Fibo Group Review – About This Offshore Broker: 5 Important Details
Fibo Group broker is present on the market since 2004. They are successfully trading on FX and CFD markets worldwide. In addition to that, they provide the most trusted third-party trading software. As a licensed broker, they have established themselves among traders.
Is there a reason for concern? Find out in out detailed Fibo Group review.
|Broker status:||Regulated Broker|
|Owned by:||Fibo Group ltd|
|Headquarters Country:||British Virgin Islands|
|Cryptocurrencies:||Yes – BTC, ADA, LTC|
|Types of Assets:||Forex, Commodities, Indices, Shares, Cryptocurrencies|
|Free Demo Account:||Yes|
|Accepts US clients:||No|
Is Fibo Group a Regulated Forex Broker
Fibo Group, as a part of Fibo Group Ltd, is registered in the British Virgin Islands. Moreover, their regulatory body, FSC, has issued a license for FX and CFD trading to this broker.
Although we are always suggesting traders look for Tier 1 licenses, this is at least a starting point. Because they are in the market for more than 15 years, they could get a more reliable license.
Besides being offshore and having a Tier 3 group license from FSC, there’s not much to say about Fibo Group. Unfortunately, some clients have expressed themselves as unsatisfied with Fibo Group services.
Why Is Trading On a Licensed Broker’s Platform Preferable?
The main advantage of a licensed broker is protection. Not to mention compensation funds for emergency cases. That’s why we recommend licenses from FCA, BaFin or ASIC.
Unfortunately, Fibo Group is not in the register of any of those mentioned above. Their only license is from the Tier 3 group.
Fibo Group Available Online Trading Platform
On the positive side, Fibo Group trading company offers a wide range of trading options. Whether you are looking for a more advanced cTrader or industry-standard MT5, you got it.
They provide effective executions, advanced tools and many more. On the contrary, leverage that goes up to 1:600 is a concerning fact about these platforms.
Generally speaking, most experienced traders prefer MetaTrader. They are used to its user-friendly interface. Moreover, it allows traders to use features like EAs, automated trading, and social and copy trading. All of that is also available on Android and iOS devices.
cTrader has established itself as reliable. Especially due to fast executions, scalping and hedging options and advanced TA tools. As well as MetaTrader, it is available on all platforms. Besides, it is available through any web browser or mobile device.
Web terminals are often used by people who don’t prefer downloads. Even though it’s completely safe and you use your login credentials, some clients like more web-trader.
It offers all the same features as the desktop and mobile versions. The only limitation is that you depend more on your internet speed and device capabilities.
Fibo Group’s Trading Assets and Instruments
The instrument availability is quite standardized. They offer 5 major instrument classes:
- Forex EUR/SGD, AUD/NZD
- Commodities platinum, natural gas,
- Indices DJI, S&P500,
- Shares Apple, BMW,
- Cryptocurrencies BTC, USDT
With leverage up to 1:600 volatile assets like cryptos are highly dangerous. In legal terms, this high leverage is not allowed according to ESMA rules that apply in the EEA zone.
Fibo Group Broker’s Active Locations
Fibo Group is present worldwide. But mainly in countries like:
- United States
- United Kingdom
Important to realize is that for trading in the UK, an FCA license or TPR is required. Unfortunately, Fibo Group doesn’t disclose any information on that.
What Are The Different Fibo Group Account Types?
In general, Fibo Group has quite reasonable minimum requirements for most accounts. That’s why it’s favorable among traders. To sum it up, those are:
- Cent no minimum requirement
- Fixed $50
- MT4 NDD $50
- MT4 NDD no commission $50
- cTrader NDD $50
- MT5 NDD $1000
Important to realize, NDD stands for no dealing desk. With this in mind, traders get unfiltered access to market rates.
Fibo Group Offers Islamic Accounts
Above all, Fibo Group has thought of Islamic belief customers. With Islamic accounts, traders don’t have overnight swap fees.
However, the company holds the right to reject requests for an Islamic account. Moreover, they can terminate providing these accounts without prior notice.
Can a Trader Use a Demo Account?
Besides all mentioned live trading accounts, you can open a demo account with Fibo Group. Instead of playing with virtual funds, you should always look for a micro account. That way, you are making your experience more interesting. Therefore, it is realistic because you are using real money regardless of the amount.
Minimum Deposit and How Do I Withdraw?
The minimum requirement is $50 for most accounts. Depending on the third-party provider, you might expect some additional charges for withdrawals.
Withdrawals are requested through your live trading account on a designated page. However, some Fibo Group reviews are raising concerns about procedures.
Payment Methods Available
After all, this broker provides very trusted payment providers. Commissions are valid for any account type and there are no hidden commissions. Some of the options are:
- Bank transfer
- Card transfer – Visa/Master card
- Crypto transfer – Blockchain, Raido Finance, Bitpay, Radio Spare
- e-transfer – Skrill, Neteller , Fasapay
Fibo Group Promotions
According to the broker, they don’t offer bonuses to their clients. This is a good sign since all EU regulators and ESMA have banned bonuses.
However, looks like they have an affiliate program, to sign people up. Now, it all depends if it’s paid through a bonus or real money to conclude is it legit or not.
Fibo Group Terms & Conditions – What You Need to Know
Important to realize is that for their PAMM Account, they have penalties and fees. Those occur when traders want to withdraw money earlier. Some traders, as well, complained about customer support availability. Since they are not Tier 1 regulated there could be potential issues with this broker.
Leverage, Spreads and Fees
After all, bizarrely high leverage up to 1:600 is not allowed according to EU regulations and ESMA rules. The maximum allowed is only 1:30 for retail traders. Spreads are quite high, compared to some other licensed companies. There are as well overnight swap fees, that are as well higher than usual.
What Should I Do If I Have Fibo Group Problem?
Firstly, reach out to the regulator and see if you can fix the issues. Secondly, share your opinion on social media.
From those, we saw some clients potentially having trouble with withdrawals. Thirdly, you can contact our fund recovery team if nothing works. Get in touch today!
What Is Fibo Group?
It’s an offshore trading company offering FX and CFD trading services since 1998.
Is Fibo Group a Regulated Broker?
Even though they have a loose license from FSC, it is still a regulation.
Is Fibo Group Available in the United States or the UK?
Fibo Group doesn’t have any problems trading with US and UK clients. However, they should have an FCA license or TPR for trading in the UK.
Does Fibo Group Offer a Demo Account?
After all, they do provide a demo account to their clients. Besides many live accounts, you can try everything first with virtual funds.