Fibo Group Broker Review

Author By Jeffrey Cammack
Updated: September 24, 2021
Overall Rating
4.00 4.00 / 5
Rated #40 of 69 Recommended Brokers
Min. Deposit
USD 5
Regulators
Trading Desk
Trading Cost
USD 6
Website Language
English, Vietnamese, Portuguese, Arabic, Indonesian, Chinese, Thai, Malay
Support Language
English, Vietnamese, Portuguese, Arabic, Indonesian, Chinese, Thai, Malay
AlertAccepts Malaysian Clients. Average spread EUR/USD 0.60 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4, MT5 & cTrader platforms supported. FIBO Group is regulated by CySEC and BVI FSC.

Forex Malaysia follows a strict editorial standard in our review process. We may receive compensation when you click on links to products we review. Please read our advertising disclosure.

Summary

Founded in Cyprus in 1998, Fibo Group was one of the first online retail Forex brokers. Fibo Group offers both MT4 and MT5 as well as the cTrader platform and has a wide range of account types depending on which platform you prefer. Mainly an ECN broker, Fibo Group offers tight spreads and a low commission on almost all of its accounts. Only one MT4 account has a wider spread and no commission.

Education is limited but daily market analysis and currency forecasts will be helpful for many beginners. Fibo Group also runs sophisticated copy trading and PAMM accounts for those wishing to subscribe to more experienced traders.  Malaysians will be pleased to note that Fibo Group offers an Islamic swap-free account. 

Reviews

Regulation
111104/ 5
Trading Conditions
111115/ 5
Trading Platforms
111115/ 5
Deposit & Withdrawal
100001/ 5
Education & Research
1110.503.5/ 5
Assets Available
111104/ 5
Customer Service
111104/ 5
Beginner Friendly
Standard
Bonuses
None

Account Information

Base Currencies
EUR, USD, RUR, CHF, GBP
Number of FX Pairs
48
Copy Trading
Hedging Allowed
Scalping Allowed
Islamic Account

Trading Conditions

Min. Spread
0.20 pips
Commission
6 USD / lot
EUR/USD
0.2 pips
GBP/USD
0.4 pips
USD/JPY
0.2 pips
Max. Leverage
1000:1

Company Details

Company Name
FIBO Group Ltd.
Founded
1998
Office Locations
Austria, Kazakhstan, Cyprus, China

Pros

  • Great platform choice
  • Low minimum deposit

Cons

  • Limited education

Is FIBO Group Safe?

Founded in 1998, FIBO Group Holdings is a hybrid ECN/NDD market maker which has been authorised and regulated by CySEC since 2010 (licence number 118/10) and is a member of the Investor Compensation Fund (ICF). In the unlikely event of FIBO Group’s bankruptcy, the ICF will compensate traders to a maximum of 20,000 EUR.

In addition, FIBO Group Ltd is also incorporated in the British Virgin Islands and has been regulated by the BVI FSC since 2016 (No. SIBA/L/13/1063). FIBO Group uses it is BVI office to provide services to customers outside of the EU. Clients using the BVI regulated entity for trading will not be covered by the ICF compensation scheme.

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Group Regulators
Trading Desk
Website
Year Founded
Office Locations
Inactivity Fee
CySEC
BaFin
Fi
IFSC
Market Maker NDD
ECN/DMA
1998
Austria, Kazakhstan, Cyprus, China

In a welcome show of transparency, FIBO Group publishes all trading statistics for all accounts, including execution speed, average and minimum spreads, and slippage percentages.

FIBO Home

FIBO Group operates as either an ECN or a No Dealing Desk (NDD) market maker. Either way, all client trades are executed without any dealing desk interference, preventing any conflict of interest. All clients are also provided with negative balance protection, so traders cannot lose more than they have in their accounts.

FIBO Group Trading Conditions

FIBO Group’s trading conditions are varied depending on which account you choose to open. In general, minimum deposits and commissions are low and NDD execution ensures low spreads. Execution speeds also vary, but are generally under 0.2 seconds, even on the ECN accounts.

FIBO Execution Speed

Account Types

FIBO Group offers 6 account types and supports all 3 major trading platforms (MT4, MT5, and cTrader), though 4 of the accounts use the MT4 platform. Leverage and minimum deposit vary between the account types. All accounts are available as demo accounts but only the MT4 Fixed Account is available as an Islamic Account (swap-free).

Base currencies for most accounts are limited to USD and EUR. The exception being the MT4 Fixed Account, where RUR, CHF, and GBP are also acceptable base currencies. The MT4 NDD Account also supports the BTC and ETH cryptos as base currencies.

FIBO Group also offers PAMM (Percentage Allocation Money Management) Accounts, where professional traders manage the funds of many investors (for a fee) on a single trading account. PAMM Accounts are available on the MT4 Fixed, MT4 NDD, and MT4 NDD No Commission Accounts.

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Display Name
Min. Deposit
Max. Leverage
Min. Spread
Commission
cTrader NDD
USD 50
400:1
0.0
5 USD/lot
Account Details
MT4 Cent
USD 5
1000:1
0.60
None
Account Details
MT4 Fixed
USD 50
200:1
2
None
Account Details
MT4 NDD
USD 50
400:1
0.80
3 USD/lot
Account Details
MT4 NDD No Commission
USD 50
400:1
0.80
3 USD/lot
Account Details
MT5 NDD
USD 1000
400:1
0.0
5 USD/lot
Account Details

MT4 Cent: The MT4 Cent Account is an ideal account for beginners or traders looking to test new trading robots. The minimum deposit is 5 cent, the maximum leverage is 1000:1, and the average spread on the EUR/USD is 0.60 pips.

MT4 NDD: The MT4 NDD account requires a minimum deposit of 50 USD, maximum leverage of 1:400, and has an average spread on the EUR/USD of 0.3 pips. This account has a commission of 3 USD/lot. This account is available as a PAMM Account.

MT4 NDD No Commission: This account has all the same parameters as the MT4 NDD Account except the trading cost is captured in the spread and no commission is charged. As such, the average spread on the EUR/USD is higher, at 0.8 pips. This account is available as a PAMM Account.

MT4 Fixed: As one might expect, this MT4 account features fixed spreads, instant execution, and no commission. While traders lose the advantages of market execution with this account – such as tight variable spreads and no-requotes – this account suffers less slippage and volatility. The minimum deposit is 50 USD and the maximum leverage is 1:400. Spreads are fixed and start at 2 pips on the EUR/USD. This account is available as an Islamic Account and as a PAMM Account.

MT5 NDD: This is the only MT5 account and has a much higher minimum deposit of 1000 USD. All trades are executed on the market, with average spreads on the EUR/USD at 0.2 pips. A commission of 5 USD is charged per lot and traders will be unable to open new positions if their balance falls below 100 USD.

cTrader NDD: This account is almost an exact replica of the MT4 NDD Account but using the cTrader platform. The minimum deposit is 50 USD, maximum leverage is 1:400, and spreads on the EUR/USD average 0.2 pips. The commission is 3 USD per lot.

Spreads and Commission

FIBO Spread Statistics

Spreads and commissions vary depending on account type. The average spread on NDD accounts is 0.2 pips on the EUR/USD (the exception being the MT4 NDD No Commission Account) while spreads on the MT4 Fixed Account start at 2 pips. The commission is generally 3 USD per lot on NDD accounts, though the MT5 NDD Account charges 5 USD.

Both the spreads and commissions are competitive with other NDD brokers, though the 5 USD per lot on the MT5 NDD Account is a bit higher than one might expect.

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Broker
Trading Conditions
Base Currencies
EURUSD (Standard)
Trading Cost (Standard)
EURUSD (Best)
GBPUSD (Best)
USDJPY (Best)
Commission
111115/ 5
EUR, USD, RUR, CHF, GBP
0.60 pips
USD 6
0.2 pips
0.4 pips
0.2 pips
0.0
11110.54.5/ 5
USD, GBP, EUR, AUD, CHF, JPY, PLN, ZAR
1.40 pips
USD 14
1.9 pips
2.4 pips
1.6 pips
0.0
111003/ 5
ZAR, USD, EUR, CHF, GBP, AUD, NZD, JPY, CAD, SGD
1.20 pips
USD 12
0.0 pips
0.0 pips
0.0 pips
0.0

 

Deposit and Withdrawal

FIBO Group allows deposits and withdrawals in EUR, USD, GBP, CHF, and a range of cryptocurrencies via a wide variety of methods. While FIBO Group states that it does not charge for deposits or withdrawals, most deposit and withdrawals methods do have a commission or fee:

  • Bank Wire: Deposits can be made in EUR and USD, are charged a fee of 35-50 USD, and can take 2-5 days. Withdrawals can be made in EUR, USD, GBP, and CHF, are charged a fee of 35-50 USD, and can take 5-8 business days to complete.
  • Visa/Mastercard: FIBO Group uses Connectum and RegularPay to handle credit card funding payments. Via both methods deposits can be made in EUR and USD and are free and instant. With Connectum, withdrawals can be made in EUR and USD, will be charged a 2.5% + 1.5 EUR commission, and can take up to 5 days. With RegularPay, withdrawals can be made in EUR and USD, will be charged a commission of 10 USD, and can take up to 10 days.
  • Neteller: Neteller deposits can be made in USD and EUR and are free and instant. Withdrawals can be made in USD and EUR will be charged a 2% commission, and can take up to 2 days.
  • Skrill: Skrill deposits can be made in USD, will be charged a 3.9% commission, and are instant. Withdrawals be made in USD, will be charged a 1% commission, and can take 1 day.
  • WebMoney: Deposits can be made in EUR and USD and are free and instant upon payment of the invoice. Withdrawals can be made in EUR and USD, a commission of 0.8% is charged and can take up to 2 days.
  • CashU: Deposits can be made in USD, a commission of 7% is charged and are instant upon payment of the invoice. Withdrawals can be made in USD, are free of charge, and can take 2 days.
  • Fasapay: Deposits can be made in USD and IDR and a commission of 0.5% is charged (up to a maximum of 5 USD) and are instant within working hours. Withdrawals are not allowed.
  • ecoPayz: Deposits can be made in USD and are free and instant upon payment of the invoice. Withdrawals are not allowed.
  • paysafecard: Deposits can be made in USD and are free and instant upon payment of the invoice. Withdrawals are not allowed.
  • PerfectMoney: Deposits can be made in USD and are free and instant. Withdrawals are not allowed.

FIBO Group also accepts payment in a range of cryptocurrencies, including BTC, ETH, BCH, XRP, and RFC. Accepted payment providers are Raido Finance, bitpay, BLOCKCHAIN and Raido Spare. Deposits are generally free and instant, but withdrawals can be charged a 0.5% commission and can take up to two days.

FIBO Group for Beginners

In terms of trading conditions for beginners, FIBO Group really excels. The MT4 Cent Account has excellent trading conditions and will appeal to beginners who want to get a feel for the live markets in a low-risk environment. In addition, a range of PAMM Accounts are available for beginners who want to invest with professional traders.

Unfortunately, in terms of training and analysis, FIBO Group is not the most welcoming environment for beginner traders. Most of the educational material is left to FIBO Group’s YouTube channel, and market analysis is infrequent. Customer support is available 24/5 via telephone and live chat.  Note that Fibo Group’s website and educational materials are translated into Malay. 

Educational Material

The education section at FIBO Group consists of a single page with an explanation of the basics of Forex trading. The most useful parts of this page are the links out to FIBO Group’s YouTube channel where traders will find a selection of helpful videos in a structured course format.

FIBO Video Education

Playlists included are FOREX – IT’S EASY and ONLINE FOREX ACADEMY, which are both good video primers for new traders. More advanced educational playlists include Forex Trading Using Technical Indicators and MT4 Lessons. The information presented in all videos is accurate and detailed. 

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Broker
Beginner Course
Advanced Course

 

Analysis Material

Market analysis at FIBO Group consists of a weekly video forecast looking forward to the week ahead. Beginners who require deeper market analysis should use other third-party market research to supplement this information.

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Broker
Autochartist
Trading Central
Trading View

 

Customer Service

Customer support is available via live chat, telephone, and email 24/5 in 12 languages, including Malay.  For the purposes of this review, we found the customer support responsive, helpful, and knowledgeable of the company’s products.

FIBO Group Trading Platforms

FIBO Group is unusual in that it offers all three of the major trading platforms: MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader. While 4 of the 6 account types at FIBO Group are on the MT4 platform, there is only a single account each for MT5 and cTrader. All three platforms are available via web browser, desktop applications, and mobile apps.

MetaTrader 4 – The MT4 trading platform is the most widely used Forex trading platform and can also be used to trade other instruments like commodities, cryptocurrency, stock index, and stock CFDs. Though it is now showing its age, MT4 is still very popular for its auto trading features that enable algorithmic trading and strategy backtesting with expert advisors (trading robots).

MetaTrader 5 – The MT5 trading platform is being adopted by more Forex brokers all the time, it has a more modern interface, allows for an unlimited number of charts to be used, shows Depth of Market and has a built-in Economic Calendar. It also has a larger number of pending order types than MT4 and features an embedded chat system. In addition, the MQL5 scripting language is more efficient than its precursor and MT5 has more advanced charting tools than MT4.

cTrader – cTrader is built and managed by Spotware and functions only as a NDD platform (market execution only with no broker intervention). Because it is NDD-only, traders will have to pay a commission on cTrader accounts. The user interface is more intuitive and modern than the MetaTrader platforms and the application is constantly being updated and improved by Spotware in response to user feedback. cTrader comes with many modern features such as automated trading with cAlgo, depth of market feature, one-click trading, and advanced charting.

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Broker
Platform Choice
Copy Trading
Platforms
111115/ 5
FxProEdge
11110.54.5/ 5
ThinkTrader

 

FIBO Group Mobile Apps

All three trading platforms are available on iOS and Android devices.

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of the FIBO Group’s offering. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.

Risk Statement

Trading Forex is risky, and each broker is required to detail how risky the trading of Forex CFDs is to clients. FIBO Group would like you to know that: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 58% of investor accounts lose money when trading CFDs with this broker. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Overview

FIBO Group is an NDD broker with a long history of client satisfaction and excellent trading conditions across a wide range of accounts. MT4, MT5, and cTrader are all fully supported, and minimum deposits are low. Forex education and analysis are not as detailed as many of FIBO Group’s competitors, but customer service is responsive and helpful. Deposit and withdrawal fees are higher than many brokers too, but options do exist for instant and free funding.

AlertAccepts Malaysian Clients. Average spread EUR/USD 0.60 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4, MT5 & cTrader platforms supported. FIBO Group is regulated by CySEC and BVI FSC.
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Overall Rating
Min. Deposit
Regulation
Trading Desk Type
Trading Instruments
Forex Pairs
Crypto Pairs
Pros
Cons
Regulation
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
% Lose with this broker
Leverage
Spread
Hedging
Scalping
Account Types
Islamic Account
Trading Platforms
Funding Methods
Trading Commission
11110.54.00/ 5
USD 5
Market Maker NDD
ECN/DMA
Forex
Cryptocurrencies
Commodities
Metals
48
9
  • Great platform choice
  • Low minimum deposit
  • Limited education
111104/ 5
111115/ 5
111115/ 5
100001/ 5
1110.503.5/ 5
111104/ 5
111104/ 5
58% of retail investor accounts lose money when trading CFDs with this provider
1000:1
0.20 pips
cTrader NDD
MT4 Cent
MT4 Fixed
MT4 NDD
MT4 NDD No Commission
MT5 NDD
Bank Transfer
Visa
Mastercard
Skrill
Neteller
WebMoney
Fasapay
PerfectMoney
6 USD / lot
11110.54.24/ 5
USD 100
Market Maker NDD
Forex
Indices
Metals
Stock CFDs
Energies
Futures
70
5
  • Well regulated
  • Great platform choice
  • Tight spreads
  • Limited education
111104/ 5
11110.54.5/ 5
111115/ 5
111115/ 5
1110.503.5/ 5
1110.503.5/ 5
111104/ 5
77% of retail investor accounts lose money when trading CFDs with this provider
200:1
0.60 pips
FxPro cTrader
FxPro MT4
FxPro MT5
Islamic
FxProEdge
Bank Transfer
Visa
Mastercard
Maestro
Skrill
Neteller
Unionpay
9 USD / lot
11110.54.18/ 5
USD 5
ECN/DMA
STP
Commodities
Cryptocurrencies
Forex
Indices
Metals
Stock CFDs
Futures
40
16
  • Low minimum deposit
  • Well regulated
  • Great platform choice
  • Limited market analysis
  • Non-transparent spreads
11110.54.5/ 5
111003/ 5
11110.54.5/ 5
11110.54.5/ 5
111115/ 5
11110.54.5/ 5
111104/ 5
71.89% of retail investor accounts lose money when trading CFDs with this provider
500:1
0 pips
Standard
ThinkZero
ThinkTrader
Bank Transfer
Visa
Mastercard
Skrill
Neteller
7 USD / lot - ThinkZero Account
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