Fiboda Copy Trading Review

Fiboda is a social trading platform that offers various opportunities for clients with less trading experience to copy signals from more skilled traders. It is built on the concept of social trading, and it aims to attract clients by offering them various features, including Combo of strategies and Fiboda Guard, an account protecting system.

In this review, we will take a detailed look at the platform, presenting you with an overview of its features in order to help you form an opinion on whether it is answering your investment goals.

Fiboda Overview

Fiboda’s official website fiboda.com doesn’t provide any information about who is standing behind the brand. The required for these types of service documents such as Risk Disclaimer, Privacy Policy and Terms of Service documents, but none of them reveal any information about the service provider. However, we noticed that the website’s style is very similar to another big social trading platform ZuluTrade.

Therefore, we did additional research, which shows that Fiboda is developed by the team that stays behind ZuluTrade. The platform appeared last year. Officially, Fiboda contact address is situated in London, the UK. However, a look over the pointed address shows a convenience store instead of a company office. Fiboda’s domain is registered in the US based on our domain research, but the owner identity is hidden.

Fiboda doesn’t apply to the regulations of any internationally recognised regulatory body. However, they are certified members of the Financial Commission, which is an independent organisation “established exclusively for the purpose of amicably resolving disputes between traders and brokers in a transparent and efficient manner.”

Fiboda Platform Review

Fiboda is a typical copy trading platform that desires to attract people with no experience and provide them with access to trading strategies of more experienced traders that they can copy.

To stand out from other similar platforms, Fiboda relies on a feature called COMBOS. It enables investors to choose among various diversified strategies built from a combination of selected traders. Following a specific Combo is no different than following a single trading strategy.

New investors, who wish to start with Fiboda, need to register with a user name and password. The platform doesn’t work with a specific broker, so an active broker account is required before starting with Fiboda. After the registration process is completed, investors can choose a Combo or a Trader to follow. Once they make their selection, the system will automatically copy the trades done by the trader or the Combo onto their account.

Users can head to the UserList or the ComboList sections to select a trader or a combo to follow. In the ComboList section, the Fiboda algorithm groups strategies of traders based on their previous performance and correspond to a variety of risk appetites.

The UserList are created by different users and are updated regularly. They appear in the UserList section and can be monitored with a simple click. All UserLists are connected with traders on ZuluTrade and appear as ZuluTrade Lists.

Fiboda Customer Experience

If you have used ZuluTrade before then, Fiboda will not surprise you with anything. Overall, the platform is easy to navigate and simple to understand even by less experienced users. Still, selecting which trader or Combo to follow requires some knowledge as there are a lot of technical details that might confuse a complete novice. Additionally, the criteria for organising the UserLists are not very clear as they seem to appear based on each user’s personal preference.

Pros:

► Easy to start with the platform

► Supports applications for Android and IOs based mobile devices

► Developed by the same team standing behind ZuluTrade

Cons:

► Lack of transparency for the connection between Fiboda and ZuluTrade

► No international regulation