SvoFX – Can You Make Money With Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
SvoFX - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2021
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: svofx.com
Founded: 2021
Regulations: N/A
Languages: English, Chinese
Deposit Methods: Visa, Mastercard, Wire Transfer, Cryptocurrencies
Minimum Deposit: $5
Free Demo Account: Yes
Number of Assets: 5
Types of Assets: Forex, Indices, Precious Metals, Energies, Cryptocurrencies
SvoFX is a Forex and CFD broker that provides advanced trading services. To satisfy the diverse needs of global investors, the company is devoted to a technological platform, leading technology platforms, competitive trading conditions, high-quality customer service, and a wide array of trading financial derivatives to clients and institutions of finance.
Sounds great, right? Read on to find out if what they’re saying is true.
Trading Accounts and Conditions
SvoFX has only 3 account types: Micro, Standard, and Professional accounts. The Micro accounts are ideal for people who want to start trading in little sums, with one lot equaling 1000 dollars. The Standard accounts are appropriate for a variety of trading strategies. As master traders and copy traders, all Standard accounts are eligible to participate in social trading. The Professional accounts with an electronic communication network (ECN) to reduce transaction costs. Low commissions and ultra-narrow spreads enable more stoic trading, but social trading is not possible.
When we read the Terms and Conditions, we were surprised to learn that SvoFX is apparently governed by Australian laws and is subject to ASIC’s jurisdiction. Of course, the broker was not included in the regulator’s database — we only discovered organizations with identical names that were not brokers.
SvoFX is not a legitimate broker because we are unable to link them to any legitimate forex license, and their offshore registration, as previously said, does not enhance their reputation. And that’s pretty much all we know about SvoFX.
The website is supposed to be run by SVOFX LTD, an offshore corporation situated in St. Vincent and the Grenadines, which is said to be owned by SVO CAPITAL LIMITED, a Vanuatu-based firm. So we have one offshore firm in the West Indies that is allegedly owned by another offshore corporation, this time in the South Pacific, which should be cause for concern.
SvoFX – Advantages
How many legit forex brokers are out there currently? There are so many, why would you choose a broker that’s as shady as SvoFX? When we say that there are no advantages to investing money into this scam scheme. We mean it.
SvoFX – Disadvantages
Deposit and Withdrawal Methods
In terms of deposit and withdrawal procedures, there was an unusual contradiction. We should be able to make deposits using Visa, bank transfer, cryptocurrency, and JCB cards (Japan Credit Bureau). However, the sole mode of withdrawal was bank transfer, despite the fact that most brokers only allow you to withdraw money in the same way you deposited it.
SvoFX is not hesitant to offer you a variety of benefits, including a $100 bonus for following their Japanese-only Twitter account. This is a red signal because such offers are currently not permitted by any licensed European or Australian broker.
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.
Sketchy Regulation
The broker’s registered address is in St. Vincent and the Grenadines, which raises suspicions because the local financial regulator does not supervise forex brokers. SvoFX has provided a license issued by the Vanuatu Financial Services Commission, but does not claim to be licensed by a body in St. Vincent and the Grenadines.
SvoFX is not a legitimate broker because we are unable to link them to any legitimate forex license, and their offshore registration, as previously said, does not enhance their reputation. And that’s pretty much all we know about SvoFX.
The website is supposed to be run by SVOFX LTD, an offshore corporation situated in St. Vincent and the Grenadines, which is said to be owned by SVO CAPITAL LIMITED, a Vanuatu-based firm. So we have one offshore firm in the West Indies that is allegedly owned by another offshore corporation, this time in the South Pacific, which should be cause for concern.
Trading Software
SvoFX offered to provide us with access to the popular MetaTrader 4 platform as well as a mobile app for copy trading. We were unable to test the software they claim to utilize because we were unable to create an account with them.
If you’re looking for a good trading platform, MT4 is a great option. You may easily register an account with a reputable broker that supports MT4 and take advantage of the many features it provides, including the well-known Expert Advisors and a marketplace where you can buy various trading apps and add-ons.
Trading Conditions
We couldn’t see what SvoFX has to offer with a demo account, so we’ll have to take their word for it. The minimum deposit for a Micro account with them is $5, however they claim that an ECN account can be opened for $100. This is unexpected because such account types – ones that provide you direct access to the market and allow you to monitor how your own offers affect pricing – are only available from the most reputable brokers. We doubt that someone like SvoFX would be able to build such a sophisticated account for users.
The spreads are intended to start at 1 pip for regular accounts and 0 pip for ECN accounts, but we were unable to verify this. The leverage provided is 1:100, which is significantly too high when compared to the existing maximum leverage allowed in Europe and Australia, which is 1:30.
High leverage is a bet that can result in a wide range of outcomes, thus the restrictions are in place to protect you. One potential is huge profits, while another is huge losses. As a result, retail clients with insufficient skills and capital to manage high leverage are currently unable to obtain such high leverage rates.
Conclusion
SvoFX claims to be a reputable No Dealing Desk (NDD) forex and CFD broker, providing sophisticated trading solutions, a transparent trading environment, the industry’s tightest spreads, and numerous ways to profit on the well-known MetaTrader4 platform. They also claim to have recently expanded operations in Hong Kong and Singapore, with a particular focus on the Japanese market, which all sounds great except for the fact that SvoFX is hardly a trustworthy website.
They claim to be regulated, but the corporation with whom you are entering into an arrangement is not regulated anywhere, and its offshore registration certainly does not help matters.
SvoFX
Pros
- None
Cons
- Deposit and Withdrawal Methods
- Sketchy Regulation
- Trading Software
- 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.
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