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Fiboda Review: Read This Before You Trade With Fiboda.Com
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So, if thinking about Fiboda broker, after going through this Fiboda review, you will change your mind — which is the main purpose of this article.
Since prevention is better than cure, we wanted to warn all people about this investment scam to help you protect your money. Please, continue reading to find out more about this broker scam.
|Broker Type||Forex broker|
|Platforms||Web and mobile trading apps|
Regulation of Fiboda and Funds Security
For your funds to be safe and secured, the broker you are investing with must be registered, licensed, and regulated. Speaking of Fiboda, it has no license and operates unregulated and anonymously (e.g., no basic company details, such as HQ, address, owner, and registration number).
All of this points out in one possible direction: Fiboda is an outright scammer and your money is at risk with this broker.
Forex trading is a stringently regulated industry, which means that all brokers must be authorized by respective financial market regulators (e.g., FCA, FINMA, FMA, CySEC, ASIC) to operate legally. These supervisory bodies control FX providers to adhere to a strict code of conduct.
Some of them run compensation schemes. For example, CySEC reimburses up to 20,000 EUR, FCA indemnifies 85,000 GBP, and ASIC recompenses 100,000 AUD.
Licensing requirements are demanding; a broker must have and maintain a minimum working capital that ensures the broker is a sustainable business that won’t bankrupt quickly. For instance, the CySEC certification prerequisite is 730,000 EUR.
Licensed brokers have assigned risk management measures to mitigate trading risks, including segregated accounts (your funds are kept separated from the broker’s assets) and negative balance protection (in case of the broker’s insolvency, your equity is safe).
Overall, with unauthorized and untrustworthy Fiboda, you are on your own, with no warranties for money protection, service quality, and ethical business practice. Needless to say, you should avoid this shady brokerage as a plague.
Fiboda Trading Software Reviews
Concerning trading software, Fiboda claims it offers modern MT4 and MT5 and also social trading. Although these trading platforms are widely used, and copy trading offers users an opportunity to copy the most successful traders, none of these are available at Fiboda.
This alleged statement serves to attract your attention and lure you into the Fiboda scam scheme.
Instead of wasting your time with this bogus broker and its unfit trading program, you should opt for proven trading companies. They utilize tested trading platforms, such as MT4, MT5, cTrader, and Sirix that come with automated trading, stop loss, and other useful trading tools.
What Account Types Does Fiboda Offer?
According to its webpage, Fiboda offers several real trading accounts, including a demo account option. However, the account opening process is a real headache, and we didn’t manage to set it up. Besides, there is no information about accounts on Fiboda’s website, which doesn’t support its statement about a transparent business.
Anyway, we have found out that the minimum required opening balance is 200 USD, which is industry standard, but it is still an unnecessary risk since Fiboda is a fraudulent company.
What Can Be Traded on Fiboda’s Market?
Traders can trade at Fiboda with the following tradable assets:
- Forex: EUR/USD, GBP/USD, AUD/CAD, USD/JPY, EUR/CHF
- Commodities: gold, corn, silver, crude oil, wheat
- Indices: S&P 500, Dow 30, NASDAQ, FTSE100, CAC40,
- Cryptocurrencies: BTC, ETH, XRP, USDT, BNB
Even though these asset classes are popular and offered by other brokers, bear in mind that investing with Fiboda is not safe and not recommended.
Fiboda Deposit and Withdrawal Process
When it comes to deposits and withdrawals with Fiboda, the company doesn’t provide much information about funding methods, which is odd and indicates that we are dealing with financial swindlers.
The only available information in this regard is that you can set up a live trading account requiring a minimum of 200 USD, which follows what others in the industry demand.
However, this amount is too large because Fiboda is just one of many scam brokers. In addition, many withdrawal complaints and negative Fiboda reviews on the internet prove that it is pure fraud.
How Can I Get a Refund If Fiboda Scammed Me?
If you have been defrauded by this unscrupulous broker, you shouldn’t feel embarrassed since online scams can happen to everyone. It is important to act fast and report it to the respective authorities.
Also, you should leave negative Fiboda reviews on many relevant websites to warn against this phony company.
You can ask for expert help from cyber security specialists to assist you with claims and cashback.
However, always think twice before investing with any broker, do your due diligence, and only trade with a brokerage with a proven track record.
At the end of this Fiboda broker review, Fiboda professes it is a transparent broker. According to their wording, transparency is in their DNA.
But in reality, it is far from the truth. We understand that online trading per se bears certain risks due to the unpredictability and volatile nature of foreign markets.
Selecting the right forex provider can help you minimize associated risks and be more productive. Therefore, choose carefully and always go with proven and tested brokers. Also, you should avoid companies like Fiboda by all means.
FAQs About Fiboda Broker
Is Fiboda A Good Broker?
No, Fiboda broker can’t be trusted since it bears all hallmarks of a fraudulent broker.
What Are The Funding Methods For Fiboda?
Ironically, Fiboda claims its advantage is transparency, but it fails to provide information related to deposits and withdrawals. That is not surprising and goes in line with Fiboda’s dishonest business practice.
Does Fiboda Offer a Demo Account?
Yes, it does. However, it doesn’t change the fact that Fiboda is an untrustworthy and fraudulent broker.