9 FBS Alternatives for 2024

FBS was established in 2009 as an online broker that facilitates the trading of forex and CFDs. It provides the MT4, MT5, and its proprietary mobile apps for trading. We qualify FBS as our ‘best broker for beginner traders’ because of its focus on grooming new traders. So far, the broker boasts 27 million traders from over 150 countries.

Are you dissatisfied with any of the services offered by FBS? Or, do you need a list of alternative brokers that can comfortably stand as alternatives to FBS? If your answer is in the affirmative, then, you are reading the right content. Continue reading as we go through the brokers that qualify as alternatives to FBS.

FBS Overview:

A List of FBS Alternatives for 2024

• Pepperstone: Best Overall Broker  
• ActivTrades: Best for EU Traders
• FP Markets: Best for High-Volume Trading
• Eightcap: Best for Smart Trading Tools  
• eToro: Social Copy Trading Platform
• IC Markets: Best for Tight Spreads  
• AvaTrade: Best Market Maker Broker 
• Exness: Instant Deposit and Withdrawal
• XM: Best for Deposit  Bonus 

FBS Alternatives: Comparison Table (FBS with Competitors) 

Top 9 Alternatives of FBS for 2024 (Reviewed and Tested)

1. Pepperstone

Having been in operation for over a decade, Pepperstone is one of the top brokers on the internet today. It is regulated across 7 jurisdictions including the top regulators like FCA, ASIC, CySEC etc. Powered by modern technological infrastructure, Pepperstone boasts swift trade executions, a deep liquidity pool, and advanced platforms.

The broker has an in-house team of analysts who prepare the daily market analysis and webinars. Tools like ‘smart trader tools,’ cTrader Automate, Autochartist, etc are provided at no extra cost to the trader. Social traders are not left out as they can link their accounts to ‘AutoTrade’ or ‘DupliTrade’.

Pros

• Authorized and regulated by the tier-1 regulators such as ASIC, CySEC, FCA, BaFin, etc. 
• Access to trade on 4 platforms: MT4, MT5, cTrader, and TradingView platforms.
• Social traders have access to DupliTrade and AutoTrade.
• Provides trading tools including Autochartist, MT4 smart trader tools, free VPS, Market analysis, Capitalise.ai, etc
• There is no minimum deposit, no inactivity fees, and no deposit or withdrawal fees.

Cons

• Traders from certain countries like the USA are not accepted.
• Pepperstone Demo accounts expire after 30 days.
• There is no comprehensive trading academy for newbies.
•  Bank fees on International bank withdrawals are transferred to clients. 

2. ActivTrades

Founded in 2001, ActivTrades is a well-established forex and CFD broker that provides services to both retail and institutional traders worldwide. Founded by Alex Pusco as a stock brokerage in Switzerland in 2001, the company relocated to London in 2005. The broker introduced MetaTrader 4 in 2007 and expanded its offerings to include CFDs on indices and commodities in 2008. Today, ActivTrades offers over 1,000 trading instruments across seven asset classes, including forex, shares, indices, cryptocurrencies, ETFs, commodities, bonds, and more.

Pros:

• Regulated by FCA, SCB, CMVM.
• There is no Minimum Deposit. You may deposit as low as possible
• The maximum leverage is as high as 400:1.
• Free deposit and withdrawal.
• Allows scalping, news trading, and EA trading.
• Offers 1000+ trading instruments.
• Spreads start from 0.5 pips.
• Provides fast order execution.
• Lloyds of London insurance up to $1,000,000.
• Offers 24-hour customer support in 14 languages.
• Available to customers in more than 140 countries

Cons:

• Not regulated by ASIC or CySEC.
• Only forex and CFDs are offered; no real tradable instruments are available.
• No passive investment programs like PAMM or MAM accounts.
• Not authorized to trade real stocks.
• A bank wire withdrawal fee is applicable.
• An inactivity fee may be charged.
• The minimum deposit for Brazilian and Chinese traders is $500.

3. FP Markets

First Prudential Markets is a trusted forex and CFD broker that began operations in 2005. The broker gives its clients access to trade more than 10,000 instruments on its MT4, MT5, cTrader, and IRESS platforms. FP Markets insists that its spreads are raw; starting from 0.0 pips as streamed from its Liquidity providers.

CFD traders are given direct market access (DMA) via the IRESS platform. Trading of real stocks from the Australian exchange is available. There are no restrictions on strategies. Compared to other competitors, its trading fees are low. FBS does not charge deposit, withdrawal, or inactivity fees.

Pros

• Regulated by the ASIC, CySEC, FSCA, FSC Mauritius, FSA Seychelles
• Research and trading tools like daily reports, market analyses, Autochartist, Trading Central, etc
• Free VPS to high-volume traders.
• Social trading is available through ‘Copy Trading’.
• The customer support desk is available 24/7 and speaks multiple languages.

Cons

• International withdrawals via bank transfers attract a fee.
• IRESS platform requires a deposit of at least AUD 1,000
• No proprietary trading platforms.
• Clients from certain countries are restricted from opening accounts.

4. Eightcap

EightCap was registered in Melbourne, Australia in 2009. The broker allows the trading of over 800 forex and CFDs on its platforms which include MT4, MT4, and TradingView. Traders are provided with tools like free VPS, Crypto Crusher, Capitalise.ai, FlashTrader, Trade Idea, outlook, etc

Pros

• Regulated by ASIC, FCA, VFSA 
• The Maximum Leverage is as high as 1:500
• Offers passive investment programme(MAM, PAMM accounts) 
• No Deposit/Withdrawal Fees
• Easy To Open An Account
• Scalping and EA Trading are allowed 
• 100+ Crypto CFDs available

Cons

• Minimum deposit is $100
• No Investor Protection for non-EU Clients
• The Broker is not regulated by FCA UK 
• Conditions and trading costs vary according to the entity
• Hedging is not allowed with the ASIC entity
• No joint accounts, copy trading, referral program, or other options for passive income

5. eToro

Focused on trading and investing, eToro has successfully built a social trading platform where millions of traders and investors interact, share ideas, copy trades, and invest. Generally, trading fees are low and order executions are fast. Clients can only trade on eToro’s proprietary web and mobile platforms.

In addition to forex and CFD trading; eToro clients can trade real stocks and ETFs with zero commissions. They can also invest in real cryptos. Traders who qualify for eToro club membership are treated to exclusive services such as dedication support, free withdrawals, Trading Central analysis, the Wall Street Journal subscription, cashback programs, etc.

Pros

• Regulated by ASIC, CySEC, FCA, FinCEN, FSA Malta, FSA Seychelles, and FSC Gibraltar.
• Large trading and investing platform.
• You can trade over 3000 forex/CFDs and also real stocks, ETFs, and cryptos.
• Proprietary platform with trading tools like news feed, market sentiments, etc
• Anyone can invest in customized asset baskets via ‘CopyPortfolios’ with no management fees.   

Cons

• Limited trading platforms and strategies.
• Non-trading fees like inactivity fees, withdrawal fees, conversion fees, etc are charged.
• USD is the only available account currency.
• No automation of strategies via trading robots.  

6. IC Markets

Having been in operations for over 15 years and climbing to the top as one of the leading brokers in the industry, IC Markets deserves a place in our list of best forex brokers in Europe. The broker offers low spreads and true ECN trading of more than 2250 instruments on its 3 platforms. Multiple trading tools are provided to assist the trader.

IC Markets is one of the best brokers in Europe because of its affordable trading fees, non-trading fees, premium trading tools, and overall excellent performance through the years. 

Pros

• Regulated by the ASIC, CySEC, SCB Bahamas, and FSA Seychelles.
• You can trade on the MT4, MT5, or cTrader platforms.
• Supports multiple social trading platforms; ZuluTrade, IC social, and AutoTrade by MyFxbook.
• Trading tools like Autochartist, Trading Central analysis, Market Buzz, MT4 advanced trading tools, etc.
• Free VPS, and rebates for high-volume traders.

Cons

• $200 is the minimum account opening deposit.
• No micro accounts

7. Avatrade

Founded in Sydney, Australia in 2007 by traders, Axi has grown into a global brand with 60,000 clients from over 100 countries. More than 220 forex and CFDs can be traded on its MT4 platform. The Axi Trading platform will soon be available for real trading. Tools like Autochartist and MT4 NextGen are provided while the Axi Copy Trading app is for social trading.

Pros

• Free deposit and withdrawal options
• Great research tools
• a wide range of trading instruments
• ability to trade from mobile devices
• Unique social trading features
• Impressive educational offerings
• Negative balance protection
• Does not charge any fees for deposits or Withdrawals
• Offers commission-free trading
• Offers negative balance protection
• Supports multiple trading platforms and EAs

Cons

• High inactivity fees
• Not regulated by the FCA
• Does not accept U.S. clients
• No guaranteed stop-loss
• Do not have 24/7 customer support 

8. Exness

Established in 2008, Exness is a regulated forex and CFD broker. It is regulated by multiple jurisdictions. The broker gives access to trade more than 230 tradable instruments on its MT4 and MT5 Trading platforms. The broker allows copy trading, news trading, and EA Trading. You can start trading with as low as 0.01 lot in Exness. The broker also offers a very tight spread starting from 0.3pips. However, Exness does not have ASIC regulation.

Pros

• Top tire regulations ( FCA, CySEC, FSC, FSA-S SBCS, FSCA, BVI FSC, and so on. 
• The maximum leverage is as high as 1:unlimited or 1:2000
• The minimum deposit is as low as $1 or depends on payment methods
• Free VPS hosting; to qualify, you need to trade for a minimum of 14 days and lifetime deposits of $500;
• Competitive spreads starting from 0.2 pips on standard accounts
• Swap-Free/Islamic Account Provided
• Scalping, EA Trading, and Copy Trading are allowed 
• Instant Withdrawal of Money 24/7

Cons

• No Passive investment programme ( PAMM, MAM Accounts) 
• No Ctrader, Tradingview, or ZuluTrade offered 
• US Traders are not accepted 
• Only MT4 and MT5 Trading Platforms 
• Limited educational resources

9. XM

XM was established in 2009 as trading-point.com with a head office in Limassol, Cyprus. Today, it has become a global broker that serves over 10 million clients from over 190 countries. The broker asserts that 99.35% of clients’ orders are executed in less than a second without requotes or rejections.

The broker offers multiple account types including the ‘ultra-low account’; which comes with low spreads from 0.6 pips, leverage up to 1:1000, no commissions, and no swaps on selected assets like major currency pairs, Gold, etc. XM’s shares account allows investors to invest in real stocks as traded in the stock exchanges.

Pros

• Regulated by ASIC in Australia, CySEC in Cyprus, DFSA in UAE and FSC Belize
• Trading on the MT4 and MT5 platforms.
• More than 1000 forex/CFDs and real stocks can be traded on its platforms.
• Clients have access to trading tools like exclusive indicators, Market news, Trade ideas, Autochartist, free VPS, etc
• Customer service is available in over 30 languages

Cons

• Inactivity fees are charged from dormant accounts.
• Clients from the USA, Canada, and Israel are not accepted.
• Only clients from the FSC-regulated jurisdiction can trade real stocks.
• Only the MetaTrader platforms are available.

Why FBS might not be right for you

FBS is one of the most popular Forex and CFD Brokers. However, when it comes to forex brokers, every trader has his peculiarities and needs.

Below are a few reasons why FBS might not be the perfect broker for you:

No Investor Protection for Non-EU Clients:

FBS doesn’t provide an investor protection scheme for traders outside the European Union (EU). It’s worth noting that many global brokers, not just FBS, often don’t offer insurance or investor protection to non-EU traders. This absence of a safety net could be a consideration for those placing a high value on the security of their investments.

Limited Number of Tradable Assets:

While FBS offers trading options in forex, crypto, and CFDs, the range of tradable assets is somewhat narrower compared to top competitors like Pepperstone and IC Markets. Traders who prefer a more extensive selection of assets for diversification might find the options on FBS to be somewhat limited

No FCA Regulations:

Unlike some brokers regulated by the UK’s Financial Conduct Authority (FCA), such as Pepperstone, FBS operates under licenses from ASIC (Australia), FSC (Beliz), and CySEC (Cyprus). The absence of FCA regulation might be a concern for traders who see the FCA as a gold standard in regulatory oversight.

Sometimes Server Lag:

There have been instances of server lag issues with FBS. Kindly note that these problems were temporary, they did impact our trading experience. Server lag can be frustrating, particularly for those engaged in fast-paced markets where split-second decisions matter.

US Traders Not Accepted:

FBS, like many other non-US brokers, doesn’t have a presence in the United States, and as a result, they don’t accept clients from the US. If you’re based in the US and looking for a brokerage platform, this limitation could significantly impact your options.

FBS Alternatives and Competitors: Our Ratings

Find below, our ratings for FBS and its alternatives on a scale of 1-10.0. We arrived at the scores by researching and testing over 170 data points drawn from the services offered by the brokers. The 6 macro areas of focus are; regulation, Fees, Trading, tools, support, and education. 

How we selected FBS alternatives

It is common knowledge that all forex brokers are not the same. Some are well-established multinationals with fully functional offices, and have a huge client base while others are just struggling brokerages. Since FBS is a leading broker, we selected other brokers that can replace it by looking at the following criteria:

Regulations

FBS is regulated by two tier-1 regulators: ASIC and CySEC. So, we choose brokers that have at least one tier-one regulation. Some of the alternatives have more regulations while some have fewer. For example, Pepperstone and eToro have 4 tier-1 regulations while JustMarkets have one tier-1 regulation.

Regulations contribute the greatest score when rating brokers because any broker whose operations are not licensed and supervised by a stringent authority might be cheating its clients. Most unregulated or offshore brokers are just scammers masquerading as forex brokers.

Fees

Traders are very observant when it comes to trading fees because it is charged for every transaction. High trading fees can cancel out any profits made by a trader when he closes a position; especially for scalpers. We chose only brokers whose trading fees are within the same range as those of FBS.

We chose brokers that offer standard accounts with spreads ranging from 0.5-1.0 pip on the benchmark EURUSD or ECN accounts with commissions of $3-3.5 per side per lot. Just like FBS, most of the alternatives do not charge non-trading fees.  

Account opening

We only chose alternatives whose account opening procedures are similar to those of FBS. It is done by completing the online form, and uploading verification documents while the broker approves the account. All the processes are completed electronically.

Deposit/Withdrawal

FBS accepts multiple payment options, so, any broker that qualifies as its alternative must also do the same. So, we chose brokers that accept a wide range of deposit and withdrawal methods. All of the alternatives do not charge deposit fees; only a few charge withdrawal fees.

Safety

Generally, regulated brokers are mandated to maintain standard security features to ensure a safe trading environment. FBS has been in operation for 15 years. It has gained significant brokerage experience and has grown exponentially through the years.

It will only be fair if an alternative for FBS is equally an old, experienced, and secure broker. So, we only chose brokers that have been in operation for at least a decade. These FBS alternatives have no scandals and have been operating consecutively for years. Security is guaranteed because they are all well-established top brokers in the industry.

Frequently Asked Questions (FAQs)

Who are the competitors of FBS? 

Every online forex and CFD broker is technically a competitor of FBS. However, being a leading broker puts FBS ahead of many forex brokers. So, their competitors should be other leading brokers with an equally large clientele.  

By our standards, the competitors of FBS are Pepperstone, XM, eToro, FBS, FP Markets, and JustMarkets. 

Are there any commission-free alternatives to  FBS? 

Yes! eToro is an alternative broker to FBS that does not charge commissions on their trading instruments. eToro offers commission-free trading of real stocks and ETFs while forex and CFD trading fees are incorporated into the spreads. 

Are there alternatives to FBS that offer social trading and copy trading services?

Yes, eToro, FP Markets, and Pepperstone are FBS’ alternatives that run social trading services for its clients. eToro has a social trading platform with a very large community of traders. Pepperstone offers social trading via partnerships with ‘DupliTrade’ and ‘MyFxbook’. 

Is there any FBS Alternative that offers no minimum Deposit? 

Yes! Clients of Pepperstone Brokerage can start trading with any deposit amount. There are no restrictions but only recommendations by the broker. 

Conclusion

FBS is a global broker patronized by millions of traders from all over the world. Our experts have come up with other popular, regulated, and experienced brokers that traders can choose instead of FBS. These alternatives to FBS broker are:

• IC Markets | Best for technical analyses and trading tools
• Pepperstone | Best for TradingView platform
• XM | Best for low-cost forex trading
• eToro | Best for social trading
• LMFX | Best for US traders who wish to trade with offshore brokers
• HotForex Markets | Best for market analyses
• Just Markets | Best for crypto payment options

FBS offers ‘micro accounts’ to new traders; so do XM, HotForex Markets, and Just Markets. HotForex Markets, XM, and IC Markets have rich training resources that can match that of FBS. Most of the selected alternatives offer the MetaTrader platforms and even more. With any of the alternative brokers, you are sure of competitive trading fees, and fast order executions on multiple forex and CFD trading instruments.