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FastBrokers Review

AN OVERVIEW OF FastBrokers

 

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

Below is an in-depth review regarding FastBrokers to help you make an informed decision before opening your account or trading on their platform.

 

 

INTRODUCTION

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.

 

HISTORY AND HEADQUARTERS OF FASTBROKERS

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 a 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.

 

AWARDS AND RECOGNITION

When a broker has won numerous awards and indicates such on their website, it often instils more confidence in the broker as an industry leader and provides it with a good reputation in its solutions and services provision.

FastBrokers does not list any awards on its website to date. While this is not necessarily a reflection on the broker’s offering, it is an indication of the broker’s standing within the industry in general.

 

FASTBROKERS ACCOUNTS

 

TYPES OF ACCOUNTS AND ITS FEATURES

A Forex account is a trading account that traders hold with a specific broker with the purpose of trading financial instruments.

Brokers offer a variety of trading accounts, or they may only offer a single account, in which they provide certain trading conditions that appeal to a variety of traders according to their trading needs and objectives.

The number and the type of accounts that traders are offered will vary from one broker to the next and therefore it is imperative for traders to know what their trading needs, and objectives are, and why they should choose a broker according to that, amidst other factors.

FastBrokers offers several accounts 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.

Mini Forex Account

The mini-Forex account is the solution for new or simply sceptical traders to unveil the potentials of this instrument by maintaining a 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 depth of market, tight interbank market spreads, exclusive trading tools.

 

DEPOSITS AND WITHDRAWALS

When evaluating brokers, the ease with which deposits and withdrawals can be made is another imperative factor to consider.

Regulation plays a key part where client funds are concerned as funds which are kept in segregated accounts must be available for withdrawal at any given time when a request is made by the trader and subsequent owner of the trading account.

The minimum deposit amount required to open a broker account with FastBrokers is $500. This is an industry 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.

 

COST AND FEES, COMMISSIONS AND SPREADS

When evaluating a broker, it is imperative to look at the fees which are charged. These often depend on numerous factors including the spread, commissions, and margin requirements.

The spread is the difference between the bid and the ask price, which is expressed in pips, which is the smallest increment that a price can move either up or down.

A margin requirement is the amount of capital that the trader must put down at the start of the trade, or that they must have available in their trading account, as collateral for the trade. This amount is often lowered substantially when leverage is applied.

The cost of trading with FastBrokers is low and competitive: spreads are averaged at 0.3 pips for the EUR/USD, while commission is charged at $3 round trip.

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.

Traders should be aware that the broker charges swap fees, also referred to as overnight fees, while the broker does not appear to charge inactivity fees.

 

LEVERAGE

Leverage is a tool which allows the trader to open larger positions in addition to providing the trader with larger exposure to the market in which they are trading regardless of the trader’s initial deposit.

Leveraged products, such as Forex, increases the potential profits of the trader, but it also increases the risks and subsequent losses that the trader may incur.

Leverage is expressed as a ratio, for instance 1:1, 1:50, 1:100, 1:500, and even up to 1:3000. For instance, should a trader have $1,000 in their trading account and they apply a leverage ratio of 1:100, they can control a position of $100,000.

Margin is the amount required at the start of every trade which is collateral for any credit risks which may arise while trading. It is expressed as a percentage of the position size and traders must ensure that they have adequate funds to cover this requirement.

For instance, should there be a 1% margin requirement on a position of $1,000,000, the trader must cover a margin requirement amount of $10,000. The margin requirement must be equal to or more than 100% for the position to be opened.

FastBrokers offers leverage up to 1:50, in compliance with US applicable US law.

 

BONUSES

Forex brokers often lure new traders with offers of deposit bonuses. This can be useful, but it is essential to discern what the conditions are in order to benefit from the bonus.

The bonus usually compensates traders for choosing a certain broker, since once the account is active, the trader will have the same expenses as any other. The bonus usually only starts giving some expenses back to the trader once the person has proved himself as an active trader.

Hence, although no deposit bonuses are a fantastic way to help you start trading, the terms to benefit from it often require trading with such a high volume before you can withdraw profits, that it may not be worthwhile.

The European Securities and Markets Authority (ESMA) has also recently placed investor protection measures on the marketing, distribution, or sale of CFDs.

This prevents brokers from providing the retail client with a payment, monetary or excluded non-monetary benefit in relation to the marketing, distribution, or sale of a CFD, thus ruling out the offering of such bonuses.

At the time of writing, FastBrokers does not offer a welcome bonus to new traders who choose to register for a real account with the broker.

This includes welcome bonuses which consist of both a deposit bonus and a no deposit bonus. It is not clear as to why the broker does no not offer a bonus to traders at this stage, as neither its regulatory oversight nor its jurisdictional operation restricts it from doing so.

 

TRADING PLATFORMS, SOFTWARE, AND ITS FEATURES

A trading platform is a type of software which is used through which trading can be executed. Each broker has its own preference in which platforms it supports and often brokers offer the use of their own proprietary trading platforms.

FastBrokers provides the proprietary FastFX trader. This powerful instrument is an advanced trading software for currencies trading, which includes many additional modules and free add-ons making this platform a complete and powerful trading station.

Whatever you need to place, track, modify or cancel your orders directly through the professional charts interface or automate your orders through the expert Advisor module, this tool can take the task on all trading styles.

 

MARKETS, PRODUCTS, AND INSTRUMENTS

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

Most brokers offer all or some of the following market instruments for trading:

Forex:

Forex trading, or currency or FX trading, involves the currency exchange market where individuals, companies and financial institutions exchange currencies for one another at floating rates.

Commodities:

As with currency exchange markets, commodity markets offer trading in contract-based tradable goods.

Indices:

Equity or stock indices can represent a specific set of the largest companies of a nation or they can represent a specific stock market. It is actual stock market indexes which measures the value of a specific section of a stock market.

Precious metals:

This involves the trading of gold, silver and other precious metals as hard commodities that are contract-based tradable.

Energy:

The high volatility of energy prices due to political, environmental and several other factors, is a typical feature of this product, making it a popular trading choice.

Cryptocurrencies:

Tradable cryptocurrencies include the following:

Bitcoin (BTC) is the digital currency with the largest market capitalisation and price levels and dominates 50% of the total crypto market cap.

Litecoin (LTC) is similar to Bitcoin but differs in terms of scalability.

Ethereum (ETH) is the second largest cryptocurrency after Bitcoin and allows developers to create smart contracts on a platform.

Ripple (RPL) is popular among big banks with the Ripple network a next generation real-time gross settlement system.

Bitcoin Cash (BCH) was created as an updated version of the blockchain with different rules.

 

 

SAFETY AND REGULATION

When choosing a broker, one of the benchmarks against which to measure safety and client fund safety and security, is to establish which regulating authorities oversees the operations of the broker.

The broker is well regulated by the Commodity Futures Trading Commission (CFTC), which provides traders with a certain level of deposit security.

This includes the requirement of brokers to store client funds in segregated accounts within the United States, in order to ensure that such funds cannot be misappropriated by the broker in any way.

 

CUSTOMER SUPPORT

This is a critical point when evaluating potential brokers to trade with as the broker must ensure that their traders have a variety of ways in which to contact support should they have queries, questions, or issues.

Unfortunately, FastBrokers provides only basic customer support in the form of a telephone number and email. The prompter service of online chat is currently defunct.

 

EDUCATION AND TRAINING

Education refers to all the learning material and tools offered by brokers which is imperative for traders in their trading activities, especially beginners. It provides traders with the necessary knowledge that they will need to become successful traders.

FastBrokers does not offer any educational resources on its website at the time of writing, which is in line with the fact that the broker positions itself more towards advanced and professional traders.

 

RESEARCH

To assist in their trading endeavours, brokers offer traders with a variety of trading tools which can be used to refine their trading.

FastBrokers offers several useful research tools, including a comprehensive charting tool, and an extremely helpful strategy compiler. This useful function allows to check the efficiency of the trading system on history data conducted under different market conditions.

 

SUMMARY

FastBrokers offers traders several compelling and innovative trading features, including a feature-rich proprietary trading platform and a broad selection of trading instruments.

However, the high minimum deposit, coupled with the broker’s lack of educational resources, make this a better option for advanced or professional traders.

 

DISCLAIMER

FastBrokers warns potential customers that Forex and CFDs trading carries a substantial risk and may not be suitable for all investors.

Before deciding to trade with FastBrokers, potential traders are advised to carefully consider their investment objectives, financial situation, needs and level of experience before investing money they cannot afford to lose.

FastBrokers warns that margin trading involves the potential for profit as well as the risk of loss.

Movements in the price of foreign exchange and commodities are very unpredictable, hence FastBrokers cannot guarantee a maximum loss that a trader may suffer.

 

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
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 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 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 of 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 does FastBrokers offer?

FastBrokers offers the Mini Forex Account, Executive Forex Account, and the 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 an industry 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 into their accounts online to fund their account 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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