Sakvoli – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Sakvoli - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2024
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://sakvoli.com
Founded: 2024
Regulations: Not Registered
Languages: English, Russian, Spanish, German, French, Polish, Turkish
Deposit Methods: Cryptocurrencies
Minimum Deposit: $150
Free Demo Account: Not Offered
Number of Assets: Not Mentioned
Types of Assets: Commodities, Metals, Indices, Cryptocurrencies, Currencies, Stocks
Trading Accounts and Conditions
Sakvoli offers the following types of trading accounts to their customers:
- Basic: The minimum initial deposit for this account is $1,000. The leverage is 1:20.
- Medium: The minimum initial deposit for this account is $25,000. The leverage is 1:50.
- Professional: The minimum initial deposit for this account is $50,000. The leverage is 1:100.
While the broker lists a $1,000 amount as the minimum deposit, we found out that Sakvoli allows for an account opening at $150. There is also no clear information on their commissions and spreads. The only thing the broker states is that they have a transparent commission structure with no hidden charges. Spreads are not mentioned on their website, but their trading platform shows spreads for the three currency majors starting from 0.1 pips.
Other trading conditions are not clearly specified either.
Sakvoli – Advantages
There are no advantages to trading with Sakvoli.
Sakvoli – Disadvantages
Listed below are all the disadvantages that tell us that Sakvoli is a scammer and cannot be trusted:
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Lack of Regulation
Sakvoli claims to be based in Frankfurt in Germany. The broker provides us with a German address as proof of this claim. However, other corporate details such as their company name, their contact numbers and their regulation information are all missing.
The broker also claims to be regulated by the Cyprus Securities and Exchange Commission (CySEC), and gives a so-called license number for that claim. Furthermore, when you check the broker’s Licenses page, Sakvoli claims to be regulated by even more regulatory authorities: the Australian Securities and Investments Commission, the Financial Conduct Authority of the UK, and the Dubai Financial Services Authority.
All of these claims are unfortunately lies. There is no company or brokerage by the name of Sakvoli listed with any of the above-mentioned financial authorities – we checked.
Added to all of this, in the broker’s Terms and Conditions, we find that the broker claims to be operating under the laws of the Republic of Vanuatu. Which clearly tells us that we are dealing with an unregulated, offshore entity that is operating anonymously – 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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Fake Government Sites to Prove Authenticity
What this scammer does is that it has created links to their so-called regulation information. When you click on those links, you are taken to sites that are supposedly the financial authorities that have regulated this broker.
However, if you look carefully, you will see that the domain names are not for those regulators. These are fake websites created by scammers that mimic real government websites.
So, when traders click on the links to their licenses, they are taken to these fake websites which show that the so-called broker is duly licensed.
However, if you manually go financial regulators’ real websites, you will find that this broker is not listed anywhere on their database.
This is simply a new way that scammers are trying to use to fool traders into thinking that they are legitimate brokers.
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Poor Trading Platform
Sakvoli dedicates an entire page on their website to the qualities their trading platform possesses. However, nowhere on that page do they specify which trading platform they offer; just a lot of generic information about how efficient their platform is, and how many charts they have for trading and so on.
When we checked out their trading platform for ourselves, we found out why this broker kept their information so generic.
What Sakvoli offers is a very basic, web-based trading platform with barely any functionality. This is the kind of platform that we have seen many scammers and low-grade brokers use.
A clear sign of a broker’s scam is when the compromise on the quality of their trading platform. This is their single product offering, on which their entire business depends. So, when this is of poor quality, then you cannot expect anything from that broker.
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Issues with Trading Conditions
Issues with trading conditions are another way to figure out if a broker is honest or not. These are the conditions the broker puts in place for traders to trade on their trading platforms. They need to be advantageous not only to the broker, but also to the traders.
With Sakvoli, we see these very issues with their trading conditions. The contradictions in the minimum deposit requirements. On the one hand, the broker states that they have a $1,000 initial deposit. But on another part of the website, the broker claims to have a $150 minimum deposit.
The leverage ratios are also too high at a maximum of 1:100. All of the countries that this broker targets have strict limits on how much leverage brokers can offer their clients. And none of them are as high as 1:100.
The spreads on their platform are suspiciously low, and no commissions are specified.
Such lack of clarity in something so basic is just another sign that we are dealing with a scammer here.
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Issues with Payments
Sakvoli claims to offer 8 different payment methods on their website. However, when we checked, we found out that the only way to make payments way with cryptocurrencies.
Crypto payments are notoriously dangerous. They are all anonymous and permanent. And this is exactly why scammers only offer this as their single payment method. There is no way that you will be able to trace where your money went and you will never be able to reverse the transaction.
So, if a broker offers only a single payment method (first red flag) and that payment is crypto (second red flag), then you know you are dealing with a scammer.
Conclusion
Sakvoli is a scammer and trusting them with your funds would be dangerous.
Sakvoli
Pros
- None
Cons
- Lack of Regulation
- Fake Government Site to Prove Authenticity
- Poor Trading Platform
- Issues with Trading Conditions
- Issues with Payments
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.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more