FIBO Group Review: Is FIBO Group Broker Good?
Broker overview and general information
FIBO Group (Financial Intermarket Brokerage Online Group) was founded in 1998 and is one of the most experienced brokers in the global financial market. The broker offers trading in a wide range of assets, including Forex, CFDs, precious metals, cryptocurrencies, commodities and indices.
Licenses that brokers have obtained
If you ask whether FIBO Group broker is good or not, you should start by considering the license first. The broker has the following licenses:
⚠️Warning: Although the broker is regulated, many users are concerned about the BVI FSC license because it is a Tier D license, which makes users feel uncertain about the regulation under this agency. Therefore, it is necessary to reconsider this factor before investing.
Broker Products and Services
Trading products
Trading platforms and tools
MetaTrader 4
MetaTrader 5
cTrader Platform
WebTerminal MT4
WebTerminal MT5
cTrader Copy
Broker Account Types
MT4 Cent Account
MT4 FIXED ACCOUNT
Minimum deposit: 50 USD
Maximum leverage: 1:200
Spread starts at: 2 Pips
No commission
MT4 NDD Account
MT4 NDD account no commission
cTrader NDD Account
Minimum deposit: 50 USD
Maximum leverage: 1:400
Spread starts at: 0 Pips
Commission: 0.003%
cTrader Zero Spread Account
Minimum deposit: 50 USD
Maximum leverage: 1:1000
Spread starts at: 0 Pips
Commission: 0.012%
MT5 NDD Account
Broker Deposit and Withdrawal Reviews
The broker offers deposits and withdrawals via a variety of channels, such as bank wire transfer, Neteller, Skrill, Zotapay, and cryptocurrencies (BTC, ETH, USDT) without any commission for deposits. There is also a cashback promotion when topping up the trading account. For withdrawals, there are different commissions depending on the chosen method, for example, Skrill withdrawals are charged 1%, while cryptocurrencies are charged 0.5%.
FIBO Group Broker Review: Pros and Cons
Pros :
Cons :
Commissions for some accounts: Although the spread on the MT4 NDD account starts from 0.0 pips, there are additional commissions that are charged, which may increase trading costs in some cases.
Withdrawal Fee: While some deposit methods are fee-free, withdrawals via some methods can incur a fee of up to $35-$50 per transaction.
Limited customer support: FIBO Group's customer support, although good quality and fast response, is not 24/7 and is available in only some languages, which may be inconvenient for non-English speaking customers.
Limited number of CFDs: Although FIBO Group offers a wide range of products, the number of CFDs offered is smaller compared to other brokers, which may not be suitable for those who want to invest in more specialized assets.
The license that the broker received is classified as Tier D, which investors are concerned about the credibility of this agency.
Office location and contact channels
Location: 2nd Floor, O'Neal Marketing Associates Building, Wickham`s Cay II, P.O. Box 3174, Road Town, Tortola VG1110
Contact channels:
Broker Overview Summary
FIBO Group is a broker that stands out for its low spreads and leverage of up to 1:1000, which allows investors to make more profits and reduce trading costs. In particular, it offers several account types that support both novice and professional traders, such as the MT4 Cent account for beginners and the NDD account for those who focus on trading without commission.
However, some downsides to consider include the presence of commissions on some accounts, such as the NDD account, which charges a commission of 0.003% of the transaction value. Additionally, some withdrawal methods can incur fees of up to $50 per transaction, and customer support is limited in language and hours, which can be inconvenient for those who need assistance at all times.
In summary, FIBO Group is a feature-rich broker that is suitable for a wide range of investors, but be aware of withdrawal fees and customer support before deciding to use their services.
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