Looking for a Forex Broker Promising the Most Transparent Trading Conditions? Read our FIBO Group Review
Finding the best Forex brokers for your needs isn’t the easiest of tasks. However, with the help of the many reviews available it becomes a much easier decision. We have chosen to focus here on a name you may not have heard of. Nevertheless, it’s a brokerage firm which has been in operation for almost two decades. FIBO Group is the name and we’ll start with a little bit of background.
A brief introduction to FIBO Group
FIBO Group has been operating in the Forex industry since 1998. There are two main centers of operation, both of which are licensed and regulated. In Europe, FIBO Group Holdings Ltd is a company with offices in Limassol Cyprus, and as such comes under the regulation of CySEC. FIBO Group Ltd is registered in the British Virgin Islands where it is licensed to provide investment services and regulated by the FSC. There are various offices located throughout the world including Singapore, Mosco, Munich, Vienna Kiev, and Shanghai. When the company first came into existence it was known as Financial Intermarket Brokerage On-Line and started life as an investment consulting firm in 1998. It wasn’t until 2003 that internet trading in the Forex market was added as a service. And in 2004 CFD trading was added to the menu.
FIBO Group offer a good range of trading accounts
FIBO Group offer clients a good choice of trading accounts. Whatever style or strategy you adopt there will be an account to suit you. You can choose from:
MT4 NDD account
MT4 NDD No Commission Account
cTrader NDD account
MT5 NDD account
There is a demo account option along with Islamic accounts.
Spreads and commissions are payable on all trading accounts apart from the MT4 NDD no commission account. Spreads for this account can be wider and start from a minimum of 0.8 pips. Whereas standard accounts start from 0 pips. Commission payable is based on 0.003% of the transaction amount, but are a little different for the MT5 NDD trading account.
There are currently no special FIBO Group bonuses available. But we don’t consider that a negative thing. Although fibogroup.com are currently running a free Forex contest “Trader’s Triple Chase” with the chance to win $25,000. In order to participate you will have to open a FIBO Group MT4 NDD demo account.
FIBO Group offer MetaTrader 4 and 5 for their trading platforms
Many of you will be pleased to learn FIBO Group are sticking with a favorite. MetaQuotes trading platforms MT4 and MT5 are available for real live trading and FIBO Group demo accounts. Both these top rated platforms provide you with all the necessary tools and function to make your trading experience seamless and trouble free.
However, FIBO Group also offer the cTrader platform for trading Forex using NDD technology. Orders take, on average, less than one millisecond, allowing you to make transactions with minimum slippage.
Also available, for those who prefer automated trading is Myfxbook Autotrade. This simple and reliable automated trading platform lets you copy trades of successful traders to your very own account. No additional software is required, and it won’t take long for you to connect your account.
Another unique feature of FIBO Group is the chance for you to join the Trading Idea community. This is a rapidly growing community for those of you interested in trading strategies on the US stock market. It includes the Umstel trading strategy which provides direct access to the US stock exchange. Trading Idea strategies should give you an advantage when trading on over the counter and exchange markets.
What can you trade with FIBO Group?
The mission of the company is to provide transparent online trading services in Forex and CFD (Contracts for Difference) markets. More than 42 currency pairs, and more than 20 CFDs are available for trading, leverage of up to 200:1, with low spreads from 0 pips for the main currency pairs and cross rates.
It is also possible to trade spot metals with FIBO Group Ltd. The minimum amount of contract is 100 ounces for gold, and 500 ounces for silver. Prices are quoted in USD and Euros, and leverage is up to 400:1. With spot metals the spread is slightly higher at $5 per contract for both gold and silver.
A good selection of payment methods are available and it is possible to open an account in EUR, USD, EUR, GBP, and CHF. Payment methods include bank transfers, electronic payments via webmoney systems and the usual credit cards.
FIBO Group has round the clock customer support
FIBO Group are able to offer 24 hour customer support through the live chat option, by Fax, telephone or email.
One thing we found a little disappointing was the lack of any educational material. Particularly for our less experienced readers this is something we always take notice of, as we feel it’s important for brokers to take responsibility for educating their clients, rather than just facilitating orders.
That being said, we found both the international and European versions of the broker’s websites very easy to navigate and really quite fun. FIBO Group have enjoyed a good reputation over the years and the fact you can open various demo accounts means you can try everything before risking your own money. There are a good range of trading products available making it possible for most traders to find something to suit them.
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