FIBO Group Review
Richard Montana | August 12, 2022
FIBO Group is an online brokerage that has been providing Forex and CFD trading online since 1998. They give you easy market access via the popular MetaTrader platforms and the powerful cTrader platforms for all of your devices. You can seamlessly manage your account from your desktop, web and mobile phone. I found the broker to have a good variety of account types for all trading styles along with flexible funding options. If you are looking to invest or have your own strategy to share, there is the option of managed accounts. For those of you who are beginners, there is a dedicated learning academy and free demo accounts to practice your trading strategies. However, the broker is lacking in variety of trading instruments with the main focus being on forex trading. If that is your preferred asset class, then they do have transparent trading conditions and are regulated so can be worth consideration.
Pros & Cons
- Large selection of forex instruments to choose from
- Advanced technical solutions and cutting-edge trading platforms
- Reasonable spreads with NDD execution
- Multiple account types for all trading strategies
- Fast and flexible deposit and withdrawal options
- Managed accounts for investors and traders
- Minimum deposit to start trading is only $1
- Training programs for traders of all levels
- Free demo accounts are available to practice your strategies
- Islamic accounts that are swap-free for Muslim traders
- A wide network of offices around the world allows them to offer multi-language support
- Limited non-FX trading instruments
- No individual stocks
- Traders from some countries are not accepted
- Larger deposit required for optimal trading conditions
- No FIX API connectivity
Financial Intermarket Brokerage Online (FIBO) Group is a global forex and CFD broker that offers competitive trading conditions and a range of online trading services. Founded way back in 1998, FIBO Group has its headquarters in Cyprus with offices in Europe, Central and East Asia. This Global presence allows the broker to be side by side with clients and offer high-quality support with the help of a multinational team. I was pleased to see that the FIBO Group have won multiple industry awards over the years for excellent brokerage services.
FIBO Group offers tight spreads starting from 0 pips, low commissions, advanced technical solutions and sophisticated platforms. It should be noted that there will be a mark-up on the fixed spread accounts. All trading styles such as scalping, hedging and use of automated trading robots are allowed. I use automated scalping systems myself, and think the fixed spread accounts are an attractive proposal. However, the spreads aren’t the lowest on this account type but it is worth considering no commission is added on top.
FIBO Group offers forex, metals, commodities, indices and cryptocurrencies for trading on the MT4, MT5 and cTrader platforms. The broker uses the Market Maker brokerage model on ‘fixed spread MT4’ accounts. It also offers the Non-Dealing Desk (NDD) style of execution on the other platforms and account types. I personally prefer the NDD execution model is it means that there is no interference between my trades and the market. I wouldn’t want my broker to be taking the opposite side of my position as that could lead to a potential conflict of interest. NDD also ensures that you can get your trades placed at the best possible market prices with minimal slippage.
When choosing a broker, regulation is one of the most important things to consider. I would always prefer to use a regulated broker as they can provide protection in the case something was to go wrong. I am therefore pleased to see that FIBO Group is regulated, just make sure that you understand not all regulations are the same. They will each have different rules and procedures, which can differ depending on the entity that you decide to open an account with. The broker affirms that it is compliant with all the rules of engagement as enumerated by the regulators.
- FIBO Group Holdings Ltd is authorized and regulated by the Cyprus Security and Exchange Commission (CySEC). The CySEC regulated office operates in accordance with the Markets in Financial instruments Directive (MiFID) of the European Union.
- FIBO Group Ltd is regulated by the Financial Services Commission of the British Virgin Islands (BVI FSC). This is the arm that controls the international website.
As directed by the regulatory authorities, all clients’ funds are held in segregated accounts. This is to prevent them from being used by the broker for operational costs. In the event that the broker becomes insolvent, client funds that have been safely kept in the segregated accounts can be returned to them. FIBO Group has taken an insurance policy to protect itself in case of a financial crisis. This step has also further protected clients’ funds and added to the reliability of the brokerage firm.
Investors’ funds are also protected by FIBO’s membership of the Investors Compensation Fund (ICF). Though FIBO is a well-capitalized broker, the ICF ensures that investors have some protection if in future the broker goes bankrupt. If that happens, the ICF can pay compensations to eligible FIBO Group clients. The compensation is capped and may not apply to all clients.
The FIBO Group website is available in 14 languages which shows that they can cater for client all over the globe. however, they are unable to accept clients from certain jurisdictions due to regulations. FIBO regrets to state that its services are not for residents of Australia, Austria, Belgium, Great Britain, Iraq, North Korea, the USA and some other countries. If you find that they cannot accept your country for whatever reason, then please feel free to browse our broker reviews for another option.
FIBO offers a great choice of platforms. You can choose from the MetaTrader 4, MetaTrader 5 and cTrader platforms. I personally use the MetaTrader platforms as they were the first platforms that I became accustomed to and have never felt the need to switch to anything else. They do everything that I need them to and much more. I find them very user-friendly, making analysing the charts and placing trades a breeze. I think they are one of the best platforms for beginners, with a quick learning curve and built-in tutorials to help you get used to how it works. On the other hand, cTrader is an excellent platform in its own right. I just feel that it is more suited towards traders who already have some experience. Either way, I don’t think you can go wrong with any pf the platforms and there are free demo accounts if you wish to try them all out to see which works best for you. Just keep in mind that MetaTrader is more readily available with other brokers. Therefore, it could make the switch to another broker down the line more convenient.
MetaTrader 4 (MT4)
MetaTrader 4 (MT4) is a very popular trading platform that is widely used by millions of traders around the world. It was designed in 2005 by a trading software company known as ‘MetaQuotes Software Corporation’. The MT4 platform comes with all of the necessary trading tools for conducting thorough market analysis and efficient trading. The FIBO Group MT4 is available as follows:
- WebTrader: This is the web version that runs in most modern web browsers without needing to install any software
- Multiterminal: Designed for multiple account managers to manage several accounts simultaneously from one master account
- Mobile apps: Designed for iOS and Android devices. Best for monitoring, analysis and trading whilst on the go
- Desktop application: This is downloadable for Windows operating system. It is the full feature version of the MT4 that incorporates all its features including installation of trading software add-ons
Here is a summary of the main MT4 features:
- The platform is user friendly with customisable layouts, charts, colours and interface
- Quotes of all the available assets in real time
- Multiple order types including risk management tools
- One-click trading as well as trading directly from the charts
- Live account balances and trading history
- 30 technical indicators and 24 analytical objects
- 3 types of charts on 9 timeframes from one minute (M1) to one month (MN)
- Integrates the MetaQuotes Language (MQL) which can be used to create custom scripts, indicators and expert advisors (EAs)
- Alert notifications via pop up, email and SMS
MetaTrader 5 (MT5)
The MT5 trading platform was designed by the same MetaQuotes Software Corp. MT5 was designed with additional trading tools and features to improve the already vast range of features implemented within the MT4 platform. The interface and apps look very similar and the two platforms are user friendly and fully customisable. Both support custom extensions and automated trading using expert advisors (EAs). Software customized for MT4 will not run correctly in MT5 and vice-versa. I think MT4 is great if you are just trading forex but you may prefer MT5 if you want to branch out into other asset classes.
The FIBO Group MT5 is available as desktop application for Windows and also available as mobile apps for iOS and Android devices. The following are some of the main features of the MT5 platform in addition to the features of the MT4:
- It has about 21 timeframes which is 12 more than that of the MT4
- It has 6 pending orders; 2 more than the MT4 which has 4
- Comes preloaded with 38 technical indicators; 8 more than the MT4
- 44 analytical tools which are 20 more than the tools found on the MT4
- Comes with the economic calendar which is absent in the MT4
- It has the depth of market tool which is not in the MT4
cTrade is a platform which is suitable for both professionals and new traders. It connects to the markets in real time using No Dealing Desk (NDD) technology. cTrader was developed in 2010 by Spotware Systems Ltd who are a Cyprus based fintech firm founded and headed by Andrey Pavlov. cTrader is available as cTrader web which runs directly in the web browser, a downloadable Windows desktop platform and Android/iOS trading apps which can be downloaded from the relevant app stores.
Here are some of the main features of the cTrader platform:
- The Watchlist displays the instruments ‘buy’ and ‘sell’ price in real time. It is customisable to the trader’s favourite assets
- Multiple order types including market order, limit order, stop order and stop limit order
- The FIBO cTrader has 4 chart styles that can be displayed on 26 timelines
- Over 65 technical indicators are available for technical analysis
- The platform supports cAlgo which is used to build indicators and trading robots which automates forex and CFD trading
- The platform supports 21 languages
I think that the provided platforms should have more than enough tools to meet the needs of even the most demanding of traders. There is everything for comprehensive technical, fundamental and price action analysis of the markets. Not to mention, you can download an almost endless number of add-ons for the platforms and even programme your own. That being said, it is good to see that the broker has included some additional tools to help enhance the overall trading experience so that you can get the most out of your trades.
- cTrader Mirror: This is the social trading feature of the cTrader. FIBO Group clients have the opportunity to become strategy providers or investors. The strategy providers broadcast their trades for investors to copy for a fee. Spotware has rebranded and repackaged the cMirror as ‘cTrader Copy’
- cAlgo: The cAlgo platform is used for creating indicators, trading robots and other softwares using the C# programming language
A minimum of $300 is required to be eligible for this service. PAMM services are not available on the cTrader and MT5 platforms. FIBO clients have the opportunity to become either a manager or an investor. An investor chooses from hundreds of PAMM accounts and invest according to their personal risk preferences. To be honest, I actually prefer to maintain control over my own trading. I feel this is the best way to learn from your mistakes and improve your trading skills over the long term. However, I also understand that managed accounts can be a great solution for those who do not have the time nor knowledge to trade by themselves. The PAMM manager trades on behalf of the investors with absolutely no guarantee of profitability. Historical PAMM performance is also no guarantee of future performance.
FIBO Group offer its clients the opportunity to invest in a portfolio managed by experienced, knowledgeable and CySEC certified asset managers. There is a good variety of different portfolios to choose from for investors with different risk preferences and financial goals. The fees are also quite reasonable and performance based. Investors can choose from the existing strategies as follows:
- Balanced: The target annual profit is 60% while FIBO retains 40% profits. The level of closure is at a 30% deposit loss
- Aggressive: Annual profit target is 120%. FIBO retains 50% profits while the level of closure is at a 50% deposit loss
- Individual: Target profit is 120% and FIBO takes 30% profit
The trading is done by a robot and investors are given reports on demand. Investors can add more funds and withdraw profits at will. Investment volume starts from $50,000. If you are looking for a hands-off trading solution, this may be an option worth exploring. Again, it must be emphasised that there is absolutely no guarantee of results.
In order to assist traders with information and maintain its transparency policy, real time trade statistics are provided to clients. The statistics are on open positions, order execution statistics for all account types, statistics on spreads and speed of execution of orders. The statistics are based on real market data aggregated from clients’ accounts. The open positions show the market sentiment of FIBO Group traders which can be used as part of a contrarian trading strategy. I think this is great information to have readily available and can be a good way to try and determine which way the market may be heading. I actually feel that all brokers should make this information readily available, so it is good to see FIBO Group stand out in this respect.
This section of the website is updated by the FIBO Group brokers analyst team. It is presented a few times a week or less. It focuses on the news, events and fundamentals surrounding some assets as well as the market response and analysis. I found there to be some really useful analysis that made me aware of some possible market moves that I may have otherwise overlooked. It is always nice to see a broker provide professional analysis that can help inspire and educate traders. I would always make sure to confirm any expert analysis with my own trading strategy.
This calendar is customisable according to currency, week, day and events. The economic calendar shows the times and dates of important economic events that are known to have impacts on the national currencies. It also shows the analysts forecasts and compares it with the history. This tool is used in fundamental analysis. It is available on the FIBO Group website and directly in the MT5 trading platform which is more convenient as it saves you from needing to constantly switch between tabs. I always like to make sure I check for any pending market news before making a trade decision as it is not nice to get caught on the wrong side of a major economic event.
These are available on the MT4 and MT5 platforms. Some services are paid while others are free. FIBO Group clients are free to search for a signal service and subscribe to it. You will find plenty of signal providers but from my experience, most of them do not stand the test of time and often use high risk strategies such as grid trading and martingales money management. Just make sure you do your own due diligence and understand results can vary due to many factors.
FIBO Group Academy
The Academy brings together experienced teachers and practicing traders. Their common task is to help you understand the basic principles of the financial markets and teach you to apply the knowledge gained in practice.
The broker invites you to take part in video courses where experienced traders teach you the basics of forex trading, terminology and trading instruments of forex market. They will also show you in practice how you can trade forex. Courses are to be held online and you can always watch them on demand should you not be around for the live event.
The brokers website has a glossary of over 230 trading related terminologies and their meanings explained. The glossary can be searched so you can bring yourself up to speed with some of the most important trading terms that you will come across.
FIBO Group offers multiple instruments for trading across different asset classes. I found there to be plenty of currency pairs for those of you who are forex traders but think they are lacking in other asset classes. For instance, I was unable to find any individual stocks to trade. If you want to trade stocks, you could consider another broker such as IG, they have thousands of stock trading instruments in comparison. The FIBO Group instruments are as follows:
- Over 60 forex pairs
- 9 Cryptocurrency assets
- 2 Metals; Gold and Silver
- 8 Indices
- 9 Commodities
The broker provided CFD trading. This is when you buy (long) or sell (short) an instrument without needing to physically own the underlying asset. The difference in price between when you opened and closed the positions, is the profit or loss minus any brokerage fees. This has become a more and more popular way to trade online for the modern trader.
It is great to see that FIBO Group offers various types of accounts which depend on the client’s capital, experience and preferences. Only one MT5 and cTrader account types are available while the remaining account types are for the MT4 trading platform. This means the broker has conditions setup to cater specifically for different trading styles. You may want to choose the account with the lowest spreads if you are scalping, whereas those of you who plan on holding trades for the long term may not be too fussed with the spreads and would rather not pay a commission fee. One of the key features of this broker that I like, is the availability of fixed spread accounts. They are one of a few brokers that I have come across who actually provided fixed spreads, IronFX being another option.
The following account types are available:
This account is only available on MT4 and it uses the NDD execution type. It is aimed towarde new traders who just wish to try out live trading. No minimum deposit is required and the spreads start from 0.6 pips. Maximum leverage is 1:1000.
This account uses the Market Maker brokerage model which offers instant executions. The minimum opening balance is $50 while the maximum leverage is 1:200. Spreads start from 2 pips and the stop out level is at 20%.
This account offers the NDD execution model. The minimum balance is $50 and the spread starts from 0.0 pips. The maximum leverage is 1:400 while a commission of 0.003% of the transaction amount is charged for every trade.
MT4 NDD No Commission
The minimum deposit is $50 and the minimum spread is 0.8 pips. As the name implies, the execution type is NDD and no commissions are charged. The stop out level is at 50%.
The execution type used is the NDD. Minimum deposit is $50 while the spread starts from 0 pips. A commission of 0.003% of trade amount is charged per transaction. About 41 currencies can be traded on the cTrader platform at a maximum leverage of 1:400.
The minimum deposit is $1,000 and the NDD execution type is used to fulfil client orders. On the FIBO Group MT5 platform, the maximum leverage is 1:400 and the spread starts from 0 pips. Commissions of 0.005% of the transaction amount are charged.
Demo accounts are available on all the three platforms. These are unlimited and unrestricted for all clients, allowing you to try the different platforms before opening a live trading account. I think it is very important to always test a broker on a demo account to begin with just to make sure that they have conditions which are suitable for your trading strategies. It can also be a great way to build your confidence before making any financial commitment.
I was pleased to see that swap free Islamic accounts can be opened for Muslim clients who apply to the support department via email. Islamic accounts are swap free but incur weekly charges of $25 or $100 per lot depending on instruments traded. These are only available on the MT4 fixed account type. It is always nice when a broker caters towards clients of different religious beliefs but this is something that I would expect from most brokers nowadays.
The customer support team operates from the various office locations are mainly available from Monday to Fridays. They speak up to 12 languages which is great if English is not your native tongue. The team can be easily reached via online instant web chat, email and multiple phone lines for various locations. A frequently asked questions (FAQs) section is available on the website which can be a good way to get answers to your questions right away. The broker is also readily available on various social media platforms. I have always found them a pleasure to deal with and received a satisfactory response.
This is an area in which I think the broker really excels. There are plenty of account funding options for everyone to get access to quick and easy methods for making deposits and withdrawals with minimal fuss. I especially like the digital wallet options I find this is the most convenient way for me to move funds around between my trading accounts. FIBO Group states that it does not charge deposit and withdrawal commissions but clients should note that the payment processors may charge a fee which will be passed to the client. Online deposits are processed immediately which is great and withdrawals are normally processed within a day. They are one of the few brokers that I have come across who support crypto funding, Hugo’s Way being another option.
The following payment options are available:
- Bank Transfer
- Debit/Credit Cards
- Digital Wallets
Overall, FIBO Group is an experienced and established online broker in the forex and CFD trading industry. I really like how multiple account types are available and you are free to choose depending on your capital, trading platform of choice and strategy. I found the trading conditions to be very competitive and on par with competitors. The broker has very flexible and innovative trading platforms with all trading styles allowed. You can get access to managed accounts if you want to invest and trading signals for social trading. There are lots of payment options with a small minimum deposit of just $1 and free demo accounts.
Despite the many positives, I found them to have a very limited number of trading instruments compared to other brokers with no individual stock instruments. The educational content could perhaps be improved although there is a good offering in terms of frequently update market analysis. I think they can be a decent choice of anyone looking to primarily trade forex but other traders might want to consider an alternative.