FBS Forex Broker Review – Free Forex Demo Account Without Deposit!

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Are you new to trading forex or an experienced trader that wants to test a new strategy under real market conditions? Forex trading is a practice that involves a strong perception of the currency markets, skill, and excitement. It involves researching the economy in depth, identifying and seizing opportunities and having a strong sense of self-control over your actions. Forex trading also involves high risks, which is why newbies to the industry should always take baby steps to minimize their losses. The best way to do this is by starting your trading on a demo account

What is a demo account in forex trading ?

A forex demo account is a trading account that gives traders free, unlimited access to a trading platform where you can learn or test new trading strategies under real market conditions, using virtual money. Here, traders can change their leverage, adjust or reset their starting balance or profit/loss at any time, and use different trade sizes to test their comfort level.

Most top forex brokers allow traders to open a free demo account on their platforms, providing them a simulated experience of what it will be like trading forex on their platform. These pretend accounts usually contain most, if not all of the features and capabilities contained in a real account. This way, it allows newcomers in the market to learn how forex trading works and test their skills and processes with zero risks.

Benefits of demo accounts:

Demo accounts

You don’t have to spend your own money on Forex right away. Most brokers offer practice demo accounts, which will let you test out the Forex market with virtual money using real market data. Using a demo account is a good way to learn how to trade. You will be able to practice by pressing the buttons and grasp everything much faster. Choose Demo upon registering an FBS account.

Advantages and Disadvantages

As we said above, a demo account will let you practice your skills without wasting real money. Even if you make a mistake, you won’t lose anything. It sounds tempting but there are pitfalls.

First of all, demo accounts offer a bigger amount of money than a trader will use during a real trade. A trader can choose any amount of money for practice. However, people often choose more than they will really trade with. They take extra money for mistakes. But on the real (live) account, traders won’t have money for their faults. Moreover, with a big capital, the trader doesn’t understand real losses as they are easier recouped by a big capital than by a small one.

Secondly, another important disadvantage of the demo account is the lack of real emotions. It can be described by psychology. When you have nothing to lose, you do not experience fear. Fear influences trader’s behavior and not many traders can control their emotions. As a result, it doesn’t make much sense to practice your skills when you do not know how you will behave in a stressful situation.

How to get a benefit from a demo account?

However, if you follow several rules, the demo account can be a really useful tool for practice.

  1. Choose the same capital as the one you will have on the real account.
  2. Try to imagine that the money you have on the demo account is real and profits and losses are real too.
  3. Remember that if you failed to gain profit on a demo account, you will not be able to do it on the real one, so try to grasp the key elements of trading while you use the demo account.

When should use the demo account?

Furthermore, there are situations when you definitely should use the demo account.

  1. If you have no idea how to trade on a trading platform. A demo account will help you learn its features and avoid accidental trades.
  2. If you want to start using a new trading strategy and want to see whether it works for you. You can use demo account for backtesting of this strategy: you apply this strategy to the chart and see whether it could have led to profitable trades in the past. After that, you may try the strategy in real time. This, of course, won’t give you 100% guarantee that the strategy is good, but it’s better than nothing.
  3. If you decided to use an automated trading program, you can test it on the demo account. Trading program is a robot/expert advisor that is not affected by emotions. It does not matter whether you implement it on demo or real accounts.
  4. If you came to the Forex market just to check your skills and play on the exchange rates. When you do not take trading seriously, it can lead to the great losses on the real account. If you see it as a game, play it on the demo one.

Making a conclusion, we can say that demo account is a good option for training. You can test your strategies without losing money if they are unprofitable. But you should remember about the weaknesses of demo trading.

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Pay attention to the fact that the minimum real deposit at FBS starts from just $1. This means that you can start trading with small amounts of money and thus limit your risks, while still having a chance to reap profits on the live account!

FBS Forex Broker Review

FBS is a reputable forex broker with over a decade of experience. It offers a great range of account types, quality research tools, and extensive educational materials.

Our FBS review team found the broker to trustworthy and accomplished. Some of the available account types have very low minimum deposit limits, making this broker perfect for beginner traders. FBS also offers great bonuses and a rewarding loyalty program.

As with all of our broker reviews, we’ve reached our conclusions on FBS through in-depth research and extensive testing. You can trust us to never rely on third-party opinions, as our objective is to ensure that you have the information you need to choose the best broker for you.

Read on to learn everything you need to know before becoming an FBS trader.

  • Extensive educational materials including webinars and video guides
  • Excellent research tools make it the best broker for trader development
  • Low minimum deposit limits and fees
  • Wide variety of account types for all types of traders
  • U.S. clients are not accepted

Company information

FBS Markets Inc. was founded in 2009 and the company has grown ever since. FBS has earned itself an excellent reputation thanks to the services it provides, all of which you can learn more about in this review.

FBS has offices in several countries in Asia and the broker offers its services in 190 countries worldwide, working with over 13,000,000 clients. The brand claims that, on average, over 7,000 FBS accounts are opened daily.

Since its launch, the company has received a wide range of international accolades and rewards, including:

  • Best FX IB Program
  • Best Broker in Asia-Pacific Region 2020
  • Best Forex Trading Account 2020
  • Best Forex Broker Asia 2020
  • Best Investor Education 2020
  • Best Forex Broker Europe 2020

FBS regulation and licensing

Our FBS review team found that the broker is regulated globally, by two different well-respected authorities. For traders outside of the EU, FBS is regulated and authorized by IFSC (the International Financial Services Commission of Belize).

Clients from within the European Union will work with Tradestone Ltd, which is the EU arm of the FBS brokerage business. This is regulated by CySec, which is generally considered to be one of the most scrupulous financial supervisory bodies in the world.

As per regulations, FBS online forex broker keeps the funds of its clients in separate accounts. This means that your money is never used for operational purposes and, if the broker experiences losses or becomes insolvent, your capital will be unaffected.

Clients in the EU enjoy a further layer of protection thanks to the Investors’ Compensation Fund. The ICF will compensate you with up to €20,000 if FBS is unable to pay you your money for any financial reason, including bankruptcy.

All FBS online properties, including their websites and platforms, are also encrypted using Rapid SSL. The sheer amount of protection you have as a trader at FBS is impressive and shows that the online broker cares about your safety.

Opening an account with FBS

Our FBS reviewers were pleased by the broker’s user-friendly and straightforward registration process. All of the steps are explained well, and you can complete the process from both mobile and desktop. The minimum deposit amount is also low, making FBS a great choice for novice traders.

What is the minimum deposit at FBS?

The minimum deposit at FBS depends on your location and your account type. If you are trading from outside the EU, you can open an account with as little as $1. EU traders, on the other hand, have a minimum deposit of €10.

Our review team found the FBS minimum deposit limits to be very low, no matter which arm of the company you are trading with. This makes the broker very accessible.

How to open an account at FBS

To make opening an account with FBS as easy as possible for you, our broker experts have created a step-by-step guide. Simply visit the FBS site, click register and follow the instructions below.

Completing the registration process at FBS takes around 5-10 minutes. You can track your progress on the left of the page, and you can stop and come back at any point.

  • Step 1: Supply the broker with your email address and full name. You can also choose to register via your Gmail or Facebook account.
  • Step 2: Create a password and confirm your email address via the link sent to your inbox.
  • Step 3: Select your account type, your preferred trading platform, and your base currency.
  • Step 4: Review your account information. Here you’ll be supplied with your trading platform login details, so it’s important to save these somewhere safe.
  • Step 5: Click ‘Take Survey’.
  • Step 6: Read and accept 4 disclosures to be eligible to trade (client agreement policy, execution policy, conflict of interest policy, risk acknowledgment).
  • Step 7: Confirm your personal details and add any that are missing. This includes name, date of birth, gender and citizenship.
  • Step 8: Provide your full current address and phone number.
  • Step 9: Answer questions about your eligibility to trade (P.E.P check, origin of money, tax residency status).
  • Step 10: Answer questions about your trading knowledge and experience.
  • Step 11: Answer questions about your employment status, source of income and net worth.
  • Step 12: Answer questions about your trading plans and aims.
  • Step 13: Supply the broker with proof of identity, proof of address and proof of finances.

Although there are a lot of steps to the FBS sign-up process, it is relatively quick so long as you have all of the required information to hand. Below we’ve listed everything you will need:

  • Personal information – Name, phone number, email, country of residence, address.
  • Regulatory information – Tax residency details, employment details, estimated wealth and source of wealth details, trading experience overview, trading objectives, P.E.P disclosure.
  • Documentation – Proof of identity (valid passport or official country ID), proof of residency (recent utility bill or bank statement), proof of finance (valid credit/debit card).

Account types

Our review of FBS found that the amount of account types available depends on your location. International clients can choose from six different types of live trading accounts, whilst EU traders are restricted to just two. All clients can, however, open demo accounts and Islamic accounts.

International client accounts

At FBS you can choose between the following account types, depending on your location:

  • Cent account – This is perfect for beginners as it allows traders to gain real experience, with minimal risk. The minimum deposit is only $1 and leverage is 1:1000. The minimum order volume is 0.01 and floating spreads start at 1 pip. This account also allows you to use all the FBS broker robots and strategies, without restriction.
  • Micro account – With a micro account, traders can enjoy the advantages of fixed spreads and STP trading. There is also leverage of 1:3000 and spreads fixed at 3 pips.
  • Standard account – If you have a little more experience with forex trading, you may want to opt for a standard account. This account’s focus is mainly on improving profits and reducing risk, with the introduction of reduced floating spreads. This minimum deposit for this account is $100, and leverage is 1:3000.
  • Zero spread account – The minimum deposit for this account is $500, which makes it an option for the more serious trader. As the name implies, trades can be executed with no spread, which means you can learn more about market conditions and how they affect trades. Many professional traders find this account very useful. A commission is charged at $20 per lot.
  • Unlimited account – This is a little different than the other accounts, as it is an STP account. The minimum deposit is $500, and the floating spread starts at 0.2 pip. The benefit of this account is that there are no restrictions on open positions and pending orders, so you are free to trade as you please.
  • ECN account – The ECN account has a minimum deposit of $1,000, with a floating spread from 1 pip and leverage up to 1:500.

EU accounts

If you’re using FBS from a country within the European Union, you will be more limited in your choice of account types. EU customers can choose between a Cent account or a Standard account, however, due to EU regulations, there are some differences in the minimum deposit limits and leverage:

  • Cent account – This account has a minimum deposit of 10 EUR, while leverage is 1:30. Traders can open a maximum of 200 positions.
  • Standard account – The minimum deposit is 100 EUR. Leverage is 1:30 and traders can have a maximum of 200 open positions and pending orders.

Demo accounts

The FBS online forex broker also offers demo versions of accounts. They can be funded with however much virtual money you desire, up to a maximum of $1 million.

Islamic accounts

FBS online broker enables all clients to change their account to a swap-free account if they are a citizen of a country where one of the official (and dominating) religions is Islam. In these countries, you can manage this from your personal area. In other countries, you may need to contact customer service to apply for an Islamic account.

Any FBS account can be switched to a swap-free account. Unfortunately, FBS reserves the right to charge a fixed fee for positions held long-term, however they do clarify that this is not an interest fee and so the account remains Sharia-compliant.

FBS trading costs

Our forex broker reviewers are happy to report that FBS has low trading and non-trading fees. Below you can find an overview of all fees, based on the broker’s standard account type.

Trading Fees*
Type of Fee Cost
Minimum Order Size (lots per trade) 0.01
Average Spread USDEUR (pips) 0.5
Commission (%) 0
Commission on Islamic Accounts (%) 0
Non-Trading Fees
Type of Fee Yes or No
Inactivity Fee N
Deposit Fee Y
Withdrawal Fee Y

*Based on standard account type.

FBS doesn’t charge any inactivity fees on its international accounts. Your account will be disabled after 90 days of inactivity, but you can simply contact the broker to reopen it. Unfortunately, if you are an EU trader, you will be charged €10 per year, if your account is inactive for more than 180 days.

When you review the FBS payment methods, you’ll find that all deposits are free, except for Stic Pay. If you use this payment method, you will have to pay a commission of 2.5% of the amount plus $0.3.

EU traders benefit from free withdrawals. All withdrawals from international accounts, however, incur fees. These are as follows:

  • Visa – $1 per withdrawal
  • Neteller – 2% of withdrawal amount with a minimum of $1 and a maximum of $30
  • Stic Pay – 2.5% + $0.3 per withdrawal
  • Skrill – 1% + $0.32 per withdrawal
  • Perfect Money – 0.5% of the withdrawal amount
  • Bitwallet – commission may apply but it isn’t specified

FBS payment methods

During our review of FBS forex broker, our experts found that you can choose from a wide range of payment methods to fund your account. At FBS you can deposit via Visa, Neteller, Stic Pay, Skrill, Perfect Money, and Bitwallet.

Deposits, regardless of payment method, are made instantly. It should be noted, though, that you can only deposit in EUR and USD with Visa, Neteller, and Skrill. In addition, Bitwallet can only be used for JPY.

Other than Bitwallet, which is instant, withdrawals usually take around 20 minutes to be completed. All cash-out requests have a maximum waiting time of 48 hours, but you’ll rarely have to wait this long.

European Union clients are offered slightly different payment methods. If you are in the EU, you can deposit via Visa, MasterCard, Skrill, Neteller, and Wire Transfer. Deposits incur no commissions and are instant, except for wire transfers which can take between 3 and 4 business days.

Visa and MasterCard withdrawals are processed the same business day, whereas wire transfers take 48 hours. Skrill and Neteller are your fastest withdrawal options, taking around 20 minutes.

In November 2020 FBS launched a new instant online payment method ‘Rapid Transfer’ supported by over 170 European banks, this method enables fast and cost-effective deposits and withdrawals.

FBS trading bonuses

When we conducted our FBS broker review, we discovered that they offer a series of generous bonuses to international clients. Due to ESMA restrictions, these are not available for EU traders.

Some of the bonuses at FBS are designed specifically for beginners, allowing you to start learning about forex trading without having to risk your own money. FBS is also the only firm to offer clients a cashback service on every lot traded, including losing trades.

FBS also boasts a generous online forex loyalty program. Once clients have deposited $10,000 and traded 50 lots, they become VIP clients. A VIP client will gain several benefits, including their own account manager, priority in processing withdrawals and deposits, VIP gifts, and a VIP client certificate.

Besides cash bonuses, the FBS online forex broker also holds events for its clients in various locations around the world. They also run trading contests frequently with very generous prizes.

FBS trading platforms

FBS uses the industry-leading trading platform MetaTrader 4. MetaTrader 5 is also available for those who wish to trade stocks, and both platforms allow for trading robots. They also have a proprietary platform designed specifically for mobile traders.

What is the execution policy at FBS?

Our review team found that the FBS execution policy is second to none. The broker offers fast and accurate order executions, with no requotes. 95% of orders at FBS are executed within 0.4 seconds and, as an STP broker, they also process all orders with NDD (non-dealing desk) technologies. This makes requotes impossible.

When you trade with FBS, you can place up to 200 orders at one time, and each order can be worth up to 500 lots. As not many brokers offer such a large maximum order volume, FBS may be perfect for you if you like to trade a lot at once.

FBS markets and products

During our review of FBS, we took an in-depth look at what trading instruments the broker offers. As an FBS client, you can trade forex, metals, stocks, and a handful of CFDs.

Non-Trading Fees
Type of Fee Yes or No
Inactivity Fee N
Deposit Fee Y
Withdrawal Fee Y

Forex

With FBS you can trade 38 forex currency pairs including majors, minors and exotic pairs. Such a diverse range of currencies allows you to not only trade those you are familiar with but those that you may not have had a chance to trade before too.

Stocks

Want to trade stocks from major companies such as eBay and Tesla? FBS boasts 32 different options, all with typical spreads of 3 pips. This gives you a great opportunity to trade with the news and with company news and releases.

Unfortunately, if you’re an EU trader, you will not be able to trade stocks with FBS.

Metals

Our FBS review team found that, in addition to offering gold and silver, the broker also allows you to trade Palladium and Platinum.

Aside from the metal and stock CFDs mentioned above, at FBS you can also trade a wide range of other contracts for difference. The broker’s CFD offering includes commodities such as Brent Crude oil and indices such as NASDAQ and DAX 30. These are highly liquid markets, perfect for day traders.

Social trading

FBS also offers two social trading accounts, CopyTrade for Investors and CopyTrade for Traders.

CopyTrade for Investors is a social trading account that allows you to copy the trades of professional traders. Every time these traders make a profit, you’ll also benefit. This makes the account perfect for beginners as you can trade profitably whilst learning from some of the best traders around.

The CopyTrade for Traders account is aimed at professional traders who want to help those just starting out. By becoming a CopyTrade trader, you will provide others with the opportunity to profit from your knowledge and earn additional commissions for every person you help.

Mobile compatibility

The FBS website is fully mobile responsive, making it easy to navigate on any device. You will have complete functionality from your phone or tablet, which includes being able to register with the broker and making deposits and withdrawals.

FBS traders can use the mobile versions of MetaTrader 4 and MetaTrader 5 should they wish. However, our FBS forex broker review team was specifically impressed by the company’s proprietary system designed for mobile traders.

The FBS Mobile Personal Area includes a dashboard where you can gain an overview of all your active accounts. You can also analyze various statistics to become a better trader.

Research tools

In terms of trading tools, FBS offers the standard economic calendar as well as forex news, daily market analysis, and a video channel with frequent updates on the state of the markets.

They also have a series of forex calculators that you can use to determine how much you can make from trading and what effect different variables will have on that income.

Education and training

While conducting our FBS review 2020, we were very pleased to see that this broker offers extensive training materials and educational content.

The FBS Forex Guidebook is a comprehensive course organized by experience level. The course is made up of articles written by professional traders. which covers everything you need to know about trading at each level. It is available on the website and accessible to everyone, even if you haven’t signed up for an account yet.

They also offer a section with tips for traders, which covers various aspects of forex trading, including specific trading strategies.

FBS online broker also offers a series of videos, though they are mostly targeted at beginners as an introduction to forex. They also have videos to help with registration, navigation of the website, and more.

This broker also offers live free webinars periodically, as well as free in-person seminars in locations all over the world. You’ll also find a daily market analysis written by professional analysts.

All these educational materials make the FBS online forex broker perfect for both beginners and advanced traders. When you also consider the free demo trading FBS offers, you can see that the broker values it’s traders and wants them to get the most out of their experience.

FBS customer support

FBS offers excellent customer support, which is available via email, phone, and fax. Traders can also contact the broker via live chat, which is available 24/7.

If you prefer to speak over the phone, you can also use the FBS call back system. This allows you to simply tell the broker what time you want them to get in touch and they will.

Overall, our FBS review team found the customer support staff to be knowledgeable and attentive. We also loved the fact that the broker is very visible on social media, as this shows they can be trusted.

  • facebook.com/FBS Markets Inc
  • instagram.com/fbs_forex
  • twitter.com/FBS_news
  • youtube.com/FBSforex

FBS – Our verdict

As you can see from our comprehensive FBS review 2020, this is a broker that delivers on choice. At every turn, FBS offers its traders a whole host of options, allowing you to customize your experience and get the most out of their services.

If you’re new to forex trading, signing up to FBS is a wise move. The extensive educational materials, demo accounts, and social trading options truly make FBS an online forex broker ideal for beginners.

Register now to learn, practice your new skills, and emulate professionals while still making a profit.

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