Fibogroup Review

Launched in 2011, Fibogroup is one of the older actors of the online FX/CFD scene. Though based in the British Virgin Islands (and regulated by the financial authorities there), the operation seems focused on Russia, having picked up awards from there and from some of the ex-CIS countries.

Overview

The company which owns the Fibogroup brand and which runs the brokerage, is a certain Fibo Group Ltd, a registered British Virgin Islands International Business Company, incorporated on May 19, 2004. The previous name of the company was Cradlewood Investments Ltd, and Fibo Group Ltd came into existence through a name-change. The registration number of the Certificate of Incorporation is 549364. In addition to the said certificate, the Registrar of Corporate Affairs has also released a Certificate of Good Standing for Fibo Group Ltd.

This branch of the operation is licensed and regulated by the Financial Services Commission (FSC) of the British Virgin Islands. The license number is SIBA/L/14/1063.

The European branch of the brokerage is pushed by Fonten Corporation Ltd, based in Gibraltar. The exact address of the company is Suite 925a, Block 8/9, Europort, Gibraltar. It does not seem like the broker is licensed to operate in the EEA.

While its regulatory status is unclear in most of Europe, there are a few countries in which its services are not available. These are Austria, Belgium, Great Britain, the USA and Australia.

As mentioned above, the reputation of this broker is something of a mixed bag. Members of the trading community seem split on whether this is a good trading destination or not.

Fibogroup’s main selling points are the competitive spreads it offers as well as the cutting-edge trading platforms it supports (such as MT4 and MT5).

Beyond that, the broker also offers decent localized support, though the opinions of some traders will beg to differ on that.

Account Types

The broker features no fewer than 6 different account types, from the MT4 Cent, all the way to MT5 NDD.

The MT4 Cent Account is aimed at beginners and recreational traders. As such, its base currency is the US Cent. This account type requires/offers:

– no minimum deposit

– fast withdrawals

– a maximum leverage of 1:1,000

– 38 currency pairs

– no CFDs

– NDD execution

The Cent account supports trading robots, so it is indeed ideal for the testing of automated traders.

 

The MT4 Fixed Account comes with fixed spreads and 4 decimal quotes. In addition to that, this account type offers:

– minimum spreads from 2 pips

– minimum required deposit of $300

– 60 currency pairs

– maximum available leverage of 1:200

– access to PAMM accounts

– no commissions

– market maker execution

 

MT4 NDD is the next step up the account type ladder. Through this account, traders get:

– NDD execution

– spreads from 0 pips

– maximum leverage of 1:400

– 32 currency pairs

– PAMM accounts

– better prices than stated may be available for execution

– commission of 0.003%

 

The MT4 NDD No Commission Account is quite similar to the previous one, with the difference that it does not charge commissions and that it offers access to 45 currency pairs instead of 32.

The spreads on this account type start from 0.8 pips.

The cTrader NDD Account is slightly more accessible: its minimum deposit requirement is just $100. Other than that, the perks and the features of this account type are quite similar to the above described MT4 NDD accounts.

 

Last, but not least, we have the MT5 NDD Account, which features:

– a minimum deposit requirement of $500

– maximum leverage of 1:100

– commissions charged depending on trading volume

– 42 currency pairs

– 100% Stop Out level.

Trading Platform/Software

The trading platform selection of the broker is impressive. It offers access to MT4, MT5 as well as cTrader, with all the bells and whistles one would expect from these trading platforms. Given the selection of outstanding trading platforms it offers, is can be assumed that Fibogroup is indeed easy to use. The MT4 and MT5 platforms, as well as cTrader are well-known and mastered by most traders. 

Deposit Options

As far as deposits go, the broker accepts bank wires in EUR and USD. Such transfers take between 2-5 business days to process.

RegularPay and PaySafeCard are also accepted, together with a number of eWallets, such as Skrill, Neteller, Qiwi and FasaPay.

Interestingly, the broker also accepts crypto deposits from BlockChain.com (formerly BlockChain.info) as well as in Bitcoin. BlockChain.com deposits also have to be made in Bitcoins.

Deposits made in BTC are instantaneous.

Withdrawal-wise, the same methods are accepted. It can be assumed that traders are required to make their withdrawals through the same method they used for their deposits.

Markets

The markets covered by Fibogroup include Forex, CFDs, Spot Metals and Cryptocurrencies.

Of these, the cyptocurrency category is obviously the most interesting. BTC, LTC, ETH, Zcash, Monero and Dash are supported, as well as Ethereum Classic.

The maximum leverage featured on cryptocurrencies is 1:3.

Customer Support

The Fibogroup customer support has a localized component to it. What this means is that by selecting the office location nearest to them, traders get local phone numbers they can call for support.

In addition to that, support can be contacted through email, as well as live chat. There is a handy callback feature too.

Safety

The safety of trader funds is excellent at Fibogroup.

Final Thoughts

Fibogroup looks like a more than decent trading destination. Its trading conditions on some of its account types are nothing short of outstanding and the same goes for its platform offer.

The market coverage of the broker is more than satisfactory as well.

 

Fibogroup Overview
Regulation: FSC