Pros & cons of FIBO Group

FIBO Group Fact sheet

Choosing a safe and reliable broker is the first step to successful trading. There are various factors to consider when making a decision, but the safest brokers are well-regulated ones. 

FIBO Group is regulated by the Financial Services Commission (FSC) of the British Virgin Islands (BVA) and the Cyprus Securities and Exchange Commissions (CySEC). Since the broker is a regulated entity it adheres to regulations and offers policies that make it a safer choice for traders. The broker is part of an investor compensation fund in case of insolvency and offers negative balance protection, preventing traders from going into a negative balance because of highly leveraged trading. Negative balance protection is only available for retail clients and professional traders will be liable to pay the extra amount if they go beyond their balance. Additionally, all client funds are on segregated bank accounts, meaning the broker can not touch client money to use for its own purposes, which is a nice security feature. 

*CFD stands for Contract for Difference and such instruments enable traders to speculate on underlying asset prices without owning them. 

FIBO Group offers a wide range of tradable instruments, including CFDs on stocks, cryptocurrencies, Forex, indices, commodities, futures, and metals. 

Forex trading on FIBO Group

There are 43 total Forex pairs on FIBO Group's platforms, but on several account types, there are only 32 pairs offered. Spreads start from 0.6 pips and depending on the trading account can go as high as 1 pip or as low as 0 pips with a little trading commission. With spreads this low, it is even possible to employ scalping strategies as the execution speeds are really fast on the trading platforms, which we have tested ourselves. 

Stock CFD trading on FIBO Group

Where the FIBO Group shines is its number of stock CFDs which are about 1,300 in number and spreads start from 0 pips while the commission is volume based and starts from 0.003%. This commission is really low if we compare it with other brokers. All popular stocks are offered from all stock exchanges including the UK, Australia, and USA. 

Cryptocurrency trading on FIBO Group 

Although there are just 9 crypto CFDs offered by FIBO Group the spreads are low, from 0.16 USD per trade, and it allows traders to speculate on digital assets without owning them. CFDs allow traders to instantly short or go long a cryptocurrency without the waiting times for transaction approval from the blockchain.

Commodities, indices, and futures trading on FIBO Group

The total number of commodities offered on all trading accounts is 13 and spreads are competitive starting from 0.07 USD, while there are 8 indices with spreads from 0.08 USD, and 20 futures for indices and commodities with spreads starting from 0.01 USD. Commodities include gold, silver, and other hard metals, together with soft commodities from agriculture and energy. 

There are six different account types on FIBO Group that provide trading terms that should appeal to all kinds of trading from scalpers to day traders, to even investors. Since there are this many account types let’s see their differences below in a spreadsheet:

*NDD means no dealing desk and trades are sent to liquidity providers making it the best solution for traders who want to access market liquidity. 

As we can see the main difference between many account types are trading platforms, leverages, commissions, and spreads. The most beginner-friendly account is a cent account with no minimum deposit requirements, no commissions, and very low Forex spreads. This cent account is very attractive for beginners who are starting to trade as it allows them to invest very small capital and learn to trade on a live account. 

Pros & cons of FIBO Group account types

Getting started on FIBO Group – Main steps

In this section, we’ll show you how to open a live trading account with FIBO Group. The registration process and account activation are fully digital, and the broker’s web page is very intuitive and user-friendly. In addition, customer support agents are available 24/7 in case you have any questions. 

Step 1: Open an account

Opening an account is one of the easiest processes with FIBO Group. The website offers a popup window to quickly fill in basic data like email, phone number, and name. After this step the client is redirected to their incomplete profile and another popup window will tell you what to do next.

Step 2: Time to verify your account

For verification, there are several steps which include:

• Email verification - it is possible to verify your email address by clicking on a verify email button 
• Additional details form - traders can fill in additional personal information on the client portal
• Submitting proof of ID and proof of residence documents - it is necessary to verify identity and address via copies of your ID card and a utility bill or bank statement, which has to be valid and up to date. Documents must be no older than 3 months and have to be issued by a government or banks

The verification process is quick and it won’t take more than 24 hours. If any issues arise it is possible to contact support 24/7 which should resolve any issues quickly. In general, it is not recommended to deposit funds before the verification process is completed to avoid any complications and difficulties. 

Step 3: Make your deposit and start trading

After the first two steps, the only remaining thing to do is deposit as much as the trader wants and start trading. Multiple popular payment methods are supported and fees are zero for deposits. Depending on the withdrawal methods it is possible to withdraw with zero fees but only with cryptocurrencies. 

Trading fees with this broker are low compared to competitors. There are no inactivity fees and spreads on the commission-free Standard account start from 0.5 pips. Let’s compare the fee policy with other brokers to better understand the difference. 

Comparing FIBO Group fees with other brokers

FIBO Group fees compared to Interactive Brokers fees

*Inactivity fee was eliminated by IB in 2021, it used to be $20/m

FIBO Group fees compared to CM Trading fees

FIBO Group fees compared to plus500 fees

FIBO Group fees compared to XM fees

FIBO Group fees compared to AvaTrade fees

FIBO Group fees compared to Capital.com fees

There are several popular professional trading platforms in the world and three of them are available at FIBO Group, including MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader. All three platforms are advanced and feature-rich software offering advanced charting and technical analysis capabilities. MT4 is one of the most popular trading platforms in the world right now by user base and it offers multi-terminal options to control many accounts via one platform. MT4 is available for FIBO Group clients on all devices including Android, iOS, and desktop computers, and as a web trader variant. What differentiates FIBO Group’s mobile MT4 app from others is its offline capability to show charts, historic data, quotes, open trades, and trading history. This will allow traders to always have the ability to track their trading on the go, even when the power is out. All three trading platforms have the ability to install or develop custom trading indicators or trading robots. These robots allow traders to fully automate the trading processes. All of the benefits are the same for the MT5 mobile app and desktop software and it is at least as capable as MT4 and comes with even more features than its predecessor. cTrader is another advanced professional platform offered by FIBO Group and similarly to MT4 and MT5 has several advanced features. cTrader is especially great for stock CFDs trading and comes with various inbuilt tools including copy trading functionality. 

There are several educational resources available on the website of FIBO Group, including video courses and Forex for beginners which offer beginners a comprehensive guide on their trading journey. All parts of the website contain FAQs about all aspects of trading to make it easier for clients to use various free tools that are available for traders. The “Analytics” section contains several useful tools including:

• Economic calendar
• Market analysis
• Forecasts
• Tradings sessions and interest rates

All these tools offer traders the unique capability to track important news and increase their chances of catching trading opportunities. 

Although there is no online form for leaving a message to the broker, there are all other common communication methods available, including multilingual live chat. Support is live 24/7 for all clients and can be contacted very easily through live chat. The website as well as live chat supports about 15 different languages making it easy for international traders to contact the broker and solve any issues they may have. Email and phone calls are also possible. All in all the support is fast and responsive, and the live chat is very intuitive to use. 

FIBO Group is a well-regulated broker offering a wide range of trading instruments with low spreads and commissions. The broker provides a safe and secure trading environment for its clients by adhering to regulations, offering negative balance protection, and segregating client funds. There are several account types that offer traders the ability to trade any trading strategies on some of the most advanced trading platforms, including MT4, MT5, and cTrader. All trading platforms allow traders to install custom trading indicators and trading robots allowing full automation of the trading process. All trading platforms are also available for mobile devices with almost full capabilities. Trading spreads and fees are low and very competitive with a low initial deposit requirement of 0 USD and a high leverage of 1:1000. FIBO Group seems a legit and reliable broker that has been on the broker scene since 1998.