Wikilix independent safety report
Covenance Global is a high-risk, unverified offshore broker. We put its risk at 65 out of 100 and cannot confirm it is safe to use. It is only about a year old, its single licence comes from a Comoro…
Risk scorecard · each area scored 0 (clean) to 10 (worst)
What Wikilix has recorded about Covenance: its history, the licences it holds, its trading conditions and its fees.
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.
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.
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.
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 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.
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.
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.
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.
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.
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.
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 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.
6 full-page captures of Covenance's own site, archived so what they said can still be read after the pages change.
Every licence Covenance has in force is from an offshore regulator. Most carry no compensation scheme — each row below says what the issuing regulator actually requires.
An offshore registration from a Comoros body that the Central Bank of the Comoros has publicly declared fabricated and not authorised to license financial firms. It is not genuine financial regulation. Client protection: None. No client-money protection, no compensation scheme, no recognised supervision..
Verification note
Claimed in the footer of every page on covenanceglobal.com as an International Brokerage and Clearing House licence issued to Covenance Ltd. by the Mwali International Services Authority. The issuing authority operates no public licence lookup, so the claim could not be confirmed against an authoritative record, and no effective or expiry date is published anywhere on the broker's own site.
These are the rules MISA sets for the firms it licenses. They are not a statement about how Covenance applies them, or about which of its companies would hold your account.
3 account types on record. Leverage up to 1:100.
| Account | Min Deposit | Leverage | Commission |
|---|---|---|---|
| StandardStandard | Not recorded | 1:100 | No commission |
| ECNECN | Not recorded | 1:100 | USD 12 per lot |
| MIRRORCopy Trading · Prop | Not recorded | 1:100 | Not recorded |
Where Covenance says it will and won't take clients
Confirmed blocked
Named in the broker's own terms
Covered by a parent block
Territories a blocked country carries with it
One way to fund an account. One with no deposit fee. One credits instantly.
| Method | Deposit fee | Withdrawal fee | Min deposit | Withdrawal min / max | Processing |
|---|---|---|---|---|---|
USDT (ERC-20)CryptocurrencyCovenance states it supports deposits and withdrawals exclusively in USDT on the ERC-20 network. It charges no deposit fee, though a client's own wallet provider or originating platform may. Withdrawals carry a 2.3 percent broker fee. Deposits are credited within a few minutes of network confirmation and withdrawals are normally processed in 5 to 15 minutes. Facial verification is required for any withdrawal of 1,500 USDT or more and for the second and any subsequent withdrawal request on the same day. The broker warns that sending USDT to an incorrect address or over a network other than ERC-20 may result in permanent loss of funds. No per-transaction minimum or maximum is published. | Free | 2.3% | Not recorded | Not recordedNot recorded | Instant |
One trading platform on record: MetaTrader 5.
The only trading platform Covenance offers. It publishes a broker-branded Windows installer plus links to the standard macOS, iOS and Android builds. Account management sits in a separate Covenance Portal app.
One domain on record. All active and served over HTTPS.
One legal entity behind the Covenance brand.
Covenance names Covenance Ltd. as the operating company. We could not confirm that registration on the registry.
4 other brokers on the record share what Covenance offers — its country, regulator, account types or platforms — set beside it on the same measures.
Common questions about Covenance
Covenance does not publish a founding date anywhere on its website, including on its company history page. Our research places the operation at roughly one to two years old. A record that short, and undisclosed by the firm itself, gives no basis for judging how it behaves under stress such as a market gap or a disputed withdrawal.
By email at support@covenanceglobal.com, or by live chat. The homepage advertises 24/7 worldwide support, but the FAQ states live chat runs from 05:00 to 14:00 GMT+3 and directs clients to email outside those hours, so the two claims do not agree. No telephone number and no complaints address are published. Support is offered in English.
The broker makes no such statement. Nothing on the site commits Covenance to segregating client funds from its own, and because it publishes no client agreement or terms of business there is no document setting out how client money is held. It describes using third-party custody and verification technology for its digital-asset transactions, which is an operational security measure and not the same thing as legal segregation or a compensation scheme.
Covenance names Australia, Belgium, France, Iran, North Korea, Japan and the United States as restricted jurisdictions, both in its footer disclaimer and in its FAQ. It adds that the list is not exhaustive and may be amended at its discretion. Worth knowing: the registration form asks for nationality rather than residence and its selector offers a complete world list, so the published restrictions are not applied at the point of signing up.
Covenance advertises more than 1,500 instruments: 96 currency pairs, 1,445 shares, 43 cryptocurrencies, 11 commodities including gold, silver, crude oil and natural gas, and 11 indices including the S&P 500, Nasdaq-100 and Dow Jones. All are offered as CFDs.
MetaTrader 5 only. Covenance publishes a broker-branded Windows installer alongside the standard macOS, iOS and Android builds. A separate Covenance Portal app, available for iOS and Android, handles registration, identity verification, deposits and withdrawals. There is no web trader and no proprietary trading terminal.
Covenance states that withdrawals are normally processed within 5 to 15 minutes under normal network conditions, and it charges a 2.3 percent withdrawal fee. Facial verification is required for any withdrawal of 1,500 USDT or more, and for the second and any subsequent request on the same day. The broker also reserves the right to place a request on hold for further review, for example after a login from an unfamiliar device or a recent change to the destination wallet address.
Only in USDT on the ERC-20 network. Covenance accepts no cards, no bank transfers, no other wallets and no fiat currency at all. Deposits go to a wallet address shown in the client portal and carry no broker fee, though a client's own wallet provider may charge. The broker warns that USDT sent to a wrong address, or over any network other than ERC-20, may be permanently lost.
The Standard account carries no commission and the ECN account charges USD 12 per lot. The broker publishes no spread figures at all, so the full cost of a trade cannot be calculated from the website. Swap is charged on positions held overnight, with a triple swap applied at the Wednesday rollover, and per-instrument rates are visible only inside the platform.
A maximum of 1:100, which applies across the offering. The broker presents this as a deliberate risk policy rather than a constraint, and states that higher leverage brings accounts to margin call and stop out faster. The margin call level is 90 percent and the stop out level is 50 percent.
Covenance does not publish a minimum deposit anywhere on its website. Its accounts page describes the Standard, ECN and MIRROR accounts without stating a minimum for any of them. Our own research puts the entry-level figure at around USD 1,000, but the broker's own pages do not confirm it, so a prospective client cannot establish the number before registering.
The site states the operator is Covenance Ltd., incorporated in the Union of the Comoros under registration number HT00725069, with a registered office at Bonovo Road, Fomboni, Island of Moheli. No directors, shareholders or officers are named anywhere on the site. The Comoros publishes no searchable public company register, and the entity does not appear on any cross-jurisdiction corporate record or hold a Legal Entity Identifier, so the registration could not be independently confirmed.
We found no evidence that Covenance is a scam, and no evidence that it is safe either. The trading offer is coherent and the operating company is named rather than hidden. What is missing is everything that would let a client verify or enforce any of it: the licence cannot be checked, the company appears on no public corporate register, and no client agreement is published. Treat it as unverified, not as cleared.
Not confirmably. Covenance claims one licence, from the Mwali International Services Authority in the Comoros, quoted as number BFX2025087 in the footer of its own website. That authority operates no public licence lookup, so the claim cannot be checked against any authoritative record and stands as claimed rather than held. No onshore regulator in Europe, the United Kingdom, Australia, Asia or North America supervises this broker.
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