Fibotraders Review: Who is Fibotraders Broker?

Fibotraders Review is formed by a bunch of experts obliged to provide an environment for trading like never before. Or so we’re told.

The motto may be convincing; however, complaints about the broker have been filed multiple times and are a big concern.

This legitimate-looking website might convince you that they are a regulated broker, but don’t be deceived. The main goal is to gather as much money as possible and vanish — the MO we’ve seen live with the Fibotraders broker.

The only indication of their whereabouts is a logo from Fibotraders’ website, indicating that the firm is based in St. Vincent and the Grenadines. However, this isn’t enough.

Even if the country of origin is accurate, it implies that Fibotraders is offshore and unregulated.

Nevertheless, you should avoid trading with shady brokers such as Ranytrade, Nerostrade, and MFTtrade.

Fibotrader Is an Unregulated Broker: CNMV Warns the Public

Forex and CFD trading providers should be licensed in the country where they are based or provide financial services. In Fibotraders’ case, that’s Saint Vincent and the Grenadines.

Since this offshore country has no financial regulator in charge of Forex and binary options firms, the company was running the scheme unlicensed.

It resulted in several regulatory warnings, the first from the Spanish CNMV. Later on, the Italian CONSOB issued a similar warning.

Trading Software Available at Fibotraders

The broker was providing a basic WebTrader with a somewhat intuitive interface and a solid number of trading assets.

While this may sound like a valid offer, you should know one thing about web-based trading solutions – the broker has access to the software, your funds, and your trades. They can make you win or lose according to their needs.

In addition, you will never get such a comprehensive offer of trading tools and analytical features as you’d get with MT4 or MT5.

Fibotraders Deposit and Withdrawal Methods

Fibotraders uses Bitcoin as a preferred payment method, which is a sign of shady brokerage. This type of payment is virtually untraceable, a win for fraudulent brokers trying to avoid chargebacks and recalls.

A trader must deposit a minimum of $500, which is costly compared to other legitimate brokers who offer accounts for $5 or $10. 

In addition, the company was offering withdrawals through crypto as well. Practically, you have no way of knowing whether the funds were transferred, when, and nowhere to complain if something goes wrong.

And according to reviews, with a shady scheme like Fibotraders, there were a lot of wrongs.

Here’s a Look at How The Scam Works

Most unscrupulous brokers work in similar ways. They will call you to convince you to deposit a small amount of money and persuade you in any way possible.

You might hear an offer that is too good to be true, like doubling the initial deposit or making hundreds of dollars daily.

The scam Fibotraders enforces starts like with any fraudulent broker promising to ensure unrealistically high returns, excellent conditions, and platforms presented like a magnum opus.

After registering for an account, Fibotraders’ employees will not stop. They will call, offer, propose different financial plans, and promise you the world to lure you into the scheme. 

Once you request a payout, the broker will be entirely unresponsive, and by that, we mean no phone calls and no emails.

Be careful about easy earnings, as scam brokers are everywhere.

Highly Recommended Forex Brokers 

When trading Forex or CFDs, you ought to find a reputable broker. Online trading with a legitimate investment firm is crucial because that’s the only way to know your funds are safe.

Here’s a list of several brokers with a Tier1 license:

Fibotraders Summary

Fibotraders was a financial services provider based offshore, in Saint Vincent and the Grenadines. The broker was providing Forex and CFD trading services without any license.

More importantly, the website has been shut down. Thousands of clients have been left without access to their funds, trying to understand what happened. The only available payment method was Bitcoin, tracking and tracing funds can be challenging.

Offshore brokers will eventually reappear under the new name and domain, we hope this review will help you recognize and avoid both new Fibotraders and similar bogus trading platforms. Always seek regulated brokers, preferably under the Tier 1 umbrella.

FAQs About Fibotraders Broker