Whenever we come across a trading firm with a generic name, as’s the case with Fibonacci Trade, our first question is what they are trying to hide. Usually, trading firms are trying to be distinctive and recognizable. However, scammers will often try to avoid reviews and regulatory warnings by picking a term that’s widespread as something else. In this case, the broker refers to the Fibonacci trading indicator.
Read our detailed Fibonacci Trade review to find out what this firm is trying to hide.
To add to the foregoing, we seriously recommend you to avoid fraudulent brokers such asTopTrade500,Broker Capitals, andWinzoFx.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||N/A|
|Minimum Deposit:||250 EUR|
|Types of Assets:||Forex, commodities, indices, shares, cryptocurrencies|
|Free Demo Account:||Yes|
|Accepts US clients:||No|
Is Fibonacci Trade a Safe Broker or a Scam?
The first issue we’ve faced is a lack of Terms and Conditions. We know nothing about the company owner, legal jurisdiction, or trading terms without these. If an issue arises, you have no owner, and starting legal action against the phony website is virtually impossible.
We’ve researched all the major registers in the areas where Fibonacci Trade provides financial services. Upon going through the records of ASIC, FCA, AMF, BaFin, and many more, we found nothing on Fibonacci-trade.com. It indicates that this is yet another illegal trading firm lurking clients into the scheme.
Fibonacci Trade is an anonymous online trading platform. The broker didn’t provide basic information about the owner or legal jurisdiction, while most reviews are negative.
Reasons Not to Trust an Unlicensed Broker
With license come certain obligations. Brokers should have a compensation fund, provide negative balance protection, keep clients’ funds in segregated accounts, and maintain a minimum capital of at least 730,000 EUR.
Unregulated and offshore brokers don’t follow these rules, which is why getting money back upon being scammed is difficult. There’s no regulator or dedicated funds for reimbursement of potential victims.
Fibonacci Trade Crypto-Assets – Opportunity For Traders or a Fraudulent Scheme?
Fibonacci Trade offers various trading assets but insists on crypto as the main one. Most brokers nowadays are abusing crypto as the most volatile asset on the financial market, promising clients thousands of dollars of quick profit. Due to a lack of knowledge, one might believe in a compelling story and invest their hard-earned money.
You should be aware that the Fibonacci Trade broker is nothing but a bogus, unregulated website waiting to steal as much money as possible and vanish.
What Do Traders Think Of Fibonacci Trade?
While finding reviews for this broker is difficult due to the generic trading name, we were able to look up some. And what we found was not pleasant. Customers are highly disturbed that they were approached to invest thousands of dollars but cannot withdraw their funds. Each and every withdrawal request has been denied, and broker employees have become unavailable.
If you recognize yourself in this story, it’s vital to report the scheme immediately.
Fibonacci Trade Available Online Trading Platform & Tools
The company offers a somewhat intuitive WebTrader with basic functions. However, specific trading strategies aren’t applicable as this platform doesn’t feature enough tools. There are basic indicators, several chart types, and an overview of trading history and assets. If you’re looking for anything more advanced than beginner-level trading, you won’t find it here.
So, What Is The More Efficient Software?
According to over 80% of retail traders, MetaTrader is the best platform on the market. Whether you choose MT4 or MT5, you won’t make a mistake. Both software support EAs and social trading and are suitable for all trading strategies. One will find many analytical tools and research materials on the platform itself.
Fibonacci Trade Accounts Overview
Customers can choose one of the five account types, those being:
- Green – 5,000 EUR, trade expert, 2.5 pips spread
- Premium – 15,000 EUR, trade expert, 2 pips spread
- Platinum – 50,000 EUR, premium trade expert, 1.5 pips spread
- Executive – 100,000 EUR, specialized trade expert, 1 pip spread
- Presidential – 250,000 EUR, presidential expert, 0.5 pips spread
As you can tell, you’re getting a lower spread, more assistance, and more educational materials with more funds.
Can I Try to Trade With a Demo Account?
Customers can choose between a Live or a Demo account to test the platform. However, it’s another way to convince you to invest. If you see profits on the virtual account, you will feel more comfortable investing real money. This is where all your problems will start since the broker won’t allow any withdrawals.
Fibonacci Trade Broker – Countries Of Service
The company is providing services mainly in:
Note that Fibonacci Trade trading scam is everywhere. Moreover, don’t sign up for any of their ads, and don’t be the next victim.
Bonuses and The Terms of Their Receipt
According to the Bonus Policy, customers can get up to a 25% bonus for any account type. However, this money is not free. If one has accepted bonuses, they cannot withdraw their profits since both bonus and profit made from it are not eligible for a withdrawal.
Since you cannot prove how much you’ve made from your funds and how much from the bonus amount, it’s clear that this is just a malicious clause to dissuade you from getting your money back.
Fibonacci Trade Range of Trading Markets
Customers can trade in the following markets:
- Forex – EUR/USD, GBP/AUD, CAD/CHF
- Commodities – gold, corn, palladium
- Indices – Dow Jones, AUS200, DAX30
- Shares – AMZN, NFLX, GOOGL
- Cryptocurrencies – ADA, MATIC, IOTA
Please, remember the names of the scammers AxisCapital, Arkcoin, and Istrade and stay away from them! Also, before investing, always examine the history of internet trading organizations!
Trading Terms Offered By Fibonacci Trade
Fibonacci Trade offers unregulated trading terms. Since the firm is not bound by rules, it can set any leverage, spread, and other conditions, including a malicious bonus. So, here’s a brief overview of trading costs and risks. It’s just not worth it.
About Leverage and Spread
Leverage is fixed, set to 1:200 for each account type. Besides, knowing that regulators in the EU and UK have a limit of 1:30, and in Australia 1:50, you can see how high the risk here is.
The leverage ranges from 3 pips to 0.5 pips, which is a rather big gap. Also, tight spreads are much more profitable for investors.
Minimum Investment Amount
The broker requires a minimum deposit of 250 EUR. Thus, this would be alright if the firm were legit. However, many regulated brokers allow you to start with as low as $5. Thus, avoid Fibonacci Trade.
Fibonacci Trade Deposit, Withdrawal Methods, and Fees
Without a Withdrawal Policy, we don’t know much about withdrawal methods. The only thing stated in the Refund Policy is that the firm operates according to AML policy. What does it mean for investors and their funds? Remains unclear.
Methods of Payment
The company accepts deposits using:
- Debit/credit card
- Wire transfer
Scammed by Fibonacci Trade Broker? – Let Us Hear Your Story
If you were scammed by Fibonacci Trade, it’s time to fight for the money. Instead of letting this fraudulent broker run, contact us right away. Book your free consultation and our specialists will be happy to assist you with the chargeback procedure.
But What Is A Chargeback?
A chargeback is a way for your bank to recover funds directly from the merchant. Our experts will help you collect the evidence and increase your chances for success. Don’t hesitate; contact us now.