Fibido Review: It Is a Bad Idea to Invest Here

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Fibido Review
  • Fund Safety
  • Regulation
  • Customer Support
0.5

Summary

There are not so many account types to choose from on Fibido. There are only accounts on this platform. These include the Classic, Platinum, and ECN accounts. All these accounts have different minimum deposit levels.

Fibido is a company that urges clients to join a network of over 5 million investors worldwide. This is an absurd number, and we doubt that this company has that many clients. For starters, this company only launched in 2020. No company can acquire that many customers in less than a year in the market.

There are too many companies like this one. Unfortunately, all the companies that enter the market claim to be the best forex broker for you. In reality, most of them are scams that cannot deliver on what they promise.

Fibido Review, Fibido Company

Luckily, there are many legitimate forex brokers in the market that will offer you better services. You should only invest in companies that have proven to work for a long time. Only such companies can help you safeguard and grow your accounts.

Additionally, ensure that you do enough research before choosing a company to invest in. This is the best way to avoid fraudulent operations looking to steal funds from investors. In the meantime, here is our review of Fibido.

Fibido.io Review

Fibido claims to be a global forex broker that prioritizes customer satisfaction. Additionally, this company claims it can help you diversify your portfolio by offering a variety of assets. Users can trade forex, CFDs, commodities, metal, and indices. This is a good thing because it allows traders to spread their risk across various markets.

Additionally, this company provides one of the best trading platforms in the market. The trading platform on Fibido is a variation of the MT5 platform. The MetaTrader 5 allows traders to make one-click trades and instant executions. 

However, we cannot recommend this trading platform to you. These people do not provide a safe trading environment to users. When there is no funds’ safety, all the other perks mean nothing. Do not take empty words from any company. Legitimate forex brokers will always provide evidence to show they can help you safeguard your account.

Further, this company does not care about novice traders. There are no training materials or tutorials on the platform. Legitimate companies will always get their clients oriented to the market and the trading platform.

Fibido Review Scam, Fibido Features

In terms of customer support, this company has three main channels to reach the team. First, you can give the support team a call at (888)234-5686. Additionally, you can email the team at info@fibido.io. While this may be good, it is no guarantee that the company will answer any of your queries.

Fibido Account Types and Trading Conditions

There are not so many account types to choose from on Fibido. There are only accounts on this platform. These include the Classic, Platinum, and ECN accounts. All these accounts have different minimum deposit levels.

Interestingly, the minimum deposit is the only thing that is different between these accounts. All the accounts have identical trading conditions and perks. You should not have to pay more for the same service.

The spreads for all these accounts are very high. The lowest spreads you will find on this platform is a floating 3 pips. This is very high compared to what other companies offer. This is not the right place to invest your money.

Additionally, the leverage makes trading very expensive for clients. The maximum leverage for all the accounts on this platform is 1:1000. This is even higher than what regulatory bodies stipulate. The FCA in the United Kingdom caps leverages at 1:50 to protect clients from unfair trading conditions. Evidently, this company does not care about regulatory stipulations. This is not the kind of company you want your money in. You should run while you still can.

Deposit and Withdrawal

On a good note, this company supports various payment options for their clients. Clients can deposit funds using bank wire transfers, credit or debit cards, and e-wallet payments. Therefore, clients can choose the payment option they are most comfortable with. The minimum deposit on this platform stands at $100.

Interestingly, this company does not provide much insight into the withdrawal process. There is no description of how to make a withdrawal request. Additionally, there is no mention of how long it takes to send out funds. 

Moreover, you should never trust a company simply because the payment options are safe. There are far too many ways to lose your money online. This is a company that you should avoid, like the plague. These people have nothing good to offer you. 

Founders and Physical Address

One of the biggest red flags in companies is the absence of names or faces. Consequently, it is a bad idea to invest in companies run by mysterious people on the Internet. Moreover, you should ensure that the people you are investing in do not have criminal histories.

Unsurprisingly, Fibido does not introduce us to any of the team members. This is common in illegal operations. The founders of such companies conceal their identities to ensure that the law does not know who they are. 

Such people do not want their name associated with a scam operation. No legitimate company would see the need to conceal the identities of the team members. Moreover, revealing their identities would do the company more good than harm. We do not understand why they wouldn’t just do it.

In terms of physical location, this company claims to operate from 2 Frederick Street,

Kings Cross, London, Wc1x 0nd. It is always refreshing when a company provides its physical address. However, we have to ask ourselves whether these people are at this address legally. We cover that in our next section.

Regulation and Fund Safety

Investing in any unregulated company will always end in a bad way. Regulatory bodies exist to protect clients from scammers in the market. They ensure that companies have the proper banking set up to protect user funds. This includes having segregated accounts in Tier-1 banks.

Sadly, the founders of this company completely disregarded regulatory requirements. They are offering investment services without a license from a regulatory body. This means that they are running an illegal operation knowingly. 

Such a company cannot assure you of your funds’ safety. There is no assurance that this company has segregated bank accounts. Additionally, we cannot confirm that Fibido has an account in a Tier-1 bank. 

Furthermore, there is no evidence of systems’ protection on Fibido. The company does not tell us the software or hardware they have in place to keep out intruders. This means that hackers can easily access and steal your funds. There are too many ways to lose your funds here. Avoid this company like the plague.

Final Verdict

While this company promises a lot of perks, it fails to deliver a safe trading environment. The people behind this company do not care about providing quality services to clients. They are only in it to steal people’s money.

Moreover, this is an illegal operation in the United Kingdom. These people are offering financial services without regulations. You do not want to be a customer when the law shuts them down. 

Further, the level of transparency in Fibido is abysmal. We have no idea who is running the operations or what their trading history looks like.

There are better companies out there that will offer you better services. You better stick with the top legitimate forex brokers for your peace of mind. Such companies operate with complete transparency and professionalism.

 

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