Beware! Fibonetix is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Fibonetix is a Forex brokerage registered in Belize. According to the brokerage clients are extended an extremely generous leverage of up to 1:400. Furthermore, there is wide range of trading products from which to choose and a required minimum deposit of $250 which is just about the industry average.
Fibonetix regulation & safety of funds
Even though we read on the website of Fibonetix the company behind the brokerage is actually registered in the Republic of Belize with the name Zeus Tech & Trading Group Ltd, whose address is at 21 Regent Street, Belize City, Belize. The Republic of Belize is a very popular destination for scammers due to the very liberal laws regarding the registering of firms. However, the country does not regulate online Forex trading – we can safely conclude that Fibonetix does not fall under any regulatory oversight. Another troubling aspect of the brokerage is that it does not disclose what sort of trading platform it provides, nor does it give any access through a demo account. This is problematic because traders cannot get acquainted with the trading conditions of Fibonetix.
Such irregularities are the usual “tell” of a scammer. With no regulatory oversight we can’t be certain about the company behind the operation and whether it will fulfill its obligation towards clients. Furthermore, the lack of a demo account for the trading platform, as well any sort of more detailed information regarding the trading conditions of the brokerage highly inclines us to question the legitimacy of Fibonetix. Traders that decide to invest with the brokerage may be open to substantial risk.
We urge traders to exclude such risk in trading by only associating with brokers regulated by prestigious regulatory agencies, such as the FCA and CySec, which require compliance with a number of strict rules that give significant assurance for the security of the clients funds.
The segregation of accounts is among the rules which are especially important in the trading world, because it drastically lowers the risk of possible commingling.
Another is the participation in a compensatory scheme by which the client’s losses will be covered in the unlikely case the broker goes bankrupt or attempts to swindle traders.
Fibonetix deposit/withdrawal methods and fees
Potential clients of the brokerage may deposit or withdraw via Visa, MasterCard, Bitcoin, Ethereum and Bank wire.
The brokerage openly states on its website that it has a minimum withdrawal amount of $250. Furthermore, the brokerage states that accounts that are active for less than 30 working days and hve less than 25 trades will be charged 150 Euros service fee. Here is a screenshot:
Such withdrawl provision only speak about the ill-minded intentions of the brokerage. It is obvious that the only way Fibonetix wishes to make money is through syphoning the initial deposit of clients through the many fees it has come up with. The dormant account fee is quite excessive and shouldn’t be among the conditions of a legitimate brokerage. Having in mind all that was stated above, we advise traders to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.
How does the scam work?
Information is a pretty solid criteria for judging a brokers legitimacy. Scammers would not share much of their information, because precisely there inconsistencies and irregularities may appear which expose the whole set-up. A good example is this very broker and the misleading information it gave regarding its regulatory status.
After informing themselves for the brokers trading conditions – traders should be well-versed in the way of the scam:
Through clicking an ad with promises for fast money, you will be redirected to a website such as Bitcoin Evolution or Crypto Revolt where registration will require you to give your email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.
After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.
Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The motive here is quite straightforward – traders have a limited time window for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing this crucial period and, along the way, losing any chance you might have of getting the money back.
What to do when scammed?
As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.
You may contact your bank or credit card provider and file a chargeback. Furthermore, due to the high instances of fraud – both Visa and MasterCard have decided to sidestep scammers as best they can in forex trading. The first thing we have seen so far is that MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half with their peer Visa expected to follow suit in December.
If, however, you have provided the broker with your credit card details, immediately cancel your credit card.
If you have given information regarding your online banking pass – you should switch it asap!
Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!
Robert Akaighe
I want to trade on cannabis stock market
jahanara
My mother was scammed into opening an account by Fibonetix. She is 78 years old. She gave them her credit card details and the 250 Euros needed. So I logged on to find out what this was about and received a call from them. When I told them about my mothers account and she had no access online to her trading account they hung up the phone. When I tried to call them back the number does not work.
DO NOT DO NOT GIVE THEM ANY MONEY
ash
Do not Trade with Fibonetix. You will be scammed and locked out of your account
tam
have you had your money yet ??????
Ellen Charalambous
so this has happened to me also, i’ve been locked out of my account, so how now do i get my money back.
AR
I registered today, but not gave any information (credit card, passport…); How can I delete my account?
Werner Braun
Habe am 6.3.2019 an fibonetix zunächst € 250 per Kreditkarte und dann, nachdem mich der Account Manger belabert hatte, noch einmal €5.000 auf ein ausländisches Konto überwiesen. Durch etliche Trades wurden bis zum 1.4.2019 € 3.865,10 Gewinn erwirtschaftet. Dann war Ruhe und ich bekam einen neuen Account Manager. Wie sich mittlerweile herausgestellt hat, ist der auch nicht besser als der erste. Nur Vertröstungen, keine “Action”. Nach diversen Telefon Versuchen und etlichen Mails wurde am 15.04.2019 der Gewinn plötzlich auf € 6.566,54 hochgeschraubt. Somit stehen angeblich € 11.816,54 zur Auszahlung bereit. Mittlerweile hat sich der Betrag auf über €14.000 erhöht. Alle bisherigen Auszahlungsanträge wurden abgelehnt. Der letzte vom 30.04.2019 steht noch in Warteposition. Beim Auszahlen tut sich die Firma sehr schwer. Habe angedroht, die Angelegenheit über meinen Rechtsanwalt der Polizei, den Banken und der Presse bekannt zu machen. Bin mal gespannt
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On February 6, 2019, I initially paid € 250 to fibonetix by credit card and then, after the account manager had debited me, transferred another € 5,000 to a foreign account. Through several trades were generated until the 1.4.2019 € 3,865.10 profit. Then it was quiet and I got a new Account Manager. As it turns out, that’s no better than the first. Only consolations, no “action”. After various telephone attempts and a number of mails, the profit was suddenly raised to € 6,566.54 on 15.04.2019. Thus, supposedly € 11,816.54 are available for payment. Meanwhile, the amount has increased to more than € 14,000. All previous payment requests have been rejected. The last of the 30.04.2019 is still in waiting position. When paying out, the company is very difficult. Have threatened to publicize the matter through my lawyer to the police, the banks and the press. Am curious
Zeljko Pokrivac
thay ask me also to invest did you get your money?
Michaek
Hallo Werner,
hattest Du Erfolg. Bin in der gleichen Situation, bitte um Antwort, Danke!
MFG Michael
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Hello Werner,
did you have sucess. Am in the same situation, please answer, thanks!
MFG Michael
Dan
The company offices are located in Kiev and Belgrade. It’s a scam company that runs by a Ukranian guy who control both offices.
It’s 100% scam and their goal is to get as much money in wire and crypto currency and be gone.
Max
Hi Dan, what are the names of local companies in Kiev and Belgrade? Can you advise on the name of the Ukrainian guy who runs the show?
Both cities operate a lot of boiler rooms for years.
This info would be very useful to publish, for the sake of many defrauded victims.
paul
its a scam i got money back of credit card
Mohamed
Fibonetix is a big scam, please don’t invest in them. If you want to prove it ask for a demo they would not respond to your request. Please don’t fall into the scam. I’ve been there and don’t want you to be next.
TONY FROST
paid over £1500 to fibonetix in the last month. as per form ,no responce at first the suddenly £650 worth of trades plus a £350 bonus. the bonus is the real killer. not allowed to with draw any funds unless you trades you make 40 trades per dollar of the bonus. i’m never going to be able to draw anything, should the be anything left. do they really have offices in luxembourg and if so why are’nt the luxembourg CSSF doing anything about them. also the give a london office number.i shall certainly taking it up with both cities.
Thomas Cranston
Has anyone got there money back from fibonetix
Mr Ra
Fibonetix are running a long-con game. They draw you in by letting you deposit the minimum £250, then you see your profits grow marginally. After this the brokers/Account Managers, in my case mine was called Ricardo Garcia then convinces you to deposit more money. My balance grew to over £30 000. About 2 weeks ago I asked to withdraw the funds. I was told I would have to pay taxes to the Luxembourg Government in order to get my money. I paid about £5000 in taxes and after this my account manager just vanished. The phone line he was using has gone dead and my emails are being rejected. I have rang the Support desk multiple times and all they say is that he is busy and he will get back to me. That’s over a week now I’m waiting. As of today my emails are blocked even from the support desk or compliance. My account has also suddenly been locked but thankfully I had already made a record of everything which I have handed in to the authorities and are now using in their investigations. So for anyone about to invest with this company, or those who have already invested, I am sorry to tell you that this just another scam. Other names to watch out for are Damien Wheeler(Senior Broker), Maxim Lane (Hedge Fund Manager) and Bruno Valentino (Account Manager) and Mark Wilson (General Manager) I have a feeling some of these names are fake or non existent. I bet if you speak to Ricardo Garcia today about this review he will tell not to worry because I probably work for a competing Trading company which is not true at all. I am a victim and what they have done to me is horrible and criminal and I do not want this happening to anyone else.
unknown
Same case but this is directly from the website of Fibonetix:
Taxation
Please be aware that Fibonetix doesn`t provide taxation information due to the fact that each country has different taxation laws.
Fibonetix doesn’t collect tax on behalf of any authority in any form or manner. It is our client’s responsibility to calculate and pay any applicable taxes in compliance with your country of residence law requirements.
(under point 9): https://fibonetix.com/help/account
James
Only wish I had read this earlier all the above is true, they start off dangling the bait and for a few weeks you see a little profit being added to the account. After a few calls to see if your happy the way things are going you are told a bit more deposited will give you a better return. Didn’t go for this as by this time I realised what way this was moving. Since then the return of slight profit came to a grinding halt so that started the alarm bells ringing, reading all the above comments I can see this is a lesson earned.I will now consider my next move but don’t hold out much hope.
Phil Sellers
It seems I am also a statistic of this Fibonetix scam. I invested the minimum of £250, saw my potential rise to £566 within 2 months then it seemed my account was frozen. I had many calls from ‘Ricardo Carlos’ trying to get me to invest more. It was then I realised something wasn’t right. I tried to withdraw without any success, even though I sent copies of driving licence and passport (maybe my ID will be stolen, I will have to wait and see). One thing I did very quickly was to cancel my debit cards and get new ones. I suppose I can think myself lucky I haven’t lost a large amount, but my heart goes out to prople who have lost substantial amounts.
George Mcleod
Well saying the guy from fibonetix name is unknown you cowardly robbing low life son of a bitch
John White
My story has been repeated over and over by all other people that have contributed to these reviews, stay away from “Fibonetix” it’s a “scam”. You would not know what you could be financing, not knowing their objective really is, they have proved to be evil just read all these comment along with other sites, the story’s are the same. The people that contacted me where ‘Filip Kahn’ a very convincing guy nicely spoken no pressure take his time which can answer all your question which could take over a hour. Three weeks later after your initial investment ‘Filip Kahn’will phone again, he points out how its grown in only three weeks pushing you to make a much larger investment telling you that ‘Fibonetix’ will also top up your account. After you have increased your investment you next phone call will come from a totally different type of guy in my case a ‘Anton Topoalov’ a very forceful guy will not let you ask questions talks faster that F1 racing car ‘Pressure’ thats all it is especially as I did refused to invest further his attitude turned to ridicule, stay away from ‘ ‘Fibonetix’
Alan Oliver
I posted earlier about being involved in Fibonetix. My Account now stands at 184,000.00 Euros (a brilliant amount and Life changing money for me) and I have asked to withdraw some, to pay my mortgage off. At 70 years old and having had three Heart Attacks, this is stressful (which I must avoid) as I have now been told by my account manager that I owe 20,000 Euros in Tax, payable in two weeks or he will close my account. That request and the fact that he asked me to resubmit my validation documents – because I posted the first batch which “was wrong and someone will lose their job over it” has added to the stress. Having been asked to sign in blue ink and send the documents in, I thought I was doing the right thing – another £8.50 wasted and my id documents are floating around the system allegedly, despite being told they are “provided” in an e.mail. I will report my experiences, but it is looking pretty grim! Am I facing a scam and the prospect of ID theft – watch this space!
Alan Oliver
Thanks “Unknown” – I have referenced your Tax quote to the account Manager who asked for 20,000 Euros in Tax – Let us see what response I get!
Alan Oliver
Sorry about this, but I hope it’s useful. As a follow up, I have just spoken to the Account Manager, Anton Topalov, who has sent me a document to close my account, because I have not paid the Tax (or company charge, as he corrected himself, after I raised the issue listed in my last post) of 15% or 27,793.17 Euros. He said I had been trading with company money (which I don’t accept). I authorised a deduction from the equity I hold with the company, but he stated that this was not allowed and I have to send the sum requested, before they will release the balance in my account. I am used to Tax/costs being deducted at source, so this sounded wrong to me. I am particularly concerned at the pattern that appears to be occurring here namely, if the Tax/cost is paid, will that be the last I hear from them. Allegedly, any money remaining in my account will be donated to Charity. Believe that if you will ! I feel so stupid trusting these people. I wonder how Jim Davidson would feel if he knew how the TV advert, he inadvertently fronted, ended up? I am posting these comments to warn others what to expect from the Fibonetix team. As ever, watch this space for developments!
Daniel Martin bradley
Afraid I’ve been scammed aswell.After refusing to invest more than my £1250 the account manager stopped trading.As I had already smelt a rat soset up 5 trades myself with tight stop losses and left it.I also set up the same 5 trades on a demo account on another site.3 hrs later my fibonetix account had gone from 2250 to 150!.When I compared it to the other account the closing price on the fibonetix trade hadn’t even been reached!!As I told them what I think they then locked me out of my account.The question is with all this happening..WHY IS THIS CONTINUOSLY ALLOWED TO HAPPEN.I will be forwarding some stuff I have documented to the authorities..THESE PEOPLE HAVE TO BE STOPPED!!
Robert Kofi Adams
This company does not deserve even one…
This company does not deserve even one star. It is obvious this not a legitimate broker because they have not responded to clients concerns. I opened an account with Fibonetix broker through the Crypto Masterbot. I deposited £250. The software initially appeared to have connected because I saw my balance in the software dashboard but did not accept trades. I don’t know what happened but about a week or so later my deposit failed to reflect in the software page. My account Manager was Victoria and it appeared she had set up one of their own software to trade. It was making small profit and my account gradually grew to £439. Victoria called and asked me to add more money to the tune of £5000. I declined. She said she was not going to make any commission with my limited funds. The following day Victoria had a plan to empty my account. On 12/8/19 she opened a SELL trade on AUDUSD at 11:02:14, and closed at 11:02:19 barely five seconds after making a loss of £ -184.85. At the same time of closing the AUDUSD with a loss of £184.85 a AUDUSD SELL trade was opened at 11.02.32 only 13 seconds after closing a losing trade. Would it make sense to open a REVERSE trade? This trade was about £58 in the negative. Who will trust such an account Manager, reckless? I am a novice nut I will not trade this way. The put your money with this brokers they are Scammers.
Alan Oliver
My account has been passed on to Sean Cooper who appears very helpful. That said, 6075 Euros has gone astray and it’s holding everything up. The last thing Sean wrote in an e.mail to me was, I will look into it, give me a day. That was one week ago and I have had no response despite e.mails being sent to him! I am getting increasingly concerned that I will never see the money in my account (275,000 Euros)
As ever, watch this space.
TONY FROST
you can write your money off. its gone. don’t put any more money in if your asked because that will go missing too. they will ask you to pay a government tax before you can withdraw funds, please dont fall for it. check out other sites and you well see that you have been had over the same as the rest of us. Cooper will fill you full of b/s. even the luxembourg finance department (CSSF) have put a warning out on them.
Alan Oliver
Apparently Sean Cooper has been let go. I am now dealing with Benjamin Lawson and Anton Topalov. That said Benjamin has closed my account, and the promised money transfer has not materialised. So, OK – I now accept I have been scammed. That said, and having reported the whole thing, the fca website states – “There were no firms on our warning list matching “Fibonetix”. If you have been scammed by this company ensure you report it to Action Fraud. Check :-www.fca.org.uk/scamsmart Fibonetix isn’t currently listed, but hopefully, it soon will be. My opinion…….Don’t trust Fibonetix with your money – they will steal it and lie to you!
Alan Oliver
https://www.forexbrokerz.com/news/Luxembourg-CSSF-blacklists-unregulated-forex-broker-Fibonetix