Whether you’re an experienced trader or new to the world of forex exchange markets, you may come across the Fivoro broker. While its website may initially seem appealing, a deeper investigation reveals it to be nothing more than a fraudulent broker masquerading as a legitimate business to entice unsuspecting investors.
This dubious brokerage is operated by an offshore entity known as Urvashi Limited, registered in Saint Vincent and the Grenadines. Moreover, Fivoro remains shrouded in mystery, with limited information available. Upon closer examination of its services, it becomes evident that this fraudster excels only in deceiving traders.
To uncover the truth about this deceptive scheme, please continue reading our comprehensive Fivoro review.
- 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
License and Security
As previously mentioned, Fivoro is an offshore broker with operations based in Saint Vincent and the Grenadines (SVG). Operating from an offshore location is not inherently problematic, as many legitimate businesses have offshore headquarters while being regulated in one or more onshore jurisdictions. However, in the case of Fivoro, this combination of an offshore jurisdiction—particularly SVG, which lacks control over its forex market—and the absence of proper authorization raises a significant red flag. It strongly suggests fraudulent activities are at play.
Fivoro is an unlicensed and unregulated broker that operates from the offshore jurisdiction of SVG, which has limited oversight of its brokers. Furthermore, it falsely presents a trading certificate from a fraudulent organization.
Trading Software
Regarding the Fivoro trading platform, it offers a basic web trader, which, while functional to some extent, falls short in providing the tools necessary for a successful trading experience. Especially when compared to advanced trading programs like MetaTrader 4, MetaTrader 5, cTrader, and Sirix. These platforms are synonymous with profitability and safety due to their advanced features, including social trading, Expert Advisors (EAs), one-click execution, unlimited pending orders, and stop-loss functionality. Additionally, they are user-friendly and accessible across various devices.
Accounts Overview
When it comes to account types at Fivoro, here’s a brief overview:
- Student: Requires a minimum deposit of 250 USD.
- Standard: Requires a minimum deposit of 5,000 USD.
- Investor: Requires a minimum deposit of 10,000 USD.
- VIP: Requires a minimum deposit of 50,000 USD.
- Platinum: Requires a minimum deposit of 100,000 USD.
Comparing Fivoro’s minimum deposit requirements to industry standards reveals that they are significantly higher. Why take such a risk when you can start trading with reputable brokers for less than 10 USD?
Bonus Condition
Like many fraudulent brokers, Fivoro presents enticing bonuses with hidden conditions, aiming to lure you into trading while having no intention of giving back. This holds true for Fivoro as well. In terms of its bonus policy, the availability of bonuses can change abruptly. Consequently, you might deposit funds with hopes of receiving rewards, only to find that the broker can alter its policy without notice, leaving you empty-handed. Moreover, Fivoro specifies that these bonuses are non-withdrawable.
Countries Of Service
Regarding the countries of service, Fivoro lacks authorization to operate anywhere, yet it persists in providing financial services, deceiving traders from:
- Germany
- Netherlands
- Belgium
- France
If you reside in any of these countries, exercise caution when dealing with this illicit broker and its deceptive practices. In your situation, it is advisable to consider trading with brokerage firms approved by regulatory authorities like BaFin, AFM, FSMA, and AMF for a safer and more legitimate trading experience.
Leverage, Minimum Deposit, and Fees
Regarding leverage, it can be a useful tool for profit-making, but it carries inherent risks that require cautious handling. Consequently, many regulatory jurisdictions impose limits on leverage ratios for retail traders, such as 1:30 in the UK and EU. As we’ve discussed, fraudulent brokers are not concerned about your financial well-being. As a result, Fivoro offers an excessively high 1:500 leverage (meaning you can earn 500 USD on a 1 USD investment) solely to capture your attention.
In terms of the minimum deposit, as previously noted, Fivoro’s 250 USD deposit requirement deviates from industry standards and aligns with other questionable trading schemes. Furthermore, Fivoro does not disclose any trading-related costs, but we have reason to suspect that trading here may come at a substantial price.
Conclusion on Fivoro
In conclusion, Fivoro raises significant concerns and red flags that should deter any potential trader from engaging with this broker. It operates without proper licensing and regulation, making it an unauthorized and risky choice. The lack of transparency in key areas, including its offshore location and bonus policies, adds to the suspicion surrounding Fivoro’s operations.
Furthermore, Fivoro’s exaggerated leverage and high minimum deposit requirements deviate from industry standards, potentially exposing traders to substantial risks. The absence of clear and disclosed trading costs raises concerns about hidden fees.
Considering these numerous warning signs and the dubious nature of Fivoro, it is strongly advisable to avoid this broker. Opting for licensed and reputable brokerage firms with transparent practices is a far safer and more prudent approach for anyone seeking to engage in trading activities.
