Fivoro – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Fivoro - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Depositupdated 2022
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://fivoro.com
Founded: 2022
Regulations: None
Languages: English, German, Dutch, French
Deposit Methods: Unspecified
Minimum Deposit: $250
Free Demo Account: No
Number of Assets: Unknown
Types of Assets: Forex/Currencies, Shares, Commodities, Indices
Trading Accounts and Conditions
Fivoro offers their clients the following trading accounts:
- Student: The minimum deposit amount is $250.
- Standard: The minimum deposit amount is $5,000.
- Investor: The minimum deposit amount is $10,000.
- VIP: The minimum deposit about is $50,000.
- VIP Platinum: The minimum deposit is $100,000.
There is no mention of trading conditions, except for the leverage ratio, which is 1:500. We were able to find out that the spreads for the EURUSD are at 1.1 pips on this broker’s WebTrader platform.
Fivoro – Advantages
There are no advantages to trading with Fivoro.
Fivoro – Disadvantages
Here is the list of disadvantages that tell us that Fivoro is not a broker to be trusted:
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Lack of Regulation
On their website, Fivoro claims to be owned and operated by Urvashi Limited, a company with an address in St. Vincent and the Grenadines. However, on their Contact Us page, this broker gives us two other addresses and phone numbers – one in the UK and the other in the Netherlands.
We know that being based in SVG means nothing, since the SVG FSA (Financial Services Authority) does not regulate forex and CFD brokers. Therefore, a broker needs to get a license from another financial regulator to be able to operate legally.
Now, if this broker is providing us with addresses in the UK and the Netherlands, then they would need to be regulated by the authorities in these two countries, namely, the FCA (Financial Conduct Authority) in the UK and the Dutch AFM (Netherlands Authority for Financial Markets).
We checked the online registers of both these authorities and we found out that Fivoro is not listed with either of these regulators. And neither is their parent company, Urvashi Limited.
All our research has told us one thing – we are dealing with an unlicensed broker. Which means that Fivoro is a scammer.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Poor Legal Documents
Legitimately regulated brokers are required – by law – to present detailed legal documents on their website. Documents that all visitors can access easily. These documents are what tell traders what to expect from the broker – terms of service, cost of trading, policies, bonuses (if any), withdrawal policies, deposit policies, complaints, and so on.
Fivoro does have legal documents – of sorts. When we went through the Terms of Service this broker offered, we realized that they may as well have not had any documents at all! These documents have zero details, nothing related directly to the services offered by Fivoro.
All in all, Fivoro has simply pasted some documents to give the impression that they actually have some substance in place, when the truth is that this broker is relying on the normal human tendency to skip reading boring legal documents and clicking the I Accept button when signing up.
So, if you were to sign up with this broker, you would, in effect, have no legal defense if you are scammed as this broker has omitted all the key terms and conditions from their documents.
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Issues with Registration
Despite multiple tries, we were unable to register for an account with Fivoro. This could mean one of two things: the broker has already been shut down, or the only way that you can actually open an account with them is by contact the broker directly.
Many scam brokers make it impossible for traders to open an account through their website. This way, they can target only those novice traders who don’t know better and still try to open an account!
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Poor Trading Software
The first thing we noticed was that we were able to access Fivoro’s trading software without even registering for an account. This is rather unusual, since brokers usually ask you to register before they allow you to use their trading platform.
However, once we saw the quality of the trading platform, we understood why this broker did not even bother to put in a registration first!
Legitimate brokers ensure that their clients get only the best possible trading software, such as the MT5 platform. However, this broker offers us a poor software, a WebTrader that does little more than offer buy and sell options. And despite trying we were not even able to place a single trade on this software.
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Issues with Trading Conditions
The lack of transparency is everywhere with this broker. Vague legal documents, issues with registering an account with them, a poor trading software and now, incomplete and vague trading conditions.
First, the minimum deposit of $250 they ask for is too high, especially when you see that there are some really reliable brokers that invite you to open accounts with them for $10 or even less.
A leverage of 1:500 is also much too high. The risk levels make this kind of leverage extremely unsafe, and this is the reason why jurisdictions such as the UK and EU (of which The Netherlands is a part) have made it illegal for brokers to offer more than 1:30 leverage ratios. So, what this broker offers is not only risky but also illegal!
The spreads are also much higher than what a large number of brokers offer. Spreads range from 0.5 pips to 1 pip on average, so a 1.1 pip (which is also unsubstantiated) is high.
Since this broker has not mentioned any other fees and commissions, we don’t really know the actual cost of trading.
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No Payment Details
Fivoro does not bother telling us anything about the payment options as well as the withdrawal policies are. Another blank that only serves to highlight this broker’s scam.
Conclusion
Fivoro is not a broker that can be trusted in any way; they are a scam.
Fivoro
Pros
- None
Cons
- Lack of Regulation
- Poor Legal Documents
- Issues with Registration
- Poor Trading Software
- Issues with Trading Conditions
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.