For Fivoro, there is no information regarding the company’s establishment or when it was created. For a company that claims to be transparent, it is odd that they do not give the details about its ownership. When we checked their website on whois.com, we found that it was created on 2022-01-21, updated on 2022-04-05, and will expire on 2023-01-2
Forex trading is a business like any other. As such, one cannot be too careful about their investment. Also, there are gains and losses in business, and forex is no exception. Before becoming a profitable trader, they must undergo months of training. Even after extensive training, they must trade using a demo account to get the experience.
Demo trading involves using fake money. As such, there are few emotions attached. Many people can now trade online because brokers can facilitate this. It is possible to do this due to margin trading. This is where a trader uses a broker’s money to trade. They have to deposit some money in the broker’s account, and they’re good to go. That is simple enough. However, one needs to trade only with legit and trustworthy forex brokers. This is because as the business has grown, many scam brokers have mushroomed, angling for traders’ money.
Most of these brokers operate offshore accounts where there are no legal restrictions. Among those brokers is Fivoro. This shady broker is in the business of deceiving traders. Despite its many promises of getting a good return, it is phony. Although many governments have now instituted strict measures in trading, scammers are still rife.
At first glance, the broker looks legit enough. The website is well designed with all the aesthetic features in place. On the first page, there are candlesticks and a warm welcome message. Do not let these clever gimmicks fool you, however. The broker further makes some claims about what it does. It alleges to offer traders the chance to trade forex, indices, stocks, commodities, and cryptocurrencies.
To further assist traders, the broker claims to provide free education, trading tools, and trading signals. One of the significant red flags about a scam broker is the claim to offer trading signals. The problem with this service is that sometimes the signals could be wrong.
The broker has five account types, each with its minimum deposit. On the company website, a certificate allegedly shows the company as a member of the Crypto Commission Authority. However, the certificate’s authenticity is questionable because it is hardly legible. These claims the company makes about itself are all geared towards enticing people to sign up for its shady services.
Founders and Team
No organization comes from nowhere. There must be a backstory explaining who started it and why. For Fivoro, there is no information regarding the company’s establishment or when it was created. For a company that claims to be transparent, it is odd that they do not give the details about its ownership. When we checked their website on whois.com, we found that it was created on 2022-01-21, updated on 2022-04-05, and will expire on 2023-01-21.
The expiry date reveals a lot about the company. It shows they intend to exit the forex trading business as soon as possible. One year is too short for any company to make a significant change. Given how the company describes itself as a world-class trading platform, one would expect better from them. The claim that they have years of experience in the forex industry is also invalid since the company is less than one year old.
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These are pivotal in every business. Customers always have questions and concerns, especially when dealing with money. Given the risky nature of forex trading, customers need to be able to reach the broker at any time. Also, one needs constant updates on the market conditions and their account in trading. Traders tend to overtrade, and thus brokers need to update them when their funds are running low. This is crucial as it keeps traders from blowing their accounts.
Fivoro has provided an email, phone number, and address to London and Amsterdam. These details are insufficient. Also, there are some contradictions in its communication. It mentions UK and Amsterdam and also St. Vincent and the Grenadines. With all this information, it is hard to pinpoint where the broker is precise.
Fivoro Regulation Status
In trading, there are many conditions you need to consider before choosing a broker. One of the most critical ones is regulation. Even if you can make a lot of money with a particular broker, it is futile if you cannot withdraw it. This is why it is critical to work only with a licensed broker. Fivoro is an unregulated broker. For one, it claims to have offices in Amsterdam and London.
There are strict regulations governing brokers in the Netherlands and the United Kingdom. In the UK, a financial watchdog is also called the Financial Conduct Authority (FCA). This broker has breached some of the FCA regulations. One of them is trading crypto. Another one is giving traders leverage of 1:500. FCA only allows maximum leverage of 1:30. Therefore, there is no way the company can be under the watch of FCA.
At the bottom of the webpage, the company has highlighted that its website is operated by a company based in Saint Vincent and the Grenadines. This is a massive red flag. Do not be fooled by the registration number they have provided. Saint Vincent and the Grenadines do not regulate the forex market. This is a haven for scam brokers like Fivoro. The broker does not provide any legal documents showing its operating license.
We could not find any verifiable customer testimonials about the company. If indeed they have helped traders as they claim, there should be many acknowledging and recommending them. The company does not have a valid social media page for such information. They did not want to be exposed, so they avoided having one. Also, not all testimonies are believable. Shady companies may add fake testimonies on their website to fool people into thinking they’re legit. Do not believe everything you see on their webpage.
Fivoro Trading Conditions
The broker has unreliable and ambiguous trading conditions. For one, their initial deposit is too high. To start trading, you need at least $250. This is too high for a beginner trader. Also, there is no information about the swap, commission, and spread. These are very critical parameters one needs to consider before selecting a broker. If a broker’s spread is too high, many traders may not want to work with them. Many traders are day traders and hence prefer tight spreads to facilitate scalping. When you look at the different accounts, Fivoro offers, they have only indicated the initial deposit and no other parameters. This should tell you what their chief focus is. They just want to make money.
Deposit and Withdrawal
The company has not explained how traders can deposit or withdraw money. This is strange because we cannot understand how one is supposed to trade without depositing money. Given that the broker is unlicensed, they may require people to deposit through shady means like Bitcoin, so it is impossible to refund when something goes wrong. With this broker, it is also likely that they charge high withdrawal commissions or make the process long and frustrating.
Any seasoned broker has a demo account. This is where traders get the feel of the actual market. This broker, however, does not have one. Although the broker has a Webtrader platform, we could not execute a trade order. The platform lacks the advanced features present in MT4 and MT5 software.
After our research, we concluded that Fivoro is a scam broker. They do not have any experience in trading, as they claim. Also, they do not have any legal mandate to offer financial advice or trading opportunities. It would be hazardous to work with them.
There are many legitimate and trustworthy forex brokers if you want to venture into forex trading. Their legal documents are available online, so you can easily verify their authenticity.