FIBOGroup is a forex and CFD broker that has been in operation since 1998. The company is headquartered in Cyprus and has a subsidiary in the British Virgin Islands. FIBOGroup is regulated by the Cyprus Securities and Exchange Commission (CySEC) and the Financial Services Commission (FSC) of the British Virgin Islands.
However, there have been a number of allegations that FIBOGroup is a scam. These allegations include:
- The company has been accused of providing false or misleading information to its clients.
- FIBOGroup has been accused of refusing to allow clients to withdraw their funds.
- The company has been accused of engaging in market manipulation.
Company Overview
Team
The management team of FIBOGroup is made up of experienced professionals with a background in finance and trading. The CEO of the company is Mr. Andreas Tsoukalas, who has over 20 years of experience in the financial markets.
Services or Products
FIBOGroup offers a variety of forex and CFD trading products, including currency pairs, commodities, indices, and stocks. The company also offers a variety of trading platforms, including MetaTrader 4 and MetaTrader 5.
License and Regulations
License Status
FIBOGroup is regulated by the Cyprus Securities and Exchange Commission (CySEC) and the Financial Services Commission (FSC) of the British Virgin Islands. The CySEC license number is 118/10 and the FSC license number is SIBA/L/14/1063.
Regulation Status
FIBOGroup is required to comply with the regulations of the CySEC and the FSC. These regulations include requirements for financial transparency, risk management, and customer protection.
Why Dealing With An Unlicensed Broker Is Risky?
There are a number of risks associated with dealing with an unlicensed broker. These risks include:
- The broker may be operating illegally.
- The broker may not be subject to financial regulations.
- The broker may not be able to protect your funds.
- The broker may engage in fraudulent or unethical practices.
Legal Warning Against Fibogroup
The Financial Conduct Authority (FCA) of the United Kingdom has issued a warning against FIBOGroup. The FCA warns that FIBOGroup is not authorized to conduct investment business in the UK and that it is likely to be a scam.
You also can go through our other scammer lists such as the SEC Blacklisted Companies, FCA Unauthorised Firms List, ASIC Blacklisted Companies, & Bank Guarantee/SBLC Review.
Client Feedback
Feedback About Their Trading
There are a number of negative reviews about FIBOGroup’s trading platform. Some users have complained that the platform is slow and unreliable. Others have complained that the spreads are too wide.
Feedback About Their Customer Service
There are also a number of negative reviews about FIBOGroup’s customer service. Some users have complained that they have been unable to get in touch with customer service representatives. Others have complained that customer service representatives have been rude and unhelpful.
How Can “Reviews Advice” Help You If You Get Scammed?
If you have been scammed by a forex broker, there are a number of things you can do. First, you should report the scam to the relevant authorities. You can also try to get your money back through a chargeback or through arbitration.
“Reviews Advice” can help you if you get scammed by providing you with information about the scam and how to protect yourself from future scams. The website also provides a list of reputable forex brokers that you can use. Our experts can provide you with some recovery service recommendations and professional guidance to understand the options for recovering lost funds.
Final Thought
There is a lot of evidence that suggests that FIBOGroup is a scam. The company has been accused of providing false or misleading information to its clients, refusing to allow clients to withdraw their funds, and engaging in market manipulation. If you are considering trading with FIBOGroup, we urge you to reconsider. There are many other reputable forex brokers that you can use.
