Duvaro Review: Who is Behind Duvaro.Io?
Duvaro review will tell you everything about the company that claims to offer the highest service quality, security, the latest technology, and excellent liquidity. That would be great if we were talking about a legit business, which we aren’t.
The only high quality they have is their advertisement, but their delivery is pretty lousy. We are talking about a broker that’s owned by a company registered in St. Kitts and Nevis – a country known for having next to no regulations for trading markets.
|Headquarters||St. Kitts and Nevis|
|Broker Type||Forex, commodities, indices, shares, cryptocurrencies|
Duvaro Regulation and Security
Duvaro Forex brand is owned by 48Power Ltd, registered in St. Kitts and Nevis. You stand no chance of reaching its true owners when you realize you have been scammed and attempt to bring any meaningful legal action against them.
The local authority of the country only regulates the banking sector and does not deal with forex brokers. As a result, a broker registered in St. Kitts and Nevis would not have to meet any specific requirements or be obligated to conduct business in a certain manner.
Moreover, according to local legislation, if you want to sue a St. Kitts and Nevis-registered company, you would have to hire a local lawyer and post a cash bond at a local court. This broker isn’t even regulated by this unreliable, local authority. They couldn’t even meet those loose requirements.
You should look for brokers that are licensed preferably by the most well-known authorities like the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA), and the Australian Securities and Investments Commission (ASIC).
Trading Software Used by Duvaro
Even though they advertise a professional, multi-asset platform, in reality, Duvaro offers only basic trading software. As usual, scam brokers make bold statements and a lousy delivery.
There is no reason to pick this platform when you pick a trading company that uses the best trading platforms – MetaTrader 4 and MetaTrader 5.
MetaTrader 4 is a platform for trading Forex, analyzing financial markets, and using Expert Advisors. Mobile trading, Trading Signals, and the Market are the integral parts of MetaTrader 4 that enhance your Forex trading experience.
MetaTrader 5 is a multi-asset platform that allows trading Forex, stocks, and futures. It offers superior tools for comprehensive price analysis, the use of algorithmic trading applications (trading robots, Expert Advisor). and copy trading.
Duvaro Account Types
Duvaro offers the following trading accounts:
- Test Account – $5,000
- Standard – $25,000
- Pro – $100,000
- VIP – $250,000
The main difference among accounts is that from the Standard account, you’re entitled to request a floating spread, and the leverage ranges from 1:100 for the Test account to 1:400 for the VIP. We will discuss the minimum deposit in the next section.
Deposit and Withdrawal Method
You can deposit your money with bank wire transfers, VISA, Mastercard, Bitcoins, and some unspecified electronic payment options are all listed as possible payment methods.
The minimum deposit is $5000, which is absurd. Why would anyone invest that kind of money in an unregulated broker when you can open an account for $5?
Duvaro charges a big dormancy fee of $85 after just 30 days of no trading activity. Legitimate brokers who charge such fees usually wait a bit longer – at least 3 months. Also, they charge just a couple of dollars.
According to the Terms and Conditions, a Duvaro withdrawal request should be submitted in case a customer has no debts and opened trades. However, there’s a limitation to your withdrawals if you accept any bonuses.
Duvaro Bonus Policy states that a customer cannot request a withdrawal if there’s any obstacle, including a volume-conditioned bonus. However, the minimum trading volume is not specified, meaning that broker employees can tell you any amount, and since nothing is written, they can change it at any time.
How Does The Scam Work?
Scam brokers like Duvaro are all about making a false impression that you are dealing with a credible firm. After that, they count on deceiving people into leaving personal details. If you open an account with such an entity, you should expect endless phone calls. Scammers will constantly try to approach you and make you deposit money as quickly as possible.
Remember that urgency is always a treacherous sign, so it’s probably a scam if someone is pushing you constantly into making a deposit.
In the worst-case scenario, you’ll deposit, and scammers will persuade you to trade instead of you. They will present you with magnificent profits generated – false, of course, and you’ll get excited, asking to take your money back.
As you probably guess, they won’t let you do so and will try to get another deposit from you, promising that much more lucrative gains are waiting. Or, they can ask for a false tax, saying that withdrawals are only possible if you cover the charge in advance. If you pay, you’ll increase the amount stolen from you, but if you keep asking for your money, you’ll soon realize it’s a scam.
Duvaro is a scam broker. They are owned by 48Power Ltd, a company registered in St. Kitts and Nevis. The local authority of the country only regulates the banking sector and does not deal with forex brokers.
This means that brokers registered in that country would not have to meet any specific requirements or be obligated to conduct business in a certain manner. That’s a strong signal that you should stay away from them.
They offer a basic web-based trading platform, and they have the minimum deposit set at $5000. Nothing about them is attractive. They are fake.
FAQs About Duvaro Broker
Is Duvaro Regulated?
Duvaro isn’t regulated. Don’t trust what they say. This is an offshore trading scam without a license.
What Are The Funding Methods for Duvaro?
With Duvaro you can deposit your money with bank wire transfers, VISA, Mastercard, Bitcoins, and some unspecified electronic payment options.
What is the Minimum Deposit for Duvaro?
The minimum deposit is $5000. There is no reason to invest that much money in an unlicensed enterprise.