Forex brokers reviews – Page 28

When choosing a broker, it becomes quite tough as it has to be as per your unique requirements and how well they suit you with their services. You should consider many points before opting for a broker, like - if the broker is regulated? From how many years they are providing the services? Is the broker renowned? Are there any restrictions or penalties levied? Do they have a website? Is the broker listed publicly? What is the registered location for the broker? The list goes on. We have answered all these questions for you in this article for the very famous brokerage houses, XM Group and FBS Inc. Broker XM vs. FBS XM Group has 55 currency pairs, compared to 28 offered by FBS Inc. However, FBS offers bigger leverage up to 1:3000 and XM up to 1:888. If you are looking out for a broker to satisfy your desires for having a vast range of instruments, you may opt for XM Group. In contrast, if you are looking for a broker offering VIP accounts, FBS Inc can be a good choice for you. 1. Regulations XM vs. FBS If we compare broker XM vs. FBS, ASIC, CySEC, and IFSC regulate the XM Group, whereas ESMA and CySEC, IFSC regulates FBS. The regulation part makes both the traders reliable and trustable among the traders. 2. Years in the Market XM vs. FBS It is always good to opt for a broker providing services in the market for a long time, as it increases their reliability, and you can be assured with quality services. Many brokers claim to give assured returns in a short period, but as a trader, you must apply your senses and choose the renowned one. The broker should also have the services to provide a good risk management process to its clients; it helps clients save their money in crisis times. If we talk about XM vs. FBS, XM, and FBS, both have been in this business for the last eleven years, making both of them a lucrative choice. 3. Holding Money Account XM vs. FBS While choosing a broker, you should be aware of the account where you are depositing the money; it should be different from how the broker uses itself for daily expenses and paying its staff. Most of the brokers have a separate bank account to deposit clients’ money. In the case of XM vs. FBS, both follow this regulation and segregate bank accounts for clients. 4. The Choice of Investment Bank XM vs. FBS The investment banks that your broker chose to play an important role. If they are using Goldman Sachs, Barclays, HSBC, JP Morgan, etc., which are tier one banks, it is impressive and beneficial. Most of the tier one banks like HSBC are in the market for more than a century, in addition to that, they manage assets worth more than trillions; thus, they are trustable. Both FBS and XM use tier one investment banks. 5. Penalties or Fines XM vs. FBS It is a big red flag if the broker you are about to opt for has been involved in any illegal activities and has been penalized or fined. So, it becomes important to verify the background before choosing a broker, as it would affect you. 6. Popularity XM vs. FBS People choose brokers that they think are reliable, so the more the popularity, the better it is in most cases. 7. Public Listing XM vs. FBS If a broker is registered publicly on a stock exchange platform, it is considered reputable and trusted. The reason behind it is the fact that in those cases, the broker would have to disclose the financial and company data to the public from time to time. However, XM and FBS are private companies. 8. The Official Location XM vs. FBS If you notice, renowned brokers mostly have their headquarters situated in a significant capital city where there is a financial hub, for example, Cyprus. The XM Group is located at Level 13, 333 George Street Sydney, NSW 2000, Australia and No.5 Cork Street, Belize City, Belize, C.A, and the FBS Inc Vasileos Georgiou A 89, Office 101, Potamos Germasogeias 4048, Limassol, Cyprus. Features Offered by the Broker XM vs. FBS The primary goal of choosing a broker is to have the features you want to ease your trading. Though if you are confused about it, here are three things that you can check on while selecting a broker. Instruments and Services If you are into forex trading, you can have this service at XM and FBS. At XM Group, you can have more than 55 currency pairs, while FBS has around 28 currency pairs. If you also want to trade other assets such as commodities (silver, gold, oil, etc.) or cryptocurrencies, XM can be a better choice as FBS does not have services for trading commodity products. Account Type and Selection of Platform At present, MT4 is a very famous trading platform, and if you are choosing a broker, you would obviously want to avail yourself of the facility to trade on such popular platforms. Well, XM Group and FBS Inc offer the facility to trade on this popular trading platform. They even have the latest MT5 platform. Along with accounting platforms, account type is a crucial point, too. The account type you chose should accommodate your needs and preferences. There are various account types offered by FBS and XM. You could choose from a standard account, mini account, or a VIP account if you chose FBS, while XM gives unique options such as an Islamic account for Muslim investors and traders. The reason behind this separate Islamic account is the fact that it is prohibited to have interest or trade swaps points as per Shariah Law, which is taken care of here. Risk Management, Trading tools, and Funding Different traders have different trading styles like hedging, scalping, etc. Thus, you need to know before choosing a broker to let you trade in your trading style. Both XM Group and FBS Inc provide hedging and scalping trading styles. You can also have the services of Expert Advisors (EAs) on both of these broker platforms. For risk management, XM gives negative balance protection to prevent more debt towards the broker than the deposited amount. FBS does not have this facility. Other risk management tools include stop loss, price alerts, limit orders, etc. The last thing on this list is funding, for which both XM and FBS use Neteller. The trading bonus can use only non-European Union residents. Therefore, potential EU clients can not use forex or any CFD bonus. However, other broker promotions are usually available for all clients. The Fee Structure XM vs. FBS Like the trading tools, the fee structure should also be analyzed to profit in the end, and it does not pay your broker. Many a time, there are separate fees for various tools and instruments. The XM applies 0.10 points to trade EUR/USD, whereas FBS has lower charges for this instrument, making it more affordable. Many brokers charge for inactive accounts, deposits, and withdrawals, along with charging a commission. So, it would help if you did your own research before opting for a broker. The Bottom Line: XM Vs. FBS According to diverse needs, you can choose a broker that fits you, and as a result, there is nothing like an ideal broker. Overall, if we compare, XM definitely has more bonus points compared to FBS as it has more trading instruments, products, and risk management in place. Though both the brokers provide traders with a demo account to help them understand their services, you can try them before opting for one.