Is FIBO Group scam or reliable? In the following FIBO Group review, we will consider the main aspects to understand how this broker works and evaluate if it is truly a legit broker. We will examine trading platforms, cost, regulation and give you our FIBO Groups opinions that will help you understand if it is the right broker for your trading needs.
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FIBO Group (Financial Intermarket Brokerage Online Group) is a broker founded in 1998 that offers forex, CFD, spot metals and cryptocurrency trading. One of the oldest in the online trading market.
Having become popular for strict compliance and high operating standards, FIBO Group has a minimum deposit of $100 and allows you to trade with different types of accounts in a market maker mode.
The company's website states that the broker conducts transparent activities, protects customer interests, and complies with existing laws and regulations. The services of FIBO Group correspond to international standards and are controlled by the respective institutions.
FIBO Group is created for traders who want to trade a wide range of assets, especially forex currency pairs and single stocks. The broker will be especially useful for those looking for a variety of NDD accounts, as well as mirror trading and PAMM services.
Competitive spreads and conditions
Different account types
Excellent customer service
High operational standards
Private clients not accepted
Is FIBO Group good? Due to the longstanding affiliation to the market, the broker has already achieved many awards. Not only were awards in the field of service won, the broker was also able to win the “best standard forex broker” at the Forex Expo Awards 2015. The FIBO Group received the title “best CFD Broker” at Forex Expo 2011.
In addition, other awards from previous years are listed on the website.
Our FIBO Group review also showed that partners in Russia, Singapore and Shanghai are listed. FIBO Group is a dual-licensed forex broker and is therefore subject to strict controls. FIBO Group is a member of the Investor Compensation Fund (ICF). The customer funds are protected for each customer up to an amount of 20,000 euros.
At FIBO Group, traders can not only trade via the well-known MetaTrader 4 platform. MetaTrader 5 is also available. As was shown in the review of FIBO Group, traders can also use the cTrader for trading
The cTrader platform enables access to foreign exchange trading via the No Dealing Desk technology. With the web-based platform, traders can access their trading account from any PC with internet access.
Advantages of the cTrader Web:
Trade from any PC possible
Platform works with all common browsers
Open and close positions with one click
Perform technical analysis
Depth of market present
Clear interface and simple operation
With the cTrader platform, experienced traders can create their own indicators for technical analysis. The trading robot's written code can be easily downloaded using the plug and play function. With the platform cMirror traders can automate their trading. A large number of technical indicators are available to the user for this purpose.
FIBO Group customers can download the app for MetaTrader 4 and 5 free of charge. The mobile application offers a wealth of functions for mobile trading. In addition, all order types including the pending order are available. The app has a very clear design and is easy to use. Individual trades can be placed directly from the chart. Technical analyzes are also possible with the mobile applications. For this purpose, users can access interactive online charts, nine time frames and 30 indicators.'
Free demo account
The FIBO Group's trading platforms can first be tested with a free demo account. Traders can access all functions and underlyings. In our review of FIBO Group, we saw that the broker provides its customers with real market conditions. The demo account can be used for a period of 60 days and is filled with sufficient "play money".
I especially recommend beginners to try out all trading opportunities. This should be possible without any problems within the 60 days. Various trading strategies can also be tested without risk. After switching to the live account, trading real money is a lot easier.
Deposits and withdrawals
Deposits to the trading account can be made free of charge by bank transfer or credit card. The broker also accepts electronic payments via WebMoney and Neteller. A fee of 0.08 percent of the deposited amount is charged for deposits with WebMoney. Payments with Neteller are a little more expensive.
The calculation is 3.5 percent plus $0.29. Deposits by credit card or e-wallet are posted to the trading account on the same day. In the case of bank transfers, it can take between two and five working days for the credit to be credited.
In our FIBO Group broker review, we found that payment requests are processed on the same day. If the amount goes to an account with Neteller or WebMoney, the credit is usually made on the same working day. Transfers will be processed no later than 3 business days after receiving the request.
The FIBO Group opinions we’ve gathered about its trading accounts are positive. The reason for this: A FIBO Group demo account, which is a lot of fun; two real money accounts. The demo account has it all, because here traders can decide for themselves how much virtual credit they need.
If you want to use 1 million euros (or another currency) for your FIBO Group experience, simply enter the amount yourself and it will be available on the FIBO Group demo account. Hardly any other broker offers so much flexibility.
The FIBO Group opinions about the live accounts are also positive. If you want, you can choose:
MT4 NDD No Commission
The main differences are in the minimum deposits. With the MT4 NDD traders have to deposit at least $300, with the MT4 NDD No Commission it is a minimum of $100. FIBO Group costs for the account management are not incurred.
How to open a trading account
The trading account can be conveniently opened online with the FIBO Group. This usually only takes a few minutes. Please note a minimum deposit of 300 USD. I have created “step-by-step instructions” for you to make the first steps easier.
Step 1: First select on the start page that a live account should be opened. Alternatively, traders can start with a free demo account.
Step 2: The online form then opens in a separate window. First of all, your name, email address and mobile number are entered here.
Step 3: The registration is now confirmed on the screen and by email. Customers now have to confirm the email address. For this purpose, a confirmation code is sent, which is then entered in the appropriate field. Traders can now add the personal information in their customer area. A copy of the identity card is also required for legitimation.
According to our FIBO Group review, the trading account is opened within one working day.
FIBO Group has added cryptocurrency derivative products to its trading platforms. At FIBO Group, you have an opportunity to invest and trade the market's most popular cryptocurrencies - Bitcoin, Ethereum, Ethereum Classic, Litecoin, Zcash, Dash, Monero.
Like most brokers, Fibo Group takes a fee from the spread, which is the difference between the buying and selling price of an instrument.
One of the advantages of trading with the FIBO Group includes variable and very narrow spreads. In this FIBO Group review, we found that the spread for the popular EUR/USD currency pair was 0.3 pips. The GBP/USD currency pair traded at a spread of 0.5 pips. As is usual with ECN trading, there is also a commission. At $3 per 100 units traded, this is relatively moderate.
In forex trading, the broker offers maximum leverage of 1: 400. The minimum margin is 0.5 percent of the trading volume. A minimum deposit of US $ 300 is required to open a forex account with FIBO Group. The trading account can be managed in either USD, Euro, CHF, GBP or RUB. The minimum trading volume is 1,000 units of the base currency.
When trading spot metals, the applicable leverage ranges between 1:50 and 1: 400. Trading costs are limited to $5 per contract for gold and silver. Both long and short positions can be opened. It should be noted, however, that postponing a position to the next day leads to a swap/rollover. The swap values depend on the position (short or long) and the assets.
What is the minimum deposit?
At the broker FIBO Group, the trading account must be funded with a minimum deposit before trading begins. In addition, an amount of 0 US dollars is listed, as shown in our FIBO Group review. Compared to other Forex and CFD brokers, the required minimum deposit is well below the average. Even if beginners usually start trading with low capital stakes, the amount of the minimum deposit is easy to master.
If you opt for the MT5 NDD account type, you should pay attention to the minimum deposit of $500 or the equivalent in another currency.
The minimum deposit at the broker is easy for beginners. The trading account can of course also be filled with higher amounts. For the account currency, the currencies EUR, USD and CHF are listed for the MT5 NDD account. If you choose the MT4 NDD No Commission account, you can also choose from the currencies GBP and RUB . Only the account currency USD is provided for the MT4 NDD account.
What happens if traders have questions about FIBO Group costs or other topics? Support should be there, and it is. Is FIBO Group good in this regard? Yes. With an address in Munich and Limassol, FIBO Group is represented at least two locations.
However, contact to support is limited between 9:00 a.m. and 6:00 p.m. When it comes to communication channels, traders have only a small choice:
We found positive FIBO Group opinions in the customer support category. Experience shows, however, that support can be a long time coming, especially when there is a large number of calls. A waiting loop of a few minutes could therefore be possible. If you think email is faster, you're wrong. Experience has shown that questions by e-mail are answered after a few hours or even one or two days. Rapid help from support looks different.
Nevertheless, the FAQ area is convincing. It provides many answers to the most important questions and ultimately brings a more positive FIBO Group opinion.
Is FIBO Group safe? Yes. FIBO Group Holdings Limited is registered with the Cyprus Securities and Exchange Commission (CySEC) under license number 118/10. FIBO Group is also regulated by the Financial Conduct Authority (FCA), UK (FRN: 532885).
The main company, FIBO Group Ltd, is registered in the British Virgin Islands under the SIBA/L/14/1063 license and is regulated by the FSC.
Regulation is an important quality feature for Forex brokers and ensures safe trading. This ensures that the broker has sufficient financial resources. The regulations of the EU also ensure that customer funds are managed separately from the actual company assets.
The forex broker is also a member of the Investor Compensation Fund (ICF). The deposits of the customers are thus secured up to an amount of 20,000 euros. The FIBO Group can therefore be classified as an absolutely safe and reliable broker. This is also supported by the company's longstanding success. The broker has been active in the financial market since 1998. So far, we haven’t found any negative FIBO Group review.
FIBO Groups opinions
For the quality and completeness of the services offered, FIBO Group deserves one of the first places among the brokers most recommended by AtoZ Markets.
The level of professionalism and competence gained in over two decades of experience are remarkable and far above the average of what is offered by most competitors.
FIBO Groups presents conditions and tools suitable for different styles and investor profiles, with solution and accounts suitable for professionals of all levels, as well as offering very high standards and excellent customer service,
Our review of FIBO Group, therefore, confirms the broker's good reputation within the online forex community, considered as one of the best brokers in business today.
As this review of FIBO Group has shown, traders have an online broker at their disposal, with which above all professional demands can be satisfied. In addition to the MetaTrader 4 platform, cTrader and MetaTrader 5 are also available. This means that numerous different strategies and special analysis techniques can be used. In connection with the very balanced range of underlying in the area of currencies and the very broad range of stocks in the area of stocks, there are so many opportunities for trading. On the positive side, it is a safe and reliable trader who is regulated according to EU guidelines. FIBO Group scam or rip-off are therefore not topics that traders have to deal with.
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