FIBO Group

FIBO Group – a brokerage company with experience (Forex Brokers). And in today’s market the service provider is striving to maintain its leading position by offering a large selection of accounts, different execution models and several types of terminals for trading (Forex Trading).

Has the provider lived up to its name? Is FIBO Group just another scam, or a worthwhile product of its time? Let’s find out.

 

Terms of trading with FIBO Group

Platform fiboforex.org offers several types of accounts without commission from the broker:

• MT4 Cent – classic cent account with leverage up to 1:1000, no minimum deposit limits and floating spreads from 0.6 pips.
• MT4 NDD No Commission with a minimum deposit of $50, floating spreads from 0.8 pips, leverage up to 1:400 (drops to 1:33 on weekends and holidays due to increased margin requirements), no requotes and market execution.
• MT4 Fixed with fixed spreads from 2 pips, deposit from 50$, maximum volume of one transaction 50-200 lots, depending on the pair, 100 0000 USD pledge and market execution.
• MT5 NDD with a minimum deposit from $1000, leverage up to 1:400 (1:100 for metals), improved testing system of trading robots, “Depth of Market” and support for automated trading. Spreads are floating, from 0.8 pt, execution is Market Execution.
• cTrader NDD – analogue of MT4 NDD, trade just on a different platform.

 

Most of them are suitable for scalping, which the service provider has nothing against.

 

As well as the Islamic account – without charging fees for transferring an open position to the next day (SWAP). In this case, the broker earns from the weekly fee for the standard currency lot: its size varies from $25 to $100. It works only on MetaTrader 4 terminals.

In addition, for users with little trading experience, investment in PAMM: You choose a manager who will make transactions with your account. All actions are automatically copied and made with the assets in your investment account (located separately from the accounts of the company and its representatives). Earnings and losses are added/subtracted in proportion to your investment share of the total funds. The remuneration you pay to the trader for his services is 30% of his profits, so the latter is interested in going in the plus. Minimum investment limits (300$) and the duration of the investment period (4 weeks) are introduced.

And professional traders can become representatives (agents) of the company and earn from each transaction already their clients. Support is provided by phone (dedicated lines for different countries), e-mail (by direct mail or by applying through a feedback form), online chat, and the broker’s community on Facebook, and Twitter There is a good selection of statistics (execution of orders, spreads, open positions), analytics (rate forecasts, expert analysis of the market, economic calendar), training materials and courses (correspondence/online).

 

 

Platform fiboforex.org

As it became clear from the specification of account types, the broker works with three platforms: MetaTrader versions 4 and 5, as well as cTrader. There are versions for trading currency pairs and CFDs: stocks, cryptocurrency units, metals, indices (just over 90 assets in total) – in online and offline formats. Each terminal its functionality:

• MT4 – interactive chart with scaling and scrolling quotes of 3 basic types (candles, bars, lines), 7 timeframes, technical indicators and trend patterns, support for automatic trading.
• MT5 – 4 types of trade execution, 5 decimal places in quotes, updated order processing technology, support for automated trading.
• cTrader – work via API, support of additional plug-ins, support for automatic trading, the ability to create your own indicators of technical analysis on C#

There are in web (online work) and install- (downloadable, can work without access to the network) formats for PCs, tablets and smartphones.

 

Quotes from Fibo Group broker

FIBO Group is slightly more than 60 currency pairs (not a record, but quite enough for beginners). The broker works on the NDD model, providing, if we believe the site, quotations of Sucden Financial (a London brokerage company) and banks. That is, at the primers. And if we compare the figures for, say, EUR/USD, the differences with other service providers through special online services (displaying data at any given moment), the differences are very small: literally a couple of ticks.

Usually, it means that the company does not cheat in the figures with a high degree of probability. And yet in several comments on serious feedbacks there are complaints about the “drawing” of quotes by the broker and too sharp jumps when others do not have them.

 

FIBO Group demo account

To practice their skills, unsure users are given a free demo account and work on the MetaTrader 4 simulator. To take advantage of this opportunity, you need to register on the website fiboforex.org the email address of the email account is indicated and confirmed by clicking on the link in the email.

 

You will be immediately redirected to the menu of your personal cabinet, where the section “My demo accounts” will be available (everything else – after the verification of the profile).

Choose account type (MT4 Fixed, MT4 NDD, MT4 NDD No Commission, MT5 NDD, cTrader NFF), trading amount, currency (EUR, USD, CHF, RUB, GBP), leverage (1:1, 1:25, 1:50, 1:100, 1:200, 1:400), indicate your trading experience on a real account (yes or no).

After that in the section “Platforms and applications” choose the terminal and log in using the login and password assigned after creating the account. There is no time limit for trading. You can create several demo accounts with different terminals.

 

Fibo Group mobile app

FIBO Group does not have its own mobile application – the company uses the versions of the terminals it works with: MT4 and MT5 (cTrader has only adaptation for narrow-format devices – there is no software for downloading to smartphones). The possibilities are the same as in the case of the computer:

• Viewing Quotes.
• Placing orders (all types, including pending orders).
• History, statistics, analytics.
• Communication with the support team and chat with other traders.
• Notices.
• Interactive Options.
• Android and iOS are supported.

 

 

Bonuses at FIBO Group

Each client of Fibo Group can connect a bonus to a comprehensive trading package, which includes a training course from a broker with a certificate, a robot assistant and a trading account with $100 already credited to it for practical application of the acquired skills. The offer is valid for registered users.

 

For residents of Ukraine and Kazakhstan another promotion is available: 20% cashback from spreads on PAMM-transactions opened during the period of the CashBack/Rebate bonus program. And funds are available for withdrawal without fulfillment of trading conditions.

Among other things, there are several options for making money by partnering with FIBO Group:

• IB (introducing broker) – earnings at a rate of 3% per lot of the client brought into the company on CFD, 15% from spread on CFD Crypto, 30% from spread / 15%-25% from commission on NDD, STP Forex.
• PAMM-agent – remuneration 15% from the transaction amount, 30% from the investor’s profit

 

 

Deposit and withdrawal

The following methods are available in one or another set for depositing a trading account, taking into account your nationality:

• SWIFT bank transfer – crediting within 3-5 working days.
• Connectum, RegularPay, Raidospare, Bitpay, Blockchain wallets/cryptocurrencies, Neteller, WebMoney, Skrill – crediting within 24 hours (exception: RegularPay – up to 10 working days), the limits depend on the specific service.

Each method supports only certain types of currencies. And it charges its own commission: a fixed one, ranging from $35-50, or a percentage one, ranging from 0% to 3.9%.

For the withdrawal of earnings used approximately the same services: SWIFT, Connectum, RegularPay, Raidospare, Neteller, WebMoney, Skrill, QIWI, Bitcoin. Transaction fee is 10-50 USD / 0.8%-4%. Limits apply: min 80 USD for bank cards, max 3 000 EUR./week for Connectum, max 15 000 RUB|200 USD per transaction for QIWI, etc.

 

Before each transaction, you must verify your profile: prove your identity (scanned passport), residential address (scanned utility bill) and rights to an account (scanned payment document).

 

Complaints against FIBO Group

Reviews about FIBO Group even on the verified sites are contradictory. Some users praise the brokerage company for its stable work, the absence of slippages and problems with payments. Others talk about fraud (“drawing” quotes, “losing” client funds, etc.) and ignoring the interests of the client. But judging on the whole, the broker’s reputation is not the best.

 

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Regulator of the broker fiboforex.org

FIBO Group Limited is registered in the British Virgin Islands FSC under number SIBA/L/13/1063. On the website of the regulator, in a special registry, you can check the status of counterparties, but you can’t see the full certification data about it. However, we found the confirmation that the broker works officially there (the link is attached). And the certificate of registration is presented on the official website of the provider fiboforex.org.

• Check out certificate of incorporation
• Read the certificate of good standing

Fibo Group User Agreement

The document regulates the legal relationship between you as a service user and the brokerage company as its owner. Let’s look at several provisions. For example, clause 3.2 says that you must provide information about yourself to the broker for the account opening, conducting transactions and operations of currency input-exchange withdrawal. And immediately notify of all changes that occur to it.

If you refuse or are unable to do so, you may be denied an account (Section 3.3(ii) “The Company has the right”).

In addition, access to FIBO Group resources is suspended in case of a systematic violation of any of the rules of the policy (clause iv of section 3.3).

Transmission of orders for transactions is carried out not only through a personal account, but also by phone (clause 4.4).

The operator reserves the exclusive right to decide whether the confirmations provided by the user are suitable and sufficient or whether something else needs to be provided *p. 5.11).

Despite the fact that accounts are opened in different currencies, they are always converted in US dollars. And your balance will be credited with the amount including the fee for conversion from one currency to another if the company does not meet you halfway (clause 5.16).

An account that has had no movement for 91 days is considered inactive and is subject to a monthly fee of $5 (Section 6.3).

Paragraph 8.1 of the document lists the events considered as “events of default” (their occurrence leads to the forced closing of all open user positions at current quotes, closing the account and refusing to open new accounts): failure of the account holder to fulfill his obligations to FIBO Group, providing untrue guarantees and information, debt, death/insolvency, bankruptcy and any other circumstances that create risks of default.

 

Is FIBO Group a scam?

Fibo Group is notable for its high functionality: the service offers several types of accounts on different terminals, a good set of analytical tools and training materials, as well as an interesting affiliate program. In addition, the broker has a reliable regulator – FSC British Virgin Islands. And a well-drafted user agreement that takes into account the interests of the client. And everything would be fine, but one cannot ignore the numerous reviews containing complaints about the service provider. Especially when you consider that they have been moderated on reliable sites.

It turns out that the broker is not as ideal as he would like to be. And certainly not always behaves decently to traders. The fact of “faking” quotes, of course, is very difficult to prove, so we cannot assert it for sure, but in any case this information spoils the impression about the provider. FIBO Group is not a scam, but quite a serious organization. That is why it is doubly unpleasant to learn such things about it.

 

Conclusion

FIBO Group, in our opinion, meets the requirements of modern consumers in terms of a variety of services and trading conditions. There are 6 types of NDD accounts, an Islamic account, PAMM trading, trading advisors, and robots to choose from. From a legal standpoint, the company is reputable, with reasonable policies and a reliable regulator.

However, despite its range of activities, the broker doesn’t always accommodate clients and, judging by online reviews, is sometimes willing to damage relationships with clients for the sake of minor profits. If you’re considering working with this operator, it’s advisable to carefully read the terms and conditions multiple times to avoid becoming a victim. Otherwise, we believe it is a respectable market participant.