Introduction
Fibo Forex is a prominent online brokerage firm that offers a variety of trading services to its clients. The company is well-known for its comprehensive trading platforms, competitive pricing, and wide range of financial instruments. However, like any other broker, Fibo Forex has its strengths and weaknesses, which we will explore in this article-review.
Company Profile
Fibo Forex is a broker established in 1998 and has since grown into a global entity with a presence in multiple countries. The company is regulated by the Cyprus Securities and Exchange Commission (CySEC) and the Financial Services Commission (FSC) in the British Virgin Islands. This gives traders some level of assurance as these regulatory bodies are known for their strict standards.
Trading Platforms
MetaTrader 4 and 5
Fibo Forex offers the popular MetaTrader 4 and MetaTrader 5 trading platforms. These platforms are renowned for their advanced charting capabilities, multiple order types, and algorithmic trading options. However, they can be somewhat complex for beginners to navigate.
Mobile Trading
The broker also offers a mobile trading platform for those who prefer to trade on the go. While this platform is convenient and user-friendly, it lacks some of the advanced features found on the desktop version.
Financial Instruments
Fibo Forex offers a wide range of financial instruments, including forex, CFDs on indices, commodities, stocks, and cryptocurrencies. This diversity allows traders to diversify their portfolios and take advantage of different market conditions. However, the broker’s range of assets is not as extensive as some of its competitors.
Account Types and Pricing
Fibo Forex offers several types of trading accounts to cater to different types of traders. These include the Standard, Cent, and ECN accounts. The broker’s pricing is competitive, with spreads starting from 0.6 pips for major forex pairs. However, some traders may find the minimum deposit requirement for the ECN account to be relatively high.
Customer Service
Fibo Forex offers customer support via email, phone, and live chat. While the broker’s customer service team is known to be responsive and helpful, some clients have reported difficulties in reaching them during peak times.
Conclusion
In conclusion, Fibo Forex is a reliable broker that offers a range of trading services. Its strengths lie in its robust trading platforms, competitive pricing, and regulated status. However, the broker could improve in areas such as its asset range, mobile trading platform, and customer service. As always, traders are advised to do their due diligence before choosing a broker.
I had a terrible experience with Fibo as my broker. Their customer service was unhelpful and rude, and I had numerous issues with trades not being executed properly. I would not recommend using Fibo for your trading needs.
As a beginner investor, I am disappointed with Fibo for several reasons. Firstly, their platform is not very user-friendly and I have had trouble navigating it and understanding how to make trades. Additionally, their customer service is lacking, as I have had difficulty getting in touch with someone when I have questions or issues.
Furthermore, I have found that Fibo does not offer a wide range of investment options and I feel limited in my choices as a result. The fees and commissions charged by Fibo are also higher than I expected, which has eaten into my potential profits.
Overall, my experience with Fibo as a beginner investor has been frustrating and I am considering finding a new broker that better suits my needs and level of experience.