Fibo Group Broker Review
Fibo Group are a Forex focussed MT4 broker based out of Austria with a superb range of platforms offering Forex trading.They are CySec regulated and have a pedigree stretching back to 1998 – which in Broker terms is an epoch! One of Fibo Group’s key strengths is choice, both in terms of trading platform and account type. They offer a variety of No Dealing Desk trading options on the MT4, MT5 and cTrader platforms. Their specialisation as an MT4 broker means they haven’t invested heavily in their own front end, but rather Fibo Group has focused on providing fast trade execution and good liquidity for their NDD accounts.
Products and Spreads – FIBO Broker Review
With Fibo you have a choice of either paying very low spread + commission or paying a normal spread but no commission. This is only available for the MT4 account – if you want MT5 or cTrader you have to use the spread + commission model.
As an NDD / STP broker that takes their liquidity from a number of providers, Fibo are in the useful position of being able to get the best prices possible for their clients, and as such their spreads are all very low. On top of the spread Fibo charge a commission of 0.003% of the amount of the transaction. This is calculated slightly different for the MT5 account.
The upshot is that the commission is not a bank breaker – when you pay 0.2 as a spread plus 0.003% commission this usually works out as cheaper than, for example, a 2 pip spread at a B Book broker.
If you choose their spread only model you will still be getting good prices, from 0.6 pips on EURUSD for example.
The products that are available vary between account types. Their MT5 and cTrader NDD accounts offer 42 and 41 currency pairs respectively. Their MT4 NDD account offers fewer, with 38 currency pairs available for MT4 no commission and 32 for MT4 Spread + Commission.
Interface and Platform – FIBO Broker Review
Fibo Group is a Forex specialist with a number of different account types but they don’t have their own proprietary front end. It is clear that they wish to spend their time and money on providing great execution and liquidity rather than on creating their own trading platform. But, rather than just offer an MT4 account and be done with it, Fibo have gone the extra step and offer the less used MT5 and cTrader, giving you as much choice as possible!
This basically ticks the boxes on all the main trading platforms currently available. If you are a fan of one of these platforms, or maybe you want to use MT4 Expert Advisors, then you can do so here.
Fibo’s principal business is as an STP broker, meaning they only make money on the spread and commission and are therefore incentivised to help you be profitable and keep you trading as long as possible. That means they set up their MT4 offering to be appropriate for scalpers etc.
Service – FIBO Broker Review
When you open an account in Europe you will get a call from a Fibo account manager based out of their Cyprus office. As with most quality brokers these days the call is pleasant and not too salesy. If you don’t answer you’ll get one or two follow up emails but then you will be left in peace to trade as you wish.
If you wish to get in touch with Fibo then they have a 24 hour phone line that is open Monday to Friday but is shut on weekends. So, basically, if the forex markets are open, so is their phone line. But if the forex markets are closed, then so are they! There’s an email address you can contact them on instead if you wish.
If something goes wrong with your internet connection and you desperately need to trade, then they do also have a dealing desk you can call.
All of Fibo’s numbers are clearly laid out on their website and there is none of the ‘we don’t really want you to contact us’ attitude that you seem to get from some Forex brokers.
Safety – FIBO Broker Review
CySec regulated and with almost 20 years of history in the business, Fibo are a solid choice when it comes to safety. They also have offices in Munich, Singapore and Shanghai – this is a global outfit; a large broker with strong pedigree. If you open an account outside of Europe then you may be routed through their Fibo Group Limited entity which is regulated out of the British Virgin Islands. If possible I would recommend that you trade with better regulated CySec Fibo Group Europe entity as you will also then be covered by the 30,000 Euro deposit protection scheme.
Conclusion – FIBO Broker Review
Fibo Group is a Forex broker that knows what it’s strengths are. Namely, providing a great choice of platforms to trade from and a focus on great execution at market prices. The spreads and commission are very reasonable and they talk extensively about providing the best possible execution. They have a number of liquidity providers so you will get an accurate price feed and low spreads. Trading with Fibo Group is a solid choice; you will have a broker that is incentivised to keep you winning and can trade on any of the most used platforms currently on the market.