safe than many of the other brokers regulated by top-tier authorities but can still be chosen to trade forex and CFD in Nigeria.
What is the minimum deposit at FBS in Nigeria?
The minimum deposit at FBS is 1$ or 1€. Any amount deposited in other currencies gets automatically converted to USD or EUR (base account currency) according to prevailing prices.
Can I withdraw deposit bonus at FBS?
No. FBS offers a 100% deposit bonus and level-up bonus up to 140$ but these bonus amounts can only be used for trading. The profit earned on the bonus amounts can be withdrawn but the bonus amount cannot be withdrawn.