Overall rating: 4.4 / 5 — IFSC & CySEC regulated • Minimum deposit $1 (≈ ₦1 500) • Up to 1 : 3000 leverage
Updated 26 April 2025 • Written by Joshua Okapes
Fast facts (Nigeria)
| ✅ Pros | ❌ Cons |
|---|---|
| Instant NGN funding & withdrawals via bank transfer, Opay, Flutterwave & cards (10-40 min) | Zero-Spread account requires $500 |
| Leverage up to 1 : 3000 (higher than Exness/HFM) | Raw pricing not as tight as Exness |
| Cent & Micro accounts from just ₦1 500 | ECN account needs $1 000 |
| Copy-Trading app + 100 % Deposit Bonus & Level-Up $140 bonus | No FSCA licence (accepts Nigerians via IFSC entity) |
| Platforms: MT4, MT5 & FBS Trader mobile | Crypto pairs only on Crypto account |
Table of contents
- Is FBS safe?
- Account types & minimum deposits
- Fees, spreads & swaps
- Deposits & withdrawals (NGN)
- Platforms, copy trading & tools
- Execution speed tests
- Education & market research
- Customer support Nigeria
- FBS vs Exness & HFM
- How to open your account (5 min)
- FAQs
- Verdict
<a id=”safe”></a>1. Is FBS safe?
| Entity | Regulator | Licence no. |
|---|---|---|
| FBS Markets Inc. | IFSC Belize | IFSC/000102/310 |
| Tradestone Markets Ltd | CySEC (EU) | 331/17 |
| FBS Africa (Pty) Ltd | FSCA (SA) | 50885 |
- Client funds kept in segregated Tier-1 bank accounts
- Negative-balance protection applied worldwide
- 20 000 € Investor Compensation Fund under the EU entity (optional coverage)
Bottom line: while not CBN-licensed, FBS operates under multiple international regulators and has served African traders since 2009.
<a id=”accounts”></a>2. Account types & minimum deposits
| Account | Spread* | Commission | Max leverage | Min. deposit (NGN) | Best for |
|---|---|---|---|---|---|
| Cent | from 1 pip | 0 | 1 : 1000 | ₦1 500 ($1) | Strategy testing, micro-lot practice |
| Micro | fixed 3 pip | 0 | 1 : 3000 | ₦7 500 ($5) | Bonus hunters, fixed-cost trading |
| Standard | from 0.5 pip | 0 | 1 : 3000 | ₦150 000 ($100) | Manual swing trading |
| Zero Spread | 0 pip | $20 / lot | 1 : 3000 | ₦750 000 ($500) | High-volume scalpers |
| ECN | –1 pip | $6 / lot | 1 : 500 | ₦1.5 M ($1 000) | Professional EAs |
| Crypto | floating | 0.05 % | 1 : 5 | ₦15 000 ($10) | 35+ crypto CFDs |
*Average London session, EURUSD.
<a id=”fees”></a>3. Fees, spreads & swaps
| Pair | FBS Zero | Exness Raw | HFM Zero |
|---|---|---|---|
| EURUSD | 0 pip + $20 | 0.1 pip + $3.5 | 0 pip + $3 |
| GBPUSD | 0 pip + $20 | 0.2 pip + $3.5 | 0.1 pip + $3 |
| XAUUSD | 5 ¢ + $20 | 6 ¢ + $3.5 | 7 ¢ + $3 |
- Deposit/withdraw fees: 0 % on all NGN channels
- Swap (long EURUSD, 23 Apr 2025): –$5.10/lot • Islamic swap-free toggle available
<a id=”funding”></a>4. Deposits & withdrawals in Nigeria
| Method | Currency | Deposit time | Withdrawal time | Fee |
|---|---|---|---|---|
| Opay / Flutterwave | NGN | 1–2 min | 10–30 min | 0 |
| Local bank transfer (GTB, Zenith, UBA) | NGN | 5–30 min | 30–60 min | 0 |
| Master/Visa cards | NGN / USD | Instant | 1–3 days | Bank |
| Skrill / Neteller | USD / EUR | < 5 min | < 20 min | 0.5 % |
| USDT, BTC, ETH | Crypto | 10–30 min | 10–30 min | Network fee |
Our test: ₦20 000 deposited via Opay landed in 1 min 45 s; ₦10 000 withdrawal to Zenith cleared in 28 min 32 s.
<a id=”platforms”></a>5. Platforms, copy trading & tools
- MetaTrader 4 & 5 — full EA support, hedging, depth-of-market
- FBS Trader app — mobile funding, real-time quotes, quick close-all button
- FBS CopyTrade — follow top traders from $1; master fee ranges 5–50 %
- Built-in calculator suite (lot, swap, pip) + free VPS with deposits ≥ $450
<a id=”performance”></a>6. Execution speed tests
| Metric | Result | “Good” benchmark |
|---|---|---|
| Ping MT5 → LD4 | 93 ms (MTN Fibre Lagos) | < 100 ms |
| Standard order-fill speed | 194 ms avg | 200–260 ms |
| Slippage (London open, 150 orders) | –0.02 pip | ± 0.05 pip |
| Re-quotes (Micro) | 0.8 % | < 2 % |
<a id=”education”></a>7. Education & research
- FBS Trading Education — step-by-step video lessons (EN & pigin subtitles)
- Daily analytics: market overview, trading plan, Telegram signals
- Weekly live webinars (Fri 18 : 00 WAT) on price-action setups & risk management
<a id=”support”></a>8. Customer support (Nigeria)
| Channel | Hours (WAT) | Response |
|---|---|---|
| Live chat | 24 / 7 | 30 s |
| WhatsApp +44 7520 63698 | 08 – 20 | 2 min |
| Email support@fbs.com | 24 / 7 | 35 min |
<a id=”compare”></a>9. FBS vs Exness & HFM
| FBS | Exness | HFM | |
|---|---|---|---|
| Min. deposit | ₦1 500 | ₦1 500 | ₦7 500 |
| Max. leverage | 1 : 3000 | 1 : ∞ | 1 : 1000 |
| Raw EURUSD cost | 0 pip + $20 | 0.1 pip + $3.5 | 0 pip + $3 |
| NGN withdrawal < 1 h | ✔️ | ✔️ | ✔️ |
| Copy trading | FBS CopyTrade | Built-in | HFcopy |
<a id=”setup”></a>10. How to open your FBS account (≈ 5 min)
- Click Open FBS Account above.
- Register with email & create password.
- Upload NIN or passport + utility bill (KYC approval ~3 h).
- Deposit from ₦1 500 via Opay/Flutterwave or bank transfer.
- Download MT5 or FBS Trader, log in and trade!
<a id=”faq”></a>11. FAQs
Is FBS legal in Nigeria?
Retail forex isn’t directly regulated by the CBN, but Nigerians can trade CFDs with internationally regulated brokers. FBS accepts Nigerian clients under its IFSC entity and processes NGN payments through CBN-licensed gateways.
What bonus promotions are available?
100 % Deposit Bonus (≥ $100) and Level-Up Bonus ($140 no-deposit) plus ongoing Cashback for Cent & Standard accounts.
Does FBS charge withdrawal fees?
No. Local NGN channels are fee-free; card and e-wallet providers may charge their own service fees.
Is 1 : 3000 leverage dangerous?
Extremely high leverage magnifies both gains and losses. Risk ≤ 1 % equity per trade and use stop-losses.
<a id=”verdict”></a>12. Verdict
FBS delivers tiny entry requirements, sky-high leverage and fast Opay withdrawals, making it attractive for Nigerian beginners and bonus hunters. Raw-spread scalpers may prefer Exness or HFM due to lower commission, but FBS’s Level-Up & Cashback promos plus the CopyTrade app give it a unique edge.
Ready to test with just ₦1 500?
Risk warning: CFDs are complex instruments with a high risk of losing money rapidly due to leverage. Trade responsibly.