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FastBrokers Account Types

Overall Rating

4.7/5

Rated #– of 
Recommended FX Brokers

💰Minimum Deposit

USD 500

🌐 Regulators

FSCA

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

FastBrokers provides three different account types e.g., Mini Forex Account, Executive Forex Account, and the Foreign Exchange Professional Account. Each account type has its own set of conditions for commission, margin call, and leverage, and minimum deposits.

 

Finding a reputable list about FastBrokers account types local or worldwide can be a difficult process, especially finding a complete list from a trustworthy reputable source.

Below is an in-depth account types Review regarding this regulated Forex company, which will assist traders to make an informed decision when it comes to the various Forex trading accounts made available.

 

FastBrokers Overview

Fast Trading Services, LLC, more commonly referred to as FastBrokers, is a global brokerage company offering retail and institutional clients with efficient access to Forex and derivatives markets around the world, through public and proprietary trading software.

Fast Trading Services is a privately owned LLC, and it is based in California, United States of America. As a brokerage company, the FastBrokers group is a new concept in the brokerage industry.

Far from pushy telemarketers, the broker is constantly improving the range and quality of trading and additional services, technologies, which are offered to the final user as an added value, at no additional cost.

FTS and its division FastBrokers are a member of the National Futures Association (NFA) and is registered with the Commodity Futures Trading Commission (CFTC) as an Independent Introducing Broker.

As an NFA registered member, FTS is subject to comply with minimum capital requirements and maximum ethical standards. The broker’s personnel, managers, and founders are committed to the highest level of integrity.

As one of the main advantages of being an IIB, the broker holds several clearing arrangements

to provide its customers with fine execution services, choosing its counterparts among the NFA/CFTC registered/regulated entities.

At FTS, the broker does not handle customer’s funds and cannot receive those in its name. All customer liquidity is held into the FCM/Clearing Houses bank accounts.

The company is also a member of the National Introducing Brokers Association (NIBA), a nationally recognized organization representing professionals in the futures and options industry.

The broker offers trading in 46 currency pairs and more than 600 futures and options on futures across 16 exchanges.

The cost of trading with FastBrokers is low and competitive: spread averaged 0.3 pips for the EUR/USD and a commission below $3 round trip. So, average trading costs per lot are around 0.9 pips, while most brokers provide spreads within the range of 1.0 – 1.5 pips for this pair.

FastBrokers market and promote agency execution. As an IB, they are not a counterparty to their clients’ trades, however, the clearing parties they introduce accounts to may offer different trading and execution styles.

FastBrokers is a well-regulated US Introducing broker with more than 10 years of experience in the financial markets sector. It offers competitive conditions for trading in forex and related products, as well as access to several exchanges.

 

FastBrokers Account Types

FastBrokers offers several account types to satisfy a variety of trading needs and investment goals. All these accounts enjoy standard competitive spreads and conditions, including spreads as low as 2 Pips on EURS/USD and USD/JPY, and no hidden trading costs.

As such, traders can choose from the Mini Forex Account, Executive Forex Account, and the Foreign Exchange Professional Account.

 

FastBrokers Account Features

 

Mini Forex Account

The mini-Forex account is the solution for new or simply skeptical traders to unveil the potentials of this instrument by maintaining greater control over their invested capital.

 

Executive Forex Account

Experienced traders can take full advantage of great leverage, tight spreads, and professional trading tools.

 

Foreign Exchange Professional Account

Professional and Institutional traders can access a depth of market, tight interbank market spreads, exclusive trading tools.

 

Overall Rating

4.7/5

Rated #– of 
Recommended FX Brokers

💰Minimum Deposit

USD 500

🌐 Regulators

FSCA

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

FastBrokers Demo Account

A demo account from FastBrokers can be opened as a practice version for any of the selected live accounts, which consist of a Mini Forex Account, Executive Forex Account, and the Foreign Exchange Professional Account.

Traders will also be able to access the features on the broker’s trading platform, namely the FastFX trader. As such, practice traders will have access to the following features:

  • Trade 19 currency pairs with spreads as low as 2 Pips on EUR/USD and USD/JPY
  • Multiple Order Entry. Set your TP and SL. Place brackets/OCOs with a single click.
  • Automate your trades using the Expert Advisor Modules.
  • Create and Edit new Expert Advisors modules through the included Editor.
  • Historical Data DB and Data editor. Import/Export your products and data.
  • Customize platform functions through the use of the scripts and libraries module.
  • Fully editable proprietary language.
  • An unlimited number of fully customizable charts.
  • Backtest and optimize your strategies.

 

FastBrokers Islamic Account

To apply for an Islamic Account, traders will have to contact the broker’s customer support desk directly to request a swap-free version of one of the broker’s live accounts.

The live accounts for which an Islamic version can be requested include the Mini Forex Account, Executive Forex Account, and the Foreign Exchange Professional Account.

The purpose of an Islamic Account is that it caters specifically to Muslim traders who follow Sharia law. The law prevents its followers from paying any type of interest, such as overnight fees, which is seen as wasteful or exploitive.

Overnight fees are charged should traders hold positions open for longer after the trading day has concluded and this type of account allows exemption from such fees or interest, should they hold positions open for longer.

 

FastBrokers Pros and Cons

✔️PROS ❌CONS
No additional charges on the Islamic Account The lengthy application process for Islamic Account
No hidden trading fees Limited asset selection
Tight spreads Low leverage
Wide variety of trading accounts available

 

You might also like: FastBrokers Minimum Deposit

You might also like: FastBrokers Demo Account

You might also like: FastBrokers Fees and Spreads

You might also like: FastBrokers Sign up Bonus

You might also like: FastBrokers Islamic Account

 

FastBrokers at a Glance

Broker’s Name FastBrokers
Headquartered Glendale, California
Year Founded 1999
Regulating Authorities CFTC, NFA
Countries not accepted for trade Not indicated
Islamic Account (Swap Free) Yes
Demo Account Yes
Institutional Accounts Yes
Managed Accounts Yes
Maximum Leverage 1:50
Minimum Deposit $500
Deposit Options
  • Bank wire transfer
  • Credit Cards
  • PayPal
Withdrawal Options
  • Bank wire transfer
  • Credit Cards
  • PayPal
Platform Types FastFX Trader
OS Compatibility Windows, Mobile, Web, iPhone, iPad

PC and Mac OS, mobile for Android and IOS

Tradable Assets Forex, Futures, and Options
Languages supported on Website English only
Customer Support Languages English only
Customer Service Hours 24/5

 

FAQ

 

Trading Environment

 

How many instruments can I trade with FastBrokers?

FastBrokers offers trading in 46 currency pairs and more than 600 futures and options on futures across 16 exchanges.

 

Which platforms are supported by FastBrokers?

FastFX Trader

 

Does FastBrokers offer leverage?

Yes, this broker offers leverage up to 1:50, in compliance with US applicable US law.

 

What spreads can I expect with FastBrokers?

The FastBrokers spread list is as follows:

The cost of trading with FastBrokers is low and competitive: spreads are averaged at 0.3 pips for the EUR/USD.

As such, the average trading costs per lot are around 0.9 pips, while most brokers provide spreads within the range of 1.0 – 1.5 pips for this pair.

 

Does FastBrokers charge commission?

Yes, the broker charges competitive commissions when compared to many other brokers in the industry, with the commission charged at $3 round trip.

 

Are there additional charges on the Islamic account?

No.

 

Is FastBrokers regulated?

Yes, FastBrokers is regulated by the Commodity Futures Trading Commission (CFTC). The Commodity Futures Trading Commission regulates the commodity futures and options markets.

Its goals include the promotion of competitive and efficient futures markets and the protection of investors against manipulation, abusive trade practices, and fraud.

The broker is also a member of the National Futures Association, which is an independent, self-regulatory organization for the U.S. derivatives industry.

 

Is FastBrokers a recommended forex trading broker for experts and beginners?

No, FastBrokers appears to position itself more towards advanced, professional, and institutional traders, although some beginner traders can consider testing the broker’s demo account.

 

What is the overall rating out of 10 for FastBrokers?

8/10.

 

Accounts

 

What is the difference between a demo and a live trading account?

A demo account offers the use of virtual funds instead of actual capital. This allows for risk-free trading as well as exploring both the broker’s offer and the trading platform.

A demo account can be used for a variety of reasons including practice trading, testing trading strategies, exploring platforms and offers, and more.

 

Does FastBrokers offer a demo account?

Yes, FastBrokers offers a free demo account to all new traders.

 

For how long is the demo account valid?

The demo account is only available for 30 days.

 

Does FastBrokers offer the option of an Islamic Account?

Yes.

 

Which live trading accounts do FastBrokers offer?

FastBrokers offers the Mini Forex Account, Executive Forex Account, and Foreign Exchange Professional Account.

 

What are the available deposit currencies for a live trading account?

FastBrokers only accepts deposits in three currencies, namely USD, EUR, and GBP. This means that traders depositing in smaller currencies, such as ZAR/Rand, will likely incur conversion fees.

 

Deposits and Withdrawals

 

What is the minimum deposit for FastBrokers?

The minimum deposit amount required to open an account with FastBrokers is $500. This is a relatively standard minimum deposit requirement, though higher than many other brokers, who require as little as $1 to open the account.

That said, it would appear that FastBrokers seeks to position itself more toward advanced, professional, and institutional traders, for whom this minimum deposit would present a low barrier of entry.

 

How do I make a deposit and withdrawal with FastBrokers?

Following a FastBrokers review, users can log in to their accounts online to fund their accounts by wire transfer, PayPal, or credit card.

 

Does FastBrokers charge withdrawal fees?

No, the broker does not charge deposit fees or withdrawal fees.

 

How long does it take to make a withdrawal?

Bank wire transfers can take up to three working days, depending on the bank and your location, while PayPal withdrawals are processed within a few minutes.

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

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