FBS Broker Review – Is FBS Good for Nigerians? (Updated 2024)

FBS is indeed a good choice for Nigerians. As an international broker, FBS has a significant market share in Nigeria and offers excellent online support 24/5. It has a trust score of 4.7 out of 5, indicating a high level of trust among its users. FBS has a significant presence in Nigeria, with over 1.3 million active Nigerian traders and more than 150,000 Nigerian-based FBS customers.

FBS Safety & Regulation in Nigeria

FBS is regulated by several international bodies, including the International Financial Services Commission (IFSC), the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), and the Financial Sector Conduct Authority (FSCA). Although it is not regulated by the Central Bank of Nigeria (CBN), it complies with all the requirements of the local regulator.

However, it’s important to note that while FBS is regulated by these top-tier authorities, Nigerian traders are onboarded through FBS’ Belize-based entity. This means that while FBS is not directly regulated in Nigeria, it complies with all the requirements of the local regulator and offers attractive trading conditions for Nigerian clients

The Financial Services Commission of Belize, where FBS is registered, is one of the most prominent financial services centers, with well-developed regulations and strict rules for brokers registered there. The Belize license is accepted by the overwhelming majority of regions, especially when it comes to foreign exchange brokers.

FBS has been diligently following all the provisions developed by the Belize FSC for several years now, ensuring the security and transparency of all the services provided to its clients.

FBS Minimum Deposit for Traders in Nigeria

The broker offers a low minimum deposit requirement, starting from $5, which is equivalent to 4000 Nigerian Naira (NGN). This makes it accessible to traders with different financial capabilities. It also accepts deposits in Nigerian Naira, which is a convenience for Nigerian traders.

FBS offers multiple deposit methods, including bank transfer, credit/debit cards, Skrill, Neteller, and Rapid. Nigerian traders can also use Sticpay, Perfect Money, and local exchanges. While credit/debit card and e-wallet transfers are usually instant, bank transfers may take 2-3 business days to arrive.

The low minimum deposit at FBS makes it an attractive option for beginner traders in Nigeria. It allows new traders to start trading with a small amount of capital, reducing the financial risk involved. This is particularly beneficial in a high-risk market like forex, where 75.2% of retail investor accounts lose money.

FBS Deposit and Withdrawal Methods in Nigeria

FBS offers a variety of payment methods for depositing funds into your account if you’re based in Nigeria. These methods include:

1. Local Banks: You can deposit funds directly from your local bank account in Nigeria. To do this, you would need to open the “Finances” menu, find the “Deposit” button and click on it, then proceed to the “Local banks of Nigeria” page. In the opened window, fill in all the required details.
2. Electronic Payment Systems: FBS supports numerous electronic payment systems for depositing funds. However, the specific systems available may vary depending on your location.
3. Credit and Debit Cards: You can use your credit or debit card to deposit funds into your FBS account.
4. Bank Wire Transfers: This method involves transferring money from your bank account to your FBS account. It’s worth noting that bank wire transfers may take longer to process compared to other methods.
5. Exchangers: FBS also supports depositing funds through exchangers. These are third-party services that can convert your money into a form that can be deposited into your FBS account.
6. Cryptocurrencies: FBS accepts deposits in various cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Tether.
7. E-Wallets: FBS supports deposits from electronic wallets like Skrill, Neteller, and Rapid.

Remember, the time it takes for the deposit to reflect in your FBS account can vary depending on the method used. Deposits via electronic payment systems are usually processed instantly, while bank transfers may take 2-3 business days. Also, while FBS does not charge deposit fees, some payment providers may apply their own fees or commissions.

To deposit funds, you need to log in to your FBS client area, look for the ‘Deposit’ or ‘Funding menu’, choose your funding method, provide the necessary details for the transaction, and confirm the payment details.

FBS Account Types

FBS offers a variety of account types to cater to the diverse needs of its users. These include:

1. Cent Account: This account is similar to the Standard account but is designed for beginners and those wanting to test strategies with a low-risk mode. The minimum deposit starts from $5 with a leverage of up to 1:1000. The floating spread for EURUSD is 0.9 pips, GBPUSD 1.0 pips, USDJPY 1.1 pips, and XAUUSD 2.0 pips.
2. Standard Account: This is the most popular trading account type. It offers tight spreads and leverage up to 1:3000. The minimum deposit for this account is $100.
3. Pro Account: This account is for professional traders and offers the lowest spreads of FBS. The minimum deposit starts from $200 with a leverage of up to 1:2000. The floating spread for EURUSD is 0.6 pips, GBPUSD 0.6 pips, USDJPY 0.7 pips, and XAUUSD 1.5 pips

In addition to these, FBS also offers a variety of demo accounts: Demo Cent, Demo Standard, and Demo Pro. These demo accounts have the same conditions as the real accounts, allowing users to practice trading without any financial risks.

To open an account with FBS, you need to register on their website, select the account type and trading platform, verify your trading account, and make the minimum deposit.

What Can You Trade on FBS?

For traders in Nigeria, FBS provides opportunities to trade in various asset classes, including Forex (Currency Pairs), Stocks, Metals, Energies, and Indices.

• Forex (Currency Pairs): FBS offers a variety of currency pairs for trading, including major, minor, and exotic pairs. Major currency pairs involve the US dollar and are considered the most popular in Forex, while minor pairs do not involve the US dollar but are still liquid. Exotic currency pairs offer wider spreads and deal with less popular and more volatile global currencies.
• Stocks: FBS provides access to global stock CFDs, allowing traders to speculate on the price of stocks without actually taking ownership of the underlying asset.
• Metals: FBS offers trading opportunities in precious metals such as gold (XAU/USD), silver (XAG/USD), platinum, and palladium.
• Energies: Traders can access contracts for difference (CFDs) for energies like Brent crude oil (XBR/USD), West Texas Intermediate crude oil (XTI/USD), and natural gas (XNG/USD).
• Indices: FBS offers a selection of stock indices for trading, including popular indices like the S&P 500, NASDAQ, DAX30, and others.

Stocks

FBS offers CFDs on over 100 popular stocks from major companies around the world. You can trade CFDs on stocks like Apple, Amazon, Tesla, Facebook, Google, Alibaba, Samsung, and more.

When trading stock CFDs with FBS, you don’t actually own the underlying stocks. Instead, you speculate on the price movement of the stocks. This allows you to profit from both rising and falling prices. The key benefits of trading stock CFDs include:

• Access to global stocks from one platform
• Ability to go long or short
• Leverage for bigger profits (or losses)
• No expiry dates like options
• Lower costs than buying the actual stocks

Stock CFDs can be traded on the MetaTrader 5 and FBS Trader platforms. The minimum trade size is 0.1 lots. Spreads start from 0.4 pips and leverage up to 1:5 is available.

Indices

FBS offers CFDs on major global stock indices like the S&P 500, FTSE 100, DAX 30, Nikkei 225, ASX 200 and more.When you trade an index CFD, you speculate on the price movement of the overall index rather than individual stocks. Indices often reflect the health of an economy or sector.Benefits of trading index CFDs:

• Exposure to entire markets in one trade
• Continuously fluctuating values
• Lower trading costs than trading many stocks
• Can profit from both rising and falling markets

Index CFDs are available on MetaTrader 5 and FBS Trader with spreads from 1 pip. The minimum contract size is 0.1 and leverage up to 1:100 can be used.

Currencies

FBS offers CFDs on over 50 major, minor, and exotic currency pairs. This includes all the most popular pairs like EUR/USD, GBP/USD, USD/JPY, USD/CHF, AUD/USD and USD/CAD. When you trade a currency pair CFD, you speculate on the price movement between two currencies. You go long if you think the base currency will rise relative to the quote currency. You go short if you expect the base currency to fall versus the quote currency. Benefits of trading currency CFDs:

• High liquidity and fast execution
• Market open 24 hours a day, 5 days a week
• Can profit from rising and falling exchange rates
• Leverage allows you to control large positions

Currency pair CFDs are available on all FBS platforms with ultra-tight spreads from 0.4 pips. Leverage up to 1:3000 can be used.

Commodities

FBS offers CFDs on several popular commodities including gold, silver, oil, natural gas, and more. When you trade a commodity CFD, you speculate on the price movement of the underlying commodity without physically owning it. Key benefits include:

• Exposure to commodity price fluctuations
• Hedge against inflation
• Diversify your portfolio
• Profit from rising and falling prices
• Leverage for bigger profits

Commodity CFDs can be traded on MetaTrader 5 and FBS Trader with average spreads of around 20 pips. The minimum contract size is 0.10 lots and leverage up to 1:100 is available.

Cryptocurrencies

FBS offers CFDs on over 100 popular cryptocurrencies including Bitcoin, Ethereum, Litecoin, Ripple, Cardano, and more. With crypto CFDs, you speculate on crypto prices without actually owning the coins. You can profit whether prices rise or fall. Benefits include:

• Exposure to the crypto market’s volatility
• Go long or short
• No need to store coins yourself
• Available 24/7 as crypto markets don’t close
• Leverage magnifies profits

Crypto CFDs are available exclusively on the FBS Trader platform. Spreads average around 200 pips and leverage up to 1:5 can be used. The minimum contract size is 0.01 lots.

FBS Trading Platforms

FBS offers several trading platforms to cater to the diverse needs of its users. These include FBS Trader, MetaTrader 4 (MT4), and MetaTrader 5 (MT5).

FBS Trader is a mobile trading app that is available for download on both the App Store and Google Play. This platform is particularly suitable for novice traders due to its intuitive and user-friendly interface. It offers a wide range of trading instruments including Forex assets, energies, commodities, stocks, and cryptocurrencies. The app also provides competitive spreads and ultra-fast order execution from 0.3 seconds.

MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are popular trading platforms developed by MetaQuotes Software Corp. At FBS, you can trade all CFDs through either MT4 or MT5. MT4 is appreciated for its multi-functionality, user-friendliness, and the ability to customize the interface to the user’s needs. It offers advanced trading tools that allow traders to implement their favorite strategies.

On the other hand, MT5 is faster and more efficient than MT4, providing the ability to trade more instruments in almost all financial markets, including Forex, stocks, indices, commodities, and even cryptocurrencies. MT5 also offers advanced technical and fundamental analysis, trading signals, algorithmic and copy trading, as well as trading robots.

Both MT4 and MT5 are available in three formats: desktop, mobile, and browser, allowing you to trade on the go.