FIBO 2025 Review: Everything You Need to Know
Summary
FIBO Group, a well-established forex broker since 1998, has garnered a mixed reputation among traders. While many users appreciate its low spreads and diverse trading platforms, others express concerns about customer service and withdrawal processes. Notably, FIBO operates under multiple regulatory jurisdictions, which can lead to varying experiences depending on the trader's location.
Note: The presence of different entities across regions is a relevant factor in evaluating FIBO's services and reliability. The methodology used in this review aims for fairness and accuracy.
Rating Overview
We score brokers based on comprehensive research, user feedback, and expert analysis.
Broker Overview
Founded in 1998, FIBO Group (Financial Intermarket Brokerage Online Group) is one of the oldest players in the online trading industry. The broker is headquartered in the British Virgin Islands (BVI) and is regulated by the Financial Services Commission (FSC) in BVI, as well as the Cyprus Securities and Exchange Commission (CySEC). FIBO Group offers a range of trading platforms, including MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader, catering to various trading styles and preferences. Traders can access a diverse array of asset classes, including forex pairs, CFDs, commodities, and cryptocurrencies.
Detailed Section
Regulatory Regions
FIBO Group operates under the regulation of the FSC in the British Virgin Islands and the CySEC in Cyprus. This dual regulatory framework allows FIBO to serve a broad international clientele while adhering to varying regulatory standards. However, the BVI's regulatory environment is often considered less stringent compared to other jurisdictions, which may raise concerns for risk-averse traders.
Deposit and Withdrawal Currencies/Cryptocurrencies
FIBO Group supports multiple currencies for deposits and withdrawals, including USD, EUR, GBP, and cryptocurrencies like Bitcoin. The minimum deposit requirement is as low as $1 for certain account types, making it accessible for beginner traders. However, withdrawal fees may apply, particularly for bank transfers, which can range from $35 to $50 depending on the method used.
Minimum Deposit
The minimum deposit to open an account with FIBO Group varies by account type. For the MT4 cent account, there is no minimum deposit required, while other accounts typically require a minimum deposit of $50 or more. This flexibility allows traders of all levels to engage with the platform without significant initial capital.
Currently, FIBO Group does not offer any significant bonuses or promotional offers. This lack of promotions may be a drawback for traders seeking additional incentives to trade.
Tradable Asset Classes
FIBO Group provides access to a wide range of tradable assets, including over 60 currency pairs, various CFDs on indices and commodities, and cryptocurrencies. This diverse offering allows traders to implement various strategies and diversify their portfolios effectively.
Costs (Spreads, Fees, Commissions)
FIBO Group is known for its competitive pricing, with spreads starting from as low as 0.1 pips for major currency pairs. However, some accounts charge commissions, which can start from 0.003% of the transaction amount. Additionally, traders should be aware of overnight swap fees for positions held longer than a day.
Leverage
FIBO Group offers high leverage options, with ratios reaching up to 1:1000 for certain accounts. However, traders operating under the CySEC regulations are subject to lower leverage limits, typically up to 1:30 for major currency pairs. This discrepancy highlights the importance of understanding the regulatory environment in which one is trading.
FIBO Group supports several trading platforms, including MT4, MT5, and cTrader. Each platform offers unique features tailored to different trading styles, from automated trading capabilities to advanced charting tools. The availability of these platforms enhances the trading experience and allows users to choose the one that best fits their needs.
Restricted Areas
FIBO Group does not accept clients from certain countries, including the United States, Australia, and several others. This restriction may limit access for traders in those regions who are interested in using FIBO's services.
Available Customer Support Languages
FIBO Group offers customer support in multiple languages, including English, Russian, Spanish, and more. This multilingual support is beneficial for international traders, although some users have reported delays in response times during peak hours.
Rating Overview (Repeated)
Detailed Breakdown
-
Account Conditions (7.5): FIBO offers a variety of account types, including cent accounts with no minimum deposit, making it accessible for beginners. However, the higher minimum deposits for some accounts may deter new traders.
Tools and Resources (6.0): While FIBO provides essential trading tools and platforms, the educational resources are somewhat limited, particularly for advanced traders.
Customer Service and Support (6.5): Users report mixed experiences with customer service, with some praising the responsiveness while others highlight delays and issues with communication.
Trading Experience (7.0): The trading experience is generally positive, with competitive spreads and a range of platforms available. However, some users have reported slippage during high volatility.
Trustworthiness (7.0): FIBO is regulated by the FSC and CySEC, which adds a layer of credibility, although the BVI regulation is less stringent compared to others.
User Experience (6.5): Overall user experience is decent, but there are concerns about withdrawal processes and customer support responsiveness.
In conclusion, FIBO Group presents a reliable option for traders seeking a diverse range of trading instruments and platforms. However, potential clients should carefully consider the regulatory implications and assess their own trading needs before engaging with this broker.
