FBS is one of the most established Forex brokers with 27M+ clients, 410K+ partners, and $500M+ in annual profits among its traders. It offers 200+ deposit and withdrawal methods, including cryptocurrencies, with a minimum deposit of $5, and has a cutting-edge trading environment, but is it the best choice for your trading requirements? Read my comprehensive FBS alternatives and find out.
Overview of FBS Alternatives
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- Eightcap, 1:500 maximum leverage and cutting-edge trading tools.
- Octa, A commission-free broker with a proprietary copy trading service.
- XM, Exception range of assets + negative balance protection.
- FXTM, Best all-around broker with high floating leverage and fast execution.
- Plus500, The best pricing environment for futures traders in the USA.
Eightcap
In Summary 1:500 maximum leverage and cutting-edge trading toolsEightcap established itself among the best Forex brokers due to its superb trading infrastructure, excellent order execution amid deep liquidity, competitive fees, and cutting-edge trading tools. Manual traders get a well-designed AI-powered economic calendar. MT5 traders benefit from Flash Trader, while the dedicated cryptocurrency solution Crypto Crusher caters to cryptocurrency traders.
Copy traders get the embedded MT4/MT5 services, and Eightcap connects social traders to the active TradingView community. Beginner traders get an outstanding educational and research offering via Eightcap Labs and Eightcap Trade Zone.
Pros & Cons
- Low minimum deposit and high leverage of up to 1:500
- Competitive cost structure
- Excellent technology infrastructure and seasoned management team
- Daily research and quality educational content
- Limited leverage in some areas
Octa
In Summary A commission-free broker with a proprietary copy trading serviceFounded in 2011, Octa is a “Straight Through Processing” (STP) broker, which means they do not have an internal dealing desk. They simply connect buyers and sellers directly. With this model, Octa aims to be more cost-effective than anyone else in the market. They offer low spreads and claim 97.5% of trades are executed without slippage.
Octa offers their clients a choice of three Forex trading platforms: the world’s most popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5). All of these can be traded as a desktop application, and on Android and iOS devices.
Octa is an unregulated broker but continues to earn the trust of traders around the globe, with more than 1,500,000 accounts opened. One reason for the ongoing success of this market maker is appealing bonus campaigns. This broker paid out almost $3,000,000 in bonus funds. Octa offers traders the MT4 and MT5 platforms, and a proprietary mobile trading platform. Octa additionally grants their clients Autochartist, but traders require a Silver Level in the Status Program. Traders have a choice between fixed and floating spreads, and the overall cost structure remains competitive.
Asset selection remains the distinct weakness at Octa, making it most suitable for new retail traders. A series of short educational articles offers a basic Forex introduction, and this broker maintains an excellent arsenal of research and analytics tools.
Pros & Cons
- Quick withdrawals and deposits
- 0% commission and no overnight charges
- Space with personalised trading ideas
- Customer Support 24/7
- Mobile copy trading services available only for Android
XM
In Summary Exception range of assets + negative balance protectionI rank XM among the best Forex brokers for beginners as it provides exceptional education, with the live education room available Monday through Friday between 06:00 and 15:00 GMT at its core. Beginners also receive actionable trading recommendations, and the $5 minimum deposit ensures accessibility to all traders, boosted by deposit bonuses.
XM rewards active traders with a four-tier loyalty program and supports algorithmic traders with VPS hosting. The well-balanced asset selection exceeds 1,000 assets, and the proprietary copy trading service pays signal providers up to 50% profit share. Swap-free trading and low trading fees ensure a competitive edge.
Pros & Cons
- Outstanding trading tools and loyalty program
- Low minimum deposit, high leverage*, and competitive trading cost
- Excellent research and education
- Trustworthy and transparent with generous bonuses and incentives
- Inactivity fee
FXTM
In Summary Best all-around broker with high floating leverage and fast executionWe have made FXTM one of our top-rated brokers because in addition to its lengthy track record, it enjoys a very high level of regulation and reputation, and it offers a highly competitive fee structure which tends to keep down the cost of trading.
Pros & Cons
- Excellent commission-based Forex pricing environment and transparency
- Upgraded MT4/MT5 trading platforms plus proprietary mobile trading app
- Quality market research and educational content for beginner traders
- A highly regulated broker with a tier-1 license
- Limited choice of commodities
Plus500
In Summary The best pricing environment for futures traders in the USAPlus500 is a global CFD broker founded in 2008. It maintains an excellent regulatory environment provided by the FCA in the UK, the CySEC in Cyprus, the ASIC in Australia, the FMA in New Zealand, the FSCA in South Africa, the FSA in Seychelles, and the MAS in Singapore. Plus500 offers traders a choice of more than 2,800 assets to trade, including nearly 900 options contracts, in a commission-free trading environment. This extremely wide range of choice can make Plus500 an appropriate choice for traders looking to pursue wide diversification of assets. Plus500 is licensed to offer CFDs through ASIC (AFSL #417727), and through the FMA (FSP #486026), for licensed CFDs in New Zealand. Plus500 trading services are also available in South Africa (Authorised Financial Services Provider #47546). In addition, Plus500CY Ltd is authorized & regulated by CySEC (#250/14), while Plus500EE AS is authorised and regulated by the Estonian Financial Supervision and Resolution Authority (Licence No. 4.1-1/18).
Pros & Cons
- Broad asset selection in equities and options
- Free and unlimited demo account
- Advanced free-of-charge analytical trading tools
- Global and regulated fintech platform
- Sub-standard trading platform without support for automated or social trading
| | | | | |
Regulators | ASIC, CySEC, FCA, SCB | CySEC, FSCA, MWALI International Services Authority | ASIC, CySEC, DFSA, FSC Belize | CMA, FCA, FSC Mauritius, FSCA, SCA | ASIC, CFTC, CySEC, EFSA, FCA, FMA, FSCA, MAS, NFA, SCA |
Year Established | 2009 | 2011 | 2009 | 2011 | 2008 |
Execution Type(s) | ECN/STP, Market Maker | Market Maker | Market Maker | ECN/STP, Market Maker | Market Maker |
Minimum Deposit | |||||
Average Trading Cost EUR/USD | 1.0 pips | 0.9 pips | 0.1 pips | 0.1 pips | 1.1 pips |
Average Trading Cost GBP/USD | 1.2 pips | 1.3 pips | 0.2 pips | 0.2 pips | 1.4 pips |
Average Trading Cost Gold | $0.12 | $0.30 | $0.19 | $0.18 | - |
Trading Platform(s) | MetaTrader 4, MetaTrader 5, Trading View | MetaTrader 4, MetaTrader 5, Proprietary platform | MetaTrader 4, MetaTrader 5, Proprietary platform | MetaTrader 4, MetaTrader 5, Proprietary platform | Proprietary platform, Web-based |
Islamic Account | |||||
Negative Balance Protection | N/A | N/A | |||
| Visit Website | Visit Website | Visit Website | Visit Website | Get Started Visit Website79% of retail CFD accounts lose money |
| | | | | |
Trading Platform(s) | MetaTrader 4, MetaTrader 5, Trading View | MetaTrader 4, MetaTrader 5, Proprietary platform | MetaTrader 4, MetaTrader 5, Proprietary platform | MetaTrader 4, MetaTrader 5, Proprietary platform | Proprietary platform, Web-based |
Regulators | Yes ASIC, CySEC, FCA, SCB | Yes CySEC, FSCA, MWALI International Services Authority | Yes ASIC, CySEC, DFSA, FSC Belize | Yes CMA, FCA, FSC Mauritius, FSCA, SCA | Yes ASIC, CFTC, CySEC, EFSA, FCA, FMA, FSCA, MAS, NFA, SCA |
Minimum Deposit | |||||
Automated Trading | |||||
Social/Copy Trading | N/A | ||||
Average Trading Cost EUR/USD | 1.0 pips | 0.9 pips | 0.1 pips | 0.1 pips | 1.1 pips |
| Visit Website | Visit Website | Visit Website | Visit Website | Get Started Visit Website79% of retail CFD accounts lose money |
Important Factors in Finding FBS Alternatives
My FBS alternatives analysis focused on the five categories below, which form the core trading conditions that most profitable traders require.
Here are the five most crucial factors when evaluating FBS alternatives:
1. Fees: Trading fees are my top priority since they directly impact profitability and indicate which strategies a broker supports or passively discourages.
2. Account Opening: Most brokers have a user-friendly online application with minimal personal data collection and mandatory account verification, where the primary difference is the minimum deposit requirement.
3. Deposit & Withdrawals: Since every reputable broker offers bank wires and credit/card deposits, traders should evaluate non-banking options like cryptocurrencies, e-wallets, and localized options, as geographic and regulatory restrictions may exist. Traders must also consider withdrawal times, costs, and follow-on transactions to determine how the deposit and withdrawal infrastructure compares to other brokers.
4. Trading Platforms: Most traders should ensure the availability of MT4, the leading algorithmic trading platform, as 80%+ of the daily Forex order flow is algorithmic. Some brokers have proprietary alternatives, which traders can consider if they suit their trading styles.
5. Markets & Products: Traders must ensure that their brokers maintain the markets and products necessary for their strategy execution and portfolio management.
FBS Alternatives
Eightcap
Eightcap offers a distinct competitive edge few brokers can match.
Fees
Traders in the commission-based account receive raw spreads trading with spreads from 0.0 pips for a commission of $7.00 per 1.0 standard round lot.
Pros | Cons |
|---|---|
Competitive Forex fees | No volume-based rebate program |
No non-trading fees | |
Good pricing transparency |
Account Opening
Eightcap maintains a minimal online account application asking for an e-mail address, desired password, name, and country of residence.
Pros | Cons |
|---|---|
User-friendly, digital account application | None |
Fast account opening process | |
Seven account base currencies |
Deposit & Withdrawals
Traders can use bank wires, credit/debit cards, Skrill, Neteller, PayPal, BPay, Union Pay, FasaPay, PIX, Dragon Pay, cryptocurrencies, and localized payment processors.
Find out more about deposit or withdrawal
Pros | Cons |
|---|---|
No deposit fees or withdrawal fees | Potential currency conversion fees |
Fast payment processing times | |
User-friendly back office |
Trading Platforms
Eightcap offers MT4 with the Capitalise AI plugin, MT5 with the FlashTrader plugin, and TradingView with its 50M+ social trading community.
Pros | Cons |
|---|---|
VPS hosting for low-latency 24/5 Forex trading | None |
Capitalise AI for code-free algorithmic trading | |
TradingView for social traders |
Markets & Products
The well-balanced Eightcap asset selection features 800+ trading instruments covering five asset classes, including 100+ cryptocurrency CFDs.
Pros | Cons |
|---|---|
Well-balanced asset selection | No bonds or other fixed-income assets |
Excellent beginner research and education via Eightcap Labs and Trade Zone | No ETF trading |
AI-powered economic calendar |
Verdict
Eightcap outclasses FBS with Capitalise AI for MT4.
Read more about Eightcap, in our updated " Eightcap Broker Review".
Octa
Octa is an industry-leading copy trading broker with 40M+ accounts from 180+ countries and shines with its ultra-low trading fees and swap-free trading for all.
Fees
Octa ranks among the cheapest commission-free brokers with minimum Forex spreads from 0.6 pips or $6.00 per 1.0 standard round lot.
Pros | Cons |
|---|---|
Low commission-free trading fees | None |
Swap-free trading for all traders | |
Absence of non-trading fees |
Account Opening
Traders can open an account via the online application by submitting a valid e-mail and password. Alternatively, they can use their Facebook, Apple, or Google IDs.
Pros | Cons |
|---|---|
User-friendly, digital account application | Only US Dollar accounts |
Fast account opening process | |
Low minimum deposit requirement |
Deposit & Withdrawals
Octa offers bank wires, credit/debit cards, Skrill, Neteller, and cryptocurrencies (Bitcoin, Ethereum, Litecoin, Dogecoin, and Tether) as deposit and withdrawal methods.
Pros | Cons |
|---|---|
No deposit fees or withdrawal fees | Currency conversion fees |
Average Octa withdrawal processing time of 19 minutes | |
Low minimum withdrawal thresholds |
Trading Platforms
Traders can use the proprietary web-based trading platform with charting technology by TradingView, mobile apps OctaTrader App and Copytrading App, and MT4/MT5.
Pros | Cons |
|---|---|
An ideal environment for copy trading | No MT4/MT5 upgrades outside the Status program |
Autochartist upgrade via the Status program | |
User-friendly mobile apps |
Markets & Products
Octa maintains 225+ assets covering Forex, cryptocurrencies, commodities, indices, and equity CFDs listed on 16 exchanges.
Pros | Cons |
|---|---|
Highly liquid assets | No ETF trading |
50% withdrawable bonus, and trading competitions | No bonds or other fixed-income assets |
In-house copy trading service and mobile app |
Verdict
Octa trumps FBS with its copy-trading community and swap-free trading.
XM
XM features a low minimum deposit requirement and excellent promotions, including a loyalty program, making it one of the most accessible brokers for beginners.
Fees
Traders benefit from low-cost commission-free Forex spreads from 0.6 pips or $6.00 per 1.0 standard round lot and swap-free trading for all traders on select currency pairs and metals.
Pros | Cons |
|---|---|
Competitive Forex fees | None |
Swap-free trading on select assets | |
Loyalty program |
Account Opening
XM only asks traders for an e-mail address and desired password to start the account opening process.
Read the detailed account type review for XM
Pros | Cons |
|---|---|
User-friendly, digital account application | None |
Fast account opening process | |
Ten account base currencies |
Deposit & Withdrawals
XM Withdrawal supports bank wires, credit/cards, and numerous localized payment processors, listed in the back office by geographic availability.
Pros | Cons |
|---|---|
No deposit fees | Currency conversion fees |
No withdrawal fees | |
Reimbursement on bank wires exceeding $200 |
Trading Platforms
XM provides six custom plugins for the MT4/MT5 trading platforms, and the MT4 Multiterminal caters to account managers.
Pros | Cons |
|---|---|
Six custom MT4/MT5 plugins | None |
MT4 Multiterminal | |
VPS hosting for low-latency 24/5 market access |
Markets & Products
XM maintains a well-balanced mix, including shares and a competitive choice of cryptocurrencies with 1,000+ total assets.
Pros | Cons |
|---|---|
Competitive cryptocurrency selection with 24/7 trading | No bonds or other fixed-income assets |
Well-balanced | |
Superb research, including Trading Ideas and Discover |
Verdict
XM beats FBS with its loyalty program and incentives.
You may find additional info. about XM, in our updated XM Broker review.
FXTM
FXTM is ideal for algorithmic traders and scalpers due to deep liquidity, ultra-fast order execution, and cutting-edge price-improvement technology.
Fees
FXTM shines with its industry-leading commission-based cost structure featuring raw spreads of 0.0 pips for a commission between $0.80 and $4.00 per 1.0 standard round lot.
Pros | Cons |
|---|---|
Excellent commission-based Forex pricing environment and transparency | $5 monthly inactivity fee after six months of dormancy |
Price improvement technology with an average cost reduction of $3.00 per lot | |
No internal deposit or withdrawal fees |
Account Opening
The user-friendly online account application only requires a name, country of residence, valid phone number, e-mail, and password.
Pros | Cons |
|---|---|
User-friendly, digital account application | Limited account base currencies |
Fast account opening process | |
Low minimum deposit requirement |
Deposit & Withdrawals
FXTM supports bank wires, credit/debit cards, Skrill, Neteller, Perfect Money, PayRedeem, GlobePay, Google Pay, FasaPay, M-Pesa, and localized payment methods.
Pros | Cons |
|---|---|
No deposit fees | Potential currency conversion fees |
Fast deposit processing times | |
User-friendly back office |
Trading Platforms
Traders can use the proprietary mobile app FXTM Trader, the copy trading app FXTM Invest, MT4, and MT5.
Pros | Cons |
|---|---|
MT4/MT5 trading platforms for algorithmic and copy trading | Insufficient trading platform upgrades |
Proprietary mobile app ideal for the in-house copy trading service | |
MT4 plugin and actionable trading recommendations |
Markets & Products
FXTM features a choice of highly liquid trading instruments, including 55+ currency pairs, ideal for algorithmic scalpers and high-frequency traders.
Pros | Cons |
|---|---|
A balanced choice of liquid assets covering five sectors | No ETFs |
Physical share dealing in 399 US blue chip stocks | No bonds or other fixed-income assets |
Embedded MT4/MT5 copy trading services and FXTM Invest |
Verdict
FXTM beats FBS with its ultra-low pricing environment.
To learn more about FXTM and its offering, read our up-to-date FXTM Broker Review.
Plus500
Plus500 offers a cutting-edge infrastructure for manual traders using complex trading strategies using options.
Fees
Traders receive a commission-free cost structure with minimum Forex spreads of 0.8 pips or $8.00 per 1.0 standard round lot.
Additional fees apply.
Pros | Cons |
|---|---|
Reasonable Forex fees | Inactivity fee |
Commission-free equity trading | |
Rebate program |
Account Opening
Plus500 user-friendly online account application requires an e-mail and password to open a Plus500 account. Traders can also use their Google, Facebook, or Apple IDs.
Pros | Cons |
|---|---|
User-friendly, digital account application | Limited account base currencies |
Fast account opening process | |
Publicly-listed broker |
Deposit & Withdrawals
Traders can deposit and withdraw via bank wires, credit/debit cards, Skrill, Neteller, and PayPal.
Pros | Cons |
|---|---|
No deposit fees | Currency conversion fees |
No withdrawal fees | Above-average withdrawal times |
User-friendly back office |
Trading Platforms
Plus500 offers its in-house developed Plus500 trading platform as a desktop client, a lightweight webtrader, and a user-friendly mobile app.
Pros | Cons |
|---|---|
User-friendly interface | No MT4 |
Advanced analytical tools | No algorithmic and copy trading |
Guaranteed stop-loss orders | No customization |
Markets & Products
Traders can benefit from a well-balanced selection of CFDs exceeding 2,800 underlying instruments, including 70+ currency pairs, 1,700+ equities, and 850+ options contracts.
Pros | Cons |
|---|---|
Excellent choice of option contracts | No bonds or other fixed-income assets |
Well-balanced | |
+Insights analytical tool |
Verdict
Plus500 bests FBS with its options trading capabilities.
To learn more about Plus500 and its offering, read our up-to-date Plus500 Broker Review.
Bottom Line
My review of FBS alternatives concluded with the following results:
- Eightcap grants a distinct competitive edge with the Capitalise AI
- Octa shines with its trading community and swap-free trading
- XM is an excellent choice for beginners
- FXTM maintains the lowest trading fees for active high-volume traders
- Plus500 excels for manual traders using complex options strategies
