Fibinex Review – Is Fibinex a Scam or Legitimate Broker
Fibinex.io
Fibinex is a forex and CFD broker established on the virtues of trustworthiness, empowerment and service excellence. The brokerage was founded in St. Vincent and the Grenadines by veterans in the financial industry. Clients are provided with a secured trading platform that is robust and loaded with tools to help the trader in his daily analysis and trades. Multiple instruments can be traded on its platforms, and orders are executed at lightning speeds.
Pros
- Clients’ funds are held in segregated bank accounts.
- Fibinex trading platform is available on mobile, WebTrader and desktop platforms.
- Over 200 assets can be traded on its platforms.
- The multilingual support desk can be reached any time on 24/5.
- Multiple payment options including Bitcoin.
Cons
- Traders from USA and UAE are not accepted.
- Unregulated broker.
- High Initial Deposit
- Short History
- No daily analysis and signals
Is Fibinex.io a regulated broker?
No, they are not regulated and, therefore, an unregulated brokerage.
Perhaps the only real advantages might be that you may be able to trade with higher leverage than you normally would or they may offer an incentive to trade with them.
The primary reason many brokers are unregulated is that they want to cut operational costs. Being regulated can be very costly.
Becoming regulated for the broker as a company is a very expensive thing to do. Therefore, they look at recuperating those funds back in, VIA their clients. So, what they tend to do, is bump up the client costs by widening the spread, offering lower leverage, and bumping up the trade commission charge per trade that gets placed.
Unregulated brokers, on the other hand, do not have this grand expense. Therefore they make money via alternative ways but allow the clients a little more freedom, for example, by offering higher leverage- which I myself find to be more useful and beneficial to most styles of trading, better spreads and lower trade commissions.
Account opening
Opening a Fibinex account is very fast and can be done within a few minutes. Just visit the website; www.Fibinex.io and click ‘Register’. Fill out the form that ensues, and you will be logged into the clients’ area where you can upload your ID card and a recent utility bill to verify your account. There, you can also fund your account, and trading can begin.
Who can open an account? Anybody who is above 18 years and not from UAE or USA can open a trading account with Fibinex.
Account types
What is the minimum deposit with Fibinex? There is no specified minimum balance.
Which account currencies are available? Fibinex trading account currencies can be maintained in USD, EUR and GBP.
What are the account types? Four account types are available: Beginners, Standard, Pro, Vip.
First account is for new traders who will not want to risk much. Starts at $5,000, and the leverage is 1:100.
Standard account is for more experienced traders and the account equity is from $25,000 . The maximum leverage is 1:200.
Pro account is for high-volume pro traders with a minimum deposit of $100,000. The max leverage is 1:300.
VIP Account for the clients that trade professionally or need additional tools and high leverage. The max leverage is 1:400
Does Fibinex offer Islamic accounts? Yes, you can request an Islamic account by contacting the support team. This special account does not incur swap fees when positions are left open overnight.
Fibinex Accounts
Trading platforms
Which trading platforms are available? Clients can place their order on the Fibinex trading platform which is available on Windows desktops, WebTrader and, mobile phones; Android and iOS apps. The platform is user-friendly and comes with several charts, 9 timeframe and Multiple technical indicators. Multiple order types like pending orders, stop loss, and take profit can be used in placing orders.
Deposit and Withdrawal
How can I make deposits into a Fibinex account? The broker accepts bank wire transfers, local transfers, credit card payments and Bitcoin. Fibinex does not charge deposit or withdrawal fees.
Debit/Credit card deposits are processed instantly and you can start trading with the deposited funds immediately. All major cards like Visa and Mastercard are accepted.
At the moment, the only Cryptocurrency accepted is Bitcoin. Deposits take between a few minutes to a few hours.
Bank wire transfer is available to all clients, provided you have a bank account in your country of residence. But, the only disadvantage here is that it is very slow and may take up to 3 working days before the funds will reflect in your trading account.
How long do withdrawals take? It all depends on the withdrawal method used. The broker processes withdrawal requests within one working day and then sends the money to the processors. This may take up to 10 days, depending on the payment channel used.
Markets and Products
What instruments can I trade with Fibinex? On its trading platforms, you can trade up to 50 currency pairs, 5 commodities, about 70 cryptocurrency CFDs, 8 stock indices and over 100 stocks CFDs that are traded on various exchanges across the world.
Fibinex, what can you trade
Education
As a new broker, the resources section of the website is still in development.
Which training resources are available? There are some training articles on the website aimed at introducing newbies to some important trading terms and concepts. The articles are on leverage and margin, fundamental analysis, technical analysis and trading strategies.
Security
Is Fibinex safe?
Fibinex is not yet regulated by any regulatory authority but it has implemented the standard security measures designed to protect its clients from hackers and safeguard their deposits.
How are clients protected?
All deposits received from clients are held in segregated bank accounts which have been opened with the top international banks. Fibinex will never use clients’ fund to run its own operations even if it goes bankrupt. The funds are separate and will be returned to the original depositors if the broker fails or becomes insolvent.
Customer Service
How can the support team be reached?
If you wish to contact the support team with your enquiries or you need any form of help; they are available 24/5. You can reach them by email; support@Fibinex.io or by phone; at +441618181340
