FIBO Group Review – Can You Trust Your Money Here?
Fibo Group company is registered in early 1998. The company has two entities registered in different countries. There is Fibo Group Ltd or Fontent Corporation Ltd with headquarters in the British Virgin Islands. Also, there is Fibo Group Holdings Ltd registered in Cyprus.
Depending on the entity you are working with you can expect different training conditions. Especially due to strict European regulations. However, both entities have different levels of regulation. To find out more about the safety of investing here, read our latest Fibo Group review.
|Headquarters||British Virgin Islands|
|Regulated||FSC BVI, CySEC|
|Execution Type||Instant, Market, Pending order|
|Trading Platforms(s)||Meta Trader 4, Meta Trader 5, cTrader|
|US Clients Accepted?||US traders are not accepted|
|Support Hours||9 AM – 6 PM CET, 5 days a wekk|
|Customer Support||E-mail, Online chat, Phone|
Is FIBO Group Safe? Security and Regulation
As shown above, this company is registered in two countries. In BVI, the main regulator is the FSC (Financial Securities Commission). Indeed, their register has information about Fibo Group broker. This leads to the conclusion that traders can enjoy some protection. Even though it’s not a Tier 1 regulation it’s better than nothing.
Also, Fibo Group has a license from CySEC. Cyprus Securities and Exchange Commission is a reliable and trusted European regulator. Thus not strong as the FCA. But in combination with offshore licenses, there should be enough protection for traders.
Unfortunately, Fibo Group trading company doesn’t have transparent fund protection measures. For instance, negative balance protection or guaranteed stop-loss. Therefore, traders must check that through trading experience. In general, traders do that through a demo account. Which Fibo Group broker claims to offer.
FIBO Group Leverage
Leverage is always speculative among traders. In fact, EU brokers should comply with ESMA (European Securities and Markets Authority) rules. So, the EU entity of this company should have the maximum allowed leverage of 1:30. However, the offshore entity offers leverage of up to 1:1000. It’s considered highly risky. Especially while trading volatile assets. Such as Cryptocurrencies.
Therefore, we suggest traders use lower trading volume. But also to practice on a demo account, before they are sure of their skills. Sometimes traders prefer to use even PAMM accounts or live signals. This allows them to minimize their losing percentages. In general, a leverage of 1:1000 is very rarely offered. Also mostly to experienced pro traders. So, if you are a beginner be patient.
Generally speaking, what traders don’t learn the easy way is that leverage can cost you heavily. Especially if the broker doesn’t have negative balance protection. On the contrary, traders also become very greedy once they see first huge profit. That’s why it’s important to take small steps. There is a saying that you should always trade only with money that you can afford to lose. If you are smart, you will follow it.
FIBO Group Accounts Types Available
All account types depend only on the platform that you are using. Since the broker offers Meta Trader and cTrader you have various options. Most importantly, you won’t make a mistake by choosing either of those. Anyway, traders can start already with $50 on basic accounts. However, the broker has also an MT4 cent account without a minimum deposit requirement.
Important to realize is that the MT4 platform has 3 options: Fixed, NDD and NDD no commission account.
While traders that want to use MT5 or cTrader must choose an NDD account. Mainly benefits come from different spreads and commissions. Which is the way how legit brokers are making profits.
Nevertheless, you can start first with a demo account and then switch to a cent account. Once you get enough experience and knowledge to start investing real money. It’s a great option for beginners. But also new clients that never traded with this broker. Another key point is an Islamic account. These accounts are without swap fees.
Also, the broker promotes PAMM (Percentage Allocation Money Management) accounts. These are highly popular recently. Mainly due to minimized risk for inexperienced traders. But also because a professional or experienced trader is doing the trading. Everyone else just collects the percentage. Whether it’s positive or negative.
Trading Instruments at FIBO Group
Fibo Group’s instruments range is quite solid. The company covers major instrument classes. Traders can choose between:
- Currency pairs (Forex) GBP/AUD, HKD/USD, EUR/HUF
- Commodities Brent crude oil, gold, natural gas
- Indices DAX 30, AU 200, BE 20
- Shares Johnson & Johnson, Deutsche Bank, General Motors
- Cryptocurrencies BTC, ADA, LTC, ETH, XRM
Even though it’s all like any other company, regulation plays a difference. In this case, the broker can’t manipulate the market or mislead traders. In case they do, they would face consequences. Maybe even lose a license.
Besides high leverage with offshore brokers, these instruments are quite attractive. But if you take baby steps and don’t become greedy, you shouldn’t have many issues. Thus, trading is quite risky business and anyone can lose sometimes.
Trading Platforms Overview
As shown above, Fibo Group’s huge advantage is the software coverage. Traders can choose between MT4, MT5 and cTrader. Software like this became the leader in the industry. But not without a reason. Numerous trading tools and advanced features got them there. For instance, traders can use automated trading signals.
These are mainly popular because traders don’t want to learn how to trade. Besides, some inexperienced traders are using social or copy trading services. In combination with advanced charting options and educational material, you can quickly learn some basics.
Most importantly, all three platforms are highly reliable. On top of that, they offer instant execution, market execution and pending orders. Whether you are a day trader or not, you can find your perfect choice. After all, all these platforms have suitable mobile apps. It’s easily downloaded on any iOS or Android device. Even easier to install and get ready for action.
Deposits and Withdrawals Process
Unlike many other offshore brokers, Fibo Group has transparent funding options. There are numerous depositing options. Processing time varies depending on the method. Thus, it can take up to 5 business days. Also, some depositing options include additional fees. Traders can choose the following options
- Bank transfer – Swift
- Debit/Credit cards – Visa & Master Card
- e-Payments – Skrill, Neteller, WebMoney, FasaPay
- Crypto transfers – RadioFinance, BitPay, Blockchain, RadioSpare
Commission for deposit is quite high and goes up to 5% for some options. Therefore, take that into consideration before making a choice.
On the other hand, withdrawals cost way more. But at least this broker is transparent about it. There are no hidden fees to expect. On the positive side, some withdrawal methods take a few minutes for processing. Of course, depending on the platform capacity and traffic. Mainly those are crypto transfers, which are known as the fastest ones.
Education and Resources
Even though many companies advertise their educational packages, Fibo Group doesn’t. On one hand, that’s positive because account types present actuall trading benefits. Thus, licensed brokers can assist in learning how to trade. Something popular these days is PAMM Account. For such a service, this broker promotes PAMM manager and PAMM Agent programs.
Another key point is analytical tools. This broker offers options for traders that want to learn. Some options are:
- Factory Orders Indicators
- NFP indicator
- Jobless Claims Indicators
- Average Hourly Earning Indicator
- And many more
Such options can raise awareness about the trading world. But more importantly, help traders understand fundamental analysis. Although that doesn’t work on cryptos you can use it successfully in any other field.
The key aspect of every broker nowadays is their customer support. If the broker doesn’t have a proper relationship with clients they quickly earn negative reviews. Fibo Group has also 4 office addresses worldwide. These are in Limassol, Almaty, Shanghai and Munich.
Besides, you can contact the broker through e-mail, phone and online chat. Online chats became very popular because of quick responses. Especially if the phone call costs you loads of money. You never know how long it’s going to take.
Also, the Fibo Group trading company promotes its social networks. That’s an additional way to communicate with their staff. But of course, the most reliable option is in writing. Nobody can mislead you into something and put pressure on you to make a quick decision. Important to remember is to take your time before investing money. Don’t be greedy and don’t fall for cheap tricks.
FIBO Group Overall Summary
- Fibo Group has FSC BVI and CySEC licenses.
- The company provides trusted trading software.
- The funding methods available are transparent.
- Multiple account type choices.
- Micro trading is available.
- Fibo Group broker has an Islamic and Demo account available.
- PAMM trading and automated signals are present among trading options.
- Different ways for contacting the broker.
FAQs About FIBO Group Broker
Are my Deposited Funds Protected at FIBO Group?
The company has quite stable regulations and traders' funds should be protected.
Where Can I View FIBO Group Legal Documentation?
Fibo Group legal documents you can find on their website for EU traders.
What Bodies Are FIBO Group Regulated Under?
The company is regulated by British Virgin Islands FSC and Cyprus CySEC.