- Good customer support
- NDD accounts allowing to trade directly with the banks
- Possible license issue
- Minimum deposit of $100-500, which is way too much
- Boring design
- No promotions
- Nothing special in general
FIBO Group, Or Why Nobody Is Falling For “Good Enough” Anymore?
When I got to writing a FIBO group review, nothing of ill omen was apparent. But all of a sudden it occurred to me that I have nothing to say about this broker, which is actually a very serious thing to say. Read on and let me explain myself.
International Financial Holding FIBO Group (Financial Intermarket Brokerage Online Group) is truly the oldest broker I have reviewed so far: the first office was opened in 1998, which gives the company extra credit – business that lasts that long probably has its reasons for viability.
The overall performance is decent: website looks clean (although pretty outdated, but maybe that’s just a matter of taste) and intuitive, all the major info sections are present but not excessive.
FIBO group is registered in the British Virgin Islands and has offices in several countries. Particularly, you can find local offices in Vienna (Austria), Almaty (Kazakhstan), Limassol (Cyprus), Munich (Germany), and Shanghai (China). The company is regulated under FSC BVI and SySEC. Legal side looks fine, but the Internet told me their license number doesn’t display on the FSC website. I tried it and got the same result.
The company offers possibility to trade over 60 currency pairs, 2 metals, and more than 8000 US stocks and ETFs through CFDs. Pretty standard set, I’d say “good enough”. But I’ll get back to it later.
Accounts, Spreads, & Leverage
FIBO has 6 account types: MT4 Cent1, MT4 Fixed, MT4 NDD, MT4 NDD (No Commission), cTrader NDD, and MT5 NDD. There is an Islamic account with the conditions similar to MT4 Fixed accounts.
Trading conditions are common: leverage up to 1:1000, spread from 0 pip, zero or close-to-zero commission. The only uncommon thing is their minimum deposit – $100 for cTrader NDD accounts, $300 for MT4 Fixed, MT4 NDD, and MT4 NDD (No Commission), and $500 for MT5 NDD accounts, and $0 for Cent accounts. In my opinion, the pricing is way too high, which makes the barrier to entry high as well.
Available Trading Platforms
At FIBO Group traders can use popular platforms like MetaTrader 4, MetaTrader 5, and WEB Terminal MT4. cTrader platform is also available – it allows you to get to the market directly using NDD technology. Besides, the company has a mobile app – I didn’t give it a test drive, but I’m pretty sure it’s good enough (again).
I really, honestly have nothing bad to say about FIBO customer service – they reply fast, you can IM them with any question and get detailed explanations. The good news is their customer support is multilingual, so you can probably be lucky enough to get a reply in your native language.
Sorry, kids, no contests for you here. According to the fact that there is a “Promotions” section on the site, they do hold special events every once in a while, but at the moment I checked it out, no promos were available. Meanwhile, a good promo campaign would totally change the dull and forgettable performance for the better. This is the “good enough” issue I’ve mentioned earlier: no one is satisfied with “good enough” anymore, and companies have to deal with it somehow. After all, their coping strategy means the difference between success and failure.
Remember “Nokia”? Specialists argue what happened to one of the world’s largest mobile phone manufacturers, but many agree that it just stopped being adaptive at a certain point. They felt the wind of change that brought us into the era of smartphones, but did nothing to strengthen their software development department. Apple and Android nailed it, and Nokia sank into oblivion.
Basically, you can see the same pattern in brokerage. Years ago, the niche was flooded with scam brokers, ugly interfaces, and much worse trading conditions. Now, the niche got highly competitive, bringing new ambitious companies to the limelight, and making the old ones reconsider their work and try to make it better to meet new requirements.
That’s why “good enough” isn’t enough any longer. If you make a quick online research, you would find a bunch of brokers that are better than FIBO in every single way. Okay, at least in one way. What’s the point in messing with a mediocre broker if there are loads of better ones out there? Okay, they have a good analytics section, which is hardly surprising since pretty much every broker offers analytics now. Their partnership program looks really nice, but what’s the point in being a partner of a broker no one wants to trade with? How will you attract your affiliates?
What I’m trying to say is that FIBO looks like a broker that was cryopreserved back in 1998, then defrost, but never adapted to a changed reality. As an active trader, I don’t see why I may choose FIBO, and I’m afraid their minimum deposit doesn’t help them attract new clients as well.
I don’t know how about you guys, but if I associate myself with a broker, I want it to be as ambitious as I am. Unfortunately, I don’t feel FIBO and I are sharing the same vibe.