Is Fivoro Legit or Scam?
Fivoro raises a lot of red flags, suggesting it leans more toward a scam than a legitimate broker. The biggest concern is the lack of regulation. Without regulatory oversight, there’s no guarantee of fair trading practices or the safety of your deposited funds.
This Fivoro scam broker review will delve deeper to help you make an informed decision.
Company Overview
Feature | Detail |
Registered Country/Region | United Kingdom |
Regulation | Unregulated |
Market Instruments | Currencies, Commodities, Stocks, Indices, Cryptocurrencies |
Account Types | Student, Standard, Investor, VIP, VIP Platinum |
Demo Account | Not Available |
Minimum Deposit | $250 |
Services or Products
Fivoro offers trading in various financial instruments, including currencies, commodities, stocks, indices, and cryptocurrencies. However, the lack of transparency surrounding trading conditions raises concerns.
If you have lost money to companies like Wafra Investment LLC, or GiantTech Global; please report it to us on our Report a Scam form.
Trading Platform & Leverages
Fivoro utilizes a web-based trading platform instead of the industry-standard MT4/MT5 platforms. These lack the advanced features and functionality most traders prefer.
Fivoro boasts a high leverage ratio of 500:1. While leverage can amplify profits, it can also magnify losses. Keep in mind that reputable brokers, especially in regulated regions, offer significantly lower leverage ratios to protect traders.
Spreads and Cost of Trading
Crucially, Fivoro doesn’t disclose information on spreads (the difference between the buy and sell price) or other trading costs. Without this knowledge, it’s impossible to determine the true cost of trading with Fivoro.
License and Regulations
Legal Warning Against Fivoro
A significant red flag is the lack of regulation. Fivoro claims to be based in the UK but isn’t authorized by the Financial Conduct Authority (FCA), the UK’s financial watchdog. Additionally, the company registration number provided for Urvashi Limited cannot be verified with St. Vincent and the Grenadines Financial Services Authority (SVG FSA).
This lack of regulatory oversight means there’s no guarantee of fair trading practices, and your funds wouldn’t be protected in case of a dispute.
Deposit and Withdrawal Methods
Fivoro doesn’t provide clear information on deposit and withdrawal methods. This lack of transparency makes it difficult to assess the ease and potential fees associated with funding your account or withdrawing your profits.
Fivoro Pros and Cons
Pros | Cons |
Various tradable assets and account options | Unregulated |
Basic educational resources | No clear info about trading costs and funding methods |
None | Clients from the USA are not accepted |
None | High minimum deposit ($250) |
Why Dealing With An Unlicensed Broker Is Risky
Unlicensed brokers pose a significant risk to your investment. Here’s why:
- Unfair Trading Practices: Without regulatory oversight, there’s no guarantee the broker will execute trades fairly or honestly.
- Loss of Funds: In case of a dispute or the broker’s insolvency, your funds might not be recoverable.
- Limited Dispute Resolution: Resolving issues with an unregulated broker can be a challenging and expensive process.
Client Feedback
Due to Fivoro’s lack of popularity and regulation, there are very few online reviews available for the broker. This makes it difficult to gauge client experiences and assess the platform’s reputation. The scarcity of reviews is a red flag in itself, as most legitimate brokers will have a collection of online reviews, both positive and negative.
It’s also important to consider the potential bias of online reviews. While some reviews may be genuine, others could be written by the broker itself or by affiliates trying to drum up business. For these reasons, it’s essential to approach online reviews with a critical eye and not rely solely on them to make your decision.
How Can “Reviewsadvice” Help You If You Get Scammed?
Unfortunately, if you get scammed by an unregulated broker, recovering your funds can be very difficult. However, reporting the scam to relevant authorities can help prevent others from falling victim or you Can report to us today by the below form.
File A Complaint Against Scammers
Final Thought
Fivoro displays numerous red flags, including a lack of regulation, unclear trading costs, and a non-standard trading platform. These factors strongly suggest you should avoid Fivoro and consider reputable, regulated brokers that prioritize transparency and client protection. Remember, investing involves inherent risks, but choosing a licensed broker mitigates some of those risks.
