FIBO Group (Cyprus) Review – Is it scam or safe? explained by professional Forex trading experts the “ForexSQ” FX trading team.
FIBO Group (Cyprus) Review – Is it scam or safe?
FIBO Group (Cyprus) is a NDD broker, offering trading in 42 currency pairs Forex and CFDs on precious metals on a selection of trading platforms. This is the trading name of FIBO Group Holdings Limited, registered as a Cyprus Investment Firm (CIF) and licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC).
The Cypriot broker is a 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 Vienna, Limassol, Singapore, Moscow, Munich, Kiev and Astana.
Security of Funds
CySEC applies a set of rules and requirements to license holders, which are not as stringent as in UK for instance, yet they provide a certain level of security.
The Commission requires Cyprus-based forex brokers to maintain a minimum of €1,000,000 as a proof of financial stability. Furthermore, CySEC applies a compensation scheme as an additional guarantee to clients’ funds. As all CySEC-regulated companies, FIBO Group (Cyprus) is amembers of the Investor Compensation Fund, able to provide compensations to a maximum of 20,000 EUR per person in the event of broker insolvency.
Trading Conditions
Minimum Initial Deposit
The minimum initial deposit for FIBO Group (Cyprus) clients is $300, which is a reasonable initial amount, however other leading Cyprus-based brokerages, such as XM and FXTM, require just $5 from traders to open an account.
Average Spreads & Commissions
As a NDD broker, FIBO Group (Cyprus) offers tight variable spreads, starting from 0.8 pips on EUR/USD on commission-free MT4 accounts, and quotes at typical a spread of 0.3 and 0.2 pips on EUR/USD on MT5 & cTrader accounts respectively, which both involve a commission of $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.
Leverage
The maximum leverage level provided by this broker is high, reaching 1:400. Nonetheless, many other Cyprus-based brokers offer even higher leverage levels: FXTM provides leverage up to 1:1000 and Exness recently launched Unlimited Leverage Promotion. More forex brokers, offering leverage 1:500 and higher can be viewed here.
We advise traders to be careful when operating with higher leverage levels, for they may not only multiply their profits on a small deposit, but also result in losses exceeding their initial investments.
Trading Platforms
FIBO Group (Cyprus) 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 developed with the trader in mind. 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 (Cyprus) 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. 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. FIBO Group (Cyprus) offers yet another auto trading option – it has partnered with Myfxbook’s Autotrade – a platform enables you to mirror the trades you find profitable straight to your cTrader or MetaTrader 4 account without difficulty.
Methods of Payment
Clients of FIBO Group (Cyprus) may choose from the following ways to fund their accounts: bank wire transfer, credit card, Skrill, OKPAY, WebMoney, Qiwi, Netteller and Western Union.
FIBO Group (Cyprus) Review – Is it scam or safe? Conclusion
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