This broker is operating under the laws of St. Kitts and Nevis since their company is owned by 48Power Ltd. This country, like most offshore countries, doesn’t have reputable regulations.
But having any kind of regulation is good for the beginning. However, we checked the database of FSC and unfortunately, found no records of Duvaro broker.
They mostly lure their clients through online advertisements about easy money schemes. Of course, you are interested in trading to make money. But if you are greedy and you don’t do proper research, you get burned. Hence, our Duvaro review.
Furthermore, we highly recommend that you avoid the scam brokers BBanc, IDealTrade, and Orient Financial Brokers.
| Broker status: | Unregulated Broker |
| Regulated by: | Unlicensed Scam Brokerage |
| Scammers Websites: | Duvaro.io |
| Blacklisted as a Scam by: | N/A |
| Owned by: | 48 Power Ltd |
| Headquarters Country: | St. Kitts and Nevis |
| Foundation year: | 2022 |
| Supported Platforms: | Web trader |
| Minimum Deposit: | 5.000 USD |
| Cryptocurrencies: | YES – BTC, BNB, BCH |
| Types of Assets: | Forex, Cryptocurrencies, Indices, Shares, Commodities |
| Maximum Leverage: | 1:400 |
| Free Demo Account: | No |
| Accepts US clients: | Yes |
Duvaro – A Scam Broker Without License?
As we mentioned, they don’t have regulations from the country they operate from. As that being said, we would be very careful in handing our money over to this broker. Just to make sure that we don’t make a mistake, we checked some Tier 1 regulators like FCA, BaFin, ASIC and CONSOB. In their archives, we couldn’t find any indication of Duvaro’s trading license.
We are already raising red flags about this broker. However, we will check every other proof to find confirmation that this is a scam.
Duvaro is an unregulated offshore broker from St. Kitts and Nevis. A very poorly designed trading platform is another reason to back out from this broker.
Reasons for Using a Regulated Broker for Trading
The most important reason for trading with regulated brokers is security. If you lost money without an explanation, you got scammed, or the broker just disappeared, the only institution you can reach is a regulator.
Moreover, trading conditions are often manipulated by non-licensed brokers. Sometimes even unclear. That is why with a licensed broker you get prearranged trading conditions and you know what you are dealing with.
Based on the advertisement, we expected something extraordinary. However, it’s a standard web-based trading platform without any special features. If you were looking for social trading tools, copy trading or EAs you won’t get them here.
This is nothing but a basic trading tool combined with a fancy-looking design. Nothing that MT4/MT5 wouldn’t cover. They are presenting their program available for mobile devices, but there are no more features than on basic web trader.
AnyDesk
This broker as well advertises AnyDesk as an assistance tool. This can be extremely dangerous with non-licensed brokers. Since most of them are here just to extract money from you, this would be another way. With AnyDesk you provide direct access to your computer and all information on it. Be aware!
What Financial Instruments Does Duvaro Include?
There is a vast of assets available with this broker. Most of them are widely available.
Duvaro broker offers their clients to trade in:
- Forex USD/HKD, USD/SGD, EUR/AUD
- Commodities oil, platinum, silver
- Indices Dow Jones, DAX30, FTSE100
- Shares Apple, Microsoft, NEO
- Cryptocurrencies BTC, ETH, ADA
This is, so far, the only satisfying thing with this broker. However, any company can extract live data about the financial market. That’s why we have so many scammers.
Duvaro’s Fraudulent Activities – What Are The Countries Involved?
According to Duvaro reviews, this broker is specifically scamming traders from:
- UK
- Canada
- Germany
All of the mentioned countries are highly regulated when it comes to trading. Whether it’s FX or CFDs these countries love rules. And they hate the ones that are violating those. We are expecting very soon to see warnings against this broker.
Duvaro Types of Accounts – An Overview
To get access to their trading platform you have to make a deposit first. This broker offers 4 different account types. The minimum requirements are bizarre. Check it out:
- Test account 5.000$
- Standard 25.000$
- Pro 100.000$
- VIP 250.000$
With a non-licensed broker, we wouldn’t invest even 100$, not to mention 5.000$. Moreover, licensed companies are offering a demo and micro accounts for trying out.
Duvaro Free Demo Account
Duvaro broker is going straight to the point. To get as much as possible as fast as possible. They don’t bother providing clients with a demo account. That is most probably due to very low-quality trading software and customer service.
Duvaro Deposit and Withdrawal Policies
Even though their minimum requirement is 5.000$, sometimes they let clients deposit 250$. Just to get you on board. Available payment options are wire transfers and electronic payment options. However, none of those options are specified.
When it comes to withdrawals, this broker brings another trick from the sleeves. It is a withdrawal fee scam. This happens when clients want to withdraw their funds and the company magically comes up with additional fees that have to be paid.
People usually don’t think that those fees, if they are real, could be paid from profits. They fall for a scam, pay again money and lose everything they had. Be careful with those especially.
Duvaro Terms and Conditions
T&Cs here are very speculative. Starting from spreads. The broker states that they offer variable, fixed and floating spreads. Whatever that means. So, you can only test your luck by depositing funds. Which we don’t recommend.
Another unreasonable thing is leverage. Higher you go on their account type scale, the higher leverage you get. Leverage is very risky and you can lose money in a blink of an eye.
The third and last thing we are going to mention here is bonuses. This broker, like any other scamming broker, will try to lure you with bonuses. If you accept it, be aware that you need to comply with certain conditions to be able to withdraw any funds.
Was Scammed by a Duvaro Broker? – We Want To Hear Your Story.
We told our story. Now it’s time for you. If you were scammed by this broker you can always request a chargeback through your bank if you used a card.
Get in touch with our expert team to get started with the first step!
What Is the Chargeback Procedure?
These are time-limited procedures and you have to act quickly. You could recover your funds easily. Book your consultation now and don’t waste more time. Contact us now!
What Is Duvaro?
It’s an offshore non-regulated trading company that is scamming traders from UK, Canada and Germany.
Is Duvaro a Scam Broker?
Yes. They are a freshly designed anonymous trading company that is working without a license for FX and CFD trading.
Is Duvaro Available in the United States or the UK?
This broker only offers services to UK clients.
Does Duvaro Offer a Demo Account?
No. They only offer live trading accounts with bizarrely high minimum requirements.
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