September 20, 2021

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FIBO Group Review 2020 | Scam or Honest Broker?

8 min read

FIBO Group Holdings Limited has existed since 1998 and is based in Cyprus; it is regulated by the state financial regulator CySEC. The broker offers CFD and Forex trading. The FIBO Group stands for attractive services and conditions. Low spreads between buying and selling prices prove to be one of the main plus points.

The broker’s offer is not limited to the European market. The website is provided with a multiple language selection so that traders from other countries can obtain information about the offers of the broker via the website in an easy way. In the following article, our FIBO Group experience will be presented, so that interested traders can get an overview of relevant facts.

The facts at a glance
Located in Cyprus
MetaTrader 4, MetaTrader 5, and cTrader
Minimum deposit 0 USD
42 currency pairs to choose from
Spreads from 0 points
Gold and Silver available for trading
Broker name: FIBO Group
Broker Type: Market-maker/STP/NDD
Established in 1998
Headquarters in Cyprus
Regulated by CySEC
Account Currencies USD/EUR/GBP
Payment Methods: Bank Transfer, Credit Card, Neteller, Webmoney, OKPay
Max. Leverage 1:400
Margin 0.25
Min Transaction size: 0.01 lot
Number of currency pairs: 48
Financial instruments: Forex, CFDs on Spot Metals and Indices
Trading platforms MetaTrader 4, MetaTrader 5, cTrader
Mobile Trading: yes
Bonus: No
Demo account: Yes
Support: Email, phone, live chat

Forex trading is possible with broker FIBO Group with 42 selected currency pairs. In our FIBO Group test, we can see that spreads start from 0 points, which proves to be positive for traders. The minimum leverage is 1:1 and the listed maximum leverage for forex trading at FIBO Group is 1:400. Setting limit orders is also possible for traders. With “Trading Idea” the broker offers a community for traders, over which for example an exchange over the current market situation can take place. The platform provides real-time quotes for more than 7,000 financial instruments.

In addition, trader CFDs can trade in commodities [gold and silver.] This also shows low spreads between buying and selling. The minimum leverage is 1:50, with a maximum lever of up to 1:200 can be used. Here, traders should always consider the risks associated with leverage trading. Traders can open short as well as long positions for trading.

Conclusion: If you want to implement Forex trading through the broker, you can choose from 42 currency pairs. In forex trading, the maximum leverage is 1:400 and in CFDs, it is 1:200.

Trading platforms – trading via app
For online trading, the broker not only provides the well-known trading platform MetaTrader 4, but in addition, provides the powerful trading software MetaTrader 5 too. MT 4 offers its users fast execution. Both trading platforms are characterized by an easy operability, so that even beginners find a convenient was to enter trades. Which trading platform the trader ultimately chooses depends on the individual requirements.

Also, featured in the broker’s offer is the cTrader, as demonstrated in our FIBO Group review/test. Autotrade is available for automatic trading. Traders’ with successful strategies can be copied via the AutoTrade platform. In addition, traders can download the trading app for MetaTrader 4 for free. Trading through the app has many benefits, including technical analysis and an easy-to-use interface. Access to important functions of the trading account can be made via the app on the move. The app is available for mobile devices with Android or iOS system.

Conclusion: In our FIBO Group review, the selection of trading platforms presented itself as practical. The trading app is also helpful for trading. Depending on the trading requirements, traders can opt for the right trading platform for Forex and CFD trading.

Account Opening
If you wish to open an account with FIBO Group, you can find the corresponding form on the broker’s website. Initially, only a few entries are required. As experience has shown in our FIBO Group test, the first name, last name, e-mail address, and mobile number are required to complete the form. It is also necessary to confirm the e-mail address and perform verification. The trading account is kept in a base currency, and customers can choose from the following currencies: USD, GBP, EUR, RUB, & CHF

The broker does not specify a minimum deposit for the trading account. Different types of accounts are available. In our FIBO Group review, we would therefore like to point out that a minimum deposit of $500 is required for the account type MT5 NDD. In addition, benefits such as the number of currency pairs, account currency, and leverage vary depending on the type of account you choose.

Conclusion: Traders can use the brokers website to conveniently fill out the account opening form online. Initially, only a few details are required. In addition, a verification process is implemented. There are various currencies to choose from, from which the desired base currency for the trading account can be selected.

Deposits and withdrawals – Payment methods
To avoid unnecessary fees, traders should also read the respective terms and conditions for deposits and withdrawals. As it turned out, according to our FIBO Group test, the broker offers different payment methods. Depending on the chosen payment method, the duration may vary for the credit/funds to arrive. You can pay by credit card; credit card is a popular choice, since the money transfer with this payment method can be implemented safely and quickly. Furthermore, the following payment methods are available: Bank Transfer, Neteller, OKPAY, Payoneer, & WebMoney

For the bank transfer payment method, traders should keep in mind that fees can also be charged by the relevant bank. These things should be clarified in advance. Where deposits by credit card are booked promptly, deposits via bank transfer can take 2 to 5 business days until the credit is cleared. Traders who want to quickly stock up on the trading account with additional credit for trading, can also use the listed e-wallets, such as Neteller. In addition, fees may apply depending on the chosen payment method. For payments from the trading account via OKPAY, for example, fee is 0.5%.

Conclusion: Traders can choose between different payment methods for deposits and withdrawals. Not only payment methods such as credit card and bank transfer are available. Also e-wallets like Neteller and WebMoney are available. Payments by credit card or Neteller prove to be timely. For bank transfers, traders should allow for a certain amount of time until credit is cleared.

Demo account and customer service
In our FIBO Group review, we also want to talk about customer service. First, it is striking that a live chat is offered. This customer support chat feature is convenient for traders and can be accessed through the broker’s website. In addition, a callback can be requested via a corresponding function. It is also possible to contact customer support by e-mail or fax. If you prefer direct contact by phone, you will find a hotline. Service times are listed from 09:00 to 18:00 from Mondays to Fridays. If you want to inquire about the services and conditions of the broker, unfortunately only a limited representation of the trading conditions is available on the website.

The broker not only allows you to open a live account, if you would like to try out the trade first and do so without taking any financial risk, you can also open a demo account. The opening for the demo account is done via the corresponding form on the website. The use proves to make sense, since the demo account is traded with virtual amounts, so that traders can test the functions of the trading platform and the process itself. The demo account can also be used to develop a strategy for trading. Therefore, both beginners and experienced traders can benefit.

Conclusion: Our FIBO Group test shows that the customer support can be contacted in different ways. These include email, live chat, fax, and also via phone. In addition, traders can request a callback. The services of the broker include a demo account that can be opened easily. Trading via the demo account presents advantages for both beginners and professionals.

As our FIBO Group review has shown, knowledge enhancement for traders is an important issue. Expanding the knowledge of the financial market can positively support trade. But does the broker FIBO Group have what it takes to do this? These and other questions are listed below.

Does the broker provide education material?
Interested traders can register for webinars via the website. In addition, relevant news on market events are shown. As our FIBO Group test showed, there were no eBooks to gather information or video seminars. Compared with the educational offers of various other brokers, the performance of FIBO Group in this area is more in the midfield.

Did FIBO Group win any awards?
The broker has already scored several times in this area. These awards include the “best standard forex broker” at the Forex Expo Awards 2015. Also at the Forex Expo Awards 2015, the broker achieved the “best analytic support service” award. In addition, other awards from recent years show the convincing performance of the broker in various areas.

How are client funds protected?
The protection of client funds is an important aspect of brokerage choice. Customer funds are secured at FIBO Group up to an amount of $20,000 per customer. The broker is a member of the Investor Compensation Fund (ICF.) The regulation is regulated by the Cypriot financial regulator Cyprus Securities and Exchange Commission. Both the regulation and the deposit guarantee speak for the legitimacy of this broker.

Our conclusion for FIBO Group broker review
In our test, the listed spreads were convincing. Forex trading spreads start from 0 points!
Up to 42 currency pairs can be traded. Whereby it depends on the choice of account type.
In addition, trading in gold and silver is possible. Here, the maximum leverage is 1:200 and the trading costs for these commodities are $5 per contract.
Without minimum deposit, the trading account can be used immediately. The opening of the live account as well as the demo account is uncomplicated.
Traders can choice from different currencies as the base currency for the trading account.
Also in the area of trading platforms, the broker shows attractive options so that traders can make the right choice.

In addition to the MetaTrader 4 and Meta Trader 5, the cTrader is also available for trading. A free trading app for the MetaTrader 4 can be downloaded for mobile devices with Android or iOS system. The customer support can be conveniently contacted via the chat function. But also contact options, such as hotline, email and callback service can be used. In terms of training opportunities, the services of the broker are comparatively in midfield. The information on the website could be presented in more detail on some points.

PRO arguments
No minimum deposit required
42 currency pairs to choose from
Spreads from 0 points
Mobile trading via app
Demo account available

CON arguments
Maximum lever: 1:200
Depending on the payment method, there are some fees for deposits and withdrawals

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