Fibo Group Review 2021

Fibo Group

$300

Min Deposit

3.0

Min spread

1998

Foundation

Broker Trusted Point0

Broker Trusted Point

It is challenging and difficult for traders and investors to filter out from the pool of good and bad financial service providers and brokers. It becomes imperative and immensely crucial to do thorough research before investing money with any broker. Some brokers claim to sail through the trading with utter transparency and honesty. But in the back, give way to malicious money minting machines. One such broker is the Fibo Group. The broker claims that it facilitates a transparent trading experience and keeps its clients and customers’ security foremost. But we found out things that work otherwise with the broker. In this review, we will talk about why you should not go with Fibo Group. 

Fibo Group suspicious or safe? 

The broker only provides regulation from one single regulatory body while it operates in various countries. We do not think that can help you recover your capital if something works against your trading. Moreover, the broker cannot provide trade-in in many major countries like the USA, North Korea, Iraq, Iran, Australia, Belgium, Japan, etc. 

Simultaneously, Fibo Group lacks essential security features like SSL software or firewalls to protect its clients’ transaction and personal information. 

We do not think trading with Fibo Group is quite safe. Please think twice before you invest your hard-earned money with the broker. 

Account Types 

Fibo Group has been in the market since 1998 and still offers just one live account for trade. With just one account insight, there are variations and customisation for trading traders at different levels. Moreover, one has to pay a minimum deposit as high as 300 dollars for the live account that offers minimal services and functionality. The broker does not offer VPS or news alerts, and other such vital features. 

There are other brokers in the league like HFTrading and ETFinance that offer better services with less minimum deposits. 

Trading Instruments and Products 

The broker provides trade-in just currency pairs and spot metals (gold and silver). Trading in only two kinds of instruments will not help traders or investors diversify their portfolios and mitigate risks. At the same time, one can also lose out on many profitable trading opportunities. 

Trading Platforms 

The broker offers web and mobile trading via the MT4 trading platform. We do not understand why the broker relies on conventional technology when many brokers and financial service providers have already moved to the MT5 trading platform. 

At the same time, the whole user interface of mobile application seems pretty convoluted and chaotic. There is no structure or system with multiple tabs and pages that are stacked up against one another. Fresh traders and beginners might find it challenging to navigate through the application. 

Trading charges 

The minimum deposit associated with Fibo Group is as high as 300 dollars. Such a high fee cannot suffice and an average trader with a small capital and trading budget. 

An inactivity fee of 5 US dollars is charged each month when the account is dormant for 91 days or more. The commission is charged per lot and varies according to the trading instrument or asset. The broker is also associated with high spreads and swap charges. 

All the costs combined can eat up a major chunk of trader’s profit. 

Account Opening 

The account opening process of the Fibo Group is very gruesome and ambiguous. When you click on the “open an account” tab on Fibo Group’s website, a page opens up asking for nothing but your email address, phone number and tells 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 to open the account with some clarity and transparency. 

Deposit and withdrawal 

The options for depositing and withdrawing funds available with the broker are relatively conventional and outdated. The withdrawal of funds can take up to several days. There are brokers which process millions of withdrawal transactions each day. We do not understand what is stopping the Fibo Group. 

Education 

The broker does not offer any education sector for its traders and investors. No ebooks, webinars, blogs, VODs, courses are available with Fibo Group. We can infer that the broker could not care less about the education and knowledge of its clients. It is essential that the financial service providers imbibe an all-inclusive education section for traders and regularly update it. Learning the theory of trading and markets will help traders develop robust strategies and trading plans. 

Research 

For research purposes, just news and economic calendar are available with Fibo Group. Such restricted and sparse research sections and unacceptable and dissatisfactory. Research tools and material are incredibly beneficiary and constitute a crucial part of trading. Tools like calculator, calendars can be used in finding the righteous trading opportunities that align with the trading plan and financial goals of traders. At the same time, research tools are used for depicting the precise entry and exit points of trades. 

Customer Service 

We are highly disappointed by the customer support offered by Fibo Group. The broker claims to render qualified customer service and support. But when we visited the website, all we could find was a telephone number on the top right corner. That is all. There is no email support and live chat feature. Moreover, the broker does not mention the time till which the telephone service is provided to clients. 

Disadvantages of trading with Fibo Group

Here is a summarised list of all the reasons why you should not go with Fibo Group:

  • No security features or softwares like SSL or firewalls are included.
  • A high minimum deposit of 300 dollars
  • Poor user interface
  • No MetaTrader 5 
  • High trading charges 
  • No varied account types 
  • No educational material available 
  • Restricted range of trading instruments 
  • Limited research tools 
  • Services available only for professional clients ]
  • No VPS 

Conclusion 

We do not think it feasible at all to pursue trade with Fibo Group. The broker’s high minimum deposit and trading charges do not quite match the services it provides to the traders. The broker has been in the market since 1998, but still, there is no major upgrade in its services. Also, the asset range is restricted too. We would recommend you to check out other well-reputed brokers like HFTrading, ETFinance, Investlite. These brokers provide far better services at fewer charges and fees. 

FAQs 

What kind of educational tools does the Fibo Group provide?

Fibo Group does not have any education section for its clients and users. 

Does Fibo Group offer MT5 trading? 

No, the broker does not offer trading through MetaTrader5 trading platform. 

What are the cons of trading with Fibo Group?

  • No security features or softwares like SSL or firewalls are included.
  • A high minimum deposit of 300 dollars
  • Poor user interface
  • No MetaTrader 5 
  • High trading charges 
  • No varied account types 
  • No educational material available
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