FIBO Group – Is it scam or safe?
FIBO Group Holdings Ltd is a financial company that is registered and licensed by the Cyprus Securities and Exchange Commission (CySEC). It is also registered with the FCA in the UK. The CySEC license allows it to conduct financial services, including forex.
However, there are some posts in forex forums that inform about bad practices related to writing fake positive reviews and money withdrawal difficulties.
So far, we haven’t received any complaints from clients of FIBO Group Cyprus (www.fibogroup.eu).
If you feel frustrated by FIBO Group Cyprus and have something to share with us, please fill in the form below, describing your case:
This is a scam company, which only hunts your stops. This is not a forex broker, this is a real fraud. They widen spread, their platform is horrible. This is one of the worst brokers I ever tested!
A friend of mine recommended this broker and although I didn’t agree initially he insisted and finally I decided to invest 1,000 just for testing. I choose an NDD account and they connected me to their German server. So, I opened a VPS in Germany for better connection. Later, they kicked me out of the German server and connected me to their UK server. Although I set up my VPS to be in the UK, they pushed me in their server in Singapore. Obviously, they do not want to have a stable connection! Moreover, their slippage is terrible. I asked them for their liquidity providers but this was confidential. WTF?? Criminals, who launder money! I also used a tool that compares quotes and what I found was FIBO quotes are worse than all other brokers in the tool database. I think CySec must require these brokers to announce their liquidity providers. That is the only way to stop scammers opening brokerage firms!!
FiBo is a market maker and trade against their clients. They do not execute trade profits… their execution times are slow. Charts do not show correct price! When I send an order for execution, a lot of error messages appear. Do not use FIBO! It is market maker! They win when you lose! That is unfair! This is a conflict of interests!
They have decent trading conditions, average order execution and fast implementation of withdrawals. They have negative swap numbers no matter what the interest rates are, so if you leave positions for the next day you should pay for it. Besides, some exotic currency pairs are not available.
I initially invested a total of $105,000 over a period of 5 weeks my broker. My bonus/profit was $830,000, every attempt to make withdrawal failed and I was instructed to make another deposit of $25,000 before I can make withdrawals which I did. Up till now, I’m still unable to make withdrawals and all attempt to contact broker has failed. This is very pathetic and I felt so bad losing my investment. I did a due diligence test before investing with them but guess what I ended up getting burned. This is to create awareness, not everybody can be as lucky as I was. I’m saying this because I was able to recover my funds. Thanks to a recovery specialist, She’s a private investigator and wealth recovery expert…Contact him via mail for more inquiries ([email protected]. com), Thought someone might find this information useful.
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