SvoFX Review: Reasons Why You Should Be Concerned

SvoFX’s website provides a pretty comprehensive overview of everything the broker offers. Some of the highlights of this platform include the MetaTrader 4 software, extremely high leverage, and tight spreads. 

However, SvoFX has some major downsides as well. Let’s start off our SvoFX Review by exposing the broker’s unlicensed legal status.

Legal Info: Is SvoFX Legit?

SvoFX Limited (svofx.com) is a subsidiary of SVO Capital Limited, an offshore company registered in Vanuatu. The latter entity is licensed by the Vanuatu Financial Services Commission (FSC), which isn’t a credible regulator due to being based offshore.

As for SvoFX LTD, this entity is based in Saint Vincent and the Grenadines (SVG). This is bad news because SVG is known for being home to countless financial swindlers. The main reason is that SVG’s laws are pretty lax, plus the local Financial Services Authority (FSA) doesn’t regulate Forex trading.

That means that the SvoFX platform is not licensed to offer services but still does so regardless. Trading on such platforms can be risky, which is why we recommend you avoid investing in uncertain brokers such as SvoFX or Exante.

Instead, opt for providers that legally operate under the watchful eyes of Tier 1 regulators such as the FCA (UK), CFTC & NFA (US), ASIC (Australia), IIROC (Canada), MAS (Singapore), etc. 

If you lost money to this trading scam, we can help you recover it!

Big in Japan – Who Are SvoFX’s Clients?

According to godaddy.com/whois, the svofx.com website domain was created on July 24, 2017. Since then, the unlicensed broker has been offering illicit services mainly to traders in the following countries:

• Japan;
• Malaysia;
• Indonesia;
• India.

It is obvious that SvoFX is targeting Asian traders. The data from similarweb.com shows that the provider’s website registered a sharp increase in the number of visits from 29.1k in June to 1.4m in July. Japanese traders accounted for 99.65% of the visits in the last three months. 

Trader Reviews – Sharing Experiences

We managed to find several complaints against this broker on wikifx.com. On that website, you’ll find two pieces of exposure dating back to 2019 and 2021. 

Regular trader reviews were written relatively recently – in March of this year. So it seems that the unlicensed broker is still running some crooked schemes. Do not ignore these negative reviews. Always check what traders think about the platform you’re interested in because even regulated brokers such as Brokereo are subject to issues. 

SvoFX Trading Platform and App

SvoFX offers MetaTrader 4, a renowned and widely used trading platform in the industry. MT4 features a user-friendly interface, advanced charting tools, automated trading, etc. It’s suitable for both novice and experienced traders. 

The platform can be downloaded and utilized on Windows as well as mobile devices (Android & iOS). In addition to MT4, SvoFX also offers a signature SvoTrader mobile app with intelligent charts and analyst news.

Having withdrawal issues with SvoFX? We can help you recover your funds.

SvoFX Account Types

SvoFX offers three live trading account types with varying trading conditions and benefits:

• Micro:
  • Minimum deposit of 5 USD;
  • Spreads from 1 pip;
  • Zero commissions;
  • Leverage up to 1:100;

• Standard:
  • Minimum deposit of 5 USD;
  • Spreads from 1 pip;
  • Zero commissions;
  • Leverage up to 1:2000;

• Professional:
  • Minimum deposit of 100 USD;
  • Spreads from 0.2 pips;
  • Commissions – 2 USD per lot (FX, Indices) and 2.5 USD one-way (CFDs);
  • Leverage up to 1:100.

The maximum leverage ranges from 1:100 to 1:2000. Such high leverage is extremely risky. It’s a double-edged sword that can amplify profits but more often tilts towards the losing end, hence the safe leverage caps in Europe (1:30) and North America (1:50).

As for the trading costs, both the spreads and commissions seem fair and pretty competitive, if legit. But don’t forget that SvoFX is not regulated.

SvoFX Demo Account

SvoFX advertises a risk-free demo account on the website. However, only the Standard live account features a demo option. If you’re a novice trader, it’s imperative that you first open a demo account and trade for free.

Only when you’ve trained and got a hang of it should you invest real money to trade but you must wisely choose your broker and avoid shady providers.

SvoFX withdrawal policy

SvoFX’s website says that the company uses three payment methods for deposits and withdrawals:

• Credit/debit cards (MasterCard, VISA);
• Wire transfers;
• Cryptocurrencies.

The minimum deposit requirement is 5 USD. As for the deposit and withdrawal fees, SvoFX only charges a 3.5% fee on crypto deposits. Since some traders complained about not being able to withdraw funds, the broker not respecting the refund policy, etc., we will tell you a bit more about the chargeback procedure.

Funds deposited via MasterCard and VISA credit/debit cards can be refunded via a chargeback, which can be requested at the issuing bank within 540 days. Wire transfers can be reversed via a recall, which can only work for transactions that are not yet complete.

Key Facts To Consider About SvoFX

SvoFX is an unlicensed offshore broker with offices based in SVG. The main targets of SvoFX are traders primarily from Japan, Indonesia, India, and Malaysia.

Although the trading conditions and fees are attractive, The platform is unregulated, which is the main reason why we do not recommend it.

If you lost money to the SvoFX Scam, please book your free consultation with our team and tell us more about your case. If you need professional assistance in recovering your funds, our team will gladly guide you through the chargeback process.

Book your consultation with us today and start the chargeback process.

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