May 17, 2021

Fibonetix Scam Review

Overview:

The finance market manages to attract a lot of people through their bonuses and profitable returns. However, along with attracting potential customers, the market also attracts a lot of unwanted
With the scams on a rise during the pandemic, we decided to review some of the companies that had a lot of complaints. Fibonetix is a brokerage dealing in forex that claims to have a license from Belize. The company offers a leverage of 1:400 and required a minimum deposit of $250. This is high leverage and the minimum deposit for a licensed trading platform.

Red flags that make Fibonetix a scam:

Fibonetix is the brainchild of Zeus Tech & Trading group. Both the companies are registered and have the address in The Republic of Belize. Offshore Places like The Republic of Belize are a common breeding ground for scammers as there are no regulatory authorities in such areas. Getting a license in these areas is as easy as registering yourself for a popular newsletter. Therefore, it is safe to say that Fibonetix does not have a valid license. This is the first red flag that leads us closer to the statement that Fibonetix is a scam.
Upon visiting their website, we realized that the trading platform does not offer a demo account nor does it clearly states the different types of trading account that are offered to the users. The absence of a demo account is a red flag as it does not let the new users get acquainted with the working of the trade market or the working of the company. This trick of the Fibonetix scam can make the users more prone to losing all of their money. All the companies that are licensed with valid regulatory authorities have to keep a demo account for the assistance of the new users.
Upon reading the terms and conditions involved in the withdrawal procedure, Fibonetix clearly mentions that any account that has been working any less than 30 days and has conducted less than 25 trades will be charged with a hefty amount of 150 euros. This is yet another red flag as no licensed trading platform will ask for such fees. The trading companies with a license have to submit financial records to the regulatory authority and therefore, the chance of them asking for extra fees is not possible. In case the customer experiences an extreme loss in a trade, the regulatory authority asks the trading platform to refund a share of money thus keeping the customer out of debt. The website of Fibonetix is available in two different languages, namely, English and German. The deposits can be made through Credit Cards, Bitcoin, or Coinipop.

Is Fibonetix a scam?

To sum up, all that has been said above, Fibonetix is a complete scam. We request our readers not to trade or invest with this scam company. One must always trade with companies and platforms that have a valid license from major regulatory authorities such as FCA, ASIC, CySec, etc. If you have been or are a victim of any of these scams, report it with us through this complaint form. We will get back to you at the earliest with the best possible solution to claim your money back. Till then, stay aware and keep reading!