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Is FIBONETIX a scam broker?

Overview:

The forex broker FIBONETIX offers four account types namely Basic, Advanced, Expert, and VIP. This broker also provides an Islamic account. The broker chooses to be anonymous. Let’s find out what this broker has to offer.

 About FIBONETIX:

The broker provides a variety of trading gears on all the major trading indices. The trading assets consist of cryptocurrencies, commodities, share, and indexes. The FIBONETIX is allegedly owned and managed by Zeus Tech & Trading Group LTD based in Luxembourg. The operation is managed by Belize based firm with the same name. The major disadvantage of this broker is its offshore nature. This zone is popular in the scam broker circle. Also, this broker is not regulated and unlicensed. The leverage offered in the range of 1:100 and 1:400. The trading environment offered by this broker is undisclosed and suggests nothing.  We can judge this as a potential scam broker. Sadly, the broker does not offer any Insight upon the trading platform provided by it. The broker mentions in its terms and conditions about enormous fees and commissions applicable to the traders. The demo account is not provided and traders can not get an overview of trading conditions. It offers payment and withdrawal by all cards, wire transfer and e-wallets. There are several negative feedbacks and comments associated with this broker. Furthermore, the broker charges € 150 for inactivity and accounts who have fewer trades. It also charges 10 % in the name of a monthly service fee. There are several warnings issued against FIBONETIX from time to time by financial authorities around the world.  These authorities are ASIC and CSSF few to name.  However, there is not enough information available about this broker and restricts our research.

Is FIBONETIX scam or legit?

At first look, the FIBONETIX appears legit but while browsing its website we came across several drawbacks. The terms and conditions set up by this broker appear to be a trap for many traders. This broker always feels incomplete and has dodgy conditions. It is not a licensed firm. To secure funds traders must invest in a well-recognized institution.  We can claim this broker as a potential scam broker. Traders must stay away from this broker.