Beware! Fivoro is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Fivoro relies on simplicity, but doesn’t quite grasp the concept of “fewer is better”. Still, there is a note of charm in this broker, and it’s what Fivoro clings on to. But that’s not enough, even for a shady broker. And what a scammer broker this one turned out to be!
First of all, we were not able to register an account, no matter how many times we tried and failed. There was a very serious internal error that appeared each time we tried to sign up. It was definitely some internal coding error, leading us to believe that Fivoro has given up or is already busted. Or perhaps the broker is maintaining its services.
Whatever it may be, we had to rely on the website. However, to our surprise, we were able to access a web trader, where forex currency pairs, commodities, indices, stocks, ETFs, and cryptocurrencies are the available assets for trading. The EUR/USD cost of trade is indicated as being 1.1 pip, and the leverage, according to the site, is 1:500.
FIVORO REGULATION AND SAFETY OF FUNDS
Here we come to the legal stuff. And in all honestly it’s both very limited and not nearly as legit as Fivoro might want you to think it is.
The only piece of legal information that we came across is that the broker is registered under the laws of Saint Vincent and the Grenadines. But here’s the thing. It really makes no difference if Fivoro is registered there. There’s a reason for this.
For one, Saint Vincent and the Grenadines does not regulate the FX market industry. There is no regulator there, and never was. But unlicensed brokers still flock like flies to it. Why? It has to do with the second reason, which is that unofficially Saint Vincent and the Grenadines agrees with these practices since it does not introduce stricter regulatory laws that would counteract the scammers. So, for now, this Caribbean nation is the perfect jurisdiction for any fraudulent broker.
Aside for the SVG registration claim, Fivoro does not provide further legal details. Therefore, this broker is not licensed and is a risk to all. Moreover, any invested capital will be lost, and not to mention that all personal details will be used against the user.
It would be a big shame to lose all that money to scammers. By registering and investing in an unlicensed broker, you are indirectly throwing your money away for a completely futile and illicit cause. There is no reason to do so. That is why we urge our readers to rely on European, UK, US, or Australian brokers, or any licensed entity for that matter. Licensed entitles are covered by hundreds of requirements, many of them apply financial compensation schemes, and anti fraud practices. In other words, they are the exact opposite of what this broker and others like it stand for.
FIVORO TRADING SOFTWARE
Even without a registration, we were still able to access the web trader. The onyl issue was that we wrre not able to palce any trades on it, but considering the scammer nature of the broker, we wouldn’t have wanted to do that anyway.
And so this is what we get:
It looks like a common unlicensed broker web trader, with no unique features and nothing to make it seem useful to anyone but to the scammer itself.
There are very few features here, and what we get is a very limited package, one that is not worth the effort or the risk.
FIVORO DEPOSIT/WITHDRAW METHODS AND FEES
There is no thing to reveal in terms of payment details, and so we are left only to rely on our wits. But considering that Fivoro is unlicensed, chances are that its payment conditions are similar to 90 percent of all other illicit brokers out there.
The most popular payment methods are usually bank transfer, cards and especially crypto based wallets, because they are untraceable, meaning that once a sum is sent over is cannot be retrieved ever again.
As for the sum itself it all depends on the broker, but the most average ranges between $10 and $250.
Withdrawals are sometimes taxed, either openly or issued a hidden commissions. And speaking of hidden commission in our view most scammer can tax their users for whatever reason since there is nothing stopping them.
HOW DOES THE SCAM WORK
Generally, the first step to being in a scam, whether a user is aware of it or not, is to bridge the crucial gap that exists between a user and a broker. With legit entities rarely does this go beyond the limits of formality, whereas with scammers they will try to behave as close friends, and will try to sell you as much as they possibly can.
It easy to fall prey to their sweet talk, because as financial instruments grow more complex, so do scammers, and there are surprisingly advanced swindle techniques that will leave you empty handed faster than you know. So make sure to think before you act, and to ask for professional guidance if necessary.
Contact usually begins at the online ads level, and expands to the telephone line relatively fast, depending on how good the scammer is and how susceptible he or she is to manipulations.
The ultimate goal is reached once a scammer successfully causes an initial deposit to be invested. Once this happens the user has become the victim, and from then on the fraudsters will try to retain the client for as long as possible, draining him/her along the way.
On average, it takes 2 to 3 deposits for a user to realize that something very unlawful is happening. By that point however, the broker will cut all communications with the user and will deny all withdrawal requests.
WHAT TO DO IF SCAMMED
The most common action to take is to file for a chargeback, but this happens only if the user has invested with a credit or debit card. That’s why you don’t get many investment frauds taking card payment nowadays. But the good news is that, if money was invested via a card, the chargeback period for MasterCard and VISA is 540 days.
Wire transfer deposits are harder to get back, and the only thing we recommend is contacting the bank to sort things out if possible. Oh, and make sure to change you bank account user name and password ASAP!
Crypto transactions are lost for good, unfortunately. As cryptocurrencies become more numerous and the systems underlining them more complex, scammer are taking full advantage of these aspects, and the end results are very lucrative. So, never trust unregulated brokers with crypto payments.
And then, we have to mention the other type of scammer, the recovery agents. These are either third party fraudsters or extensions of existing swindles, and will provide the seemingly impossible service of tracing your lost money. All they need is a fee for their effort, a sum of money that will be lost once paid.