FIBO Group in Nigeria — review, licence and costs
Cost calculator (median of 57 priced of 81)
Score (5 of 6 axes scored)
shown, not ranked: no reviews
Who actually onboards you
- Entity that onboards Nigeria residents
- Nigerian clients onboarded by offshore FIBO Group, Ltd (BVI).
- Local standing
- Unregulated in Nigeria; offshore-only. Nigerian SEC issued general public notice that leveraged retail forex is unregulated/abuse-prone (not FIBO-specific).
- Licence as the register states it
- No Nigerian SEC licence; served under BVI FSC only.
- Leverage for this entity
- Up to 1:1000 (Cent up to 1:5000; NDD 1:400).
- The firm behind it
- Founded 1998, CIS roots; HQ Limassol, Cyprus; offshore FIBO Group Ltd (BVI).
- What we hold against it
- Offshore BVI only; ex-CySEC (withdrawn 2025); ex-FCA revoked; SEC Nigeria general forex warning; withdrawal complaints.
Leverage by entity
The licence belongs to the firm; a leverage figure belongs to one entity. Only the entity that onboards Nigerian residents enters the score.
Scale from 1:10 to 1:3000, logarithmic.
Client protection
- Local entity onboards youUnregulated in Nigeria; offshore-only. Nigerian SEC issued general public notice that leveraged retail forex is unregulated/abuse-prone (not FIBO-specific).
- Regulator warning on filenone found
— means the broker does not state it in any source we captured. It is not read as “no protection” and it is not scored.
Price against Nigeria market median(priced from 57 of 81)
Medians run over the 57 of 81 brokers that publish a price for Nigeria, never over the whole base. A spread without its commission is not a price and is not counted.
Accounts
Account types the broker names for this country: MT4/MT5 Cent (from 1 cent), Fixed/NDD (min USD 50), cTrader (min USD 50). The figures below are the broker's own and do not differ by account in any source we captured.
Swap-free account terms
Terms read from the account page on 01.10.2026. The cap on open positions is not published.
Payouts
Identical for every row: Deposit, h 24 · Fee, USD 0 · Min, USD 50.
Taxes for a Nigerian resident(1 rule)
- Trading profits are taxable and must be declared to the Nigeria Revenue Service (NRS, formerly FIRS).https://fibogroup.com
Not tax advice. Check with the FIRS.
Deposit and withdrawal methods (6 methods · 0 local rails)
No NGN bank rail verified;
- Cards
- Bank wire
- Skrill
- Neteller
- Perfect Money
- Crypto
- Account currency
- No NGN; USD, EUR, GLD (gold).
- Fee declared
- 6 of 6 methods
- Withdrawal back to
- the funding method
Where it does not serve(6 countries)
From the client agreement, clause 2.3. A country missing from a translated page is not read as “served”.
Platforms and markets(4 platforms)
- MT4
- MT5
- cTrader
| Class | Count | Min spread |
|---|---|---|
| MT4 | — | 0.2 |
| MT5 | — | 0.2 |
| cTrader | — | 0.2 |
| Forex pairs | 32 | — |
147 further account types are named by their brokers but publish none of these figures, so they are not in the comparison: Eightcap Standard, Eightcap Raw, Fusion Markets Classic account, Pepperstone Standard, Pepperstone no minimum deposit, Trade Nation Two live tiers - lower-leverage and 141 more.
Identical for every row: Leverage 1000 NG.
Reviews(1 platform · 25% of the score)
| Snapshot | Rating | Reviews |
|---|---|---|
| 02.10.2026 | 2.5 | 16 |
Share of reviewers in Nigeria: — The platform does not publish it.
Pros and cons(4 for and 6 against, each tied to a figure on this page)
- Round turn 6 USD on the raw + commission basis, under the Nigeria median 6.5
- Swap-free account available
- Track record 100 of 100, its strongest of 5 scored axes
- 3 platforms: MT4, MT5, cTrader
- No Nigeria authorisation on file: the entity that onboards you is licensed elsewhere
- A regulator warning is on file against this broker
- Min deposit 50 USD, over the Nigeria median 20
- Withdrawal in 48 h, over the Nigeria median 24
- Safety 0 of 100, its weakest of 5 scored axes
- Not scored on reviews: the broker publishes no figure we could read
Alternatives in Nigeria(6 of 81 scored in Nigeria)
- Round turn, USD
- 6NG
- Min deposit, USD
- 50 groupNG
- Leverage
- 500NG
- Rank in this country
- #12
- Round turn, USD
- 7NG
- Min deposit, USD
- 50NG
- Leverage
- 500NG
- Rank in this country
- #14
- Round turn, USD
- 6NG
- Min deposit, USD
- 50NG
- Leverage
- 1000NG
- Rank in this country
- #18
- Round turn, USD
- 6NG
- Min deposit, USD
- 50NG
- Leverage
- 500NG
- Rank in this country
- #24
- Round turn, USD
- 7NG
- Min deposit, USD
- 50NG
- Leverage
- 1000NG
- Rank in this country
- #32
- Round turn, USD
- 7NG
- Min deposit, USD
- 100 groupNG
- Leverage
- 200NG
- Rank in this country
- #3
Methodology(6 axes · formula v1.0)
Score = 2 + 3 × weighted mean of six axes scored 0–100. Range 2.0–5.0. An axis without data drops out and the remaining weights are renormalised; it is never scored zero or estimated. Group-wide figures never enter a Nigeria score. Full methodology
| Axis | Weight | What is measured | FIBO Group |
|---|---|---|---|
| Reviews | 25% | Rating, volume and recency on one public review platform | — |
| Round-turn cost | 20% | Round turn on 1 lot EURUSD: spread plus commission, against the country median | 95 |
| Safety | 20% | Local authorisation, the entity that onboards you, any regulator warning | 0 |
| Payouts | 15% | Published withdrawal time, fees and the methods available in the country | 60 |
| Track record | 10% | Years since the firm was founded, from its own filings | 100 |
| Platforms | 10% | Which trading platforms the broker confirms for this country | 70 |
Where FIBO Group sits in the Nigeria base(81 brokers)
Round-turn cost, USD (57 of 81 priced)
Median 6.5 USD · range 3-20 · this broker 6 USD · 24 of 81 brokers do not publish it
Minimum deposit, USD (29 of 81 priced)
Median 20 USD · range 0-100 · this broker 50 USD · 52 of 81 brokers do not publish it
Retail leverage (53 of 81 with a Nigeria figure)
Median 1:500 · range 100-3000 · this broker 1:1000 · 28 of 81 brokers do not publish it
Withdrawal time published (81 brokers)
FAQ
- Does FIBO Group accept residents of Nigeria?
- No. Unregulated in Nigeria; offshore-only. Nigerian SEC issued general public notice that leveraged retail forex is unregulated/abuse-prone (not FIBO-specific). Onboarding entity: Nigerian clients onboarded by offshore FIBO Group, Ltd (BVI).
- Is FIBO Group licensed to serve clients in Nigeria?
- No Nigerian SEC licence; served under BVI FSC only. Checked on 09.07.2026.
- How much does one round turn cost at FIBO Group?
- About 6.0 USD per standard lot on EUR/USD. The median across brokers measured for Nigeria is 6.5 USD.
- What leverage does FIBO Group offer to retail clients in Nigeria?
- Up to 1:1000. Up to 1:1000 (Cent up to 1:5000; NDD 1:400)
- Which trading platforms does FIBO Group support?
- MT4, MT5, cTrader. Instruments: FX, metals, crypto CFDs, US stock CFDs, indices.
- How can I withdraw money from FIBO Group in Nigeria?
- No NGN bank rail verified; cards, bank wire, Skrill, Neteller, Perfect Money, BitPay/crypto.
- What account types does FIBO Group offer?
- MT4/MT5 Cent (from 1 cent), Fixed/NDD (min USD 50), cTrader (min USD 50).
- Does FIBO Group offer a swap-free (Islamic) account?
- Yes. FIBO Group offers a swap-free (Islamic) account to Nigeria residents.