Whether you are an experienced trader or planning to embark on forex exchange markets, you might come across the Fivoro broker. At the first glance, its website may appear compelling. However, when you start digging deeper, you realize that it is nothing more than a fraudulent broker pretending to be a legit business to lure you into investing.
This shady brokerage firm is owned by an offshore entity, Urvashi Limited registered in Saint Vincent and the Grenadines. Adding to this, very little is known about Fivoro. After assessing its service, we can surely conclude that this fraudster is only skilled at deceiving traders.
Please continue reading our Fivoro review to uncover the truth about this scamming scheme.
On top of that, we seriously recommend you not to invest in the fake brokers Equalpros, ImportCapital, and SevenSeasFX. Do not trade with these unlicensed brokers if you want to save your money!
| Broker status: | Unregulated Broker |
| Regulated by: | Unlicensed Scam Brokerage |
| Scammers Websites: | fivoro.com |
| Blacklisted as a Scam by: | N/A |
| Owned by: | Urvashi Limited |
| Headquarters Country: | SVG |
| Foundation year: | 2022 |
| Supported Platforms: | Web trader |
| Minimum Deposit: | 250 USD |
| Cryptocurrencies: | Yes (Bitcoin, Ethereum, Tether) |
| Types of Assets: | Forex, commodities, shares, indices, digital currencies |
| Maximum Leverage: | 1:500 |
| Free Demo Account: | No |
| Accepts US clients: | No |
Is Fivoro an Offshore Fraudulent Broker?
As introduced, Fivoro is an offshore-based broker, operating out of SVG. It wouldn’t be an issue if it were a licensed company. As a matter of fact, many legitimate businesses hold offshore headquarters but are also regulated at one or more onshore locations. But in this case, it raises a red flag since the combination of an offshore jurisdiction (especially SVG since it doesn’t control its forex market) and an unauthorized service is a clear sign of fraud.
Why Is Trading On a Licensed Broker’s Platform Preferable?
As mentioned above, licensed brokerage firms also have HQs offshore along with licenses under financial market regulators such as ASIC, BaFin, and FCA. These financial authorities are considered top-rated due to exercising strict licensing measures.
For example, a broker must meet minimum operating capital requirements (up to several million dollars). In return, traders of authorized forex providers are covered by indemnification programs (up to 100K USD).
Other than this, certified companies ensure the safety of your funds by maintaining a secure trading environment. This is done by implementing risk management strategies such as negative balance protection and segregated accounts. All in all, trading is risky per se, hence, it is recommended only to invest with genuine forex brokers.
Fivoro: A Trustworthy Broker or a Scam?
Fivoro is an illegal broker operating without license and regulations. It is based at an offshore safe haven, SVG, which has weak control over its brokers. Also, it fabricates its trading certificate issued by a bogus organization.
What Trading Software Does Fivoro Offer?
When it comes to the Fivoro trading platform, it is subpar trading software — a web trader. It is good to some extent but its generic tools are insufficient for successful training. In particular when it is compared to the latest trading programs like MetaTrader 4, MetaTrader 5, cTrader, and Sirix. These trading platforms are synonyms for the profitable and safe trading experience because of their advanced features such as social trading, EAs, one-click execution, unlimited pending orders, and stop loss. On top of this, they are user-friendly and accessible from different devices.
Fivoro Accounts Overview
With reference to account types at Fivoro, here is a quick overview of them.
- Student: 250 USD minimum deposit
- Standard: 5,000 USD minimum deposit
- Investor: 10,000 USD minimum deposit
- VIP: 50,000 USD minimum deposit
- Platinum: 100,000 USD minimum deposit
When you compare the Fivoro minimum deposit with the industry standard, you realize that it is several times higher. Besides, why risk when you can start trading with leading brokers for under 10 USD?
Earn or Invest
This unscrupulous broker offers something called earn or invest. The first option allows traders to buy/sell digital currencies with fast execution and benefit from staking — ensuring larger profits. This company even promises to provide crypto loans in return for deposits in cryptocurrency. As for the second option, traders get advice on the best deals — Fivoro claims its predictions are 90% accurate. It also assigns account managers to minimize risks arising from the volatility of crypto assets. Overall, earn and invest options are just as trustworthy as this broker.
Certificate of Membership
Concerning a certificate of membership, it is presented on the Fivoro website and is supposed to serve as evidence that this broker is verified and trusted. According to this so-called certificate, Fivoro is licensed by Crypto Commission Authority (CCA). The CCA also reportedly compensates traders for up to 100K USD in the case of disputes. However, the question remains who the CCA is? There is no such thing as an authority that regulates only the crypto market. Therefore, the CCA is a self-proclaimed regulator and is as fraudulent as Fivoro.
Bonus Condition
As it goes with scam brokers, they offer generous bonuses that always come with strings attached. By doing so, they want to entice you into trading and don’t want to give but to take from you. The same applies to Fivoro. Regarding its bonus policy, the availability of bonuses can suddenly change. It means that you can deposit money here in the hope to be rewarded, but you get nothing because this broker holds the right to do as it pleases and does not even notify you about any policy alterations. It also stipulates that bonuses can’t be withdrawn.
Fivoro – Countries Of Service
Apropos of countries of service, Fivoro is not authorized to operate anywhere. Still, it continues to render financial services scamming traders from
- Germany
- Netherlands
- Belgium
- France
If you reside in any of the above-mentioned countries, watch out for this illicit broker and its dirty tricks. In your case, the best option is to trade with brokerage companies approved by BaFin, AFM, FSMA, and AMF.
Also remember the names of the Shangquan, Buffets Finance and EarningCrypt trading scams and avoid them at all costs! Moreover, always check the background of online trading companies before investing!
Leverage, Minimum Deposit, and Fees
In connection with leverage, it is handy for making profits. However, it is also a risky tool that must be tread carefully. For this reason, many jurisdictions limit a leverage ratio for retail traders (e.g., 1:30 in the UK and EU). As discussed, fraudulent brokers don’t care about your financial well-being. Thus, Fivoro offers 1:500 leverage (on 1 USD, you earn 500 USD) just to draw your attention.
As for a minimum deposit, we have already pointed out that Fivoro’s 250 deposit doesn’t comply with the industry norm but aligns with other trading scams. In addition, Fivoro doesn’t reveal any costs related to trading. However, we have a reason to believe that trading is pricey here.
What Is Known About Fivoro’s Trading Conditions?
While on the subject of trading, Fivoro trading conditions are pretty much unknown. Nevertheless, since it is an obvious cyber fraud, traders can expect nothing but adverse terms of exchange.
In relation to a deposit and withdrawal method at Fivoro, it is as safe as this broker. That means that traders can transfer funds to and from their accounts only via crypto wallets. That wouldn’t be an issue if it were a legitimate brokerage company. However, in this case, it is a warning sign since crypto payments are anonymous and difficult to chargeback. But more on that in the following heading.
Scammed by Fivoro Broker? – Let Us Hear Your Story
In case you are defrauded by Fivoro, don’t be ashamed because scams can happen to anyone. It is important to act immediately. First, inform the relevant authorities. Then, apply for a chargeback. Finally, alert others by leaving negative Fivoro reviews on the web.
But What Is A Chargeback?
If you don’t know what a chargeback is, it is a process of getting your money back. Chargebacks are not so complicated with credit cards and bank transfers because both of these options can be canceled. On the other hand, it is more challenging to retrieve funds misappropriated through crypto payments. Anyway, with chargeback specialists, it is doable. Thus, you can get in touch with our company for assistance with any type of cashback.