FIBO Group Review and Tutorial 2021
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|FIBO Group Facts & Figures|
FIBO Group is a dual-licensed forex broker offering multiple trading platforms.
|Instruments||Forex, CFDs, cryptos, spot metals|
|Pay Methods||Cashu, Credit Card, Mastercard, Neteller, Paysafecard, Perfect Money, Skrill, Visa, Wire Transfer|
|Min. Trade||0.01 lots|
|Regulated By||CySEC, FSC BVI|
|USD, EUR, GBP|
|Speculate on the financial markets with a range of CFDs.|
Trade dozens of online currencies with competitive leverage rates.
Trade crypto and USD cross pairs.
|Coins||BTC, ETH, LTC, ZEC, XMR, DSH|
FIBO Group is a forex and CFD brokerage based in Cyprus. The broker offers trading on MT4, MT5 and cTrader, with a range of live, PAMM and demo account options. In this review, we’ll look at regulation, leverage and pricing, to help you decide if FIBO Group could be a good choice for you.
FIBO Group Details
Financial Intermarket Brokerage Group (FIBO Group Ltd) was founded in 1998. The organisation is licensed and regulated in the EU by the Cyprus Securities and Exchange Commission (CySEC). The global site is also authorised by the Financial Services Commission (FSC) in the British Virgin Islands (BVI).
The MT4 trading platform is a top choice among traders of any experience level. The software boasts a powerful interface which is fully customisable and supports multiple trading styles.
Traders can analyse the markets on 9 different time intervals, using 30 pre-included indicators and a range of graphical objects. There’s also a trading history feed as well as real-time quotes in Market Watch. Clients can also utilise expert advisors (robots) for automated trading strategies.
The MT4 platform is available for download onto Windows PCs, or as a web-based version for MacOS and Linux users.
MT5 is the successor to the MT4 real server and comes with several differences, including an economic calendar and Depth of Market liquidity. There’s also a wider range of technical indicators and drawing tools, plus 21 time intervals and advanced order and execution types.
MT5 is also available via desktop application or via the web trader, but note that MT5 is only available for clients on the global site.
The cTrader platform is suitable for professional traders as well as newbies and is available both as downloadable or web versions.
The platform offers one-click trading, a market sentiment indicator, economic news, Depth of Market view and trading robots using the cAlgo integrated tool. There’s also over 50 indicators and 26 chart time frames to choose from, as well as copy-trading functionality.
FIBO Group offers 38 currency pairs as well as spot metals on the EU site. Global clients can trade a wider range of forex, as well as over 20 CFDs on major indices and commodities, such as the FTSE100 and crude oil. There’s 9 CFDs on cryptocurrencies, plus a range of shares.
FIBO Group offers fixed and floating spreads starting from 0.3 pips for EUR/USD and 1 point for major indices, including NASDAQ. The gold spread is around 0.5 USD and crude oil is 8 cents.
Commissions may also apply depending on the account type. These start from 0.003% from the amount of the transaction. There’s also a $5 dormant account fee which applies after 91 days of account inactivity. In addition, swap charges apply on overnight positions.
For global clients, the maximum leverage available is 1:1000 in the MT4 Cent account, but for most other account types, the maximum leverage is 1:400. For EU clients, leverage is available up to 1:50 for standard traders and up to 1:400 for professionals.
The CEO has ensured detailed leverage requirements are publicised on the broker’s website.
FIBO Group offers mobile app versions of the MT4 platform for all clients, and the MT5 and cTrader platforms for clients on the global site.
MetaTrader mobile users enjoy quick access to online quotes, all available trade orders and trading directly from the chart. You can also analyse the financial markets using the interactive pinch-and-zoom charts, as well as manage trades in offline mode for convenience.
The cTrader mobile app offers advanced mobile trading features, including QuickTrade mode, quick links to news sources, price alerts and notifications, as well as over 50 indicators on 26 time frames.
Deposits & Withdrawals
FIBO Group offers a variety of funding methods, including bank wire, credit cards and online payment systems such as Skrill and Neteller. Note that these will vary depending on your jurisdiction.
There may be some deposit commissions, for example bank transfers cost between $35-50, though most other deposit methods are commission-free. Withdrawal commissions start from 0.5%.
Processing times also vary, from within a few minutes for some e-payment systems, up to a few days for bank transfers and some credit card payment systems.
FIBO Group offers a MT4 demo server to explore the trading platforms and practice skills. Demo accounts are usually available for a certain time frame and do not require you to deposit or trade real money.
FIBO Group Bonuses
There are currently no promotions available on the global site, but traders can check the website or sign up to the newsletter to receive updates on bonus deals. The EU site does not offer any promotions due to regulatory restrictions.
FIBO Group Holdings Ltd is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC), under license number 118/10. FIBO Group is a member of the Investor Compensation Fund, which can cover up to €20,000 per client.
FIBO Group Ltd is also regulated by the Financial Services Commission (FSC) in the British Virgin Islands, under license number SIBA/L/13/1063.
Additional Features Review
FIBO Group offers some additional tools including market analysis and forecasts, as well as an economic calendar. Beginners will also find some educational content including YouTube videos on forex basics. This isn’t the widest variety of features compared to other brokers, so traders on the EU site in particular may need to look elsewhere.
EU clients have a choice of two account types: MT4 NDD and MT4 NDD No Commission. Other than the commission differences, the two accounts are characterised mainly by the tighter spreads in the commission-based account. Note that the minimum deposits are $300 for the commission-based account and €100 for the no-commission account.
Global clients can also choose from the MT5 or cTrader NDD accounts, as well as the MT4 Cent and MT4 Fixed accounts. The minimum deposits are $50 for all accounts, except for the MT4 Cent which requires no minimum deposit, and the MT5 NDD account which requires a $1,000 deposit. Some accounts also offer additional benefits such as PAMM solutions.
FIBO Group gets a positive rating in several areas:
- MetaTrader and cTrader platforms
- Regulated in two jurisdictions
- Straightforward registration
- Good revenue withdrawal
- Commission-free trading
- Tight ECN spreads
There may be some drawbacks of trading with this broker:
- Limited educational resources
- Limited instruments and platforms for EU clients
Trading sessions for forex and cryptocurrencies are 00:05 to 23:55 (EET) Monday to Friday. Spot metals run from 01:05 to 23:55 (EET) Monday to Friday. A full list of trading sessions for other individual instruments can be found in the contract specifications or within the trading platforms.
You can get in touch with the main head office in Limassol, via telephone, email or live chat. Alternatively, you can also try one of the global representative offices in Kazakhstan, Germany or China.
- Cyprus email – firstname.lastname@example.org
- Cyprus Telephone – +357 25 030 930
- Cyprus address – FIBO Group Holdings Limited, 29 Agias Zonis, 1st Floor, 3027, Limassol, Cyprus.
FIBO Group’s trading platforms are encrypted with SSL technology and use two-factor authentication protocols upon login. Certain requests through the members area are also secured with a one-time verification password via SMS.
FIBO Group Verdict
FIBO Group provides decent forex and CFD trading services, including the MT4 and MT5 platforms, plus a range of deposit methods and account types. Traders should also feel safe at this established company, with regulation in two jurisdictions. A notable downside, however, is the lack of educational tools, which may put off any traders who are looking for a more well-rounded service.
FIBO Group accepts traders from Thailand, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use FIBO Group from United States, Canada, Australia, Korea, Iran, Iraq, Israel, Japan, Belgium.
Alternatives to FIBO Group
If you are looking for alternatives to FIBO Group we have compiled a list of the top 5 brokers that are similar to FIBO Group below. This list of brokers like FIBO Group is in order of similarity and only includes companies that accept traders from your location.
- EagleFX – EagleFX is a popular trading broker offering forex, stocks, cryptos & commodities.
- LQDFX – LQDFX offers online trading with multiple STP accounts and MT4 analysis tools.
- ZuluTrade – Zulutrade provide multiple automation and copy trading options across forex, indices, stocks, cryptocurrency and commodities markets
- Just2Trade – Just2Trade offer hitech trading on stocks and options with some of the lowest prices in the industry
- eToro – eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
How do I open an account with FIBO Group?
You will need to fill out the online registration form before submitting your ID documentation to be verified. Once verification is complete, you will be able to sign in to your account and start trading straight away.
Does the FIBO Group offer a no deposit bonus?
The FIBO Group currently does not offer a no deposit bonus deal, or any promotions at this time. You can check the website or sign up to the newsletter for any future deals on the global site.
Is FIBO Group regulated?
FIBO Group holds regulation and licenses with the Cyprus Securities and Exchange Commission (CySEC) as well as the Financial Services Commission in the British Virgin Islands (FSC BVI).
Is FIBO Group safe?
FIBO Group uses well-known and reputable trading platforms (MetaTrader and cTrader) which protect data exchange using SSL-encryption. One-time passwords (OTP) are also used within the members area.
What countries are accepted at FIBO Group?
FIBO Group accepts clients from multiple countries, including the UK, Ukraine, Russia, Spain, Vietnam, Turkey, Singapore and Indonesia. Note that certain countries are restricted from both sites, including Australia, the United States and Iran.
|FIBO Group is a dual-licensed forex broker offering multiple trading platforms.|
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