FIBO Group Review 2023: Platforms, Accounts, and Security Insights

FIBO Group, headquartered in Cyprus, stands as a notable entity in the realm of forex and CFD trading. This comprehensive review aims to delve into its facets, shedding light on its regulatory framework, leverage offerings, and pricing structures. By the end of this exploration, you'll gain a clearer perspective to discern if FIBO Group aligns with your trading aspirations.

FIBO Group's Essential Attributes

Established in 1998, Financial Intermarket Brokerage Group, commonly known as FIBO Group Ltd, emerges as a seasoned player in the industry. Crucially, the organization operates under the regulatory oversight of the Cyprus Securities and Exchange Commission (CySEC), ensuring compliance with stringent standards.

Regulatory Assurance:

FIBO Group's global presence encompasses authorization by the Financial Services Commission (FSC) in the British Virgin Islands (BVI). This dual regulatory framework emphasizes the commitment towards maintaining credibility and transparency in its operations.

Trading Platforms

MetaTrader 4:

At the heart of FIBO Group's offerings lies the acclaimed MetaTrader 4 (MT4) platform. Renowned for its user-friendly interface, MT4 caters to traders across all proficiency levels. Its robust and adaptable interface allows seamless customization, accommodating diverse trading strategies.

Analytical Proficiency and Trading Tools

With MT4, traders gain access to a spectrum of analytical tools. Featuring 30 pre-included indicators, graphical objects, and a history feed, traders can navigate the markets effortlessly. The platform supports nine different time intervals, enabling comprehensive market analysis. Real-time quotes in Market Watch enhance decision-making, while the provision for expert advisors (robots) augments automated trading strategies.

The MT4 platform can be downloaded on Windows PCs or accessed via a web-based version designed for MacOS and Linux users.

MetaTrader 5 (MT5):

MetaTrader 5 (MT5), regarded as the successor to the MT4 real server, presents several notable differences. This includes an economic calendar and Depth of Market liquidity. Moreover, MT5 boasts a broader array of technical indicators and drawing tools, offering 21 time intervals along with advanced order and execution types.

MT5 is accessible through a desktop application or the web trader interface, although it's important to note that MT5 is exclusively available for clients on the global site.

cTrader

cTrader, another platform offered by FIBO Group, caters to both seasoned professionals and beginners. It is available in downloadable versions or as a web-based platform.

This platform stands out due to its one-click trading feature, a market sentiment indicator, economic news, Depth of Market view, and the capability to utilize trading robots through the cAlgo integrated tool. Additionally, cTrader offers an extensive collection of over 50 indicators, 26 chart time frames, and functionality for copy-trading.

Markets Overview

FIBO Group presents a diverse array of trading options across various markets. On the EU site, traders can explore 38 currency pairs alongside spot metals. Global clients benefit from an expanded selection, including a wide range of forex pairs, over 20 CFDs covering major indices and commodities like FTSE100 and crude oil, along with 9 CFDs centered on cryptocurrencies. Additionally, a variety of shares are available for trading purposes.

Trading Costs

At FIBO Group, trading costs are competitive and transparent. The brokerage offers fixed and floating spreads, commencing from 0.3 pips for EUR/USD and 1 point for major indices, including NASDAQ. Notably, the gold spread stands at approximately 0.5 USD, while crude oil reflects a spread of 8 cents.

Depending on the account type, commissions may be applicable, starting from 0.003% of the transaction amount. Additionally, a dormant account fee of $5 is enforced after 91 days of account inactivity. Swap charges are also applied to overnight positions.

Leverage Insights

For global clients, FIBO Group provides varying leverage options. The maximum leverage reaches up to 1:1000 in the MT4 Cent account, while most other account types offer a maximum leverage of 1:400. In the case of EU clients, leverage is capped at 1:50 for standard traders and extends to 1:400 for professionals.

The CEO has taken measures to ensure detailed information regarding leverage requirements is readily available on the broker's website, ensuring transparency for traders.

Mobile Trading Access

FIBO Group extends the convenience of mobile trading to its clientele. The MT4 platform is accessible via mobile apps for all clients, while the MT5 and cTrader platforms are specifically tailored for clients on the global site, allowing for seamless trading experiences on the go.

MetaTrader mobile users benefit from swift access to online quotes and available trade orders, facilitating trading directly from the chart. The platform enables comprehensive market analysis through interactive pinch-and-zoom charts, allowing users to manage trades even in offline mode, ensuring convenience and flexibility.

The cTrader mobile app delivers advanced trading features, including QuickTrade mode, seamless access to news sources, price alerts, and notifications. With over 50 indicators across 26 time frames, traders can conduct in-depth analysis on the go.

Deposits & Withdrawals

FIBO Group provides a range of funding methods, such as bank wire, credit cards, and online payment systems like Skrill and Neteller. It's essential to note that these options might vary based on your jurisdiction.

Certain deposit methods may incur commissions. For instance, bank transfers typically cost between $35-50, while most other deposit methods remain commission-free. Withdrawal commissions commence from 0.5%.

Processing times for transactions vary; e-payment systems may process within minutes, whereas bank transfers and select credit card payment systems might take a few days.

Demo Account & Bonuses

FIBO Group extends the opportunity to explore trading platforms and refine skills through the MT4 demo server. Demo accounts, usually available for a specific duration, do not necessitate real-money deposits or trades.

As for bonuses, the global site presently doesn't offer promotions, but traders can stay updated by checking the website or subscribing to the newsletter. Regulatory restrictions on the EU site prohibit the provision of any promotions.

Regulatory Compliance

FIBO Group Holdings Ltd operates under the authorization and regulation of the Cyprus Securities and Exchange Commission (CySEC) with license number 118/10. Additionally, as a member of the Investor Compensation Fund, the company offers coverage of up to €20,000 per client.

FIBO Group Ltd holds regulation from the Financial Services Commission (FSC) in the British Virgin Islands, under license number SIBA/L/13/1063.

Additional Offerings Review

Apart from trading facilities, FIBO Group provides supplementary tools like market analysis, forecasts, and an economic calendar. Novice traders can access educational content, including informative YouTube videos on forex basics. While these offerings are beneficial, compared to some other brokers, the variety of features might be limited, especially for traders on the EU site, prompting exploration elsewhere for specific needs.

Accounts Offered

EU clients can select between two account types: MT4 NDD and MT4 NDD No Commission, differing primarily in commission structures and offering tighter spreads in the commission-based account. Minimum deposits are set at $300 for the commission-based account and €100 for the no-commission account.

Global clients have a wider array of choices, including MT5 or cTrader NDD accounts, alongside MT4 Cent and MT4 Fixed accounts. Most accounts require a minimum deposit of $50, except for MT4 Cent, which has no minimum deposit, and MT5 NDD, mandating a $1,000 deposit. Some accounts also offer additional benefits, such as PAMM solutions.

Trading Hours

Forex and cryptocurrency trading sessions span from 00:05 to 23:55 (EET) Monday to Friday. Spot metals trading occurs between 01:05 to 23:55 (EET) on the same days. Specific trading sessions for individual instruments are detailed in the contract specifications or within the trading platforms.

Customer Support

For assistance, the primary head office in Limassol can be reached via telephone, email, or live chat. Alternatively, global representative offices in Kazakhstan, Germany, or China also offer support.

• Cyprus email: service@fibogroup.eu
• Cyprus Telephone: +357 25 030 930
• Cyprus address: FIBO Group Holdings Limited, 29 Agias Zonis, 1st Floor, 3027, Limassol, Cyprus.

Trader Security Measures

FIBO Group prioritizes trader security by employing SSL encryption for trading platforms and implementing two-factor authentication protocols during login. Additionally, certain requests within the members' area are secured using one-time verification passwords via SMS.

FIBO Group Verdict

FIBO Group stands as a reliable provider of forex and CFD trading services, offering platforms like MT4 and MT5, diverse deposit methods, and various account types. The company's regulation in two jurisdictions adds to its credibility. However, a notable drawback is the limited educational resources, potentially affecting traders seeking a more comprehensive service.

Pros and Cons

Pros:

• MetaTrader and cTrader platforms
• Regulation in two jurisdictions
• Streamlined registration
• Efficient revenue withdrawal
• Commission-free trading
• Competitive ECN spreads

Cons:

• Limited educational resources
• Restricted instruments and platforms for EU clients

FIBO Group Broker Details

Disclaimer: - We at forexoverflow do not endorse neither refer anyone to trading broker websites. The information is for educational purpose and source of information is from the broker website.