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Duvaro Review – Story About Duvaro.io Broker
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Other than a nice looking site and flashy advertisements, Duvaro doesn’t really have that much to offer to its clients. In fact, from a legal perspective, Duvaro doesn’t have anything to offer, but we’ll talk more about that in a moment.
|Headquarters||St. Kits and Nevis|
Though they make a nice offer which includes access to the global market and some of the most competitive spreads in the industry, the problem here is the company’s regulations or better said, the lack of them. As far as the information that any sane client might require, Duvaro doesn’t provide us with much of it.
All that Duvaro lets us know is its e-mail address, contact phone, and alleged address which is supposed to be Henville Building, Main Street, Charlestown, Nevis. Lacking pertinent information is a big red flag for any brokerage, but this company waves many others.
So let’s dive into the Duvaro review and try to get to the bottom of who we are actually dealing with here.
Is Duvaro Broker a Reliable Broker? Regulation and Security
One of the key points you should focus on when choosing a broker is how they are regulated. Though the company claims to be based in Nevis this only arouses further suspicion. Nevis is a small island in the Caribbean that is a nefarious offshore zone, famous for housing many scam investments like this one.
Their webpage mentions no license of any kind whatsoever, but even if they did, it wouldn’t matter too much since the local regulator in Nevis, the FSRC is not internationally recognized meaning that their license is worth nothing. The alleged location of the scam broker is another in a long line of red flags.
It is safe to say that Duvaro is not a reliable broker as they are not regulated.
What Are The Available Trading Platforms at Duvaro?
Duvaro’s trading platform is web-based and they claim it is compatible with every browser available. Their platform allegedly allows using desktop and mobile phones with the same trading account.
Among other benefits that this platform grants its users, the company emphasizes the filtration of instruments by keywords, smart trading regime self-optimization, and selecting “favorite” trading instruments. It also offers opening and closing trades directly in the graph.
Seeing how there is no demo version of their accounts, we could not test their platform to see what is really going on here as the company requires you to make an account to access their platform. Nonetheless, the software described is subpar compared to the leading industry standards such as the Meta Trader 4 or 5.
Account Types Offered by Duvaro
The shady brokerage has 4 different types of accounts to offer and a dedicated Islamic account adjusted to the needs of their Islamic clients. Every type of account has a different minimum deposit, spread, and leverage. For example, their basic account, the “Beginners” account has a minimum deposit of 5000US dollars and leverage of 1:100. The VIP account has a minimum deposit of 250 000US dollars and leverage of 1:400. Besides the beginners and the VIP account, there is also the “Standard” account with a minimum deposit of 25000$ and a Pro account with a minimum deposit of 100000$.
Regulated brokers offer a 10$ minimum deposit on average. The 5000$ minimum deposit is simply another way this scam broker wants to get as much money as possible, as quickly as possible.
What Duvaro Traded on the Market?
Like most other scammers, Duvaro doesn’t get too creative. They offer currency pairs, forex, and commodities divided into 4 segments. Some of the commodities offered by Duvaro are metals, energies, agricultural commodities, and others. The company also allows trading with stock in publicly traded companies and cryptocurrencies.
Duvaro’s offer is the standard scammer’s offer. Most legitimate brokers offer the same trading instruments and many more.
Options for Deposit and Withdrawal at Duvaro
The scam broker offers several different methods of depositing and withdrawing. They also accept a few different currencies. Duvaro mentions relying on a specific contract made with the client when it comes to depositing and withdrawals. The company also might require the client to sign any documents to enable better functioning of their clients’ trading accounts.
Besides the huge deposit and personal data of all sorts, Duvaro also requires signing all sorts of documents even though it has no regulation. This means that both your money and your personal data are in danger.
How Do I Recover My Funds If Duvaro Scams Me?
If you already invested with this financial swindler, we hope you did so through a credit or debit card. No matter what the contract made with this company says, you have a legal right to request a cashback through your bank. This means that you can get your money back relatively easily.
You can request for a cashback for up to 540 days after the initial transfer, this is why you should go directly to your bank instead of talking to Duvaro first as they will surely try to make you wait as long as possible. If you have made your deposit through cryptocurrency things can get really ticky even with these kinds of exchanges being legally regulated so you might want to look for some professional help..
As you can see from our Duvaro review, we are clearly dealing with an unregulated broker here, and one who will make getting your money back as hard as possible if you made the mistake of believing their lies.
Besides lacking licensing data, and information regarding who is behind the company, the scam broker also requires huge minimum deposits.
We definitely don’t recommend doing business with this broker, in fact, the best thing you could do is to avoid this scam investment.
FAQs About Duvaro Broker
What is Duvaro's Minimum Deposit?
Duvaro’s minimum deposit is 5000US dollars.
Does Duvaro Offer a Demo Account?
No, Duvaro doesn’t offer their clients a demo account.
What Types of Accounts Do Duvaro Offer?
Duvaro offers 5 different accounts to their clients, each one requiring a different minimum deposit.