Our review of FBS broker 3.5/5

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FBS in brief

Our opinion of FBS

We particularly liked FBS’s diverse account offerings, catering to beginner and advanced traders. The availability of high leverage up to 1:3000, along with the MetaTrader 4 and 5 platforms, provides opportunities for traders seeking advanced tools and higher risk-reward ratios.

The broker’s promotions, such as bonuses and trading contests, are also a strong incentive for traders looking to enhance their trading capital.

We would have liked a broader range of available assets, as the broker is limited to forex and CFDs on metals, indices, and commodities, with no access to stocks, ETFs, or cryptocurrencies. Additionally, the absence of registration with Canadian regulatory bodies like the OSC, BCSC, or ASC raises concerns about its reliability for Canadian traders.

The fee structure, particularly on the Zero Spread account, can confuse users and detracts from its otherwise competitive pricing.

Who is FBS designed for?

FBS is best suited for traders who focus on forex and are comfortable with high-leverage trading, but it may not meet the needs of those seeking a more diversified and locally regulated broker.

Before you zero in on FBS, explore other options in the market.

Let's find out more about our test results on FBS.

Security and reliability 3/5

FBS was established in 2009 and has grown to serve traders in over 150 countries, with more than 23 million users worldwide. The broker has received several industry awards, including recognition for its customer service and trading platforms. However, FBS has faced criticism for its lack of local regulation in key markets, including Canada.

For Canadian traders, FBS does not hold regulatory approval from the Ontario Securities Commission (OSC), British Columbia Securities Commission (BCSC), or Alberta Securities Commission (ASC). Instead, it operates under the oversight of IFSC (Belize) and CySEC (Cyprus), which, while respected, may not provide the same level of confidence for traders accustomed to Canada’s robust regulatory framework.

FBS does offer some risk management features, including negative balance protection, which ensures traders cannot lose more than their account balance. It also supports standard tools such as stop-loss and take-profit orders to help manage market exposure.

However, the availability of extremely high leverage (up to 1:3000) poses significant risks, particularly for inexperienced traders, and FBS does not provide guaranteed stop-loss orders, which are common among other brokers.

Market and asset diversity 2.5/5

FBS positions itself as a forex-focused broker with additional access to CFDs on metals, indices, and commodities. However, its offerings are relatively limited compared to competitors, as it does not provide access to stocks, ETFs, or cryptocurrencies. This makes FBS less attractive for traders seeking broader market exposure or portfolio diversification.

Below is a comparison of FBS's available assets against the market average:

Our opinion on the diversity of FBS offerings

FBS focuses heavily on forex trading but falls short of providing the range of instruments typically expected by modern traders. Its limited asset diversity makes it best suited for forex enthusiasts or those focused on specific CFD markets, but it lacks the breadth needed for more diversified trading strategies.

Platforms and tools 3.5/5

FBS offers multiple trading platforms tailored to meet the needs of various traders. These include the widely used MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, along with the proprietary FBS Trader app. While these platforms are equipped with advanced features, FBS does not provide a web-based proprietary platform, which some competitors offer for greater accessibility.

MetaTrader 4 (MT4) and MetaTrader 5 (MT5)

MT4 and MT5 are industry-leading platforms known for their advanced trading tools. Both platforms support customizable charts, a wide range of technical indicators, and automated trading through Expert Advisors (EAs).

MT5 builds on MT4 by adding more timeframes, a broader selection of indicators, and enhanced order execution options. These platforms are ideal for experienced traders who rely on detailed analysis and automated trading.

FBS Trader App

The FBS Trader app is designed for on-the-go trading. It provides a simplified interface, allowing users to trade forex and CFDs from their mobile devices. While the app is user-friendly, it lacks the depth and advanced charting features available on MT4 and MT5, which may not meet the expectations of professional traders.

Analysis Tools and Decision Aids

FBS supports a variety of analysis tools through MT4 and MT5, including:

• Advanced charting capabilities
• Over 50 built-in technical indicators
• Customizable alerts and notifications

Watch out!

However, FBS does not offer proprietary decision aids such as market sentiment tools, AI-based insights, or detailed economic calendars. Traders may need to rely on third-party resources for comprehensive market analysis.

Order Types

FBS provides standard order types, including market, limit, stop-loss, and trailing stop orders. Additionally, take-profit orders are available to lock in gains. However, the broker does not offer guaranteed stop-loss orders, which some competitors provide to manage risk in highly volatile markets.

Fees, spreads and commissions 3.5/5

FBS positions itself as a competitive broker in terms of fees, particularly for forex trading. It offers spreads starting at 0.0 pips on the Zero Spread account but compensates for this with commissions of up to $20 per lot. Below is a comparison of FBS's fees and spreads against market averages:

Other Fees

• Deposit Fees: Deposits are free across all methods.
• Withdrawal Fees: Vary by withdrawal method, with fees reaching up to $30 for certain options.
• Overnight Fees: Charged based on the instrument being traded, with fees depending on the size of the position and holding duration.
• Inactivity Fees: FBS does not charge any inactivity fees, making it more appealing for traders who may take breaks from trading.

How is FBS's price positioning?

FBS provides cost-effective options for forex traders, with attractive spreads on its Zero Spread account. However, the high commission fees on this account reduce its overall appeal for budget-conscious traders. The withdrawal fees, which can reach up to $30, and relatively high spreads on indices and metals compared to market averages also limit its competitiveness. While the absence of inactivity fees is a positive feature, FBS's fee structure could benefit from improved transparency and reduced costs in specific areas.

Customer reviews 4.3/5

FBS holds a Trustpilot rating of 4.3/5 based on 3,767 reviews, with users praising its promotional bonuses and user-friendly platforms but raising concerns about its withdrawal fees and limited regulatory presence in some regions.

Here are some recent testimonials from Canadian users:

• Amanda C (February 10, 2024): "I’ve been trading with FBS for a few months, and while I appreciate the high leverage options, the withdrawal fees caught me off guard. The process itself was smooth, but losing $30 just for withdrawing funds feels excessive. On the positive side, their MT5 platform is reliable and easy to use."
• Jason L (August 3, 2024): "The Cent Account is perfect for testing strategies with a small deposit, but I found the spreads on indices higher than expected. Their customer service was helpful when I had trouble verifying my account, but it took longer than I anticipated. FBS is good for forex traders, but less so for other asset classes."
• Priya M (January 22, 2025): "FBS’s promotions initially attracted me, especially the deposit bonus. However, I noticed that the bonus terms are quite restrictive, and it wasn’t easy to withdraw my profits. While the CopyTrade app is a great addition for passive trading, the fees on the Zero Spread account make me hesitant to use it more often."

How is FBS positioned in relation to its competitors?

Conclusion of our review on FBS

FBS offers an extensive range of account options and competitive spreads for forex trading, appealing to traders who prioritize high leverage and advanced trading platforms like MetaTrader 4 and 5. Its CopyTrade app adds a layer of accessibility for beginners looking to replicate experienced traders' strategies.

However, compared to some competitors, FBS lacks diversity in asset offerings, focusing primarily on forex and CFDs, which may not suit traders seeking access to stocks or cryptocurrencies.

Additionally, its reliance on offshore regulation (IFSC, CySEC) might deter traders who prioritize brokers with local regulatory oversight.

Before opening an account with FBS, compare the best brokers in Canada:

What types of accounts are available with FBS in Canada?

Cent Account

The Cent Account is ideal for beginner traders looking to practice with real money but minimal risk. With a minimum deposit of $1, this account allows traders to experience the forex market while managing small positions. Spreads start from 1.0 pips, and there are no commissions charged on trades. The Cent Account provides access to MetaTrader 4 and 5 with leverage of up to 1:1000.

Standard Account

The Standard Account suits intermediate traders who need slightly tighter spreads and higher leverage options. With a minimum deposit of $100, this account offers spreads starting at 0.5 pips and zero commission per trade. It also grants full access to MetaTrader 4 and 5 platforms, along with leverage up to 1:3000.

Zero Spread Account

The Zero Spread Account is tailored for high-volume traders seeking precision in cost forecasting. This account requires a minimum deposit of $500, with spreads starting at 0.0 pips and a commission of $20 per lot. It supports MetaTrader 4 and 5 and allows leverage up to 1:3000, making it suitable for traders executing larger trades.

ECN Account

The ECN Account is designed for professional traders requiring ultra-tight spreads and direct market access. A minimum deposit of $1,000 is required, with spreads starting at 0.0 pips and a low commission of $6 per lot. This account offers leverage up to 1:500 and is available on MetaTrader 4 and 5, providing the most advanced trading conditions.

Demo Account

FBS provides a Demo Account for traders to practice in a risk-free environment. The demo account includes $100,000 in virtual funds and allows unlimited access to the MetaTrader platforms, enabling users to test strategies and explore features without financial commitment.

Islamic Account

The Islamic Account is available across most account types and adheres to Sharia law by offering a swap-free trading environment. This account is particularly beneficial for traders who wish to trade without incurring overnight interest charges while maintaining the same features as standard accounts.

Deposits and withdrawals at FBS: How does it work?

FBS provides a broad range of deposit and withdrawal options, catering to diverse trader preferences. The inclusion of cryptocurrency as a funding method is a notable advantage for traders seeking faster and decentralized transactions. Most methods are free of charge, though electronic wallets may incur provider-specific fees, and cryptocurrency transactions are subject to network fees.

While the processing times for credit/debit cards and e-wallets are comparable to industry standards (instant to 24 hours), bank transfers take longer, which is typical across brokers. FBS falls short in offering fee-free withdrawals across all methods, as some competitors absorb these costs to enhance user experience.

Overall, FBS provides sufficient flexibility, but it could improve its standing by introducing more currencies and reducing variability in fees for electronic wallets.

Does FBS offer copy trading?

FBS offers a copy trading feature through its dedicated FBS CopyTrade App, allowing users to replicate the strategies of experienced traders. This feature is particularly beneficial for beginner or passive traders who want to engage in the market without developing their own strategies.

Software and Platform

The FBS CopyTrade App is available on both Android and iOS, providing an intuitive and user-friendly interface. The app is designed to seamlessly integrate with FBS accounts, enabling traders to easily browse, evaluate, and copy top-performing traders.

Number of Traders to Copy

The platform hosts a large pool of traders from various experience levels and styles, giving users access to diverse strategies. Each trader’s profile includes detailed performance statistics, such as profitability, risk level, and trading history, enabling users to make informed decisions.

Additional Fees

FBS does not charge direct fees for using the CopyTrade App. However, copied traders may set a profit-sharing percentage as their compensation, typically ranging from 5% to 30% of the profits generated from their strategies. This percentage is disclosed upfront when selecting a trader to copy.

Copy Trading Features

• Customizable Risk Management: Users can set their investment limits and stop-loss levels to control exposure.
• Real-Time Updates: Trades are replicated instantly, ensuring users stay aligned with the copied trader’s strategy.
• Performance Insights: Detailed analytics on trader performance help users choose suitable strategies.
• Portfolio Diversification: Users can copy multiple traders simultaneously to balance their risk and potential returns.

What is the tax treatment of income generated by FBS?

Income generated through trading on FBS is subject to Canadian tax laws as outlined in the Income Tax Act. The tax treatment depends on whether the income is classified as capital gains, business income, or foreign income. Below is a detailed explanation of the applicable tax regime and how traders can comply with Canadian tax regulations.

Applicable taxation

• Capital Gains: Profits from the sale of financial instruments such as forex and CFDs are considered capital gains. Only 50% of the net gains are taxable at the individual’s marginal tax rate.
• Business Income: Active traders, especially those trading frequently or as a primary source of income, may have their profits classified as business income. In this case, 100% of the income is taxable, but expenses related to trading activities (e.g., software subscriptions, internet costs) can be deducted.
• Foreign Income: If profits are derived from foreign instruments or accounts, they must be reported as foreign income. Taxes paid in other jurisdictions may be eligible for a foreign tax credit, reducing the overall tax burden in Canada.

How to declare trading income or revenues

• Capital Gains Declaration: Report gains and losses on Schedule 3 of the T1 General Income Tax and Benefit Return. Provide details such as the adjusted cost base (ACB), sale proceeds, and net gain or loss.
• Business Income Declaration: Use the T2125 Statement of Business or Professional Activities form to declare business income. This form allows deductions for business-related expenses such as training courses, trading tools, and other costs.
• Foreign Income Reporting: If total foreign holdings exceed $100,000 CAD, file the T1135 Foreign Income Verification Statement alongside your tax return. Ensure all foreign income and taxes paid are accurately documented.

Points to remember while filing your taxes

• No Tax Shelters: FBS does not offer tax-advantaged accounts like TFSAs or RRSPs, meaning all profits are fully taxable.
• Capital Loss Offset: Capital losses can offset gains in the same year or be carried forward to future years to reduce taxable income.
• Classification Matters: The distinction between capital gains and business income significantly impacts tax liability. Seek professional advice if uncertain.
• Documentation: Maintain comprehensive records of all trades, including dates, amounts, transaction fees, and currency conversions for accurate reporting.

Contact: How do I contact FBS's customer service?

FAQs

Nishadh Mohammed

Nishadh Mohammed is a seasoned news editor and financial writer, working with HelloSafe since May 2023. Nishadh has developed expertise in financial markets, insurance, and investment products, with a deep understanding of the Canadian financial landscape. He has honed his SEO skills and content marketing strategies while writing for Canadian publishing houses. Armed with a master's in Business Analytics and extensive journalistic experience, Nishadh uniquely combines data proficiency and thorough research to deliver comprehensive and accessible information.