Beware! Fibido 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.
Fibido might seem like a trustworthy broker, what with its slick website, but believe us that there is something very offputting about the whole experience. The following review speaks of our experience with it.
The account opening procedure is simple yet smooth and quite slick. We completed it in less than half a minute, and just like that, the broker had given us direct access to its user area, through a verification email that we received. It was a pleasant surprise when we discovered the client area, with a professional look and feel. Everything that you would want from a dashboard space was there, including a trading software.
Speaking of a trading software, we were able to open a live account with the one included at Fibido. Whilst opening an account, we learn that the leverage cap was at 1:400. The EUR/USD cost of trade was 1.3 pips, a superb value and favorable to traders. The tradeable assets are forex currency pairs, spot metals, cryptocurrencies, and indices. This list leaves us wanting more.
Let’s talk about the spread, for we found two sources on the site that claim completely different things. On the one side, the Account Types page clearly asserts that spreads are not commissioned, while the Account Comparison Page reveals that Classic account types (the one we opened) is charged $10 per lot commissions on spreads. These $10 equal to an additional 1 pip to the existing 1.3 pips cost of trade, making the actual EUR/USD spread 2.3 pips! However, the website is not clear on the existence of commissions, mainly due to the fact that Fibido is a well-thought-of scheme!
Furthermore, we are skeptical of the live account, and more specifically, as to how easy the broker allowed us to create it. Usually, authorized brokers require a deposit before opening a live trading account. All of the major brokers are like that. Fibido seems to distance itself from this bunch, and is slowly approaching the pile of illicit brokers.
The website of the company is available only in English.
FIBIDO REGULATION AND SAFETY OF FUNDS
The only thing worth saying in this section of the review is that Fibido is allegedly located in the UK. There, the FCA reigns supreme over the FX brokers, and as such, all firms must be related by it. Fibido is not one of these firms. Not only is there no mention of the FCA on the website, but there is no mention of Fibido in the registry of the FCA!
There are also no legal provisions of any kind, making this broker even less trustworthy!
Fibido has proven to be UNLICENSED, and therefore a risk to all investors!
Investing in unregulated brokers is one of the biggest mistakes you will make. Before doing anything, even registering, please check for a license. Even if the broker claims to be regulated you should double-check with the watchdog itself to see if you can find the broker in its database. Usually, we advocate for all FCA or CySEC regulated entities, for these regulators oversee some of the best and most popular brokers out there. Not only that, but these two entities also offer to all users under their brokers a compensation scheme that reimburses them any money that the broker cannot pay due to some reason or another. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
FIBIDO TRADING SOFTWARE
The broker has adopted the MT5 as its main trading software.
It comes with time frames, pending orders, an economic calendar, EAs, VPS, One Click Trading, Level2 Plugin, stop/loss and take/profit, and much more, making it the ultimate trading platform for FX investors!
FIBIDO DEPOSIT/WITHDRAW METHODS AND FEES
As per the user are the deposit methods are bank transfer, local bank transfer, and a bitcoin wallet. These are the real funding methods because they are taken straight from the user area, where the broker cannot lie! Transferring to a bank must be done manually, i.e the user must go to his or her bank account and type in the bank account details given by the broker. This to us is very suspicious because there is no guarantee that the funds will reach the user’s trading account. A local bank transfer is slightly different because here at least users can directly deposit, however, the minimum is $120. Last is the BTC deposit, which sees users invest in some unknown bitcoin wallet, begging the question of whether users will ever see their investments reflected in their trading account?
According to the withdrawal section, users may only take out funds through wire transfers, where the is a 2.5% fee. The processing of withdrawal may take up to 24 hours, while the minimum withdrawal amount is unknown.
The website holds very different claims concerning payments, and it may be confusing to some users. But keep in mind that Fibido is unregulated, and thus the website is not trustworthy. Furthermore, all investments are at risk!
How does the scam work?
The scheme that unregulated brokers apply is a very popular one that other fraudsters from different industries are also known for practicing. Its structure is the same across brokers, with small differences in the delivery.
The first step is falling for fake ads online usually those that offer an easy lifestyle that comes from investing big and winning even bigger. These ads come plastered with beautiful women, cars, and exotic houses, and because of the prospect of allure, most of these ads are located in popular social media sites and similar sources.
These ads will redirect users to either a scammer broker or an intermediary website. Wherever you end up, these ads are there to trick you into giving your email and phone number. If the user gives her contact info, she will surely start receiving calls from solicitors whose job is to push you to deposit, whatever it takes. They will be annoyingly stubborn because they get a chunky commission from initial deposits.
If a deposit is made, then it’s time for the expert scammers who are disguised as the “account managers”. These have years of experience behind their backs and are usually part of the core team of the shady broker. They are even more stubborn and will stop at nothing. The ultimate goal here is to make the investor deposit as many times as possible. This is achieved through long and tedious conversations filled with false promises and carefully concealed lies and manipulative tactics.
The time will come when the user will want her money back. This is always expected and a risk of the craft for the scammers. That is why they are prepared to counter every withdrawal request. Usually, they stall users as much as possible by calling them and telling them that a big spike in a given asset is about to happen. Sometimes the broker may block the account or simply deny requests. More extreme examples include fraudulent brokers who completed shut down their websites!
What to do if scammed?
Filing for a cashback is probably the first thing you should do once you realize you have been scammed. Chargebacks are available through your credit and/or debit card company. MasterCard and VISA have a chargeback period of 540 days.
Wire transfer investment frauds are slightly more difficult to handle. The first thing you should definitely do is change both the username and password on your bank account in order to prevent the broker from accessing or hacking your account. Next, victimized users should call the bank and explain to them the situation. Some banks may have a plan for such cases.
As for investments with any sort of cryptocurrency, they are most certainly lost. That is why it is advisable to never invest in crypto coins!
There are others that can profit from your loss. Once your funds are stolen you will start noticing these recovery agencies or agents who will promise all your money back. They just need a payment in order to offer their services. It’s obvious that once paid, these expert scammers will disappear leaving you at an even bigger loss!