Introduction and In-Depth Review of the FiboGroup Broker

The positive points of FiboGroup broker include:

• Long-standing and reputable presence in the market

• High credibility and security

• CYSec regulation

• A wide range of trading accounts

• Low minimum deposit requirements

• Competitive and reasonable spreads

• Guaranteed Stop-Loss feature

• Easy registration and account opening process

• Availability of the cTrader trading platform

The negative points of FiboGroup broker include:

• Limited options in trading features

• Swap-free trading available only on one account type

• Inefficient Persian-language support

• Limited variety in deposit and withdrawal methods

• Lack of responsiveness to addressing issues

FiboGroup, established in 1998, has had a long-standing presence in the financial market and has made significant progress over the years. The company offers various trading accounts with competitive commissions and spreads, providing a diverse range of options for investors.

Additionally, FiboGroup allows its users to trade in various markets, including cryptocurrencies and Contracts for Difference (CFDs).

One of the standout features of FiboGroup is its support in the Persian language, which is highly beneficial for Persian-speaking traders. Moreover, this broker offers attractive trading platforms and PAMM accounts (Percentage Allocation Management Module) for its users.

These features and services have made FiboGroup a reliable and attractive option for investors.

For more information and a better understanding of the features and services of this broker, it is recommended to read the full article on FiboGroup.

This study will help you make a more informed decision about the capabilities and services that this broker provides.

About FiboGroup Broker

FiboGroup, as one of the well-known brands in the forex market, has a positive reputation among traders. This broker offers a wide range of trading accounts to meet the various needs of traders, from standard accounts to Islamic accounts, which comply with Sharia law.

FiboGroup is one of the oldest brokers providing services to Iranians.

In addition, VIP accounts with better trading conditions and ECN accounts with tighter spreads and faster execution are also available options.

FiboGroup offers a PAMM platform, giving investors the opportunity to benefit from the expertise of professional managers and automated trading.

However, it is important to note that every type of investment carries some risk, and thorough research and review are necessary before making a decision.

FiboGroup also emphasizes the importance of education and support for traders. The company provides various educational resources, including webinars and training courses through its Trading Academy.

Additionally, various analytical tools such as daily market analyses and economic calendars are available to users to help them in making trading decisions.

Is FiboGroup a Reliable Broker?

FiboGroup, which offers services to Iranian clients, is known under the name Fibo Group Ltd and is registered in the British Virgin Islands.

This company is regulated by the FSA of that country, which is considered an offshore regulatory authority and generally has less credibility compared to other international regulators.

However, FiboGroup operates under CySec regulation for its European clients, which is considered a reputable regulatory authority in Europe. This difference in regulation reflects different levels of oversight and credibility for customers in various geographical regions.

For Iranian clients, using brokers operating under offshore regulations is common due to sanctions and international restrictions that prevent brokers from offering services under more reputable regulators to Iranians.

This does not imply a lack of credibility for the brokers. Given FiboGroup’s 25-year history and long-term activity in Iran, Iranian customers can feel confident about the security of their funds with this broker, although this should not lead to complacency about the associated risks.

Review of FiboGroup’s Trading Accounts

FiboGroup offers various types of trading accounts, each with its own unique features and benefits:

1. MT4 NDD Account: This account uses No Dealing Desk (NDD) technology, which connects traders to the market as quickly as possible. The commission for this account is $3 per lot, and the spreads are relatively low. A no-commission version with higher spreads is also available under the MT4 NDD No Commission account.
2. MT4 Fixed Account: This account requires a minimum deposit of $50 and comes with both fixed and floating spreads without commissions. However, there are opinions that the fixed spreads in this account are higher than usual.
3. MT5 NDD Account: This account is offered with the cTrader platform, which provides more features than MetaTrader. The spreads are average, with a $3 commission per lot. The account can be opened with a minimum deposit of $50, but cryptocurrencies and stocks cannot be traded in this account.
4. MT4 Cent Account: This account is mainly for educational purposes and is recommended for traders with small capital. The spread quality is not great, but it is suitable for those who are just getting familiar with the forex market.

Islamic Account in FiboGroup

Swap, or overnight interest, is a concern for traders in Islamic countries, including Iran.

Even for those who are not Muslim or do not follow specific religious beliefs, paying overnight commissions on open trades is often undesirable.

In the case of FiboGroup, Islamic or swap-free accounts are only offered with the broker’s fixed spread account. However, the conditions of these accounts are not ideal.

For example, in Islamic accounts, a commission ranging from $50 to $150 per lot is charged depending on the currency pair on Wednesday nights, even if the trade was opened on the same day.

This can be very important for traders who seek long-term trades and prioritize Islamic accounts. Therefore, if Islamic accounts are of great importance to you, it is recommended to pay close attention to these conditions.

Remarkable Feature of FiboGroup’s Fixed or Standard Account (Fixed Spread)

FiboGroup’s standard or fixed spread account has a unique and outstanding feature that is not found among brokers working with the Iranian market. This feature is the guaranteed stop-loss.

In FiboGroup’s fixed spread account, stop-loss orders are guaranteed to be executed. This means that when you set a stop-loss for an open trade, in normal conditions, your trade will be closed at the specified price or with minimal deviation.

In abnormal conditions, such as during major economic news releases or market openings with price gaps, the stop-loss may close at the first available price, which could be 50 or 100 pips worse than the set rate. This is where the importance of the guaranteed stop-loss becomes clear.

FiboGroup guarantees that stop-losses in fixed spread accounts will be executed exactly at the set rate, provided that the trade is not hedged (i.e., you do not have two opposing trades on the same currency pair). It should be noted that this feature only applies to forex pairs and does not extend to CFDs.

Tradable Instruments at FiboGroup Broker

After registering and opening a trading account with FiboGroup, you will have access to a wide range of tradable assets, including:

1. Forex: This broker offers trading in 60 different forex currency pairs.
2. Metals: Trade on metals like gold, silver, and copper.
3. Commodities: You can trade 8 different commodities, including crude oil, natural gas, diesel, heating oil, corn, soybeans, wheat, and sugar.
4. Indices: Traders can invest in 8 different indices, including Dow Jones, Nasdaq, and indices from countries like Japan, Germany, and the UK, as well as the US Dollar Index.
5. Cryptocurrencies: FiboGroup offers trading on 9 different cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Dash, Zcash, Bitcoin Cash, Ripple, Monero, and Ethereum Classic.

This broad range of assets caters to the needs of most traders and allows for diversification of investment portfolios.

Spread Analysis for Different Currency Pairs

Among the various trading accounts offered by FiboGroup, the NDD account without commission is more popular due to its lower spreads and lack of commission fees.

In a review comparing the best forex brokers, the spreads for FiboGroup’s NDD account are as follows:

• EUR/USD: Average spread of 0.94 pips.
• GBP/USD: Average spread of 1.5 pips.
• USD/JPY: Average spread of 1.43 pips.
• USD/CHF: Average spread of 1.68 pips.
• Gold: Average spread of 29.85 pips.
• Bitcoin: Spread is approximately $120 per trade.

These figures show that FiboGroup’s NDD account without commission offers competitive spreads, making it attractive to a variety of traders.

Trading Platforms at FiboGroup Broker

FiboGroup offers a variety of trading platforms to its clients, including:

1. MetaTrader 4 (MT4): One of the most popular and well-known platforms, offering diverse tools for analysis and trading.
2. MetaTrader 5 (MT5): The newer, more advanced version of MT4, offering more comprehensive analysis, faster trading speeds, and access to a wider variety of assets.
3. cTrader: This relatively newer platform is less known than MetaTrader, and FiboGroup is one of the few brokers offering it. cTrader is known for its user-friendly interface, advanced analytical tools, and fast trade execution.

This diversity in trading platforms allows traders to choose the one that best suits their needs and preferences to optimize their trading experience.

Simple Registration Guide for FiboGroup Broker

To register with FiboGroup, follow these steps:

1. 1. Registration:

      • Visit the FiboGroup website and click on the “Open Account” button.
      • Enter your phone number and email.
      • After entering your information, you will receive an email containing a password to access your personal cabinet.
      • Log into your personal cabinet, fill out the form, and complete the registration.
      • After confirming your email, phone, and identity, you will be able to use all the broker’s features.

   2. Verification of Contact Information:

      • A verification code will be sent via SMS to confirm your phone number, which should be entered in your personal cabinet.
      • To verify your email, click the confirmation link sent to your inbox.

• Identity Verification:

1. • Complete the form and submit copies (scanned versions or photos) of identification and address verification documents.
   • Once your identity is verified by the broker, you can start trading.

2. Minimum Investment:

   • The minimum deposit required to open most accounts is $50.
   • The MT4 Cent account can be opened with a minimum of $1.
   • The minimum lot size is 1,000 units of the base currency (0.01 lots).

This registration process and account details allow traders to choose and open accounts based on their individual needs.

Customer Support at FiboGroup

Customer support is a crucial aspect of FiboGroup’s services. However, customer experiences seem to vary:

• Access to Persian-Language Support:
  • Persian-language support is available via the website’s live chat and messages sent from the user area.
  • Persian support hours are from 9:30 AM to 6:30 PM Iran time.
• 24/7 English-Language Support:
  • Unlike some other brokers in the Iranian market, FiboGroup does not offer 24/7 Persian-language support.
  • Outside of Persian support hours, English-language support may occasionally respond to inquiries.
• Quality of Persian-Language Support:
  • According to some reports, FiboGroup’s Persian support is described as cold and unengaged, leading to a less satisfactory experience.
  • Improving the quality of Persian-language support may be necessary to enhance customer satisfaction in the Iranian market.

While FiboGroup offers both Persian and English-language customer support, the quality of Persian support appears to need improvement for a better user experience.

Deposit and Withdrawal Methods at FiboGroup

Once you’ve opened a trading account with FiboGroup, the next important step is depositing and withdrawing funds. For Iranian users, the following methods are available:

1. WebMoney: One of the most popular electronic payment systems used by Iranian traders.
2. Bitcoin: Bitcoin is an international payment method supported by FiboGroup.
3. Ethereum: Another cryptocurrency that can be used for deposits and withdrawals.
4. Tether: Tether, which is pegged to the US dollar, is a common method for financial transactions in FiboGroup.
5. Ripple: Another cryptocurrency that can be used for financial transactions with FiboGroup.

As mentioned, FiboGroup does not offer direct deposits or withdrawals in Iranian Rials. However, through the IrPay.Pro exchange, Iranian users can easily deposit and withdraw in Rials online, allowing them to conveniently manage their funds with their preferred methods.

Final Thoughts

Finding a suitable broker in the financial markets can be challenging, especially for beginners. In evaluating FiboGroup, the following points should be considered:

• Trading Desk Accessibility: FiboGroup’s trading desk is available throughout the day from Monday to Saturday (Eastern European Time – EET).
• Trading Software: All trading software at FiboGroup is free, including several platforms that support real-time trading.
• Device Compatibility: Accounts and trades can be accessed via PCs, mobile devices, and Mac, iOS, Android, and Windows systems.
• Trading Services: FiboGroup provides appropriate trading services for forex and CFDs, along with diverse deposit/withdrawal methods and different account types.
• Security and Regulations: Traders can be confident in the security and regulations applied in two jurisdictions.

Overall, FiboGroup offers a broad range of services and features, though it also has some limitations that should be considered before selecting it as your broker.