FBS Egypt Review 2024 - TU expert opinion
Is the Forex market legit in Egypt?
Forex trading is legal in Egypt, but this sector is currently weakly regulated by the state. The residents of the country have the right to trade in the Forex market using a broker, but this activity carries risks as there is no mechanism for issuing licenses to financial organizations. Therefore, you need to be particularly careful when choosing a broker.
It is important to know the tax policy for traders from Egypt. Under the law, traders must declare income from investment activity and pay a 10% income tax.
How to Trade Forex in Egypt
You need to start by choosing a brokerage company. Choose a reliable broker with a European or U.S. license, good reputation and a wide choice of instruments. Next, register on the broker’s website and verify your account. The next step is to deposit money to your account using a debit/credit card or a payment system. To reduce the risks, we recommend testing your trading strategy on a demo account before trading with real money.
Our Evaluation of FBS
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
FBS is one of the top brokers in the financial market with the TU Overall Score of 8.37 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by clients on our website, Traders Union expert Anton Kharitonov believes he can recommend this company as the majority of reviews prove that the broker’s clients are fully satisfied with the company.
FBS is a broker for those who appreciate a variety of trading instruments and prompt support. The company is suitable for both beginners and experienced traders working on PCs and smartphones.
Detailed Review of FBS in Egypt
FBS is a good choice for traders from Egypt. The broker complies with all the requirements of the local regulator and offers attractive trading conditions for the clients.
FBS provides services in the Forex market globally. The company has been operating for a little over 10 years. The broker takes a responsible approach to performing the tasks assigned to it. FBS offers its trading clients optimal working conditions and popular financial instruments. The company is characterized by convenient trading terminals, including a mobile version of its own platform, and frequent innovations.
Because the regulator of FBS is the Cyprus Securities and Exchange Commission (CySEC), there is a guarantee of transparency and safety of the trader's funds.
Advantages of FBS for trading in Egypt
Traders Union analysts conducted a detailed analysis of FBS for traders from Egypt. The experts outlined the key benefits of the company for the clients from this country. The advantages of the broker are as follows:
good liquidity;
the availability of a regulator;
quotes using 5 points after the decimal point;
good trading conditions: two types of real accounts, as well as two options for demo trading accounts, relatively low spreads starting from 1 pip;
a good set of financial instruments: you can trade currencies, contracts for differences, and metals;
plenty of materials for training - allows a beginner to quickly master the principles of Forex trading;
protection against a gap (negative balance) - will prevent the loss of the deposit;
you can trade robots - it makes it possible to conduct automated trading;
hedging is allowed - allows you to reduce risks.
Analysis of the Main Features of FBS in Egypt
Traders Union analysts analyzed the key features of FBS for traders from Egypt. TU uses its own evaluation method, assessing each block separately. Based on the results of the assessment, an overall score is given.
Trading conditions for FBS traders from Egypt
It is important to assess trading conditions before you decide to work with a specific company. Traders Union analysts have prepared a comparison of FBS trading conditions for traders from Egypt. The experts analyzed minimum deposit, trading platforms, leverage and other important information that could impact a trader's choice of a broker.
💻 Trading platform: |
MetaTrader 4, MetaTrader 5, FBS Trader
|
---|---|
📊 Accounts: |
Standard account, cent account, demo standard account, demo cent
|
💰 Account currency: |
EUR
|
💵 Replenishment / Withdrawal: |
Cards: Visa, MasterCard; e-wallets: Skrill, Neteller, Wire Transfer, Rapid Transfer
|
🚀 Minimum deposit: |
€10
|
⚖️ Leverage: |
1:3000
|
💼 PAMM-accounts: |
No
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📈️ Min Order: |
0.01 lots
|
💱 Spread: |
From 1 pip
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🔧 Instruments: |
Forex, indices, metals, futures contracts
|
💹 Margin Call / Stop Out: |
40% / 20%
|
🏛 Liquidity provider: |
Currenex
|
📱 Mobile trading: |
Yes
|
➕ Affiliate program: |
Yes
|
📋 Orders execution: |
Market Execution
|
⭐ Trading features: |
Advisors; Hedging; Protection against a gap.
|
🎁 Contests and bonuses: |
Yes
|
FBS Commissions and Fees
Traders Union analysts analyzed commissions and fees charged by FBS for traders from Egypt. Within the framework of the analysis, all types of trading and non-trading fees traders are charged with were evaluated.
The experts at Traders Union checked the broker for trading and non-trading commissions. In the category of trading commission, the company's spread was considered, and as a non-trading commission, various additional fees for withdrawing funds from the account were considered.
Account type | Spread (minimum value) | Withdrawal commission |
Standard | From $1.7 | No |
Cent | From $1.3 | No |
We have also analyzed and compared FBS trading fees with its competitors. Based on the results obtained, each brokerage company was assigned an appropriate level: low, medium, or high.
FAQs
Is FBS legal in Egypt?
Yes. FBS operates legally in Egypt. The broker holds the necessary licenses.
Can you learn trading with FBS? Does the broker offer courses for traders from Egypt?
Yes, FBS offers good trading courses and a lot of educational information for clients from Egypt.
Can FBS be trusted? Has the broker been operating in Egypt long?
FBS has been operating in Egypt quite long and has a good reputation. Therefore, traders can work with FBS.
Is FBS suitable for novice traders from Egypt?
Yes. FBS offers optimal trading conditions and good education for beginners from Egypt.
How efficient is FBS customer support in Egypt?
FBS offers a sufficient number of ways to contact customer support in Egypt, and also provides support in the state language.
Has FBS had any incidents involving theft of funds of clients from Egypt?
No. FBS provides reliable security of funds of clients from Egypt.
Will I be able to file a lawsuit in Egypt if FBS violates my rights?
Yes. If FBS violates your rights, you can file a complaint with the regulator of Egypt, and then with a court.
Can FBS clients from Egypt use the broker’s mobile app?
Yes. The mobile app of FBS is available for the clients from Egypt.
Does FBS provide Egypt market analysis?
Analysis of Egypt is featured in the information provided by FBS.
How can I withdraw funds from my account at FBS in Egypt?
FBS supports bank transfers and debit/credit cards of the banks operating in Egypt.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.