Fivoro Scam Broker Review: Don’t Invest Your Money Here
The forex market can be a tempting arena for both seasoned and aspiring investors. However, navigating its complexities requires caution, especially when encountering brokers like Fivoro. This review delves into the red flags surrounding Fivoro, exposing it as a scam broker and urging you to avoid investing your hard-earned money with them.
What is Fivoro?
Fivoro presents itself as a forex broker, offering various financial instruments like currencies, commodities, and cryptocurrencies. However, a closer look reveals a deceptive operation.
Fivoro Details:
Broker status: | Unregulated Broker |
Regulated by: | Unlicensed Scam Brokerage |
Scammers Websites: | fivoro.com |
Blacklisted as a Scam by: | N/A |
Owned by: | Urvashi Limited |
Headquarters Country: | SVG |
Foundation year: | 2022 |
Supported Platforms: | Web trader |
Minimum Deposit: | 250 USD |
Cryptocurrencies: | Yes (Bitcoin, Ethereum, Tether) |
Types of Assets: | Forex, commodities, shares, indices, digital currencies |
Maximum Leverage: | 1:500 |
Free Demo Account: | No |
Accepts US clients: | No |
Red Flags and Warning Signs:
- Unregulated Broker: Fivoro operates without any valid licenses from reputable financial authorities. This lack of oversight raises significant concerns about the safety of your funds and adherence to fair trading practices.
- Offshore Location: Fivoro’s base in SVG, a country with weak controls over its forex market, further amplifies the red flag. Legitimate brokers typically operate under established regulatory bodies with strict guidelines.
- False Claims: Fivoro displays a fabricated “Certificate of Membership” from a non-existent “Crypto Commission Authority.” This is a classic tactic used by scammers to create a false sense of legitimacy.
- Unrealistic Leverage: Fivoro offers an exorbitant leverage ratio of up to 1:500, which can be extremely risky and magnify losses significantly. Reputable brokers usually have lower leverage limits to protect their clients.
- High Minimum Deposit: The minimum deposit of $250 is considerably higher than the industry standard, often under $10. This tactic aims to lure investors into larger deposits, making potential losses more substantial.
- Opaque Trading Conditions: Fivoro provides limited information about trading conditions, including spreads, commissions, and other fees. This lack of transparency is a major red flag.
- Crypto-only Deposits and Withdrawals: Fivoro only accepts deposits and withdrawals through crypto wallets. While not inherently problematic, it raises concerns due to the anonymous nature of crypto transactions, making it difficult to recover funds in case of fraud.
Customer Complaints and Negative Reviews:
Numerous online reviews and complaints paint a grim picture of Fivoro’s practices. Common issues reported include difficulties withdrawing funds, hidden fees, and unresponsive customer support.
Got Scammed by Fivoro? We Help Victims!
If you have unfortunately fallen victim to Fivoro’s fraudulent practices, seek immediate assistance. Report the incident to the relevant authorities and consider legal advice regarding potential chargeback options. While recovering funds can be challenging, especially with crypto transactions, seeking help from specialized firms can increase your chances of success.
We will provide you with a free consultation and recovery service recommendations to help you recover the lost funds.
If you’ve experienced financial losses with companies like Monaxa, HeroFX, or QxBroker, please report it using the form below.
Remember: When venturing into the forex market, thorough research and due diligence are crucial. By recognizing the red flags and avoiding unlicensed brokers like Fivoro, you can protect your financial well-being and ensure a safer and more transparent trading experience.
