Covenance

Covenance Broker Overview

Covenance, which trades as Covenance Global, is a forex and CFD broker operated by Covenance Ltd., a company its own website states is incorporated in the Union of the Comoros. The broker positions itself at professional traders and builds its pitch around withdrawal freedom and A-Book execution. It offers a single trading platform, MetaTrader 5, a maximum leverage of 1:100, and funding exclusively in USDT on the ERC-20 network. Its website does not state when the business was founded.

Covenance Regulation and License

The footer of every page on covenanceglobal.com states that Covenance Ltd. is incorporated in the Union of the Comoros under registration number HT00725069 and is licensed by the Mwali International Services Authority (MISA) as an International Brokerage and Clearing House under licence number BFX2025087, with a registered office at Bonovo Road, Fomboni, Island of Moheli, Comoros.

This is a claimed licence rather than a confirmed one. MISA is an offshore authority of the autonomous island of Mwali and operates no public licence lookup, so the number cannot be checked against an authoritative record by the broker's own clients or by us. No effective date, expiry date or scope for the licence is published anywhere on the site, and the company registration number is a corporate registration, not financial supervision.

Is Covenance Regulated?

Covenance is not confirmed to be regulated by any authority whose register we could check. It claims one offshore licence from MISA, and that claim stands unverified rather than disproved. MISA sits in the lowest tier of authorities we track: it runs no compensation scheme, no client-fund insurance requirement and no complaints mechanism a client could escalate to. No onshore regulator in any major market supervises this broker, so a client in Europe, the United Kingdom, Australia or Asia is dealing with an entity their own regulator cannot reach.

Is Covenance Safe?

The honest answer is that safety cannot be established from what the broker publishes. The operating entity is named and an address is given, which is better than the many brokers that name nobody, but the Comoros publishes no searchable company register and the entity does not appear on any cross-jurisdiction corporate record or in the GLEIF Legal Entity Identifier index, so even its existence is unconfirmed.

Two further gaps matter more than the licence. The site publishes no client agreement, no terms and conditions and no privacy or AML policy, so the contract a client is bound to on deposit is not visible before depositing. And there is no statement anywhere that client money is held separately from company funds. Deposits are taken in cryptocurrency, which leaves no chargeback route if a transfer is disputed.

Covenance Account Types

Covenance publishes three accounts on its accounts page. Standard is the entry account and carries no commission. ECN is aimed at professional traders and charges USD 12 per lot. MIRROR is a copy-trading account on which a master publishes a strategy and followers copy it automatically. The site publishes no minimum deposit, no spread figures and no minimum trade size for any of the three, so the accounts cannot be compared on cost before registering.

Covenance Spreads, Commissions and Fees

The ECN account costs USD 12 per lot and the Standard account carries no commission. Covenance publishes no spread figures at all, on any account, so the total cost of a trade cannot be worked out from the website. Swap is charged on positions held overnight, with a triple swap applied at the Wednesday rollover, and rates are shown per instrument inside the platform rather than on the site. The notable cost is on the way out: withdrawals carry a 2.3 percent fee, which is high for a crypto-only broker and is charged on the amount withdrawn rather than on profit.

Covenance Leverage

Maximum leverage is 1:100 across the offering, which the broker frames as a deliberate risk policy rather than a limitation. The margin call level is 90 percent and the stop out level is 50 percent.

Covenance Trading Platforms

MetaTrader 5 is the only trading platform. Covenance publishes a broker-branded Windows installer alongside the standard macOS, iOS and Android builds. A separate Covenance Portal app handles registration, verification, deposits and withdrawals, and is published for both iOS and Android. There is no web trader and no proprietary trading terminal.

Covenance Deposits and Withdrawals

Funding is USDT on the ERC-20 network only. There are no cards, no bank transfers and no other wallets, and no fiat currency is accepted. Covenance charges no deposit fee, credits deposits within a few minutes of network confirmation, and normally processes withdrawals in 5 to 15 minutes. Withdrawals cost 2.3 percent. Facial verification is required for any withdrawal of 1,500 USDT or more and for the second and any later withdrawal on the same day. The broker warns that USDT sent to a wrong address or over a network other than ERC-20 may be lost permanently. No minimum or maximum transaction amount is published.

Covenance Support

Support runs by email at support@covenanceglobal.com and by live chat. The homepage advertises 24/7 worldwide client support, but the FAQ gives live chat hours of 05:00 to 14:00 GMT+3 and directs clients to email outside them, so the two statements do not agree. The site publishes no telephone number and no complaints address. The service is English only.

Covenance Pros and Cons

On the positive side, the broker names its operating company, its registration number and a registered address rather than hiding behind the brand; it commits publicly to A-Book execution with no dealing desk; withdrawal processing times are short and specific; leverage is conservative at 1:100 rather than the extreme multiples offshore brokers usually advertise; and the instrument range is wide, with 96 currency pairs, 1,445 shares, 43 cryptocurrencies and 22 commodities and indices.

Against that, the only licence claimed is an unverifiable offshore one; no client agreement or terms of any kind are published; the operating entity could not be found on any public corporate record; there is no statement that client funds are segregated; funding is crypto-only with no chargeback route; the 2.3 percent withdrawal fee is high; no spreads or minimum deposits are disclosed; and the published restricted-country list is not enforced at the registration form.

Covenance Review and Assessment

Covenance is a young, crypto-funded offshore broker whose commercial proposition is coherent and whose disclosure is not. The trading side is reasonable for what it is: MetaTrader 5, conservative leverage, a stated no-dealing-desk model and fast USDT withdrawals. The problem is everything a client would need to enforce that offer. The licence cannot be verified, the company cannot be found on a public register, no contract is published, and nothing commits the firm to holding client money separately. The single most important thing to understand before funding an account is that a deposit here is an unsecured crypto transfer to a company whose existence and supervision rest entirely on its own word.