FIBO Group Review 2024
Website: www.fibogroup.com
Min. Deposit: US$ 50
Leverage: 1:30 | 1:1000
Trading Platforms: MT4
Regulation: FSC, CySEC
Headquarters: BVI
Founded: 1998
Updated on January 26, 2024
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In our comprehensive evaluation process, we meticulously assess forex brokers against a set of stringent criteria. Our analysis is based on a detailed examination of the broker's regulatory status, trading platforms, instruments, fees, educational resources, and customer service. We compare our findings with over 1000 other brokers to ensure a thorough and unbiased review. Our goal is to provide traders with clear, accurate, and up-to-date information to make informed trading decisions.
International Financial Holding FIBO Group (Financial Intermarket Brokerage Online Group) stands as one of the pioneering entities in online trading, tracing its origins back to 1998. The broker has consistently adhered to principles of transparency, protection of client interests, and strict adherence to legal standards. Initially established in the British Virgin Islands (BVI), FIBO Group has expanded its operations, establishing an additional regulated entity in Cyprus, offering clients a safe investment environment. The global presence of FIBO Group is further solidified through its offices in Vienna, Limassol, Shanghai, Singapore, Munich, Kyiv, and Astana, ensuring high-quality support worldwide.
Pros
FIBO Group is recognized as a trustworthy broker with a robust foundation and reputable standing.
Offers a No Dealing Desk (NDD) environment conducive to CFD and FX trading.
Features competitive conditions with a low minimum deposit and tight spreads.
Provides a diverse range of industrystandard platforms, including the sophisticated cTrader for technical traders.
Boasts an extensive collection of educational courses and webinars suitable for beginners.
Cons
The broker's market offerings are limited primarily to FX and CFD trading.
Imposes trading commissions on certain account types alongside fees for deposits and withdrawals.
The educational resources are not tailored to the needs of expert traders.
FIBO Group Review Summary in Top 12 Points ▲
Headquarters: BVI, CySEC
Regulation and License: FSC, CySEC
Instruments: 60 currency pairs, including cryptocurrencies, CFDs
Platforms: MT4
Costs: 0.2 pips
Demo Account: Provided
Base currencies: EUR, USD
Minimum deposit: $50
Education: Comprehensive education, research, and various tools
Customer Support: Available 24/5
FIBO Group is deemed a reliable and user-friendly broker, ideal for beginners due to its low spreads and minimum deposit requirements. The broker accommodates various trading strategies, catering to a global clientele including European, African, and Asian traders. Our comprehensive assessment positions FIBO Group with an overall ranking of 7.9 out of 10, after comparing its offerings to those of other leading brokers in the industry.
Is FIBO Group safe or a scam? ▲
FIBO Group is far from being a scam. Its longstanding industry presence, spanning decades, is a testament to its high-quality trading services. The broker operates under strict regulations, adhering to all relevant laws, thus providing a secure financial trading environment.
FONTEN CORPORATION LIMITED, the company behind FIBO Group, Ltd., is regulated by the Financial Services Commission in the British Virgin Islands (BVI), an offshore jurisdiction known for its relatively relaxed regulatory standards for financial firms. Additionally, FIBO Group Holdings, Ltd., established in the Republic of Cyprus, is licensed by the Cyprus Securities and Exchange Commission (CySEC), thereby offering services to EU residents and beyond under stringent European regulations. This dual regulatory framework ensures that FIBO Group is a safe investment choice. Our trust score for FIBO Group stands at 8.4 out of 10, reflecting the broker's reputable service and adherence to financial standards. The provision of investment services is further bolstered by professional indemnity insurance and membership in the Investor Compensation Fund (ICF), ensuring that all services comply with the highest international standards under regulatory oversight.
While engaging in trading activities with FIBO Group, you have the option to utilize leverage, essentially a loan from the broker designed to amplify your trading capacity. However, it's vital to note that leverage levels are subject to regulatory constraints. For traders associating with a European entity of FIBO Group, ESMA regulations apply, resulting in lower leverage limits:
European traders can access leverage up to a maximum of 1:30 for Major Currency pairs and 1:10 for Commodities. Conversely, FIBO Group's international offices offer leverage reaching up to 1:1000, a substantially high level that necessitates cautious handling.
Leverage can significantly enhance your trading potential and the possibility for higher profits, provided you utilize these tools wisely and avoid engaging in overly risky transactions.
FIBO Group has developed two distinct account types, enabling traders to select between an NDD Account or an NDD No Commission Account:
The first account type offers competitive variable spreads starting from 0 pips, with a commission charged per transaction. This arrangement suits various trading strategies well.
The second account type, the NDD No Commission, features fixed spreads of 0.8 pips, making it particularly appealing for novice traders or those strategies necessitating exact spread calculations under all market conditions.
Additionally, Islamic or Swap-free accounts are available for individuals adhering to Sharia laws, characterized by the absence of overnight fees and the provision of high leverage options.
The range of trading products includes services for retail clients, Money Managers, and Investor programs via the PAMM service. Forex trading with FIBO Group encompasses 60 currency pairs, including cryptocurrencies, offering high leverage opportunities and low spreads through the NDD Execution model. Moreover, CFD trading is available with no swaps and 0% commissions, facilitated through reasonable fixed spreads.
The Market Range Score for FIBO Group is 4.0 out of 5, reflecting a solid selection of trading instruments. However, the broker primarily offers CFDs and Forex instruments, resulting in a somewhat limited range. Additionally, the conditions and available assets vary depending on the specific entity.
The fees associated with FIBO Group are highly dependent on the chosen account type. The broker offers both fixed and floating spreads, with commissions applicable for specific account types starting from 0 pips. Notably, FIBO Group imposes deposit and withdrawal fees for bank transfers and also levies non-trading fees, including an inactivity fee after a designated period of inactivity.
After conducting a thorough comparison with over 1000 other brokers, FIBO Group's Fees are ranked with a score of 3.5 out of 5. The broker incurs deposit/withdrawal and inactivity fees, in addition to commissions for certain account types. It's important to note that fees may vary across different entities.
From our comprehensive analysis, we've observed that FIBO Group's spread varies significantly between the two available account types, offering traders the flexibility to either trade with a fixed spread and no commission or with variable spreads and a 0.003% commission per transaction. This flexibility is particularly beneficial as it allows traders to select the most suitable option based on their trading strategy. Additionally, traders should take into account overnight fees or rollovers as part of their trading costs. For instance, the EUR/USD rollover is approximately -1.38 for long positions and 0.68 for short positions. Below, you can find an example of FIBO Group's spreads, and for comparison, we also looked at another broker, BlackBull Markets. After rigorous testing and comparison with over 1000 brokers, FIBO Group's Spreads are rated highly, scoring an impressive 4.5 out of 5. We found the Forex spread significantly lower than the industry average of 1.2 pips for EURUSD, with other instruments also offering very attractive spreads.
FIBO Group has incorporated a range of flexible deposit and withdrawal options into their services, ensuring secure and reliable fund transactions. The available payment methods include Bank Wire Transfers, Card Payments, and various Payment Systems and Online Payments through services like Bitpay, Blockchain, Neteller, Skrill, Qiwi, CashU, fasapay, DixiPay, PaytoDay, ecoPayz, among others. However, it's important to consult the support service to verify which payment method is accessible based on the entity you are trading with and your residence. Our assessment of FIBO Group's Funding Methods yielded an Excellent rating, scoring 3.8 out of 5. The minimum deposit requirement is relatively low, and fees are either non-existent or very minimal, in addition to a broad range of supported funding methods. However, it's crucial to confirm the specific conditions with the entity you are trading with. Here we identify some notable advantages and drawbacks of FIBO Group's funding methods:
Pros
Low minimum deposit requirement
Wide range of payment methods
Cons
Some conditions and fees may vary based on the payment method and trading entity
Our findings reveal an impressive array of trading platforms provided by FIBO Group, designed to meet the diverse needs of various traders. The brokerage offers the highly popular MT4 and MT5 platforms, in addition to the more sophisticated cTrader platform for expert traders who focus on technical trading. We rated FIBO Group's Platforms as Excellent, scoring 4.5 out of 5 when compared against a vast selection of over 1000 brokers. This high rating is attributed to the excellent variety of platforms including MT4, MT5, and cTrader which are particularly suited for professional technical trading. The cTrader platform is also equipped with advanced analysis tools.
The web platform is accessible through the MT4 WebTerminal, providing a convenient feature that requires no download and is compatible with any operating system, including support for Windows, iOS, and Android devices through its mobile application. MT4 is renowned for its comprehensive suite of built-in technical indicators, all types of trading orders, and instant execution capabilities. Additionally, it supports automated trading through its EAs or Expert Advisors, with no limitations. Traders can select from an array of EAs or even create their own using the MQL4 editor.
Furthermore, FIBO Group offers access to AutoTrade, a social trading platform by myfxbook, enabling traders to copy deals from successful traders directly to their accounts. This feature is particularly advantageous for both novice traders and professionals looking to gain followers. The broker also caters to Money Managers or Professionals by providing powerful instruments for deploying trading opportunities in a highly responsible and effective manner.
After an extensive review and drawing from our expert analysis, we conclude that FIBO Group stands out as a brokerage firm that extends its services across all major markets, including Europe, Asia, MENA, and CIS regions. The company offers a comprehensive range of services and trading instruments, backed by a variety of technological solutions suitable for almost every trading need. Whether traders seek seamless execution without interventions, a choice between fixed or variable spreads, the use of high leverage, competitive trading conditions, or social trading capabilities, FIBO Group provides it all.
Based on our findings and the expertise of financial professionals, FIBO Group is highly recommended for:
Beginning Traders
Automated Trading
Running EAs
Copy Trading
Scalping / Hedging Strategies
Traders who prefer MT4 or MT5 platforms
For cTrader Platform and TradingView Platform use
Currency Trading and CFD Trading
Suitable for a Variety of Trading Strategies
Suitable for Technical Analysis
Tight Spread Trading
PAMM Trading
