FBS and FxPro are the two brokers I have been using ever since I began my journey in Forex back in 2018. I have been using these two brokers concurrently for the past 2-4 years, and I have come to realize that they both offer the same services in different ways.
FxPro Group Limited is a company that provides financial services in the global markets. They are authorized and regulated by the Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CYSEC), and Financial Sector Conduct Authority (FSCA). They have been operating since 2006 and serve over 157 countries in the world, excluding the USA, Iran, and Canada.
FBS on the other hand has been operating since 2009 and they offer their services to over 150 countries in the world, except the following countries: Japan, USA, Canada, UK, Myanmar, Brazil, Malaysia, Israel, and the Islamic Republic of Iran.
Getting into the nitty-gritty of trading, I have had an amazing experience with their services and their customer services are top-notch. Their response rate is at jet's speed and their customer representatives are always ready to help. I remember the first time I chatted with the customer representative of FxPro; their response was faster than I had expected. I couldn't believe it at first because of the horrible experience I had at the first broker I used before switching to FxPro finally.
As a trader, the most important things to look out for in a broker are; fast execution, quick customer response, and good spread. FxPRO and FBS offer these things but the slight difference I have noticed so far is that Fxpro has a better execution while FBS has a better spread. Fxpro doesn't give any form of bonus to their clients, and I have asked their customer care why they don't offer such bonuses, they said “we don't want to give traders unrealistic requirements before they can withdraw their money.” FBS on the other hand gives different forms of bonuses to their clients and with some requirements to fulfill before the bonus can be withdrawn.
Fxpro offers more trading instruments – you can trade major forex pairs, minor forex pairs, exotic forex pairs, metals, energy, shares, indices, cryptocurrencies, and futures on Fxpro.
FBS offers small trading instruments compared to FxPRO – you can trade only major forex pairs, minor forex pairs, cryptocurrencies, metals, and energy spots on FBS. I have not been able to trade indices, shares, and futures on FBS.
Slippage is a major issue when it comes to brokers, especially during news events and the close of the US market. I have noticed it several times on these two brokers and it is even worse on FBS. That happens especially on NZD, AUD, and CHF pairs. I have had different scenarios where I will be taking a position overnight and my position will be closed either at loss or break-even during the US closing hours.
Furthermore, being able to process withdrawals on time is a quality that these two brokers possess but according to my personal experience, FBS has a better withdrawal processing time. Albeit both brokers stipulate that it takes 5-7 working days to process withdrawals, but FBS gets it done faster than Fxpro. If you withdraw on Friday from both brokers, you will most likely receive your money on Monday from FBS and maybe on Tuesday or Wednesday from Fxpro.
FxPRO only allows a few deposit methods; Debit Card, Bank Wire, Skrill, and Neteller. FBS offers more deposit methods than Fxpro and in addition to what FxPRO offers, they also allow their clients to deposit with cryptos (Bitcoin, Tether, Ethereum, Bitcoin Cash, and Litecoin), Local Bank Transfer for clients in Nigeria, Perfect Money, Credit cards, WebMoney and Online Naira (for Nigerian clients). This feature alone can make clients prefer FBS to Fxpro because they provide more options for clients to deposit funds.
Leverage also brings another significant difference in these two brokers. FBS has as high as 1:3000 leverage while Fxpro's highest leverage is 1:200.
Lastly, Fxpro stands out by providing their clients with a wallet, where funds that are not used for trading can be kept. Instead of withdrawing this fund directly into your bank account or any deposit method you used, you can remove some money from your trading account and keep it in your wallet till you need it. It has helped me to remove some profit from my trading account. FBS does not have this feature on its platform.
This review is from personal experience with these brokers over the years. You can decide to use any of them to trade with but for me, I prefer FxPRO.
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