FBS Malaysia Review 2021

FBS is a CySEC regulated forex broker that accepts traders from Malaysia. Their fees is okay, support is fair, but we find them to be less safe. Read our full review to see why.

By: Editor

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TradeForexMalaysia Editor

Regulated By: CySEC, IFSC

Headquarters: Russia

Foundation Year: 2009

Min Deposit: $1

Open Account Note: Forex & CFD Trading is Risky.

FBS is an international STP forex and CFD broker that caters to traders based in Malaysia. FBS was founded in 2009 and has clients in more than 190 countries across the world. The company has won several awards for its services including The Best Broker in Malaysia at the Traders Fair & Gala Night in 2019.

FBS gives traders the option of choosing between five different types of accounts: Standard, Cent, Micro, Zero Spread, and ECN. Malaysian traders can also convert any of these accounts into a swap-free Islamic account. However, the swap-free option is not available for trading CFD instruments. Their fee depends on the type of account that the trader holds and other factors such as the instrument being traded.

FBS offers traders the option of using the MetaTrader 4, MetaTrader 5, or their proprietary FBS Trader trading platform. These trading platforms are available on desktops, smartphones, tablets, and web browsers.

FBS is headquartered in Russia, however, they are regulated by the IFSC in Belize. Through FBS, Malaysian traders have the option of trading 28 currency pairs along with CFDs on indices, commodities, metals, and stocks.

In this FBS Malaysia review, we discuss everything a trader needs to know including the pros and cons, fees, trading platforms, regulation, customer support, and more.

FBS Malaysia Pros

  • FBS is an STP Broker which means that there is no conflict of interest.
  • FBS offers Negative Balance Protection to traders in Malaysia.
  • They offer an Islamic account to Malaysian traders.
  • Their website is available in the local language for Malaysian traders.
  • They offer a proprietary mobile trading platform.

FBS Malaysia Cons

  • They do not offer a wide variety of instruments compared to other similar brokers.
  • They charge a deposit and withdrawal fee.

FBS Malaysia – A quick look

πŸ‘Œ Our verdict on FBS #4 Forex Broker in Malaysia
🏦 Broker Name FBS Malaysia
πŸ’΅ Typical EUR/USD Spread 1.1 pips (with Standard Account)
πŸ“… Year Founded 2009
🌐 Website https://fbsmy.com/
πŸ’° FBS Malaysia Minimum Deposit $1
βš™οΈ Maximum Leverage 1:3000
βš–οΈ FBS Regulations CySEC, IFSC
πŸ›οΈ Trading Instruments 28 currency pairs, 4 index CFDs, 2 commodity CFDs, 4 metal CFDs, several stock CFDs, 9 exotic currency pairs
πŸ“± Trading Platforms MT4, MT5 for desktop, tablet, web & mobile, FBS Trader for Mobile

Is FBS Malaysia Regulated?

The Malaysian website of FBS is operated by the company under name FBS Markets Inc. The company is registered in Belize and headquartered in Russia. FBS started its operations in 2009 and have catered to more than 16 million traders since then.

FBS is regulated and licensed by the following financial authorities:

  1. FBS is registered with the International Financial Services Commission (IFSC) of Belize under the name β€˜FBS Markets Inc’ – and holds the license number IFSC/000102/124
  2. A group company of FBS is registered with the Cyprus Securities and Exchange Commission (CySEC) under the name β€˜Tradestone Ltd’ and holds the license number 331/17.
  3. FBS CySEC Regulation

 
FBS is considered a safe forex broker for Malaysian traders.

In addition to being regulated by the IFSC and CySEC, FBS has a strong track record since it has been operating since 2009. The company has catered to millions of traders in its history.

Further, FBS also provides negative balance protection and keeps its funds with reliable banks and financial institutions. Hence, we consider FBS to be a safe broker for Malaysian traders.

FBS Malaysia Fees

FBS is a spread broker with an option for variable spread or fixed spread depending on your type of account. Certain FBS account types also charge a commission.

The fees charged by FBS Malaysia depends on the instrument being traded, the type of account held by the trader, and when the trade is being made.

We will use a few benchmark examples to judge how much fees FBS charges.

Here is a breakdown of trading & non-trading fees at FBS Malaysia:

  1. Different Types of Spread – FBS offers different types of spreads to its users depending on the account type. Traders can choose to trade with variable spread starting from 0.2 pips, fixed spread starting from 0.3 pips, and can also choose to trade without a spread.

    Under the Standard account, the typical spread for the benchmark currency pair of EURUSD is 1.1 pips.

  2. Here is a screenshot of the typical spread charged for various currency pairs with the Standard account at FBS.
    FBS Typical Spread

  3. Variable or Fixed Commission – FBS does not charge any commission under the Micro, Standard, and Cent accounts. However, it does charge a commission under the Zero Spread and ECN Accounts.

    Under the Zero Spread account, FBS charges a variable commission starting from $20 per lot. However, no spread is charged under this type of account.

    Under the ECN account, FBS charges a fixed commission of $6. Under the ECN account, you are also charged a variable spread starting from -1 pip.

  4. Deposit and Withdrawal Fee– FBS does charge a deposit and withdrawal fee. The exact fee charged depends on the mode by which the deposit or withdrawal has been made.
  5. No Inactivity Fee – FBS does not charge any inactivity fee. A trader can keep his account dormant for as long as he likes without incurring a charge.

Overall, we consider FBS to be a medium-cost broker. The spread and commission that they charge is similar to other comparable brokers. They charge a deposit and withdrawal fee which makes it more expensive to use them as a broker.

FBS Bonus

FBS runs a large number of promotional schemes and offers at all times. Here is a breakdown of some of their promotional offers available at this time.

100% Deposit Bonus – Traders can claim a 100% deposit bonus. Traders can apply for one bonus per deposit. To withdraw the bonus amount, a trader needs to trade the required lot volume.

Leverage 1:3000 – This bonus is available only traders using the Standard and Zero Spread accounts. This bonus allows you to trade with a leverage of 1:3000. This means that you can deposit $10 and trade as if you are using $30,000. Remember that trading with more leverage also means that the risk is higher.

Cashback – Under this bonus, traders can get a cashback of up to $15 per lot that has been traded. You can also get a cashback if the lot that you have traded has lost money. This bonus is available for every traded lot.

Get Car from FBS – This bonus allows participants the chance to win a car. This bonus is active intermittently, so traders should watch out for it.

Quick Start Bonus – You can claim a bonus amount of $100 in your trading account on FBS trader. After you have claimed the amount, you will need to follow certain steps to be able to withdraw the money.

FBS Deposit and Withdrawal

FBS offers relatively few options for traders to deposit and withdraw their funds. Currently, traders in Malaysia can deposit and withdraw their funds through Visa, Neteller, SticPay, Skrill, Perfect Money, and local exchangers.

This means that Malaysian traders cannot deposit their funds through local bank transfers. There is also no option of making wire transfers to deposit or withdraw funds. Furthermore, FBS also does not accept Mastercard and Maestro which are popular card services.

Traders should remember that FBS also charges a deposit and withdrawal fee. The exact fee that will be charged
depends on the mode of deposit or withdrawal.

Deposits can be made in MYR, however, the MYR will be converted into USD or EUR depending on the day’s exchange rate.

FBS Account Types

FBS offers traders a large selection of accounts to choose from. The five different types of accounts offered are: Cent, Standard, Micro, Zero Spread, and ECN. Each type of account has its own pros and cons and are suitable for different types of traders. For example, the Zero Spread account is suitable for high-volume traders.

Traders should also note that the base currency for each account type is either USD or EUR. MYR is not offered as a base currency by FBS. The deposits can be made in MYR, however, the amount will be converted to either USD or EUR.

Additionally, FBS also offers swap-free Islamic accounts to people in Malaysia.

FBS has a minimum deposit of 1 USD.

Here is a breakdown of the different types of accounts offered by FBS.

Islamic Account – Every type of account can be converted into a swap-free Islamic account. Under Islamic accounts, no swap rates are charged by FBS as per Islamic law. However, traders from Malaysia should know that CFD instruments cannot be traded from an Islamic account.

Cent Account – The initial deposit that needs to be made under the Cent account is $1. Traders will be charged a floating spread starting from 1 pip. This account does not charge a commission. The leverage under this type of account can be a maximum of 1:1000.

Standard Account – Traders will need to make an initial deposit of $100. The floating spread will be at least 0.5 pips. Standard accounts do not charge a commission. The leverage can be as much as 1:3000.

Micro Account – The initial deposit that needs to be made is $5. Traders will be charged a fixed spread that starts from 3 pips. No commission will be charged under this type of account. Traders can use a leverage of up to 1:3000.

Zero Spread Account – The initial deposit under this account is $500. Traders will be charged a fixed spread which starts from 0 pips. Additionally, traders will also be charged a commission which would be upwards of $20 per lot. The leverage under this type of account can be as much as 1:3000.

ECN Account – The initial deposit for an ECN account is $1000. Traders will be charged a floating spread starting from -1 pip. A commission of $6 will be charged for every trade. The leverage under this type of account can be a maximum of 1:500.

Additionally, FBS also offers copy trading services through its social trading platform. These copy trading services allow users to follow the trades made by other investors and traders. Traders can also earn a commission if their trades are followed by other traders.

FBS Trading Instruments

FBS gives Malaysian traders the option of trading 28 currency pairs, 4 index CFDs, 2 commodity CFDs, 4 metal CFDs, and several stock CFDs. Additionally, traders can also trade 9 exotic currency pairs.

Traders in Malaysia should note that the exotic currency pairs and CFDs cannot be traded through an Islamic account.

Overall, FBS offers an average range of instruments that traders can trade. Their selection of CFDs apart from stocks is considerably low. Further, they do not offer cryptocurrencies for trading such as other similar brokers like HotForex.

FBS Trading Platforms

FBS offers traders the option of using either MetaTrader or their new proprietary trading platform called FBS Trader.

The MetaTrader 4 and MetaTrader 5 trading platforms offered by FBS is popular among traders and they offer high functionality while being easy to use.

The MT4 and MT5 trading platforms are available on smartphones, desktops, laptops, web browsers, and tablets. Both these trading platforms are available for both Windows and Mac users. Additionally, their smartphone app is
available for download on Android as well as iOS.

The FBS Trader trading platform is currently only available for smartphone users. Both Android and iOS users can use this trading platform.

FBS Customer Support

There are several ways in which a trader or a prospect can contact FBS’s customer support team. They are available through live chat on their website or you can request a callback from them.

Additionally, FBS can be reached out to through social media platforms such as Facebook and Twitter. FBS can also be reached through a variety of messaging apps such as Viber, WhatsApp, WeChat, and more.

Live Chat – While writing this review, we frequently contacted their customer support team through the live chat option on their website. The hold time was an average of 1 minute after which you connected to a support agent.

They answered our questions quickly and we found them to be helpful.
FBS Customer Support

Callback – Traders in Malaysia can also request their customer support team to make a callback. There is a contact form available on their website through which the request can be placed.

Do We Recommend FBS Malaysia?

Yes, we recommend FBS to traders based in Malaysia.

They have a separate website for Malaysian traders and the language of the website can be changed to the local language.

They are a reputed international forex and CFD broker and are considered to be safe to trade through. They have a long track record of sound performance.

Their customer support is helpful and they respond quickly. They offer a wide variety of promotions and bonuses for traders to enjoy.

They also offer Islamic accounts that do not charge swap rates.

The main drawback to trading through FBS is that they do not have a wide variety of instruments to choose from. Additionally, they charge a deposit and withdrawal fee which can make trading with them expensive.