- 1 A Brief Overview of FiboTraders
- 2 Advantages and Disadvantages of FiboTraders
- 3 Compliance, License, and Regulation FiboTraders
- 4 Deposit and fund safety with FiboTraders
A warning from CNMV regarding trading with FiboTraders is out. Please stay away from fibotraders.com by reading our Fibo Traders Review.
Here’s another advisory from CNMV regarding FiboTraders. The regulator found the platform wanting after fibotraders.com started blocking withdrawal attempts. As a result, most of the members on the platform have failed to gain access to their accounts. And that’s a huge issue with today’s online trading platforms. If a platform decides to close an account, there’s no way of recovering funds. Here’s what we found out in our engaging FIBOTRADERS REVIEW.
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A Brief Overview of FiboTraders
On the about us page, fibotraders.com claims to offer a wide array of trading instruments. However, the platform fails to inform members of their background and history. In any online trading platform, your reputation is essential.
The platform does its best to hide its reputation from naïve investors. It creates an enticing website that looks like a perfect way to invest. But, far from it, Fibo Traders is not your preferred cup of trading.
Hundreds of investors are ruing signing up with the platform. After the platform blocked withdrawals, these victims turned to regulators for help. That’s why CNMV issued an advisory warning regarding the platform.
If you ever get the chance to stay away from such platforms, we recommend you do so. These platforms are only interested in having members deposit as much as possible. There’s no relevance in trading and eventually failing to reap your benefits.
Such cases have risen, and we make it our duty to expose them and protect naïve investors. Unfortunately, little can be said about the brokers who claim to work with such platforms. These brokers likely earn a part of the balance once the blockade takes effect.
Before you invest in any trading platform, we recommend researching it first. Then, try and make sure to check what makes the platform tick. That’s the only reason to stay safe with a platform in the online trading scene.
Advantages and Disadvantages of FiboTraders
You have to weigh the pros and cons before signing up with any platform. Make sure to check with regulators regarding what to use with such platforms. You must invest in platforms that help you access convenient withdrawal methods.
The platform also has to offer favorable trading features. By this, we mean having an acceptable minimum deposit and maximum leverage. The platform also has to provide safety nets for investors. You need to check these boxes to confirm regulation.
Here’s what you need to know about the pros and cons of fibotraders.com;
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Accounts and tiers FiboTraders
There are five account types available on the FiboTraders website. Each of these accounts tends to target a different class of investors. So make sure to check these accounts, especially their trading features.
It’s the most basic account, with investors having to deposit $500 to get started. Leverage is up to 1:100, with members enjoying standard swap features. Spreads are standard, too, with the account having a dedicated account manager.
An extension of the standard account, investors must deposit $5,000 to get started. Leverage starts at 1:200, with members enjoying swap discounts of up to 10 percent. In addition, members get daily trading signals and access to secret groups.
The platform claims the gold account is built for active traders. Leverage starts at 1:400, with members enjoying one-on-one educational meetings. You have to deposit $25,000 to get started with the gold account.
Suitable for dedicated traders, the account promises members personalized services. The leverage is 1:400, with members enjoying swap discounts of up to 50 percent. Spreads offered are expert level, with the minimum deposit set at 1:100.
It’s rated as the top-tier account with the best trading rates. However, you have to call and get a quote for the minimum deposit. The account targets institutional clients. Features found include cashback and swap discounts of up to 90 percent.
There’s a need to expose the negative features found on the platform. These include high leverage and an unacceptable minimum deposit. With any regulated trading platform, the minimum acceptable deposit has to be $250.
You also don’t get any demo account to test the platform’s trading platform. However, traders need to try a platform with a demo account as a rule of thumb. It assures them of set trading features by minimizing risks.
These are not actual account managers but hired call agents. The call agents usually call members and claim to have a lucrative open position. To jump in, the caller insists that you must add funds for them to hold the position for you.
Once you mistake sending more funds, the calls stop coming in. The platform moves quickly to replace the account manager with a different one. Unfortunately, attempts to reach out to the initial account manager hits a snag.
Available assets and trading instruments
There are five classes of trading assets available on fibotraders.com. These include commodities, crypto, forex, indices, and stocks. For example, with commodities, you get to trade crude oil, natural gas, sugar, wheat, etc.
We don’t get the pairings of cryptos on the platform. Instead, the platform seems to pair leading cryptos against each other. So you also get Bitcoin and Ethereum paired against major currencies such as EUR and USD.
Forex trading happens to be at the core of the platform’s trading activities. The platform pairs major and minor currencies. These pairs include AUD/CAD/EUR/GBP/JPY and USD. Sadly, there are no minor currency pairs on the platform.
Indices play an integral part in the world’s biggest market stage. You get to trade with indices such as DAX, Dow Jones, FTSE, NASDAQ, NIKKEI, and more. In addition, traders get to set prices of world products and services with day trading.
Stock trading has been around for decades. The platform offers shares for leading companies from all imaginable sectors. These include stocks from the automotive, manufacturing, tech, textile, etc.
Banking and withdrawal options
Depositing funds with fibotraders.com is fast as the platform offers several depository channels. These include bank and wire transfers. Soon, the platform claims to open a crypto depository channel.
Withdrawing funds from the platform will be the biggest hurdle your will face. But unfortunately, the platform seems to block every attempt from members to withdraw funds. And that’s why we have to flag Fibo Traders for having impossible trading conditions.
FiboTraders is also an anonymous trading platform as no one knows the owner. A legit trading platform will be transparent and offer information on relevant parties. There’s not even a staff profile for people working for the platform.
Compliance, License, and Regulation FiboTraders
FiboTraders isn’t a complaint and faces a warning from CNMV. So please stay away from such platforms.
Contact and support
Don’t expect any contact or support from such a platform. There’s no live chat support or any way of talking to a representative. And that’s why we have to expose the platform for blocking communication aspects with members.
Deposit and fund safety with FiboTraders
Your funds are far from safe, with the platform failing to offer a safety net for investors. There’s no segregation of accounts as the owner holds all funds in a single bank account.
Please stay away from Fibo Traders.
PS: Use reliable forex trading robots that provide comprehensive solutions to trading.
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