Is FBS safe?
@ Ahmad Taftadjani:
For the security of funds and convenience in trading, we adhere to broker regulations. As long as the broker is regulated by a credible international regulatory body, namely CFTC, NFA, FCA, FINMA, MiFID, ASIC, and FMA, it will be safe.
A credible regulatory body is one that has been tested and is globally recognized, and imposes strict sanctions on brokers if they are found to violate agreed-upon provisions. The regulatory body is also responsible for the security of client funds.
In terms of regulation, broker FBS is regulated by IFSC or the International Financial Services Commission of Belize, CySEC of Cyprus, and ASIC of Australia. So when assessing its security, broker FBS can be said to be quite good because it is at least registered with the Australian regulator.
What needs to be considered is that this broker has many clients and IB in Indonesia, due to its features. There is high leverage, varied deposit and withdrawal methods, and 24-hour customer service for 5 days. If you want to trade on FBS, it is recommended to try its demo account first.
I want to open an account with $500. Could you please advise whether it’s better to open an ECN or Standard account? Thank you.
@ Linda:
- …. Should I open an ECN or Standard account?
Perhaps you meant an ECN or Non-ECN account. Personally, I prefer a Non-ECN account.
With ECN, the commissions can become burdensome in the long run. Regarding spreads, ECN does offer variety and is relatively lower. But because I don't trade with scalping, the spread doesn't have to be very low, as long as it's reasonable. The important thing is whether our position is correct or incorrect. If the position is wrong, even the lowest spread will still result in a loss.
In addition, from the information we have received, brokers that are purely ECN actually have a simple platform, and the initial deposit is quite large. Those who participate in purely ECN brokers are usually financial institutions or big players.
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@ Santi:For the security of your trading and funds, we recommend trading with brokers that are already regulated by credible international regulatory bodies, namely: CFTC, NFA, FCA, FSA, FINMA, MiFID, ASIC and FMA.
Credible regulatory bodies are those that have been tested and are globally recognized, and provide strict sanctions to brokers if they are found to violate agreed-upon terms. These regulatory bodies are also responsible for the security of client funds
If you intend to trade with local brokers (brokers in Indonesia regulated by Bappebti), please see the list of official brokers regulated by Bappebti.
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