Introduction to FIBO Group
FIBO Group is a forex broker with a fair amount of experience in the market. The existence of the company began in 1998. In the years that followed they introduced forex trading and later other CFD trading instruments. The company has several offices throughout the world, in Cyprus, the British Virgin Islands, Singapore, China, Russia and Germany.
In case you through that FIBO stood for Fibonacci, you would be wrong. The complete name of the broker is Financial Intermarket Brokerage Online Group. Fibo does indeed offer the cTrader platform as well as MetaTrader 4 and MetaTrader 5.
About FIBO Group
The broker aims to offer services internationally through two entities. One which is positioned for European clients and is regulated and is governed by the Cyprus Securities and Exchange Commission (CySEC), known as FIBO Europe. The other entity is regulated by the Financial Services Commission (FSC) of the British Virgin Islands (BVI), known as FIBO Global. FIBO Europe does not offer cTrader, MetaTrader 5 or accept retail clients.
EU Traders Should Check These Brokers
FIBO Group offers a range of trading instruments, account types and assisted trading solutions such as signals, automated trading and PAMM.
Trading with FIBO
FIBO Group offers its customers 6 different account types. This means that spreads and commissions vary with this company. Luckily the company has published a very easy to understand table of the differences.
While there are 6 different MetaTrader accounts, there is just one for cTrader and one for MetaTrader 5. We will explore the trading conditions on the cTrader account. The cTrader account is advertised as having spread from 0 pips.
FIBO Leverage
FIBO Group Global offer leverage up to 1:1000. This exceeds the typical peak of 1:500 as offered by most non-European brokers. However, on the cTrader account, the maximum leverage offered on forex pairs is 1:400 and on metals, it’s 1:100.
FIBO Trading Platforms
As mentioned earlier, FIBO Group (Global) offers its customers 3 options that they can choose from depending on their preference and needs, among which are MetaTrader 4 (MetaTrader ), MetaTrader 5 (MT5) and also cTrader. There are web and mobile versions available for all trading platforms.
FIBO Group Account Types
With FIBO you can find different types of accounts. Most of the variations revolve around the MetaTrader platform which is most likely a popular choice for their clients. First, there is the MetaTrader Cent Account, which is for micro trading with very small investments, there is no minimum deposit on this account type. Second, the MetaTrader Fixed account is a fixed spread account which doesn’t charge any commissions. Third, the MetaTrader NDD account is available in two formats, with a commission and a narrower spread and a zero commission format with a wider spread.
The MT5 account is the least attractive of all unless you like that trading platform of course. This is because the minimum deposit is set at $1,000 and the trading commission is $50 per million, that’s 70% more expensive than all other account types offered by the company.
For Islamic traders, the company offers Islamic Accounts. They are designed for those who follow the rules of Sharia Law and are offered without overnight Swap fees which are derived from interest rates. Once a week, the company will charge up to $100 per Lot for positions held for longer than 5 days.
Availability of FIBO Forex Trading
FIBO Group extends its brokerage services mostly globally. Services are provided throughout Europe, Asia, the MENA and CIS regions. The main exclusion areas of services are Australia, Austria, Belgium, Great Britain, Iraq, North Korea and the USA.
FIBO Funding Methods
FIBO offers a good variety of deposit and withdrawal methods for funding trading accounts. These include bank wire transfer, bank card, Skrill, WebMoney, RegularPay, PaySafe Card, FasaPay, Perfect Money, EcoPayz, CashU
Conclusion of FIBO Group
Don’t decide now. You can check our full list of cTrader brokers here and check out leading European cTrader forex brokers like Purple Trading or International forex brokers like Axiory, OctaFX or Traders’ Way.
While FIBO Group’s global operations are based out of the British Virgin Island, the company does have an onshore operation in Cyprus, where they are regulated by CySEC. It seems like the company simply doesn’t want to rely on this license due to the restrictive nature of conditions which are imposed on clients.