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Fibinance Review - is it scam or safe?

Fibinance Review - is fibinance.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz Fibinance
Fibinance is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account  Min. deposit Max. leverage Spread
Bronze  €500  1:200 1.8 pips
Silver  €5 000 1:300 N/A
Gold  €25 000 1:400 N/A

 

Fibinance presents itself as a broker based in Bulgaria that offers trading on Leverate’s Activ8 platform and the account types listed above. Apart from their account type and trading conditions, we have serious concerns about this broker and the details will be highlighted below in this review. Make sure you read it prior to investing any money.

 

 

Fibinance Advantages

 

Trading on the MT4

Although the broker says to use Activ8 platform, when we signed up with Fibinance, we actually got access to the good old MetaTrader4. The presence of this platform is always good news, as it is highly praised by the forex community for the top-notch charting, the support of automated trading bots (Expert Advisors), the customization options, and more.

 

 

>> Choose some of the best MT4 brokers <<

 

 

Generous leverage

According to their presentation, Fibinance offers generous leverage ratios, reaching 1:400. Leverage levels that high will suit even the most aggressive traders, so we consider it an advantage.

 

Yet, keep in mind that no matter how lucrative it may sound, using leverage ratios that high is very risky. It is easy to lose track of your trading strategy, investment objectives and you may eventually blow out your entire account.

 

 

Fibinance Disadvantages

 

No legit license

Our greatest concern with Fibinance is the lack of credible financial regulation. The broker is allegedly owned by BestProducts Ltd., a company with registered address in Sofia, Bulgaria. Yet, in their terms and conditions we read that the laws of the Republic of Marshall Islands are governing, so we suppose that the broker is registered offshore.

 

 

We should note that CFD providers in Bulgaria have to be licensed by the local Financial Supervision Commission (FSC) or by similar financial authority of any EU Member State. Unfortunately, this is not the case with Fibinance, which means that potential clients of this broker have no assurance whatsoever for the security of their funds.

 

Note that Investing in unregulated brokers brings a high level of risk – there may be commingling, platform intervention, and every possible kind of investment scam. That is why we advise our readers to do business with reliable companies, such as the ones regulated by a reputable financial authority in Europe. One of the most popular ones is the Cyprus Securities and Exchange Commission (CySEC).

 

 

>> Forex brokers regulated in Cyprus <<

 

 

Urges users to install AnyDesk

 

 

We also saw that Fibinance urges clients to install AnyDesk, which is not the wisest thing to do, given that the broker is clearly not a legitimate one. Such software allows anyone to access your PC from another station, essentially taking as another user, which can be devastating to your private information like bank account passwords, credit card information etc. Simply put, if you provide an ill-minded broker with your log-in details, all your online accounts could be drained.

 

High initial deposit and withdrawal fees

The minimum initial deposit required by Fibinance is €500, which is higher than what most brokers ask for as a start. We also found out that clients of this broker are charged with pretty salty withdrawal fees, and there is an extra levy of 10% for those who haven’t executed at least 10 trades, are charged with extra withdrawal fees. This is not a common practice among forex brokers, and is certainly unfavorable to traders.

 

Click on the imnage to view larger.

 

Spreads not announced, high ones on the platform

Fibinance has not announced any reference spreads, which is not a major flaw, as the broker offers free demo accounts and everyone can test its services for free. Yet, all decent brokers indicate their spreads on their websites as a part of their transparent pricing policy.

 


Fibinance web MetaTrader. Click to view full size.

 

That said, we found the benchmark EUR/USD spread on Fibinance’s demo MT4 floating around 1.8 pips, which is actually not an attractive pricing.

 

Limited CFD offering

When we tested Fibiance’s MT4 in demo mode, we noticed that the broker’s portfolio is limited to twenty something currency pairs, silver and gold. So, popular groups of financial instruments such as CFDs on indices, commodities, stocks and cryptocurrencies are not available. That said, most brokers offer wider range of CFDs, also including wider CFD range.

 

 

Conclusion

 

Fibiance presents itself as a Bulgarian broker, but it’s actually registered offshore. Also, it claims to use the Activ8 platform, but we got access to the MT4 instead. These inconsistencies and the unregulated status of the brokerage incline us to suspect that Fibiance is one of the many scam brokers on the forex market. If you value your money, stay away!

 

Let’s sum up our review of Fibinance in a few words:

 

Pros Cons
MT4 available No financial regulation
Generous leverage Spreads not announced, high ones on the platform
  High initial deposit and withdrawal fees
  Urges users to install AnyDesk
  Limited CFD offering

 

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Traders` reviews for Fibinance

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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