Is FIBO Group Regulated? Is it safe? - TU Expert review
License is the most important document you have to consider when choosing a broker. Many traders, who would like to start working with FIBO Group try to check whether it is regulated. Traders Union experts have already done that. In this article, you will learn whether FIBO Group is regulated, what regulatory authorities supervise the broker and whether it is safe to work with the company in general.
Short summary about the broker FIBO Group
Fibo Group broker is an international financial holding company, it has been operating since 1998. It is considered to be one of the first brokers to operate in the Forex market. The company offers a wide range of services for trading and investing. Fibo Group is an award-winning company, having won “Best ECN Broker” at the Forex EXPO in 2014 and “The Most Trusted Forex Broker 2014” according to the International Investment and Finance Exhibition of China. These achievements are a testament to their high quality. The broker is licensed by FSC. Jurisdiction - British and Virgin Islands (SIBA/L/13/1063).
💰 Account currency: | EUR, USD, CHF, GBP, GLD, BTC, ETH |
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🚀 Minimum deposit: | From $1 |
⚖️ Leverage: | Up to 1:1000 |
💱 Spread: | From 0-2.0 pips |
🔧 Instruments: | Currencies, CFD, Spot Metals, Cryptocurrencies |
💹 Margin Call / Stop Out: | 20%, 50% |
Pros and cons of FIBO Group
👍 Advantages of trading with FIBO Group:
•a wide range of trading platforms, including terminal versions for mobile devices.
•24/7 technical support.
•large selection of currency pairs (over 60).
👎 Disadvantages of FIBO Group:
•penalties and fees for early money withdrawal from a PAMM account.
•customer service is available 24/7, but often there is a response delay of 12 hours or more.
•a fairly modest program for bonuses, promotions, and special offers.
•large minimum deposits, which can be a problem for the beginner traders.
•relatively high spreads, especially when working with not the most popular trading instruments.
Why is it important to work with a regulated broker?
License is a document that certifies that a broker operates legally and guarantees fulfillment of its obligations to the traders. A financial license is issued by a financial regulatory authority of a country (the National Bank) or a specialized authority (for example, Securities Commission, Futures Trading Commission, etc.). It is important to choose licensed brokers for the following reasons:
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A license guarantees that the broker operates in compliance with the rules of the financial regulator that issued the document.
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In order to obtain the license, a broker must comply with certain requirements, for example, the size of the authorized capital or personnel qualification. It is simply not lucrative for scammers to comply with such requirements.
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A broker’s license provides access to real markets, and you can be sure that the quotes are real and up-to-date.
The best option is to work with a broker that holds the license of the jurisdiction, where the trader resides. You can also choose a company with a financial license of another reliable jurisdiction, for example, the U.S. or the European Union.
Is FIBO Group Regulated? Broker’s license
Security (Protection for Investors)
The activities of the Fibo Group broker are regulated by the British Virgin Islands Financial Services Commission BVI FSC (license number SIBA / L / 14/1063).
BVI FSC is an international regulator with a fairly high level of authority. This organization sets strict requirements for licensees, which ensures the safety of traders' funds in segregated accounts.
👍 Advantages
- Use of segregated accounts in accordance with regulatory requirements
- Negative balance protection
- Settlement of disputes involving an independent person as arbitrator
👎 Disadvantages
- Regulator does not consider claims of private traders with insignificant amounts
Brokerage fees
Broker’s regulation is the most important choice criterion. However, before you start working with the broker, it is also important to analyze its commissions and fees. TU analysts have studied the commissions and fees charged by FIBO Group, which you can see below.
We have analyzed Fibo Group trading conditions for the presence of explicit and hidden commissions. It is important to emphasize that there are no hidden commissions in the company, the commission for account replenishment via WebMoney is 0.8%, Skrill is 3.9%. When making a deposit through Connectum, RegularPay, Blockchain.com, BITPAY, Raidospare, Neteller - there is no commission. When replenishing through a bank transfer, the size of the commission depends on the sending bank and is about $35-50. When replenishing with a credit card through the YooMoney service, the commission is 2.35%. Withdrawal fee - from 0.8% to 4%, depending on the selected method of withdrawing funds.
Account type | Spread (minimum value) | Withdrawal commission |
Cent | From $0.06 | Yes |
Fixed | From $20 | Yes |
NDD | From $0 | Yes |
cTrader NDD | From $0 | Yes |
NDD No Commission | From $8 | Yes |
MT5 NDD | From $0 | Yes |
Brokers that are similar to FIBO Group
Many brokers operate legally, obtaining relevant licenses and permissions. However, when choosing a broker, it is important to compare their trading conditions. TU experts have prepared a comparative analysis of FIBO Group conditions with its closest competitors.
Comparison of FIBO Group with other Brokers
FIBO Group | RoboForex | Pocket Option | Exness | TeleTrade | AMarkets | |
---|---|---|---|---|---|---|
Trading platform |
MT4, MobileTrading, MultiTerminal, CQG, cTrader |
MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader |
Pocket Option, MT5, MT4 |
Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 |
MT4, MT5 |
MT4, MT5, AMarkets App |
Min deposit |
$300 |
$10 |
$5 |
$10 |
$1 |
$100 |
Leverage |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
Trust management |
No |
No |
No |
No |
No |
No |
Accrual of % on the balance |
No |
No |
No |
No |
No |
No |
Spread |
From 0.8 points |
From 0 points |
From 1.2 point |
From 1 point |
From 0.8 points |
From 0 points |
Level of margin call / stop out |
No |
No |
No |
No |
No |
No |
Execution of orders |
NDD, Market Maker |
Market Execution, Instant Execution |
Market Execution |
Market Execution, Instant Execution |
Market Execution, Instant Execution |
Market Execution, Instant Execution |
No deposit bonus |
No |
No |
No |
No |
No |
No |
Cent accounts |
No |
Yes |
No |
No |
No |
No |
The Fibo Group has an excellent reputation and a great history with a deserved the large number of traders working with them in the Forex market. The company provides comfortable working conditions for both beginners and professional traders.
The minimum deposit in RoboForex is $10. Leverage up to 1:2000. Traders choose RoboForex for reliability, favorable trading conditions, minimum spreads, and commission fees. The company is recommended for beginner traders and experienced investors.
Pocket Option offers a wide range of trading instruments and copy trading services. It constantly improves its service quality and expands the list of assets and trading platforms. The broker is suitable even for novice traders without significant capital due to the low initial deposit. Experienced traders who work with CFDs and binary options can also use Pocket Option’s services.
Exness broker is a trusted broker partner that is compliant with all relevant terms. Exness complies with all payment obligations and pays money earned.
TeleTrade is a broker for traders who value the variety of trading instruments and trade using their PC or a mobile app. The company is a good broker both for beginners and experienced traders.
AMarkets is a broker that is more suitable for professional trading. Everything here is designed to accommodate trading with EAs and that is the broker’s strength. The weakness of the broker is that it won’t be easy for traders without experience to work here.
Conclusions
FIBO Group cannot be considered absolutely reliable. The broker operates on a license of an offshore regulator. This creates certain risks regarding security of your funds. The broker has a good reputation. However, you can work with companies with an offshore regulation only at your own risk.
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FAQ
How difficult is it to obtain a brokerage license?
The procedure for obtaining a license differs depending on the jurisdiction, but it is very difficult and expensive to get the document in a reliable jurisdiction. This is why only reliable brokers obtain licenses.
Why is it not recommended to work with offshore brokers?
Offshore brokers have to meet minimum requirements for obtaining a license and reporting, which is why often scammers get such licenses.
Can an offshore broker be reliable?
Yes, although there are not many of such brokers. There are brokers with a good reputation, but with an offshore license. You still need to be very cautious when working with such companies.
How do I check a broker’s reputation?
In order to check a broker’s reputation, you need to read user reviews. However, it is recommended to only use independent websites for that.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.