Fivoro seems to aim for simplicity but unfortunately falls short in its execution of the “less is more” philosophy.
Nevertheless, there is an element of charm in this broker that it relies on, but this alone is insufficient, particularly for a dubious broker like Fivoro. It is evident that Fivoro is a fraudulent broker.
Initially, we attempted to register an account numerous times without success. Each time we tried to sign up, a severe internal error message appeared.
This indicates that there is a coding error within the broker’s system, leading us to question whether Fivoro has given up or has already been exposed as a scam. Alternatively, the broker may be still providing its services. Let’s dig deeper into this Fivoro review.
|Leverage||1:10 to 1:200|
Regulation and Security of Fivoro
Welcome to the part that nobody enjoys – the legal mumbo jumbo. To be honest, Fivoro’s legal information is both severely limited and not nearly as legitimate as they would have you believe.
The only piece of legal information that we could find is that Fivoro is registered under the laws of Saint Vincent and the Grenadines. But here’s the thing – it really doesn’t matter if Fivoro is registered there. Why is that, you may ask?
Well, for starters, this place doesn’t regulate the FX market industry. There is no regulatory body there, and there never has been. Yet, unlicensed brokers continue to swarm to this Caribbean nation like bees to honey.
In addition, Fivoro does not provide any further legal details beyond their SVG registration claim. Therefore, this broker is unlicensed and a potential threat to all investors. Not only will your invested money be lost, but all of your personal details will be used against you. It’s important to be cautious and do your due diligence before committing to any broker.
Trading Platform at Fivoro
Despite not being able to register, we were still able to access Fivoro’s web trader. However, placing any trades was not possible, which, considering the fraudulent nature of the broker, was probably for the best.
The WebTrader appears to be a typical platform utilized by unlicensed brokers. It has no standout features and nothing to make it appealing to anyone other than the broker.
The features are limited, offering a bare-bones package that hardly seems worth the time and risk.
MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are two of the most widely used trading platforms on the markets. MT4 was released in 2005 and remains popular due to its user-friendly interface and many customizable tools. It’s particularly favored by forex traders, and many brokers still offer it as their primary platform.
On the other hand, MT5 was released in 2010 as an upgrade to MT4, with the goal of expanding into other financial markets beyond forex.
While it retains many of the features of its predecessor, MT5 also introduces several new features, including additional chart timeframes, order types, and technical indicators. It also allows for more complex trading strategies and supports more asset classes such as stocks and futures.
Trading Accounts Available
At Fivoro, you can find a range of account types. Here’s what each of these account types has to offer:
- Student: Requires a minimum deposit of 250 USD
- Standard: Requires a minimum deposit of 5,000 USD
- Investor: Requires a minimum deposit of 10,000 USD
- VIP: Requires a minimum deposit of 50,000 USD
- Platinum: Requires a minimum deposit of 100,000 USD
Deposit and Withdrawal Methods
There is no information available regarding the payment details of Fivoro. As a result, we are left to rely on our own instincts. However, considering that Fivoro is unlicensed, it is highly likely that their payment conditions are similar to 90% of all other unscrupulous brokers.
The most commonly used payment methods include bank transfers, bank cards, and crypto coins. The amount of money required for deposits varies depending on the broker. Yet, the most common range falls between $10 and $250.
Withdrawals may be subject to taxes, which could be openly declared or imposed as hidden commissions. The absence of regulations may allow scammers to impose additional fees on users.
Note: We would greatly appreciate it if you could share any negative affairs you may have had with this or any other deceitful broker.
Unveiling the Scheme
Getting caught in a scam often starts with a scammer bridging the gap between themselves and their target, usually a user looking for a broker. While legitimate firms keep things formal, scammers act like close friends and push to sell as much as possible. It’s easy to fall for their tactics, especially as financial instruments and scams become more complex.
Be careful and think things through before acting. Seeking professional guidance is an excellent idea if you’re not sure. Scammers usually start by reaching out through online ads and quickly move to the phone. Their ultimate goal is to get you to make an initial deposit.
Once you do, they’ll do everything they can to keep you around and drain you of your money. By then, the scammer will have cut off all communication and won’t let the victim withdraw any money.
Best Performing Forex Brokers
Take a look at some of the best forex brokers. Let’s dive into the table below!
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFx.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||Xm.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||Hfm.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||Fbs.com|
What can we learn from this Fivoro review? It’s clear that this firm is not worth recommending. In fact, they lack a proper license to provide any services and have garnered many negative comments online. Hence, it’s wise to exercise caution and steer clear of this broker scam, as your money may not be secure.
You should also read other Fivoro reviews before committing your hard-earned funds. Taking the time to research and understand the company’s background can save you from sinking into a financial trap.
If you’ve unfortunately fallen prey to this scheme, think of leaving a negative review to warn others about the scam. Remember, being vigilant and sharing facts can help protect the integrity of the financial industry.
FAQs About Fivoro Broker
Is Fivoro Legitimate Broker?
No, this broker is not legitimate and you should avoid it.
What is the Minimum Deposit for Fivoro?
The minimum deposit amount that this broker asks for is $250.
How Long Does it Take to Withdraw from Fivoro?
This is not a legitimate broker, so withdrawals are not possible here.