Caution Investors Fivoro – Regarding market intermediaries (investment and trading advisers, collective investment schemes, brokers, dealers, and transfer agents)
Overview:
Fivoro is a trading platform that claims to offer a variety of financial products and services, such as forex, stocks, commodities, indices, and cryptocurrencies. However, before you decide to invest with Fivoro, you should be aware of the numerous red flags and warnings that have been issued by various regulators and authorities around the world.
Regulation and Compliance:
One of the most important factors to consider when choosing a trading platform is whether it is regulated and compliant with the laws and rules of the jurisdictions where it operates. Unfortunately, Fivoro does not seem to meet this criterion, as it has been flagged by several regulators for operating without proper authorization or registration.
For instance, the Alberta Securities Commission (ASC) issued a warning on June 12, 2023, stating that Fivoro is not registered to trade in or advise on securities or derivatives in Alberta. The ASC also advised investors to exercise caution when dealing with platforms that claim to offer high returns with little or no risk.
Similarly, the Financial Services and Markets Authority (FSMA) of Belgium issued a warning on June 5, 2023, alerting the public that Fivoro is not authorized to provide investment services in or from Belgium. The FSMA also noted that Fivoro is using a fake address and contact details on its website, and that it may be linked to other fraudulent platforms.
Moreover, the British Columbia Securities Commission (BCSC) issued a warning on May 5, 2023, stating that Fivoro is not registered to trade in securities in British Columbia. The BCSC also warned investors about the risks of dealing with unregistered platforms that may engage in illegal activities or disappear with their money.
Furthermore, the Financial Supervisory Authority (FSA) of Norway issued a warning on November 23, 2022, informing the public that Fivoro is not authorized to provide investment services in Norway. The FSA also advised investors to be careful when dealing with platforms that offer unrealistic returns or pressure them to invest quickly.
Customer Reviews:
Another factor to consider when choosing a trading platform is the feedback and reviews from other customers who have used it. Unfortunately, Fivoro does not have a good reputation among its users, as most of the reviews online are negative and complain about various issues and problems.
For example, some customers have reported that Fivoro has refused to process their withdrawal requests or charged them excessive fees and commissions. Others have claimed that Fivoro has manipulated their trades or closed their accounts without any explanation or justification. Some have even alleged that Fivoro has used aggressive marketing tactics or fraudulent schemes to lure them into investing more money.
Products and Services:
Another factor to consider when choosing a trading platform is the range and quality of the products and services that it offers. Unfortunately, Fivoro does not seem to offer anything that sets it apart from other platforms or gives it an edge over its competitors.
According to its website, Fivoro offers five types of accounts: Basic, Silver, Gold, Platinum, and VIP. However, the website does not provide any clear information about the features or benefits of each account type, such as the minimum deposit, leverage, spreads, commissions, or bonuses. The website also does not disclose any details about the trading platforms or tools that Fivoro uses or supports.
Moreover, the website claims that Fivoro offers over 200 assets to trade with, including forex pairs, stocks, commodities, indices, and cryptocurrencies. However, the website does not provide any specific information about the assets or their trading conditions, such as the symbols, prices, volumes, margins, or swaps. The website also does not mention any educational resources or market analysis that Fivoro provides to its customers.
Location:
Another factor to consider when choosing a trading platform is where it is located and how it can be contacted. Unfortunately, Fivoro does not seem to have a clear or reliable location or contact information.
According to its website, Fivoro is owned and operated by a company called Globalix Ltd., which is registered in St. Vincent and the Grenadines. However, this is a common tactic used by many unregulated and shady platforms to avoid oversight and accountability from reputable authorities.
Moreover, according to its website, Fivoro has two addresses: one in London (UK) and one in Zurich (Switzerland). However, these addresses are either fake or belong to other entities that have nothing to do with Fivoro. For instance, the London address is actually the address of a company called Regus UK Ltd., which provides office space and virtual offices for rent.
Furthermore, according to its website,
Fivoro has three phone numbers: one in Switzerland (+41-435-083-629), one in Norway (+47-219-501-36), and one in Australia (+61-283-173-419). However,
these phone numbers are either unreachable or answered by automated messages that do not connect to any human representative.
Customer Service:
Another factor to consider when choosing a trading platform is how it treats its customers and how it handles their inquiries and complaints. Unfortunately, Fivoro does not seem to have a professional or responsive customer service team.
According to its website, Fivoro has an email address ([email protected]) and a live chat feature for customer support. However, many customers have reported that Fivoro does not reply to their emails or chats, or that it takes a long time to respond. Some customers have also reported that Fivoro’s customer service agents are rude, unhelpful, or dishonest.
Conclusion:
Based on the above factors, it is clear that Fivoro is not a trustworthy or reliable trading platform. It has been warned by several regulators for operating without proper authorization or registration. It has received many negative reviews from its customers for various issues and problems. It does not offer any clear or useful information about its products and services. It does not have a clear or reliable location or contact information. It does not have a professional or responsive customer service team.
Therefore, we strongly advise you to avoid investing with Fivoro and to look for other platforms that are regulated, reputable, and transparent.
