FBS Nigeria Review 2024

FBS Nigeria is a leading Forex broker who has been in this field for more than 11 years. This brokerage company currently has over 17 million active traders and works together with over 410,000 partners from over 150 countries.

To start their journey in the Forex market with FBS Nigeria, traders only need to deposit 1 USD. There are 6 types of accounts to choose: Cent, Micro, Standard, Zero Spread, ECN, and Crypto. After registering, traders can trade 35 currency pairs, 4 metals, 11 indices, 3 energies, 66 stocks, and cryptocurrencies in MT4, MT5, and FBS Trader platforms with no requotes. The spread starts from -1 pip and the maximum leverage is 1:3000. All strategies are welcome in all accounts.

Being regulated by the IFSC of Belize, FBS Nigeria guarantees the safety of their clients’ funds. Traders can deposit and withdraw funds conveniently via various payment methods, such as credit/debit cards, e-wallets, local Nigeria bank transfers, local exchange services, and cryptocurrencies.

This Forex broker is also famous for offering interesting bonuses and holding exciting Forex contests. FBS Nigeria also offers various beneficial programs, such as the FBS Loyalty program, copytrade, and Affiliate program.

In addition, FBS Nigeria provides various resources that traders can use to improve their Forex knowledge and skills, such as market analytics (Forex news and daily market analysis), trader tools (economic calendar and Forex calculator), and Forex education (guidebook, tips, webinars, videos, seminars, FAQ, and glossary).
For any help or questions, simply contact the 24/7 support team. They are ready to help via live chat, email, or phone.

Account types offered by FBS Nigeria

FBS Nigeria offers 6 types of accounts: Cent, Micro, Standard, Zero Spread, ECN, and Crypto. After registering with FBS Nigeria, traders can choose an account type that is most suitable for their appetite risk, trading needs, and styles. All account types support swap-free trading (except ECN account), which is ideal for traders of the Islamic faith.

Traders can trade 35 currency pairs and 4 metals in the MT4 platform, as well as 35 currency pairs, 4 metals, 11 indices, 3 energies, 66 stocks, and cryptocurrencies in the MT5 platform in USD and EUR. All orders in all accounts, except ECN, are executed in real-time through the STP process in 0.3 seconds. In addition, all FBS Nigeria accounts accept all strategies and EA with no requotes.

Cent

Minimum Deposit: $1
Leverage: 1:1000
Minimum trade size: 0.01
Spread Type: Floating from 1 pip
Commission: No
Account Currency: USD, EUR

👉 Open Cent

Standard

Minimum Deposit: $100
Leverage: 1:3000
Minimum trade size: 0.01
Spread Type: Floating from 0.5 pip
Commission: No
Account Currency: USD, EUR

👉 Open Standard

Micro

Minimum Deposit: $5
Leverage: 1:3000
Minimum trade size: 0.01
Spread Type: Tetap dari 3 pip
Commission: No
Account Currency: USD, EUR

👉 Open Micro

ECN

Minimum Deposit: $1000
Leverage: 1:500
Minimum trade size: 0.01
Spread Type: Floating from 0 pip
Commission: $6\lot
Account Currency: USD, EUR

👉 Open ECN

Zero Spread

Minimum Deposit: $500
Leverage: 1:3000
Minimum trade size: 0.01
Spread Type: Tetap (0 pip)
Commission: $20\lot
Account Currency: USD, EUR

👉 Open Zero

Crypto

Deposit Minimum: $1
Leverage: 1:5
Saiz dagangan terkecil: 0.01
Jenis Spread: Terapung dari 1 pip
Komisen: 0.05%
Matawang asas Akaun: USDT

👉 Open Crypto

1. Cent Account

Transactions in Cent account are carried out in cents, so it is low risk and thus beneficial for newbie traders who have just joined the Forex market. The minimum deposit is just 1 USD and traders can trade in a minimum of 0.01 cent lots to a maximum of 1,000 cent lots, up to 200 maximum open positions. They can also enjoy floating spread starting from 1 pip with leverage as high as 1:1000. The Cent account does not charge any commission.

2. Micro Account

For traders who want to calculate their profits precisely, they can trade in smaller sizes by using micro lots in the Micro account. This account is also preferred by traders who want to try and master various trading strategies. They can deposit a minimum of 5 USD to start enjoying the fixed spread of 3 pips and maximum leverage of 1:3000. Traders can open up to 200 positions in a minimum of 0.01 lots to a maximum of 500 lots without any commission.

3. Standard Account

The Standard account is usually used by more experienced market players since it offers ultra-competitive floating spreads, starting from 0.5 pips. To start trading using this account and make use of the maximum leverage of 1:3000, traders can deposit funds starting from 100 USD with no commission. The order volume starts from 0.01 lots to 500 lots. Similar to the previous two account types, traders can open a maximum of 200 positions.

4. Zero Spread Account

The next account type, Zero Spread, is most suitable for experienced traders who prefer high-speed trading since it offers the fastest speed out of all account types. There is no spread for this account, but FBS Nigeria charges a commission starting from 20 USD per lot. By depositing at least 500 USD, traders can benefit from leverage as high as 1:3000 and a maximum of 200 open positions. The minimum order volume is 0.01 lots and the maximum volume is 500 lots.

5. ECN Account

Professional traders who want to experience the full power of trading with ECN technologies usually prefer the ECN account. This account offers the best trading conditions, such as floating spread as low as -1 pip, leverage as high as 1:500, and no limit for the open positions. However, the minimum initial deposit is quite high, which is 1,000 USD and FBS Nigeria requires a commission of 6 USD. Traders can trade in a minimum of 0.1 lots to a maximum of 500 lots. All orders in the ECN account are executed in the ECN environment.

6. Crypto Account

Crypto account is offered specially for traders who want to do crypto trading with low spread. The minimum deposit amount is 1 USD. The spread offered is floating starting from 1 pip, and the highest leverage is 1:5. Traders can trade from 0.01 lots up to 500 lots using the Crypto account. FBS Nigeria charges a commission of 0.05% for opening positions and another 0.05% for closing positions.

Aside from the above six accounts, traders can also open a Copytrading account as an Investor or Trader. Traders can get an additional commission by allowing their trading account to be copied by Investors. On the other hand, Investors can copy the trades of a professional trader so they do not need to deal with complicated strategies in the Forex market. However, Investors can only copy the MT4 Micro and MT4 Standard accounts.

Finally, if traders still feel unsure to start a live account, they can practice with the Demo account that uses virtual currency for transactions.

How to deposit and withdraw funds at FBS Nigeria

As a global brokerage company, FBS Nigeria offers a plethora of deposit and withdrawal methods.

Traders can use credit cards (VISA, Mastercard, Maestro), electronic payments (Neteller, Skrill, WebMoney, Sticpay, Paytm, etc.), local bank transfers (via NetBanking), and local exchange services. In addition, FBS Nigeria offers cryptocurrencies for deposit and withdrawal, including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

Each deposit method has different commissions and processing times as follows:

VISA, Neteller, Skrill (USD, EUR) --> no commission, processed instantly
Sticpay (USD) --> 2.5% + 0.3 USD commission, processed instantly
Perfect Money (USD, EUR) --> commission may apply, processed instantly
Bank wire transfer --> 5-7 bank business days
Other payment systems --> typically within 1-2 hours

To withdraw the fund from FBS Nigeria, different commission fees are charged:

VISA (USD, EUR) --> 1 USD commission, 15-20 minutes and maximum 2 days
Neteller (USD, EUR) --> 2% commission (min. 1 USD, max. 30 USD), 15-20 minutes and maximum 2 days
Sticpay (USD) --> 2.5% + 0,3 USD commission, 15-20 minutes and maximum 2 days
Skrill (USD, EUR) --> 1% + 0.32 commission, 15-20 minutes and maximum 2 days
Perfect Money (USD, EUR) --> 0.5% commission, 15-20 minutes and maximum 2 days
Bank wire transfer --> 7-10 bank business days
Credit/debit card --> 3-4 business days

To avoid any delay on the deposit processing, make sure that the name on the Forex account is the same as the name on the payment method. Moreover, fund withdrawal can only be done via the same payment system used for the deposit.

If traders have an inactive account, FBS Nigeria will not deduct any fee. However, their account will be archived after three months of inactivity.

Is FBS Nigeria reliable and safe?

Founded in 2009, FBS Nigeria has more than 11 years of experience in online trading services. In its first year of operation, FBS Nigeria already served more than 50,000 clients, and now they have more than 17 million active traders and 410,000 partners from over 150 countries.

Moreover, to attest to their competency and excellence, FBS Nigeria has received numerous international awards, including the Best International Forex Broker, Most Transparent Forex Broker 2018, Best Forex Trading Account 2018, and Best Forex Broker Asia 2018.

This reputable brokerage company is also licensed by the IFSC of Belize under the company name of FBS Markets Inc. Being regulated by an established regulator, FBS Nigeria has to comply with the international regulatory standards, fulfill the minimum equity capital requirement, and be audited periodically.

Traders do not need to worry about the safety of their funds as FBS Nigeria uses segregated bank accounts and offers negative balance protection. This broker also applies Anti-Money Laundering (AML) policy so that traders’ funds are 100% secure. As an A-Book no-dealing desk and non-market-maker brokerage company, FBS Nigeria provides both STP and ECN environments. They direct traders’ orders right to liquidity providers, thus making them more trustworthy.

Types of spreads in FBS Nigeria

The spreads in FBS Nigeria are different depending on the account types. They offer 5-digit quotes precision.

Cent, Standard, ECN, and Crypto accounts are offered with tight floating spreads from 1 pip, 0.5 pip, -1 pip, and 1 pip, consecutively. On the other hand, fixed spreads apply to the other two accounts, 3 pips for the Micro account and 0 pip for the Zero Spread account.

The table below provides the current average spreads counted in pips for common currency pairs:

Trading platforms offered by FBS Nigeria

To facilitate the best trading experience for their traders, FBS Nigeria offers 3 trading platforms: MetaTrader 4, MetaTrader 5, and FBS Trader. These three platforms provide up-to-date tools and numerous analytical patterns, as well as available in both website and mobile versions.

The popular MT4 platform can be used on the web, Android, iOS, Windows, Mac, and multiterminal. This platform offers 50 indicators and charting tools, VPS service, 4 types of pending orders, embedded news, and one-click trading.

The advanced MT5 platform can be used on the web, Android, iOS, Windows, and Mac. As a more versatile software than MT4, it offers 90 indicators and charting tools, VPS service, 6 types of pending orders, 21 timeframes, economic calendar, embedded news, and one-click trading.

The innovative FBS Trader platform is only available on Android and iOS. However, traders can use the WebTrader from the FBS Nigeria website. By using this platform, they can enjoy secure and fast transactions with various bonuses and cashback offers.

FBS Nigeria Review 2024

Account types offered by FBS Nigeria

How to deposit and withdraw funds at FBS Nigeria

Is FBS Nigeria reliable and safe?

Types of spreads in FBS Nigeria

Trading platforms offered by FBS Nigeria

Key advantages of trading with FBS Nigeria