Fibo Group Overview:
- Regulated: FINRA, ASIC, SIPC, SEC, NFA, DTC, NSCC, MAS
- Head Country: Cyprus
- Min $1 Deposit
- Operating Since: 2013
- Type: STP, ECN
- Spread: Variable
- Commission: From $4
- Platforms: MetaTrader 4, MetaTrader 5, Web, Mobile
- Funding: Wire Transfer, Credit/Debit Cards, Neteller, WebMoney, Skrill
- Spread: Variable
FIBO Group is an online brokerage that provides Forex and CFDs for trading online. They are regulated with flexible trading platforms (MT4/MT5/cTradeer) and various account types. However, the broker is lacking in variety of trading instruments and do not offer any educational materials to traders.
In this detailed FIBO Group review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
FIBO Group Overview
Financial Intermarket Brokerage Online (FIBO) Group is a global forex and CFD broker that offers competitive trading conditions and a range of online trading services. Founded since 1998, FIBO Group has its headquarters in Cyprus while other offices are in Austria, Kazakhstan, Germany and China. The FIBO Group website is available in 14 languages.
FIBO Group offers forex, metals, commodities, indices and cryptocurrencies for trading on the MT4, MT5 and cTrader platforms. The broker uses the Market Maker brokerage model on ‘fixed spread MT4’ accounts. It also offers the Non Dealing Desk (NDD) style of execution on the other platforms and account types.
FIBO Group offers tight spreads starting from 0 pips, low commissions, advanced technical solutions and sophisticated platforms. It should be noted that there will be a mark-up on the fixed spread accounts. All trading styles such as scalping, hedging and use of automated trading robots are allowed.
FIBO Group has won multiple industry awards for excellent brokerage services. These include the ‘Best Standard Forex Broker’, Best Forex broker in Europe and the Best PAMM service broker awards. These 3 awards were all received at the ‘Moscow Financial Expo’ awards in 2016.
FIBO Group Regulation
FIBO Group Holdings Ltd is authorized and regulated by the Cyprus Security and Exchange Commission (CySEC) with the license no: 118/10. The CySEC regulated office operates in accordance with the Markets in Financial instruments Directive (MiFID) of the European Union. Its website is www.fibogroup.eu.
FIBO Group Ltd is regulated by the Financial Services Commission of the British Virgin Islands (FSC BVI). The registration number is SIBA/L/13/1063 and this is the arm that controls the international website: www.fibogroup.com.
As directed by the regulatory authorities, all clients’ funds are held in segregated accounts. This is to prevent them from being used by the broker for operational costs. In the event that the broker becomes insolvent, client funds that have been safely kept in the segregated accounts can be returned to them.
FIBO Group has taken an insurance policy to protect itself in case of a financial crisis. This step has also further protected clients’ funds and added to the reliability of the brokerage firm.
Investors’ funds are also protected by FIBO’s membership of the Investors Compensation Fund (ICF). Though FIBO is a well capitalized broker, the ICF ensures that investors have some protection if in future the broker goes bankrupt. If that happens, the ICF can pay compensations to eligible FIBO Group clients. The compensation is capped at €20,000 per client.
FIBO Group Countries
FIBO regrets to state that its services are not for residents of Australia, Austria, Belgium, Great Britain, Iraq, North Korea and the USA. Some FIBO Group broker features and products mentioned within this FIBO Group review may not be available to traders from specific countries due to legal restrictions.
FIBO Group Platforms
MetaTrader 4 (MT4)
MetaTrader 4 (MT4) is a very popular trading platform that is widely used by millions of traders around the world. It was designed in 2005 by a Cyprus based Russian firm known as ‘MetaQuotes Software Corporation’. The MT4 platform comes with all of the necessary trading tools for conducting thorough market analysis and efficient trading. The FIBO Group MT4 is available as follows:
- WebTrader: This is the web version that runs in most modern web browsers.
- Multiterminal: Designed for multiple account managers to manage several accounts simultaneously from one master account.
- Mobile apps: Designed for iOS and Android devices. Best for monitoring, analysis and trading whilst on the go.
- Desktop application: This is downloadable for Windows operating system. It is the full feature version of the MT4 that incorporates all its features including installation of trading software add-ons.
Here is a summary of the main MT4 features:
- The platform is user friendly with customisable layouts, charts, colours and interface.
- Quotes of all the available assets in real time.
- Multiple order types including risk management tools.
- One-click trading as well as trading directly from the charts.
- Live account balances and trading history.
- 30 technical indicators and 24 analytical objects.
- 3 types of charts on 9 timeframes from one minute (M1) to one month (MN).
- Integrates the MetaQuotes Language (MQL) which can be used to create custom scripts, indicators and expert advisors (EAs).
- Alert notifications via pop up, email and SMS.
MetaTrader 5 (MT5)
The MT5 trading platform was designed by the same MetaQuotes Software Corp. MT5 was designed with additional trading tools and features to improve the already vast range of features implemented within the MT4 platform. The interface and apps look very similar and the two platforms are user friendly and fully customisable. Both support custom extensions and automated trading using expert advisors (EAs). Software customized for MT4 will not run correctly in MT5 and vice-versa.
The FIBO Group MT5 is available as desktop application for Windows and also available as mobile apps for iOS and Android devices. The following are some of the main features of the MT5 platform in addition to the features of the MT4:
- It has about 21 timeframes which is 12 more than that of the MT4.
- It has 6 pending orders; 2 more than the MT4 which has 4.
- Comes preloaded with 38 technical indicators; 8 more than the MT4.
- 44 analytical tools which are 20 more than the tools found on the MT4.
- Comes with the economic calendar which is absent in the MT4.
- It has the depth of market tool which is not in the MT4.
cTrade is a platform which is suitable for both professionals and new traders. It connects to the markets in real time using No Dealing Desk (NDD) technology. cTrader was developed in 2010 by ‘Spotware Systems Ltd’; a Cyprus based fintech firm founded and headed by ‘Andrey Pavlov’. cTrader is available as cTrader web which runs directly in the web browser, a downloadable Windows desktop platform and Android/iOS apps which can be downloaded from the relevant app stores.
Here are some of the main features of the cTrader platform:
- The Watchlist displays the instruments ‘buy’ and ‘sell’ price in real time. It is customisable to the trader’s favourite assets.
- Multiple order types including market order, limit order, stop order and stop limit order.
- The FIBO cTrader has 4 chart styles that can be displayed on 26 timelines
- Over 65 technical indicators are available for technical analysis.
- The platform supports cAlgo which is used to build indicators and trading robots which automates forex and CFD trading.
- The platform supports 21 languages.
FIBO Group Trading Tools
- cTrader Mirror: This is the social trading feature of the cTrader. FIBO Group clients have the opportunity to become strategy providers or investors. The strategy providers broadcast their trades for investors to copy for a fee. Spotware has rebranded and repackaged the cMirror as ‘cTrader Copy’.
- cAlgo: The cAlgo platform is used for creating indicators, trading robots and other softwares using the C# programming language.
A minimum of $300 is required to be eligible for this service. PAMM services are not available on the cTrader and MT5 platforms. FIBO clients have the opportunity to become either a manager or an investor. An investor chooses from hundreds of PAMM accounts and invest according to their personal risk preferences. The PAMM manager trades on behalf of the investors with absolutely no guarantee of profitability. Historical PAMM performance is also no guarantee of future performance.
FIBO Group offer its clients the opportunity to invest in a portfolio managed by experienced, knowledgeable and CySEC certified asset managers. Investors can choose from the existing strategies as follows:
- Balanced: The target annual profit is 60% while FIBO retains 40% profits. The level of closure is at a 30% deposit loss.
- Aggressive: Annual profit target is 120%. FIBO retains 50% profits while the level of closure is at a 50% deposit loss.
- Individual: Target profit is 120% and FIBO takes 30% profit.
The trading is done by a robot and investors are given reports on demand. Investors can add more funds and withdraw profits at will. Investment volume starts from $50,000. Again, it must be emphasised that there is absolutely no guarantee of results.
In order to assist traders with information and maintain its transparency policy, real time trade statistics are provided to clients. The statistics are on open positions, order execution statistics for all account types, statistics on spreads and speed of execution of orders. The statistics are based on real market data aggregated from clients’ accounts. The open positions show the market sentiment of FIBO Group traders which can be used as part of a contrarian trading strategy.
This section of the website is updated by the FIBO Group brokers analyst team. It is presented a few times a week or less. It focuses on the news, events and fundamentals surrounding some assets as well as the market response and analysis.
This calendar is customisable according to currency, week, day and events. The economic calendar shows the times and dates of important economic events that are known to have impacts on the national currencies. It also shows the analysts forecasts and compares it with the history. This tool is used in fundamental analysis. It is available on the FIBO Group website and on the MT5 trading platform.
These are available on the MT4 and MT5 platforms. Some services are paid while others are free. FIBO Group clients are free to search for a signal service and subscribe to it.
FIBO Group Education
The FIBO Group website has a glossary of over 230 trading related terminologies and their meanings explained. The glossary can be searched. There are no other trader training resources available. This is very limited when compared to most other online brokers.
FIBO Group Instruments
FIBO Group offers multiple instruments for trading. They are as follows:
- Over 60 forex pairs
- 9 Cryptocurrency assets
- 2 Metals; Gold and Silver
- 8 Indices
- 9 Commodities
FIBO Group Accounts & Fees
FIBO Group offers various types of accounts which depend on the client’s capital, experience and preferences. Only one MT5 and cTrader account types are available while the remaining account types are for the MT4 trading platform.
The following account types are available:
- MT4 Cent: This account is only available on MT4 and it uses the NDD execution type. It is aimed towarde new traders who just wish to try out live trading. No minimum deposit is required and the spreads start from 0.6 pips. Maximum leverage is 1:1000.
- MT4 Fixed: This account uses the Market Maker brokerage model which offers instant executions. The minimum opening balance is $50 while the maximum leverage is 1:200. Spreads start from 2 pips and the stop out level is at 20%.
- MT4 NDD: This account offers the NDD execution model. The minimum balance is $50 and the spread starts from 0.0 pips. The maximum leverage is 1:400 while a commission of 0.003% of the transaction amount is charged for every trade.
- MT4 NDD No Commission: The minimum deposit is $50 and the minimum spread is 0.8 pips. As the name implies, the execution type is NDD and no commissions are charged. The stop out level is at 50%.
- cTrader NDD: The execution type used is the NDD. Minimum deposit is $50 while the spread starts from 0 pips. A commission of 0.003% of trade amount is charged per transaction. About 41 currencies can be traded on the cTrader platform at a maximum leverage of 1:400.
- MT5 NDD: The minimum deposit is $1,000 and the NDD execution type is used to fulfil client orders. On the FIBO Group MT5 platform, the maximum leverage is 1:400 and the spread starts from 0 pips. Commissions of 0.005% of the transaction amount are charged.
Demo accounts are available on all the three platforms. These ares unlimited and unrestricted for all clients, allowing you to try the different platforms before opening a live trading account.
Swap free Islamic accounts can be opened for Muslim clients who apply to the support department via email. Islamic accounts are swap free but incur weekly charges of $25 or $100 per lot depending on instruments traded. These are only available on the MT4 fixed account type.
As broker fees can vary and change, there may be additional fees that are not listed in this FIBO Group review. It is imperative to ensure that you check and understand all of the latest information before you open an FIBO Group broker account for online trading.
FIBO Group Support
The customer support team operates from the various office locations are mainly available from Monday to Fridays. They speak up to 12 languages. The team can be reached via online instant web chat, email, multiple phone lines for various locations and fax. A frequently asked questions (FAQs) section is available on the website. FIBO Group is on the following social media platforms: YouTube and Facebook.
FIBO Group Deposit & Withdrawal
FIBO Group states that it does not charge deposit and withdrawal commissions but clients should note that the payment processors may charge a fee which will be passed to the client. The following payment options are available:
- Wire Transfer: The payable fees range from $35-$50 depending on the banks involved. The major problem with bank transfers is that it takes 2-5 days. The accepted currencies are EUR and USD. The minimum withdrawal amount is $80.
- Debit/Credit Cards: Connectum is the payment processor used to process card payments. Deposits are instantly processed but card withdrawals may take up to 3 days. A withdrawal commission of 2.5% +€1.5 is charged.
- Regular Pay: Deposits are processed immediately and no commissions are charged. For withdrawal, the minimum is $10 and it takes 10 business days to process.
- Paysafecard: This method is accepted for deposits in USD. No commissions are charged and the payment is processed immediately.
- Raido Spare: This payment system accepts deposits in BTC, ETH and RFC. No commissions are charged by the processor but the blockchain’s commission may be charged. Withdrawals take two days to process and no commissions are charged.
- Bitpay: This method is used to deposit BTC, ETH and BCH. The deposit is commission free and it is processed immediately.
- BLOCKCHAIN: This is used to deposit Bitcoins. No commissions are charged.
- Neteller: The e-wallet method is used for deposits and withdrawals. The minimum deposit is $1.29 while the minimum withdrawal is $10. Deposits are commission free while a withdrawal commission of 2% is charged. The minimum commission is $1.29 and it is capped at $30. Withdrawals are processed within a day.
- WebMoney, Skrill, CashU, FasaPay, EcoPayz, and Perfect Money:
These online payment methods are accepted by FIBO Group. No deposit commissions are charged for WebMoney, EcoPayz and Perfect Money. The deposit commissions for the others are Skrill: 3.9%, CashU: 7% and FasaPay: 0.5%. Online deposits are processed immediately. For withdrawals, the commissions are as follows: WebMoney; 0.8%, Perfect Money; 0.5%, Skrill; 1%. Withdrawals are normally processed within a day.
FIBO Group Account Opening
To open a trading account with FIBO Group, visit the relevant FIBO group website and click on ‘open real account’. The form below displays.
Fill the form and submit. You will be told to verify your email address and phone numbers. Check your email for a verification code and login credentials for the FIBO Group clients’ area. Copy the code that was sent, login to the clients’ area to verify your email. Also, complete the profile information, questionnaire and verify your identity and address using an ID card and a utility bill. On approval, you can make deposits and start trading online.
FIBO Group Summary
With over 20 years experience and multiple awards, FIBO Group is certainly an established online broker in the forex and CFD trading industry. They are regulated by CySEC and FSC BVI. The broker affirms that it is compliant with all the rules of engagement as enumerated by the regulators.
Multiple account types are offered to clients and you are free to choose depending on your capital, leverage, experience, trading platform of choice, etc. Flexible and innovative trading platforms like MT4, MT5 and cTrader are provided and all trading styles are allowed. The broker also has multiple account types and over 12 payment methods.
Despite this, FIBO Group has an extremely limited number of trading instruments compared to other brokers and they do not provide traders with any educational materials to help them improve their trading knowledge and skills.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 58% of retail investor accounts lose money when trading CFDs with this broker. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.