FiboTraders is a broker claiming to be based in Saint Vincent and the Grenadines. However, even this is misleading information. Read our FiboTraders review and find out all the details.
|Broker status:||Offshore Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||CNMV, CONSOB, FSMA, Finanstilsynet|
|Owned by:||Fibotraders LLC|
|Headquarters Country:||Saint Vincent and the Grenadines|
|Types of Assets:||FX, commodities, indices, shares, cryptocurrencies|
|Free Demo Account:||No|
|Accepts US clients:||Yes|
What About FiboTraders Regulation?
FiboTraders is owned by FiboTraders LLC, allegedly based in Saint Vincent and the Grenadines. However, upon checking the FSA of SVG, we concluded that such a firm has never entered its register. This indicates that FiboTraders LLC doesn’t exist, and the website could be made by anyone who wants to steal clients’ funds.
Therefore, there’s nothing to say about FiboTraders regulation. It’s not offshore, and it’s not with Tier1 regulators such as FCA, ASIC, and BaFin.
Why Is It Important For A Broker To Be Licensed?
A broker has to have a license so it will operate according to regulatory rules and keep your funds safe. Besides, Tier1 regulators require Forex firms to have a minimum capital of at least 700,000 EUR to reimburse potential victims.
Since we already explained that FiboTraders doesn’t even have a legitimate company owner, there’s no money-back guarantee.
FiboTraders Warnings From Financial Regulators
The broker has been blacklisted in several countries.
The Italian regulator CONSOB has added fibotraders.com to the list of fraudulent domains.
The Spanish regulator CNMV issued a warning stating that FiboTraders provides financial services without proper authorization.
This same warning was later republished in Norway and Belgium.
Traders Reviews About FiboTraders
The broker has a consumer rating of 1 and many negative reviews. Investors mainly describe the issues they have, including their inability to get a withdrawal or even access their trading account after a withdrawal request has been submitted.
Is CapitalCore a Legitimate Broker Or A Fraud?
FiboTraders is a scam brokerage. The company has been blacklisted by the Spanish CNMV for fraudulent activities. It’s an offshore broker without a license.
FiboTraders Own Platform – Is The Trading Software Safe?
The trading company brags quite a lot about its trading platform. However, it’s nothing more than a proprietary WebTrader. It has a decent number of charts and indicators, yet it’s nowhere near reputable software such as MT4 or MT5.
FiboTraders Mobile Trading Platform
Yes, the broker has a dedicated mobile app based on WebTrader. It works for both Android and iOS devices.
All About FiboTraders Accounts
There are 5 FiboTraders account types:
- Standard – $500
- Fibo + – $5,000
- Gold – $25,000
- Expert – $100,000
- Platinum – call the broker
Accounts differ in spread, leverage, access to different educational materials, and swap discounts.
FiboTraders Broker – Countries Of Service
The company is mainly present in Spain, the UK, and Italy. However, based on the regulatory warnings, we can see that it’s targeting other European citizens, such as Norwegians and Belgians.
Wherever you are, don’t fall for the FiboTraders trading scam.
FiboTraders Range of Trading Instruments & Markets
The company offers access to all major markets, including:
- Forex – major and minor currency pairs
- Commodities – metals and agricultures
- Indices – global
- Stocks – EU, US, and Asian markets
- Cryptocurrencies – major coins such as BTC and ETH
FiboTraders Minimum Deposit
The firm requires quite a high initial deposit of $500. The industry standard is $250, while some regulated firms with Micro accounts allow you to start with as low as $10. Thus, there’s no reason to risk so much with a brokerage that doesn’t even have a legitimate company owner.
FiboTraders Unfavorable Trading Conditions
Of course, the broker is not regulated, so it doesn’t have to follow any rules regarding trading conditions. The leverage is against the regulations, while the spread is two pips for EUR/USD pair. For your comparison, the average is 1.5 pips.
High Leverage Is Unsafe
EU and UK regulators have set a leverage limit of 1:30 for the Forex market, while in the US and Canada, this limit is 1:50. Against all these rules, the broker offers up to 1:600, putting your funds at extremely high risk.
FiboTraders Deposit, Withdrawal Methods, and Fees
The broker accepts only one payment method – Bitcoin.
Cryptocurrency Deposit Risk
Many scammers nowadays use the advantage of crypto and the anonymity of transactions and require their clients to transfer funds from a wallet to a wallet. This way, if you decide that you want your funds back, tracking them and recovering them is quite a challenge.
Also, the broker hasn’t mentioned any fees or commissions.
Scammed by FiboTraders Broker? – Let Us Hear Your Story
If you fall victim to a FiboTrader trading scam, let us know. We may be able to help you start the chargeback procedure and recover your funds.
But What Is A Chargeback?
A chargeback is a way to recover your funds from the merchant if you can prove that you have been a scam victim. Contact us via online chat for more details, and let’s recover your money before it’s too late!
What Is FiboTraders?
FiboTraders is an online Forex and CFD trading provider without a real company owner.
Is FiboTraders a Scam Broker?
Yes, the broker is a scam and has been blacklisted in Spain, Italy, Norway, and Belgium.
Is FiboTraders Available in the United States or the UK?
The firm operates in both countries without a license.
Does FiboTraders Offer a Demo Account?
No, the broker doesn’t offer a Demo account.