Fibido – Is this Platform Scamming People?

Website URL: https://fibido.io

Founded: 2020

Regulations: Unregulated

Languages: English

Deposit Methods: Bank transfer and Bitcoin

Minimum Deposit: $200

Free Demo Account: Yes

Number of Assets: N/A

Types of Assets: Forex, CFDs, commodities, metal, Indices, trading hours

Trading Accounts and Conditions

Fibido is yet another broker that tries to look good to hide its scammy nature. We can say that the website looks good, but it didn’t discourage us from delving in and getting more information to deliver them to our audience.

Fibido has three main account types to offer, and they do this because they want to give opportunities to their clients and have more flexible choices. The first one is called the Classic Account. This entry-level account has minimum funding of $200 and boasts leverage that scales up to 1:1000. It also has an order volume from 0.01 with step 0.01 and a spread that is fixed from 3 pips.

The second account type is called a Platinum Account, and it is an ideal one to open for traders and investors that want tighter spreads. However, as they have stated on their website, everything from the leverage to the spread is similar to the classic account. Therefore, we conclude that they are trying to spread false information to manipulate their potential clients to invest money into them. The only thing that makes them different is the minimum deposit amount, which in the Platinum Account is $500.

The third account type is called an ECN Account, and we’re not surprised to see that there’s no difference from the other two that we have already mentioned. There are no apparent benefits for changing account types since the only thing that changes is the minimum deposit amount. Their offered ECN Account has a minimum deposit amount of $1000.

Aside from the given account types, there’s no more information about their trading conditions, as the legal documents included on their website are not functional and are only there as a display. Therefore, it is thoroughly not recommended to deal with them as their trading conditions are very vague, and they might manipulate things to have them in their favor.

Fibido – Advantages

We always give credit where it’s due, and in the case of Fibido, we would like to give it to their website and over-all UI design. You can quickly tell that they have invested a lot of time into making their website look legitimate. Even though we see this as a positive thing, we don’t think it is an advantage, as behind the pretentious website is a scammy broker that rips off people with their absurd and non-transparent conditions.

Fibido – Disadvantages

• Unregulated and False Location Claims –

According to Fibido’s website, they are operating. They are located in the United Kingdom, and although they have provided a complete address on the website, we highly doubt that it is truly where they are. We guess that their location is somewhere where offshore brokers are notorious. To further our claim that they can’t be trusted, we should consult FCA, as they are the financial authority that is being trusted in the UK when it comes to online brokers, All legitimate brokers should go through FCA first, so they have a license directory, where anyone can freely search a broker’s name and see if they can trust it. Unfortunately for Fibido, we can’t find any proof that they are under FCA’s jurisdiction and thus pose a huge threat as it means that no authorities would be able to help people scammed by Fibido.

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• Withdrawal Fee Inclusion –

There are some cases where withdrawal fees are entirely justified, but Fibido has implemented a 2.5% withdrawal fee for their clients, which is not a very good amount, to begin with. Most legitimate brokers establish a flat amount per transaction, which is the best way to go. Instead of helping people make a profit and increase their funds, Fibido is doing its best to become a hindrance to their clients and is only doing it for the sake of money.

• Very High Leverage –

The leverage of up to 1:1000 on all provided account types is highly absurd. Sure, low risk equates to high reward, but it is always certain if everything will go in your favor. A 1:1000 leverage is very ambitious, and only crazy enough people will try to dive in and take the gamble. Still, when looking for a good website or platform to invest in, always choose those that only provide leverages from 1:300 to 1:500. They might not be on par with the 1:1000 leverage for rewards but have fewer risks, providing more chances of winning.

• Missing Legal Documents –

Legality is essential for any online investment schemes as it will indicate conditions that will say if everything is fair for both parties involved. Although Fibido has presented itself as neat as it can be, they still have failed to gain our trust by providing a non-functional link on their website, and the worse thing is that it is for their legal documents. Never transact with a broker that tries to hide their conditions as it will only spell disaster in the long term.

• Very High Deposit Amounts –

Even if you try Fibido’s platform for fun, it will be tough to do so as they have a very high minimum deposit amount that starts from $200 up to $1000 on their ECN account offering. High deposit amounts are also being used to control people and deposit large amounts of funds quickly. Brokers who do this strategy are also known for holding withdrawal funds, providing any reasons they can think of preventing their clients from withdrawing any money. To avoid getting into this situation, go for a legitimate broker that offers low minimum deposit amounts, typically for as low as $5, to understand the platform even better.

Conclusion

Just like every other broker that is popping from anywhere these days, Fibido is nothing new, and we are 100% sure that they are some that are operating in an offshore environment. Trading regulations aren’t that much tight in these regions, so they are free to do anything and act like a scam platform that preys on people who aren’t oriented to online investments.

There are more reasons not to trust Fibido, and including everything else that we have noticed would be overkill. Therefore, we conclude that Fibido is a scam website, and it should never be trusted with your funds.

Fibido

2.5

User Experience

3.0/10

Payment Options

2.4/10

Security

2.5/10

Support

2.5/10

Reputation

2.0/10

Pros

• None

Cons

• Unregulated and False Location Claims
• Withdrawal Fee Inclusion
• Very High Leverage
• Missing Legal Documents
• Very High Deposit Amounts