“Trusted broker”? We beg to differ and we plan to explain why. Rivobanc pretends to be a legit broker but nothing could be further from the truth.
The Rivobanc Review will analyze what this scam broker has to offer in terms of the trading platform and conditions but also the regulatory license.
Rivobanc is unambiguously a scam. First of all, the bogus website doesn’t mention the company behind this brokerage or any trading license. What we did find was a Swiss address, so that was the first info regarding the Rivobanc regulation that we needed to check.
The Swiss regulator FINMA has in its database an entity by the name of Rivobanc but on its blacklist and that’s all she wrote.
For that reason, please stay away from this anonymous trading scam and instead, find a broker that is actually regulated by FINMA or any other Tier 1 authority (FCA, ASIC, BaFin, CNMV, etc.).
Brokers operating under the jurisdiction of the European Securities and Markets Authority (ESMA) are a safe bet.
Rivobanc is an anonymous scam broker that claims to operate in Switzerland. This entity has been blacklisted by the FCA, CNMV and FINMA. Rivobanc’s victims are traders from the UK, Netherlands, Spain, Canada and Ireland.
As we said, Rivobanc lied about Switzerland. It was all nicely arranged on the broker’s website to add to the Rivobanc reputation but we saw right through that.
If you need more proof that Rivobanc is a scam, check this out. In the T&C section, the broker claims this business is conducted under Estonian law, which makes zero sense.
Now it’s time to take a look at the warnings issued against Rivobanc. Namely, we found three official warnings against this non-Swiss fraudster.
Rivobanc seems to be interested mostly in European traders. We traced this broker’s fraudulent activity and narrowed it down to a few countries:
As you’ve already read, Rivobanc has been blacklisted by the regulators of two countries from this list. Both the FCA and the CNMV are firm financial market watchdogs and don’t tolerate deception. Rivobanc is unlicensed and unauthorized to operate in these states.
Rivobanc has no social media accounts, at least not officially. But, the broker did include three phone numbers (Canadian, Spanish, British) and an email so that’s probably how this financial swindler contacts potential victims.
We wouldn’t count out Google ads or fraudulent online marketing campaigns. Also, the reviews we saw about this broker seem really fake.
We bet Rivobanc hired agents to write dishonest fake reviews of the broker. In addition to those suspicious reviews, we also found numerous complaints against the broker on Trustpilot and Personal Reviews.
Traders were clearly frustrated because they lost money to this scam. Here’s an example of the complaints we found:
They tell you atvthe start that you can withdraw money anytime you want and with no fee… One month later i STILL have’t got my money. A big scam!! You can’t reach them, they only call you, everytime with a different number…
According to Rivobanc’s website, traders are offered the famous MetaTrader 5 platform. This software is allegedly available for both desktop and mobile (Android & iOS) trading.
MT5 was designed and released by MetaQuotes as MetaTrader 4’s successor. The phenomenal platform took the trading world by storm with its unique features such as algorithmic trading, a user-friendly interface, advanced charting, API integration, etc.
Since Rivobanc doesn’t offer a demo account, we couldn’t confirm whether the broker offers a legit version of MT5. In any case, we would never trust an unregulated and blacklisted broker, regardless of the available trading platform.
This is where the scam gets scary. AnyDesk and TeamViewer are neat apps that enable one user to gain access to another’s PC.
While this software can make life easier, it can also make it a living hell. If you allow a scammer like Rivobanc to access your desktop and financial information, it could be disastrous.
Rivobanc claims to offer FX trading, CFDs on popular instruments and crypto asset trading:
Absolutely no info about spreads and commissions. Basically, Rivobanc expects you to go in blind without knowing what the trading costs are.
That’s bad news. Legitimate brokers always outline the spreads they offer and the commissions they charge.
Here’s an overview of Rivobanc’s trading account types:
Despite listing these leverage caps, some of which, by the way, are in order with the limits of ESMA (1:30) and the US and Canada (1:50), Rivobanc claims to offer 1:500 elsewhere on the website.
Rivobanc also offers bonuses for all of these account types except for the Basic account. That’s another sign that Rivobanc is not a Swiss broker because bonuses are banned in Europe.
No. Rivobanc will not take chances by allowing you to see how fraudulent everything is. That’s why the broker wants you to open a live account straight away and invest your money.
Every legit broker will offer you a free demo account to try things out. Rivobanc doesn’t do that, which is a huge red flag.
According to the FAQ section on Rivobanc’s website, the broker accepts the following funding options:
The minimum deposit is 250 EUR with no fees, allegedly. The Rivobanc withdrawal process is also free of fee, as the broker says, but we don’t trust anything we read on this bogus website. You shouldn’t either.
Having withdrawal issues? Did the broker violate any terms and conditions? In these instances, please contact Global Fraud Protection and notify our team about what happened.
We can try to help you get your money back. Namely, our experts specialize in bank chargebacks, recalls and advanced crypto-tracing software such as CipherTrace.
If this broker steals your money, start the chargeback process. Book a free consultation with us using Online Chat and find out what you can do.
Rivobanc is not legit at all, the broker is unregulated and has been blacklisted by three financial watchdogs. Do not invest!
No. Rivobanc doesn’t offer a free demo account, which is really bad.
The broker says there is a mobile app available but we don’t recommend you download it.
MT5 is a great platform but Rivobanc’s unregulated status is a huge issue so don’t invest in this brokerage.
Rivobanc is not legit at all, the broker is unregulated and has been blacklisted by three financial watchdogs. Do not invest!
No. Rivobanc doesn’t offer a free demo account, which is really bad.
The broker says there is a mobile app available but we don’t recommend you download it.
MT5 is a great platform but Rivobanc’s unregulated status is a huge issue so don’t invest in this brokerage.
The post Rivobanc Review – Rivobanc Is An Anonymous Fraud Broker appeared first on Global Fraud Protection.
