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Fivoro Review – Don’t Let This Broker Scam You
Table of Content
Fivoro Review, we’ve outlined the potential dangers and risks that may arise with this unscrupulous offshore provider. Fivoro hopes to embezzle as much hard-earned money as possible but sorry, no can’t do that. We’re here to put an end to that vile scheme.
This is one of those cases that requires scrutinizing. Thankfully, we are already seasoned scam busters so it will not be a problem. Sit back, relax, and watch how we uncover this fraud.
|Leverage||Up to 1:500|
|Regulation||Unregulated Offshore Broker|
|Headquarters||St. Vincent and the Grenadines|
|Broker Type||Forex, Indices, Shares, Commodities, Crypto|
Is Fivoro Broker a Scam or Legit?
There’s a lot to unpack here so let’s not waste any more time. Our little fraudster known as Fivoro is actually an offshore provider owned by SVG-based Urvashi Limited. Thus, anything it offers should not be taken for granted because there’s a thing or two you should know about SVG.
This little lonely island is home to countless devious scams due to its excellent tax system and anything-goes rules. Moreover, the local regulator – the Financial Services Authority (FSA) does not issue Forex licenses. This is the one red flag you cannot bypass.
Moving on, Fivoro claims to possess a license issued by the Crypto Commission Authority, which instantly seemed suspicious so we decided to investigate.
Looks like these terrible lies went the distance. The Crypto Commission Authority, operated by Crypto Commission Limited, allegedly based in London, is nowhere to be found in the register of the UK’s Financial Conduct Authority (FCA). Therefore, that’s one more hoax on the list. As icing on the cake, Fivoro has been blacklisted by the Romanian and Portuguese regulators.
What Options Do Traders Have for Online Platforms?
Here we have WebTrader, a browser-based platform that is kind of Nah. We’re seriously indifferent towards this platform because it lacks the quality and features necessary for great trading. You do have some basic charts and tools but that’s just about it. WebTrader is nowhere near the industry’s standard set by Meta Trader 4 and 5.
Furthermore, we have strong reason to believe that unsuspecting victims receive manipulative software that entices them to trade and invest more and more. However, they are blind to the fact that they aren’t trading at all but only depositing. When they realize what’s going on, the fraudulent broker has already vanished into thin air.
Does Fivoro Offer Different Types of Accounts?
According to the website, Fivoro offers five different account types:
- Student – $250;
- Standard – $5,000;
- Investor – $10,000;
- VIP – $50,000;
- VIP Platinum – $100,000.
The financial swindler devoted an entire section to emphasizing the difference between beginner and pro account types, with a special focus on crypto trading of all things. Yet, there’s no trace of a demo account anywhere on the website. Typical of offshore brokers. Legitimate brokers would never make such an inadmissible mistake.
Market Instruments Traded by Fivoro
As far as trading instruments are concerned, Fivoro says it offers the following:
- Forex pairs – EUR/USD, USD/JPY, GBP/AUD…
- Indices – S&P 500, GER 30, UK 100…
- Commodities – crude oil, brent oil, gold, silver, corn…
- Shares – Apple, Tesla, Visa, Google…
- Crypto – Bitcoin, Ethereum, Tether, BNB & Cardano.
Let’s not forget that Fivoro does not have a legit Forex license since the FSA does not issue those. Thus, the whole Forex thing is a farce. Yup, so much for one of the most popular trading assets.
When it comes to the trading conditions, i. e. leverage and spreads, the illicit broker failed to do its homework. Since we’re dealing with an offshore broker here, the leverage cap is significantly higher than usual – 1:500.
Bear in mind that such high a level could be extremely detrimental for your trading as it could result in great losses, which most often is the case. Hence, renowned financial regulators considered the safety of traders and imposed a leverage limit of 1:30 (UK, EU) and 1:50 (US, Canada).
Spreads? The phony broker did not disclose them but we found out that 1.1 pip is available for the benchmark EUR/USD pair. It’s somewhere on the fence between competitive and too wide but that matters little given that the provider is unlicensed. We know nothing about commissions.
Deposit and Withdrawal Options
Shockingly, the broker provided no info on the acceptable payment methods. The shadiness of Fivoro knows no limits. All we know is that the minimum deposit is $250. Considering that the broker is unlicensed, that amount is too large. We wouldn’t be surprised if there were some hidden fees in store.
Now, we can keep guessing what the payment methods are but wouldn’t you rather have them transparently displayed in a section on the website? From past experience, our assumption is that this fraudster accepts credit/debit cards, wire transfers and crypto payments.
How Can I Get My Money Back If Fivoro Scam Me?
If you’ve deposited funds via credit/debit card, then you ought to request a chargeback. You can do so at the issuing bank within 540 days.
For wire transfers, that process is known as a recall. It can also be requested at the bank but bear in mind that it won’t work if the transaction has been completed. Thus, it’s imperative that you act fast.
Crypto transactions are deemed irreversible but we beg to differ. It’s possible to trace them to a wallet within a crypto exchange and then request a refund.
- Fivoro is a shady offshore broker based in St. Vincent and the Grenadines;
- It’s unregulated and blacklisted by the Romanian and Portuguese financial authorities;
- Payment methods were not disclosed;
- Leverage caps at 1:500 while the spread for EUR/USD is 1.1 pip;
- The only available trading platform is WebTrader.
FAQs About Fivoro Broker
What Is The Minimum Deposit For Fivoro?
The minimum deposit that Fivoro requires you to make is $250.
How Long Do Fivoro's Withdrawals Take?
Fivoro did not specify the exact time required to complete the withdrawal. However, we’re certain that it does not intend to give away any money.
Is Fivoro a Trustworthy Broker?
Fivoro is anything but a trustworthy broker. The provider is dishonest, non-transparent and most importantly, blacklisted.