Fibo Group Review 2023: Scam Or Safe? Detailed Overview

Fibo Group is a multi-asset brokerage firm that has been providing trading services since 1998. With a global presence in over 120 countries, the brokerage group has built a reputation as a reliable and trustworthy broker over the years. If you’re considering trading with this broker, it’s worth reading a comprehensive Fibo Group Review to get insights into its services.

The broker offers an array of financial instruments, including currencies, commodities, indices, and cryptocurrencies, with access to multiple trading platforms, including MetaTrader 4 and MetaTrader 5.

In this Fibo Group review, we will analyze the key features and services provided by the broker, including its trading conditions, fees, and customer support.

Our assessment will be based on a thorough analysis of the company’s regulatory framework to ensure that it operates within the guidelines of the regulatory bodies.

About Fibo Group

Fibo Group is a CFD & Forex broker offering online brokerage service for various financial instruments such as forex, commodities, indices, and stocks. It was founded in 1998 and is headquartered in Almaty, Limassol, Munich and Shanghai.

Fibo Group company is a part of the international financial holding Fibo Group Holdings Limited (Financial Intermarket Brokerage Online Group), which also includes several other companies operating in the financial sector.

The services offered by Fibo Group brokerage company include trading accounts with access to MetaTrader 4 and MetaTrader 5 trading platforms, as well as web and mobile versions of these platforms.

The broker also offers a variety of educational resources for traders, including webinars, tutorials, and trading guides.

Over the years, Fibo Group Ltd has received several awards for its brokerage services. In 2016, the company was named the “Best Standard FOREX Broker” at the Moscow Financial Expo.

In 2015, Fibo Group received the “Best Analytic Support service” award at the Forex Expo Awards, as well as the “Best PAMM Service Broker” award and “The Most Trusted Forex Broker 2014” from the International Investment and Finance Exhibition of China.

Is Fibo Group Legit?

Yes, Fibo Group is a legitimate and reputable broker with a track record of over 20 years in the financial markets. The broker is regulated by the Financial Services Commission (FSC) in the British Virgin Islands and holds a license registration number of SIBA/L/13/1063.

This regulatory framework ensures that the broker operates under strict guidelines and standards aimed at protecting the interests of its clients.

Fibo Group’s regulatory compliance is further evidenced by its membership in reputable industry organizations such as the Financial Commission, an independent dispute resolution body for forex and CFD traders, and the Investor Compensation Fund (ICF).

Overall, our scam test through Fibo Group Review shows that the broker’s regulatory oversight, industry recognition, and long-standing reputation in the Forex market are strong indicators of its legitimacy and commitment to upholding high standards of professionalism and ethical conduct.

Available Trading Instruments Offered By Fibo Group

Fibo Group’s product offering is centred around providing clients with access to a range of trading instruments, which include the following

• Foreign Exchange Market Trading: The platform offers a range of forex trading instruments, including major and minor currency trading pairs, as well as exotic pairs. These can be traded on both MetaTrader 4 and MetaTrader 5 platforms.
• PAMM Accounts: There is also a PAMM (Percent Allocation Management Module) account option, which allows investors to allocate their funds to professional traders and earn profits based on their trading performance.
• CFDs on Commodities: The broker offers to trade CFDs (Contract for Difference) on various commodities such as spot metals, crude oil, and more. This allows traders to speculate on the price movements of these commodities without actually owning them.
• CFDs on Indices: Alongside commodities, it also offers CFDs on a wide range of global stock indices, such as the S&P 500, NASDAQ, Dow Jones, FTSE 100, and more. This allows traders to trade on the performance of these indices without actually owning the underlying stocks.

According to our Fibo Group Review, the broker can be considered a good option for trading CFDs & forex. However, the absence of cryptocurrency and stock trading options may deter some traders; those interested in these asset classes can still find ample opportunities to trade with other reputable brokers like Equiity.

Fibo Group Fees & Other Charges

Here’s a detailed overview of the Fibo fee structure:

• The broker offers competitive fixed and floating spreads for various trading instruments, such as 0.3 pips for the popular EUR/USD pair and 1 pip for major indices, including NASDAQ.
• The spreads for gold and crude oil are also quite reasonable at around 0.5 USD and 8 cents, respectively.
• Depending on the account type, commissions may apply, starting from a low 0.003% of the transaction amount.
• It is essential to note that the broker also charges a $5 fee for dormant accounts that have been inactive for 91 days or more. Additionally, swap charges apply to overnight positions.

Overall based on Fibo Group Review, the broker’s fees and charges are competitive and transparent, ensuring that traders can make informed decisions without worrying about any hidden costs.

Maximum Leverage & Margin Requirements

Fibo Group offers leverage ratios ranging from 1:30 to 1:1000, depending on the account type. Leverage is a tool that allows traders to potentially increase their funds by using a broker’s credit.

However, it’s important to remember that higher leverage also means higher risks. Fibo Group follows the regulations set by the European Securities and Markets Authority (ESMA) and offers leverage ratios of up to 1:30 for major currency pairs and 1:10 for commodities.

The MT4 Cents account offers a maximum leverage ratio of 1:1000, while the NDD accounts offer a maximum leverage ratio of 1:400. It’s worth noting that margin requirements vary depending on the trading instrument and the account type.

Information on Fibo Group Trading Platforms

FIBO Group offers its clients a choice of three widely-used and reliable forex trading platforms, namely the cTrader, MetaTrader 4, and MetaTrader 5 platforms.

These platforms provide traders with live access to trading markets, enabling them to make informed decisions, protect their funds, and access historical data, forecasts, trends, and patterns.

cTrader

The cTrader platform is a No Dealing Desk (NDD) trading platform that allows traders to trade directly with international banking institutions. It also offers advanced mobile trading features.

It features high-speed order opening and closing, minimum slippage, customizable indicators, technical analysis tools, trading robots, market depth display, and integration with cAlgo.

MetaTrader4

The MetaTrader 4 platform is highly customizable and user-friendly, with 50 pre-installed technical indicators, a strategy tester, historical timeframe data, price alerts, multi-language support, one-click trading, pending, stop orders and trailing stops, automated trading and the ability to identify trends across 9 different timeframes. The platform is available via desktop, Android, and iOS.

MetaTrader5

The MetaTrader 5 platform is similar to the MetaTrader 4 platform but also includes features such as multi-asset trading, netting and hedging modes, advanced strategy tester, price alerts and trailing stops, automated trading and the ability to analyze short-term and long-term trends across 21 timeframes.

It also has 8 different order types, numerous built-in indicators and analytical objects, financial news, market watch, trading signals and an economic calendar. The platform is available via desktop, Android, and iOS.

Pros & Cons

Pros:

• Wide range of trading instruments
• Low minimum deposit amount
• Multiple trading platforms to choose from
• Regulated by reputable authorities
• Free demo account for practice

Cons:

• Limited trading features for beginner traders
• Inactivity fees for dormant accounts
• No cryptocurrency trading is available
• Limited options for stocks trading

Fibo Group Account Types Comparison

FIBO Group offer a good selection of account types, with the availability of Standard, NDD and professional accounts. The diverse range of account types provides a good range of options for traders of all levels and preferences.

Here’s a detailed comparison between all account type options available:

• MT4 NDD: Suitable for professional traders, offering floating spreads and market execution with a minimum deposit of $50. Additionally, it offers the opportunity for traders to engage in direct trading with international banks, thereby bypassing intermediaries in the actual trading environment.
• MT4 Cent Account: Designed for beginners or traders who want to test strategies with minimal risk, offering cent accounts with a minimum deposit of $0 and fixed spreads.
• MT4 NDD No Commission: Suitable for high-volume traders, offering low spreads without commissions and market execution with a minimum deposit of $50.
• MT4 Fixed: Suitable for traders who prefer fixed spreads, offering fixed spreads and instant execution and manual trading with a minimum deposit amount of $50.
• MT5 NDD: Suitable for advanced traders, offering more instruments and features than the MT4 platform, including netting, managed accounts, access to Islamic accounts and hedging modes, and access to Islamic account with a minimum deposit of $50.
• cTrader NDD Account: Suitable for traders who prefer ECN trading. The cTrader NDD accounts offer Level II pricing, a personal manager, and access to Swap-free accounts with a minimum spread starting from 0 pips and commissions starting from $3 per lot with a minimum deposit of $50.
• Fibo Group Demo Accounts: There is a demo account option available with $50,000 virtual funds and a maximum leverage of 1:100. The demo account is available on all online trading platforms offered by the broker.

How To Open An Account On The Fibo Group?

The account opening process of the Fibo Group is very gruesome and ambiguous. When you click on the “open an account” tab on the Fibo Group website, a page opens up asking for nothing but your email address and phone number and asks you to create a password.

There is nothing mentioned about what the process holds next. The website asks you to tick a checkbox that tells you to agree with the terms and conditions, but nothing else is mentioned.

This might lead to hesitation among potential users as they are not sure how the process will pan out further. It would have been better if the broker had mentioned the steps involved in opening the account with some clarity and transparency.

Deposit & Withdrawal Conditions Of Fibo Group Broker

The broker offers conventional and outdated options for depositing and withdrawing funds. Here’s a quick overview of the broker’s deposit & withdrawal conditions:

• Withdrawal of funds can take several days, which is slower compared to some other forex brokers.
• The Fibo Group minimum deposit requirement varies depending on the account type, which is $0 for Cent accounts and $50 for NDD accounts.

Payment methods supported by the broker include:

• Bank transfer
• Credit/debit card
• E-wallets like Neteller and Skrill
• Crypto payments like Raido, BitPay, Blockchain, and Raido Spare.

How To Deposit Funds Into Fibo Group Account?

• Log in to the client portal on the website or mobile app.
• Select the “Deposit” option.
• Choose the preferred payment method – Bank Transfer, Credit/Debit Card, Neteller, Skrill, WebMoney, Fasapay, Crypto payments – Raido, BitPay, Blockchain and Raido Spare.
• Enter the deposit amount and currency.
• Follow the instructions to complete the payment process.
• Once the payment is confirmed, the funds will be credited to the trading account.

How To Withdraw Funds From Fibo Group?

• Log in to your Fibo Group account.
• Click on the “Withdrawal” option in the “MyFIBO” section of the dashboard.
• Select the withdrawal method of your choice (bank transfer, credit/debit card, e-wallets, or cryptocurrencies).
• Fill in the required information, including the amount you wish to withdraw and your payment details.
• Submit the withdrawal request.

Educational & Research Amenities At Fibo Group

The broker does not offer any educational section for its traders and investors. No ebooks, webinars, blogs, VODs, or courses are available. We can infer that the broker could not care less about the education and knowledge of its clients.

For research purposes, it offers Market Analysis, Forecasts and Economic calendars. The available tools are quite low in comparison with other brokers.

Customer Support Of Fibo Group

Fibo Group’s customer support is limited to a telephone number available on its website. They do not offer email support or a live chat feature, which is disappointing.

Furthermore, the broker does not provide information about the availability of their telephone support, leaving clients uncertain about when they can contact customer service.

Here’s how you can contact Fibo Group customer support:

• Phone Number: +44 (845) 0950118

Conclusion

Based on our Fibo Group review 2023, we can conclude that the broker is a legitimate and reputable brokerage firm that offers an extensive range of trading instruments.

Fibo Group’s trading conditions are competitive, and the broker offers access to multiple trading platforms, including MetaTrader 4 and MetaTrader 5.

Meanwhile, the broker’s fees and charges are competitive and transparent. Overall, Fibo Group is a suitable broker for traders looking to trade forex and CFDs on commodities and indices.

However, the absence of good customer support & cryptocurrency and stock trading options may deter some traders. Nonetheless, traders who are interested in trading these asset classes can still find ample opportunities to trade with other reputable forex brokers like Equiity.

FAQs

Is Fibo Group Regulated?

Yes, Fibo Group is a market maker broker regulated by the FSC (Financial Services Commission of the British Virgin Islands).

What Is The Minimum Deposit For FIBO Group?

The minimum deposit required to open a trading account with Fibo Group varies depending on the account type you choose. For example, the minimum deposit for the MT4 NDD account is $50, while the minimum deposit for the cTrader account is $50.

Is FIBO Group Scam?

No, Fibo Group is not a scam but a regulated forex broker that has been in operation since 1998. However, as with any broker, there is always a risk involved in trading forex and it is important to do your own research before investing your money.

What Is FIBO Full Form?

FIBO is an acronym for Financial Intermarket Brokerage Online Group.

How Do I Trade With FIBO?

To start trading with Fibo Group, you need to open a trading account, fund your account, download and install the trading platform, and start trading. Fibo Group offers several trading platforms, including MetaTrader 4, MetaTrader 5, and cTrader.

Is FIBO Group Trustworthy?

Fibo Group is a regulated forex broker with over 20 years of experience in the industry. They have received several awards for their services and have a good reputation among traders. However, as with any broker, there is always a risk involved in trading forex and it is important to do your own research before investing your money.

Who Is The CEO Of FIBO Group?

The CEO of Fibo Group is Mauricio Murillo.

How To Get Fibo Group Login Credentials?

To get Fibo Group login credentials, you need to open a trading account with them. Once you have opened an account, you will receive your login credentials via email.

Are There FIBO Group Bonuses?

Currently, there are no promotional offers available on the global site of FIBO Group. However, interested traders may periodically check the website for any updates on the availability of such offers.