FIBO Group Forex Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this FIBO Group Forex Review.
FIBO Group Forex Review
In order to suit the needs of traders of all levels of experience and preferences, FIBO Group offers its clients a choice of four basic account types. Traders are able to choose between fixed and variable spreads, commission-free and commission-involving trading, Dealing Desk and No Dealing Desk, as well as between three trading platforms: MT4, MT5 and cTrader.
Besides, in Septenber 2016 the brokerage lounched MT4 Cent account with no minimum initial deposit set, NDD execution, leverage up to 1:1000 and spread starting from 0.6 pips. There is, however, a maximum order volume set – 1 standard lot.
In addition, FIBO Group offers PAMM service, which allows management of several individual customer trading accounts through bunched orders.
Micro lots can be traded on all account types and besides, the broker launched cent MT4 accounts. Swap-free (Islamic) accounts are available for MT4 DD accounts only. Once a week the broker charges a fee of $5 per standard lot for all positions which are open overnight from Wednesday to Thursday at approximately 00.00 EET.
The Company
FIBO Group offers trading in 60 currency pairs Forex and CFDs on indices, commodities and precious metals on a selection of trading platforms. This is the trading name of FIBO Group Ltd., regulated by the Financial Services Commission (FSC), BVI.
The broker is part of the International Financial Holding FIBO Group (Financial Intermarket Brokerage Online Group), one of the oldest players in marginal internet trading. The first company of the holding was founded in 1998 and today it maintains offices in Europe, Asia and America.
The group also operates through its European unit, FIBO Group Holdings Limited, registered as a Cyprus Investment Firm (CIF) and licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC).
Security of Funds
As we have already mentioned, FIBO Group Ltd., is regulated by the BVI Financial Services Commission. It has a Category 2 business license, which means that it can arrange deals in investments. In order to get such a license, companies must pass rigid checks by FSC. Despite offering regulated status, FSC allows companies to be entirely based overseas. Furthermore, BVI-registered financial services providers do not face many of the requirements that brokers based in the US or UK do. For example, BVI-registered brokers are not required to contribute to a compensation scheme and are not subject to any minimum capital requirements.
Generally, we advise traders to choose among UK, Swiss or other well-regulated brokers, where your funds will be protected. If you, however, prefer offshore ones for some reason, FIBO Group is a reliable choice: part of a group with global reach, having nearly 20 years of experience and offering pretty good trading conditions and transparent pricing, it is generally recognized by the professional community.
Trading Conditions
Minimum Initial Deposit
The minimum initial deposit for FIBO Group clients is $300, which is a reasonable initial amount, however most offshore brokers require less. For instance, ForexBrokerInc, registered on the Marshall Islands, demands $100 from its clients as a start, including for ECN accounts.
Average Spreads & Commissions
FIBO Group offers both fixed and variable spreads. Fixed ones are available on MT4 NDD accounts and amount to 2.0 pips on EUR/USD, which is average.
The broker quotes as typical spreads of 0.3 or 0.2 pips on EUR/USD on NDD accounts, which involve a commission of $4 – $6 per lot round turn. So, average trading costs with this broker amount to around 0.8 – 0.9 pips for the EUR/USD pair, which is a pretty good offer, as most brokers offer spreads within the range of 1.0 – 1.5 pips.
In comparison, FxChoice, registered in Belize, offers variable spreads averaged 0.5 pips on EUR/USD + $3.86 per lot (per side) on its Pro account.
Leverage
The maximum leverage level provided by this broker is high, reaching 1:1000 (Cent account). Nonetheless, many other offshore brokers offer similar or higher leverage levels: ForexBrokerInc and LiteForex both provide leverage up to 1:500. More forex brokers, offering leverage 1:500 and higher can be viewed here.
Traders, however, should bear in mind that operating with higher leverage levels involves greater risk of heavy losses.
Trading Platforms
FIBO Group offers its clients a choice of three trading platforms: MetaTrader 4 (MT4), MetaTrader 5 (MT5) and cTrader.
cTrader is an award winning ECN multi-asset trading platform offering a large set of advanced tools. Fast order entry and execution speeds, direct order entry via charts and Level II pricing are just some of the reasons why many traders today choose cTrader as their go-to platform. Easily adjustable proxy servers allow quick connection from any location, overcoming any barriers. What is more, the platform supports 14 languages.
The FIBO Group cTrader suite includes a PC, web and mobile versions, as well as cAlgo and cMirror. cAlgo allows you to create trading robots and your own indicators for technical analysis, using the language C#. Spotware’s mirror & social trading application cMirror works with all cTrader accounts and is Broker agnostic, which means a trader can copy any signal provider, regardless of whether they both reside with different brokers within the cTrader ecosystem.
Of course, FIBO Group also supports the popular MT4, preferred by most experienced traders, because it is equipped with an advanced charting package, a number of technical indicators, Expert Advisors (EA) and extensive back-testing environment. Here is a list of more forex brokers offering MT4 platform. It comes in desktop and mobile versions.
MetaTrader 5, the successor of MT4, is also available with this broker. The MT5 was developed and marketed as an improvement on MT4, yet many brokers still prefer the earlier technology, since till recently MT5 did not allow hedging, and what is more, many of MT4’s indicators and Expert Advisors (EA) are not supported on the MT5 platform. Both MT4 and MT5 allow trading signals. Some of the signals are free of charge; others require a weekly or monthly fee to be paid to the trader or provider of the signal.
Promotions
Currently FIBO group Forex launches “Trader’s Triple Chase” contest, the winners of which will receive Managed accounts (PAMM) with bonus 50 000 USD in total.
What is more, FIBO Group has partnered with Myfxbook on its PayBackFX rebate service, which allows traders to get rebates for each closed position with any of the supported brokers, regardless whether their trade is a winning one or not. Here are the rebates offered:
– MT4 Fixed spread accounts:0.45 Pips/Round Turn Lot
– MT4 Floating spread accounts:19.5% of Spread
– MT5 & cTrader accounts:18.75% of Commissions
Methods of Payment
Clients of FIBO Group may choose from a wide range of payment methods: bank wire transfer, credit card, Skrill, OKPAY, WebMoney, Qiwi, FasaPay, cashU, RegularPay, DIXIpay, BitPay, Netteller and Western Union.
Despite its light-touch regulation, FIBO Group is a reliable and award-winning broker, which is a part of a group with worldwide operations. It offers trade in currency pairs and some CFDs through a selection of robust trading platforms under competitive trading conditions.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
FIBO Group Forex Review Conclusion
For more information about currency trading brokers visit TopForexBrokers.com forex brokers comparison website, Tip ForexSQ.com foreign exchange trading experts please by share this article about FIBO Group Forex Review.