Duvaro Review: Is Duvaro.Io Legit?
Duvaro Review, At first glance even we were fooled. But only at first glance. The only good things we can say about Duvaro are that their website looks fine and that they offer a relatively decent trading platform.
However, we would need a lot more than that in order to trust a broker. Also, this company provides no proof that it is regulated by a reputable financial authority. Duvaro offers bad trading conditions and very little in terms of transparency.
Duvaro is just another unlicensed offshore CFD Broker, that opened a year ago on February 16th, 2022. And now their website is no longer accessible. No one knows where they are now. But we do know now for certain that they are just a scam.
|Henville Building, Suite 7, Main Street, Charlestown, Nevis
|1:100 to 1:400
Duvaro Reliability – Regulation and Security
Duvaro claims to be based and registered In St. Kitts and Nevis. This much could be true but it does not necessarily mean that the broker is regulated. 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 means that if you get scammed and want justice or to retrieve your money, you would have to pass through a lot of bureaucracy and unnecessarily complicated procedures. All of this suggests that this broker is in fact unregulated and should not be trusted.
Trading Platform Available at Duvaro
Even though they advertise a professional, multi-asset platform, in reality, Duvaro offers only a basic, web-based platform.
Such platforms cannot be compared to industry leaders MetaTrader4 and MetaTrader5 when it comes to the level of functionality. However, they are quite beginner-friendly and offer a decent array of tools and features.
However, we would still suggest that you see what MT4 and MT5 have to offer first. The popularity of both of these platforms is quite easy to understand and both of them offer an extensive charting and analysis package as well as features like Expert Advisors that track markets and trade automatically, VPSs you could purchase to keep your trading bots operating even when your computer is off, the chance to develop custom scripts, or set trading signals, a Strategy Tester, and much more. Considering that Duvaro doesn’t use them suggests that they are just a scam.
Duvaro Account Types
Duvaro offers 4 different types of accounts, and none of them are cheap.
The first Beginner or as they call it test account costs $5000 to be opened and has a leverage of 1:100. Second called the Standard account costs $25000 to be opened and has a leverage of 1:200. Third is called a Pro account and it costs $100000 to be opened and has a leverage of 1:300. And the final account is called a Vip account and it costs a whopping $250000 to be opened and has a leverage of 1:400.
Duvaro Deposits and Withdrawals
Bank wire transfers, VISA, Mastercard, Bitcoins, and some unspecified electronic payment options are all listed as possible payment methods, while the minimum deposit requirement for the Beginner Test Account is said to be $5000.
Just bear in mind that most brokers would let you open a standard trading account with about 250 USD or so. Duvaro charges a fairly big dormancy fee, $85 after just 30 days of no trading activity. Legitimate brokers who charge such fees usually wait a bit longer, at least 3 months and they would rarely charge you more than a few dollars.
How is the Fraud Delivered?
You stumble upon an ad for a broker’s website, such brokers usually promise enormous profits in no time and access to a luxurious lifestyle. You know that some people earn a living as professional traders while others earn a decent side income so you decide to try your luck. Opening an account with the broker thus providing it with your contact detail and personal information.
After this, you will receive a wave of calls and emails asking you for a deposit. Keep in mind that these people are experienced scammers who smooth-talk for a living and sooner or later, they will convince you.
At this early stage, you might turn a profit, because of platform manipulations and fraudulent tricks employed by the broker. And you will be asked for bigger and bigger deposits.
But once you try to withdraw your profits, the broker will find imaginative ways to deny or slow down all withdrawals, additional taxes, unexpected clauses in the Terms and Conditions, etc. At some point, you will find out something is wrong, but at that point, the broker will stop answering your calls and emails.
Duvaro broker is trying to lure in its clients with a legit-looking website. But in reality, they are just an unregulated company claiming to follow legal guidelines and offering online financial services.
The minimum required deposit is $5000 even for beginners and there is no demo account for you to try. These are all red flags and should indicate you are dealing with a scam.
In conclusion, we recommend you stay away from this fraudster and work with some of the well-recognized and reliable brokers we recommended.
FAQs About Duvaro Broker
Is My Money Safe With Duvaro?
No, It is not safe.
Does Duvaro Offer a Demo Account?
Duvaro doesn’t offer a demo account, and their cheapest account is $5000
Is Duvaro a Trustworthy Broker?
Duvaro is not a trustworthy broker it is the opposite of that.