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Fibonetix Review - is it scam or safe?

Fibonetix Review - is fibonetix.com scam or good forex broker?

RATING: 1 / 16 REVIEWS Fibonetix
Fibonetix is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts and Conditions

 

Trading account Min. deposit Max. leverage Spread
Basic  $250 1:100 N/A
Advanced  N/A 1:100 N/A
Expert  N/A 1:200 N/A
VIP  N/A 1:400 N/A

 

Clients of Fibonetix are offered a choice of four account types, plus an Islamic on that is swap-free. As this forex and CFD broker chooses not to share much with the public – spreads, trading platform, etc. – and is not licensed, it does not appear very reliable. Nonetheless, we will start off with some possible benefits of Fibonetix.

 

 

Fibonetix Advantages

 

Wide range of financial instruments (allegedly)

According to the information on its website, Fibonetix offers a wide array of trading instruments on major trading markets, from forex, commodities, shares, indices to cryptocurrencies like Bitcoin. While this sounds like a rich and diverse product portfolio, we could not verify this information, as the broker does not offer a free testing service.

 

 

Fibonetix Disadvantages

 

Registered offshore

Although Fibonetix provides an address in Luxembourg, the company that owns and operates it is allegedly registered in Belize. This is a rather popular offshore zone where brokers are not subject to any regulatory oversight.

 

We keep warning investors that doing business with offshore brokers is risky. The simple reason you cannot trust any such broker is that the safety of your funds depends solely on the integrity of the people, who run the broker. Offshore companies are not subjected to strict rules, nor are they overseen by any authority. So, such brokers can manipulate trading platforms and do whatever they like with your money actually, and there is not much you can do about it.

 

 

>> The risks of trading with an offshore forex broker <<

 

 

Trading conditions not fully disclosed, no demo

Fibonetix has not fully disclosed its trading conditions on the website, which is yet another worrisome sign. More specifically, there is no reference of the broker’s typical spreads, only a mention that it offers both fixed & floating. This means that potential clients of Fibonetix have no idea what the costs of trading with this broker are. All the more so, considering that the broker does not offer free demo accounts either. This is very typical of scams and another reason why we gave Fibonetix such a low rating.

 

No mention of MT4

Another disturbing part of the overall lacking presentation of Fibonetix is that it does no mention anything about the trading platform it uses. Most brokerages support MetaTrader 4 (MT4) – the most popular forex trading platform. The MT4 is highly appreciated by traders for its great charting, and support for automated trading via EAs, among other things.



>> Check out the best MT4 brokers here <<

 

 

Excessive fees

On top of the unregulated status and overall lacking presentation of Fibonetix, we found out that this broker charges some unusual fees, some of which are pretty hefty. In its Terms and Conditions Fibonetix mentions access and service fees, whose amount is not specified, as well as a dormant fee. The latter applies to accounts that were active for less than 30 working days and have less than 25 trades and amounts to 150 Euros.

 

 

Click to view larger.

 

 

Conclusion

 

Fibonetix is a broker we cannot recommend. First of all, there are too many things that remain unclear about its offer – what trading platform it offers, what are the costs of trading, the minimum investments required for the different account types, and more. Second, Fibonetix does not hold a valid forex broker license.

 

That being said, we urge traders to invest only with companies authorized to provide financial services by a trustworthy regulatory body. Prestigious financial authorities, such as the UK’s FCA and CySEC require compliance with a number of requirements that provide significant assurance for the safety of the clients’ funds.

 

 

>> Trade with a broker licensed in the UK <<

 

 

Lets sun up the strong and weak sides of Fibonetix in a few words:

 

Pros

Cons

Wide range of financial instruments (allegedly)

Registered offshore

 

Trading conditions not fully disclosed, no demo

 

No mention of MT4

 

Excessive fees

 

Latest news about Fibonetix
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Traders` reviews for Fibonetix

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Fibonetix stole all my money

Fibonetix are running a long-con game. They draw you in by letting you deposit the minimum £250, then you see your profits grow marginally. After this the brokers/Account Managers, in my case mine was called Ricardo Garcia then convinces you to deposit more money. My balance grew to over £30 000. About 2 weeks ago I asked to withdraw the funds. I was told I would have to pay taxes to the Luxembourg Government in order to get my money. I paid about £5000 in taxes and after this my account manager just vanished. The phone line he was using has gone dead and my emails are being rejected. I have rang the Support desk multiple times and all they say is that he is busy and he will get back to me. That's over a week now I'm waiting. As of today my emails are blocked even from the support desk or compliance. My account has also suddenly been locked but thankfully I had already made a record of everything which I have handed in to the authorities and are now using in their investigations. So for anyone about to invest with this company, or those who have already invested, I am sorry to tell you that this just another scam. Other names to look out for are Damien Wheeler(Senior Broker), Maxim Lane (Hedge Fund Manager) and Bruno Valentino (Account Manager) and Mark Wilson (General Manager) I have a feeling some of these names are fake or non existent. I bet if you speak to Ricardo Garcia today about this review he will tell not to worry because I work for a competing Trading company which is not true at all. I am a victim and what they have done to me is horrible and criminal and I do not want this happening to anyone else.

Ralph 07/09/2019

Fibonetix stole all my money

Fibonetix are running a long-con game. They draw you in by letting you deposit the minimum £250, then you see your profits grow marginally. After this the brokers/Account Managers, in my case mine was called Ricardo Garcia then convinces you to deposit more money. My balance grew to over £30 000. About 2 weeks ago I asked to withdraw the funds. I was told I would have to pay taxes to the Luxembourg Government in order to get my money. I paid about £5000 in taxes and after this my account manager just vanished. The phone line he was using has gone dead and my emails are being rejected. I have rang the Support desk multiple times and all they say is that he is busy and he will get back to me. That's over a week now I'm waiting. As of today my emails are blocked even from the support desk or compliance. My account has also suddenly been locked but thankfully I had already made a record of everything which I have handed in to the authorities and are now using in their investigations. So for anyone about to invest with this company, or those who have already invested, I am sorry to tell you that this just another scam. Other names to look out for are Damien Wheeler(Senior Broker), Maxim Lane (Hedge Fund Manager) and Bruno Valentino (Account Manager) and Mark Wilson (General Manager) I have a feeling some of these names are fake or non existent. I bet if you speak to Ricardo Garcia today about this review he will tell not to worry because I work for a competing Trading company which is not true at all. I am a victim and what they have done to me is horrible and criminal and I do not want this happening to anyone else.

Mr Ra 07/09/2019

scam company

DO NOT use this company it is a scam.i invested money with them guy named Filip Khann all looked good then tried to withdraw money was given the run around send numerous E/mails no reply am now waiting for a fraud company to take up my claim

william pitt 07/07/2019

Fibonetix scam

Fibonetix is a scam. Whilst the website, online account trading results all looks legitimate when it comes to making a withdrawal all goes quiet

John 07/03/2019

Scammers need Shutting Down

I invested through Taurenefx £220 which subsequently was debited by Fobonetix where Simon Green in Luxenbourg called and tried to influence me to give my credit card details which I did as he stated it was just to verify who I was.
They actually tried to debit my card with over £200 but fortunately the card I had given them I temporarily block to prevent fraud and has forgotten to unblock it which then transpired they had tried to take unauthorised monies.
I immediately emailed saying cancel the trading and refund my monies.....guess what no response at all....I am now in contact with my ex school chum who is in special forces to track these people down so they can be brought to justice.

Nigel Lakin 06/26/2019

Fibonetix - The Jury is out!

I am hanging in despite having been given a new A/c Manager who oversaw the closing of the 5 positions I had open. In so doing he oversaw a reduction of approx 900 euros from my balance. I have queried this and having waited 2 days for a response received 3 messages from A/c manager 1 I am extremely busy following the movement of the BTC (fascinating, as he had described Bitcoin as "Dangerous) when he closed it). 2 Account Manager. Our priority are accounts above 150000GBP. 3 We will get back to you as soon as possible.
There is nothing that winds me up more than being told how unimportant my issue is because I have a small account. Watch this space, I sense matters are coming to a head.

Alan Oliver 06/26/2019

fibonetix - bunch of thieve

Hi Tiagarajan,
I'm in exactly the same position. Deposited additional funds that have not been credited my account.We have a couple of accounts and there is a clear pattern on how they conduct there dishonesty. I would get all your emails and c/card statements and make a fraud claim off your c/card company. Your proof is in your transaction and the fact that you've paid for a service you are not going to get. It may take a little time, and don't accept from them it was you fault because you made the payments. The 2 con men I dealt with were charlie noah and maxim lane. But spread the word about this bunch of thieves and don't fill embarrassed, your in good company

Tony Frost 06/20/2019

Scam?


Dear Sir/Madam,

i guess i have been sweet talked by Fibonetix to sign up an account with 350 Euros. They showed me some marginal profits the next day.
I then beleivingly deposited another 350 Euros again. The so called Consultant (only reachable when he calls), called me to sweet talk me again in increasing Capital. I then deposited another 560 Euros to my trading Account using my creditcard again. This time there was no deposit acknowledgement and my Trading Account is still showing old balance.

Am i a victim to yet another internet Scam? Please advice.

Kind Regards,
Tiagarajan Annamalay

Tiagarajan Annamalay 06/19/2019

Fibonetix autotrade

opened account to auto trade. within minutes 2 trades were done. this then ties any moneys you've deposited for at least 30 day. following day contacted by broker (account manager) explaining he would make me far profit if he took control of the account. he then put in a bonus into the account also and did a couple of more trades. then nothing for 10 days. after repeated efforts to make contact some 15 days later another 2 trades were done. since then nothing. there not answering calls or requests for contact. i've been refused any withdrawals because the bonus given, requires that 40 times the trade volume per £1 of bonus. so basically i don't stand a chance in hell of getting any thing back. THIS COMPANY IS A TOTAL SCAM AND PROBABLY STEALING UNTOLD THOUSANDS FROM HONEST PEOPLE LOOKING TO EARN A LITTLE EXTRA---PLEASE SPREAD THE WORD

TONY FROST 06/19/2019

I was then told there was a fee of €150 to close the account after the free month

I deposited just over the minimum required and watched as it initially grew well over the first week. Daily calls telling me I need to invest more for the remainder of the month. Finally at the end of the ‘free month’ I was told I had to invest €1000 to keep the account open as Fibonetix only wanted “serious investors” . I was then told there was a fee of €150 to close the account after the free month. Coincidentally €150 is what the account had generated. After a few days I was locked out of my account and have been unable to reclaim any money at all.
I had difficulty understanding many of their calls and usually felt pressured when I did understand.
AVOID THESE PEOPLE, THEY WANT YOUR MONEY!

Steve Law 05/19/2019

Stolen money

I was also taken in by Gordon Ramseys article online with a link to Fibonetix to sign up for Bitcoin. I contacted them and reqested £250 to be taken out of my bank account to start trading with them. An hour later I checked my bank account to see if the money had been taken out. They had taken £1334.00. I spoke to someone in Luxembourg who told me he would get to the bottom of it and ring me back the next day. Guess what, no-one rang.

janet talbot 04/29/2019

Scam

Fibonetix is a scam! I have tried to close account and withdraw money without success.
Also send various email with no response
Be aware some banks will not help unless you can provide evidence, which I cannot.do as it was done over the phone!

M Poulitou 04/29/2019

Fibonetix - The Jury is out!

I am in this and am worried having read the article, and the comments at the end. I followed the Jim Davidson link having seen the video of an interview he gave on UK morning Television re trading in Bitcoin, and the incredible profits that can be made. Like those who have commented, the account opened, shows a healthy profit (Euros 532.45 after 1 week). I have not tried to access that to date, apart from a test withdrawal of 10 Euros that was successfully undertaken. I will discuss this article with the account Manager tomorrow. Watch this space.

Alan Oliver 04/14/2019

Scam - account shut down

not recommended.I made about £90 in 4 weeks, which I was happy with,but all of a sudden,they shut my account and are now ignoring my emails,so I've been scammed too.

anon 04/05/2019

Scam

I only lost £250 with this company and consider myself very lucky, I could have lost a whole lot more had I not smelled a rat.

peter michiels 02/22/2019

Fibonetix scam

Hi I joined fibonetix & within 2 days I made 99 million uk pounds as soon as I hit this target they closed my account
These people are scammers do not use them

Mark williams 02/14/2019
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