Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
7/10 · HighThe only credential is a MISA registration; the Comoros central bank calls MISA fabricated, and BFX2025087 could not be confirmed on any working register.
Identity & transparency
5/10 · ModerateEntity, number and address are disclosed consistently, but the address is a shared MISA mail-drop, no owners or managers are named, and there is no phone or email contact.
Withdrawals & conduct
3/10 · LowNo fund-integrity complaints were found against covenanceglobal.com, but with crypto-only funding and no track record we cannot confirm withdrawals are paid.
Reputation
5/10 · ModerateAlmost no independent footprint: no Trustpilot page, no Myfxbook reviews, no forum history; the only notoriety is a separate platform abusing its name.
Website claims
5/10 · ModeratePresents a disowned offshore registration as regulation and promises unlimited 24/7 withdrawals, claims that cannot be verified, though it makes no tier-1 licence claim.
Operational history
5/10 · ModerateDomain registered June 2025, about a year old; the Comoros entity could not be dated, so the figure is an upper bound resting on the domain.
Who they are
A quick desk file on the company behind the brand.
- Brand: Covenance / Covenance Global
- Legal entity: Covenance Ltd. (registration No. HT00725069)
- Registered: Bonovo Road, Fomboni, Island of Moheli, Comoros (a shared offshore registered-agent address used by many Mwali/MISA companies)
- Website: covenanceglobal.com (client portal at portal.covenanceglobal.com)
- Only licence: A claimed Mwali International Services Authority (MISA) registration, No. BFX2025087. MISA is an offshore body the Comoros central bank has publicly disowned.
- Offers: Forex, commodities, indices, stocks and crypto CFDs on MetaTrader 5
- Deposits: USDT (crypto) only
- Not accepted: United States, France, Belgium, Australia, Japan, Iran, North Korea
- Age claim: None stated. The site shows a 2026 copyright and the domain dates to June 2025
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: No
We could not confirm this broker on any genuine regulator’s register.
Licences the broker publishes
Mwali International Services Authority (MISA)
Why we reached this verdict
How the evidence adds up.
We rate Covenance high risk and unverified. On its own the evidence points to a moderate risk, but because the operation is barely a year old and has almost no verifiable client history, we raise the published figure to 65. This reflects what we could not establish about a young, thinly documented broker, not proof that it has taken anyone's money.
- The regulator is not real. Covenance's only licence comes from the Mwali International Services Authority. The Central Bank of the Comoros has publicly declared this registrar fabricated and says it has no lawful authority to license financial firms. A MISA licence gives a client no protection, no compensation scheme and no genuine oversight.
- The licence could not be confirmed. The registrar's published brokerage list carries entries dated through 2024 only and does not include Covenance's claimed 2025 licence, and no other functioning register lists BFX2025087. So the one credential the broker leans on stays unverified.
- It is very new. covenanceglobal.com was registered in June 2025. A firm this young has no track record showing that deposits come back.
- Crypto-only, with unverifiable promises. Deposits are accepted only in USDT, and the site promises unlimited 24/7 withdrawals. Crypto-only funding at an unlicensed offshore broker removes the card and bank protections clients normally rely on, and no independent report confirms that withdrawals are paid.
- Almost no independent footprint. There is no Trustpilot page, no Myfxbook reviews and no Reddit history for the site. For an operation soliciting deposits, the absence of any verifiable client experience is itself a reason for caution.
- Its name is already being abused. A separate platform, Equitros, has used Covenance's MISA number without authorisation and was warned by the UK Financial Conduct Authority in February 2026. We attribute that warning to Equitros, not to Covenance, but it shows the ecosystem this licence sits in.
Evidence ledger
Every finding, with its source and how strongly it points.
E1covenanceglobal.com was registered on 5 June 2025 through GoDaddy, making the operation about a year old with no established track record.
StrongRDAP (Verisign)E2The broker accepts deposits only in USDT and advertises unlimited 24/7 withdrawals, funding that removes the card and bank protections clients rely on and cannot be independently verified.
StrongCovenance website (FAQ)E3The Central Bank of the Comoros has publicly declared the Mwali/MISA registrar fabricated and without authority to license financial firms, so Covenance's only licence provides no genuine oversight or protection.
StrongFinTelegramE4The registrar's published brokerage list carries entries dated through 2024 only and does not include Covenance's claimed 2025 licence BFX2025087, so the credential could not be confirmed on a working register.
ModerateMwali/MISA registrarE5Covenance's own legal page states it is Covenance Ltd., incorporated in the Comoros (No. HT00725069) and licensed by MISA under No. BFX2025087, with covenanceglobal.com as its site.
ModerateCovenance website (legal)E6No regulator warning names covenanceglobal.com. The FCA warning in circulation names Equitros, a separate platform misusing Covenance's licence number.
ModerateUK FCAE7Covenance has no Trustpilot review page and no Myfxbook reviews, and no Reddit or forum history was found, so there is no independent client experience confirming the operation works as advertised.
ModerateMyfxbook / TrustpilotE8A Covenance Portal app is published on Google Play and the broker runs a MetaTrader 5 platform, indicating a functioning trading back-end rather than a pure landing page.
WeakGoogle PlayE9The site blocks clients from the United States, France, Belgium, Australia, Japan, Iran and North Korea, a compliance gesture more typical of a real offshore operation than a smash-and-grab scam.
The other side
The strongest case in this broker’s favour.
In fairness, several things point away from Covenance being an outright fraud:
- The MISA number BFX2025087 is presented as Covenance's own. Unlike a classic clone, the broker is not wearing a tier-1 firm's licence, and no regulator or court has accused Covenance itself of anything.
- A real trading back-end exists. There is a live MetaTrader 5 server tied to the brand and a published Covenance Portal app, which a pure landing-page scam would not usually bother with.
- The site blocks the jurisdictions an offshore broker is expected to avoid, including the United States, France, Belgium, Australia and Japan. That is a compliance gesture, not a hallmark of a smash-and-grab operation.
- Covenance publicly names covenanceglobal.com as its only site and warns about impostors, which is consistent with it being the victim of the Equitros impersonation rather than its operator.
- No fund-integrity complaints were found against covenanceglobal.com itself.
What would change this
What we would need to see to revise the verdict.
What would move this verdict in either direction:
- Toward safer: a licence from a recognised regulator, independent and specific reports over time confirming that withdrawals are paid, a verifiable physical office with named management, and a longer clean operating history.
- Toward scam: credible reports of blocked or reversed withdrawals, frozen accounts, or demands for extra payments to release funds, a regulator warning naming covenanceglobal.com itself, or evidence that Covenance operates or colludes with Equitros or similar fronts.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
Covenance legal / licence page
The broker's own page stating its MISA licence BFX2025087 and its Comoros entity.
Mwali / MISA published brokerage list
The registrar's own list of brokerage entities. Its entries run through 2024 and do not include Covenance's claimed 2025 licence.
UK FCA warning: Equitros
FCA warning about Equitros, a separate platform that has used Covenance's licence number without authorisation. It names Equitros, not Covenance.
FinTelegram: the Mwali/MISA registrar is fabricated
Explains the Central Bank of the Comoros public disavowal of the MISA registrar.
Frequently asked questions
Quick answers about this broker’s safety.
Is Covenance Global a scam?
We have not found proof that Covenance itself has taken client money, but we rate it high risk and unverified. Its only licence is from a regulator the Comoros central bank calls fabricated, it is only about a year old, it takes crypto only, and it has almost no verifiable client track record. We cannot confirm it is safe.
Is Covenance a fraud?
No regulator or court has found Covenance Ltd. guilty of fraud, and the FCA warning that shows up in searches is about a different platform, Equitros. We assess the overall risk as high because the regulation is not genuine and the operation cannot be independently verified.
Is Covenance regulated?
It claims a Mwali International Services Authority (MISA) licence, BFX2025087. MISA is not a recognised financial regulator, and the Central Bank of the Comoros has publicly disowned it. In practical terms Covenance is not meaningfully regulated.
Can I withdraw my money from Covenance?
The site promises unlimited 24/7 withdrawals, but no independent report confirms that withdrawals are actually paid. Because deposits are crypto (USDT) only, they are very hard to reverse if a problem arises.
Is my money safe with Covenance?
There is no compensation scheme or client-money protection behind a MISA licence. Your funds would depend entirely on the company's goodwill, which we cannot verify.
Who owns Covenance Global?
The operator is Covenance Ltd., a company registered in the Comoros (No. HT00725069). No named directors or beneficial owners are disclosed on the site.
How old is Covenance?
The website covenanceglobal.com was registered in June 2025, making the operation roughly a year old at the time of writing. There is no evidence of a longer history.
What is MISA, and is a MISA licence worth anything?
MISA is the Mwali International Services Authority, an offshore registrar in the Comoros. The country's central bank says it is fabricated and has no authority to license financial firms, so a MISA licence offers essentially no protection.
Is Covenance the same company as Equitros?
No. Equitros is a separate platform that used Covenance's MISA licence number without permission and was warned by the UK FCA. Do not confuse the two, and make sure you are on the correct website.
Is Covenance a clone of another broker?
No. It uses its own name and its own MISA number rather than impersonating a regulated firm. The impersonation here runs the other way: Equitros copied Covenance's credentials.
Does Covenance have a real trading platform and app?
Yes. It offers MetaTrader 5 and publishes a Covenance Portal app, so a working trading platform does exist. That alone does not make the broker safe or regulated.
What should I check before depositing with a broker like this?
Confirm the regulator is real and recognised, verify the licence on the regulator's own register, look for independent reviews describing successful withdrawals, prefer reversible payment methods, and start with a tiny test amount.
Scan history
How this broker’s safety assessment has changed across scans.
What changed since September 25, 2026
- September 25, 2026CurrentHigh risk (unverified)65% risk
- September 25, 2026High risk (unverified)65% risk
Past scans are archived snapshots kept for transparency and are not indexed by search engines.
What we recommend
The practical takeaway from everything above.
Treat Covenance as high risk and unproven. If you are considering it:
- Do not deposit money you cannot afford to lose, and be especially wary of crypto-only funding, which is hard to reverse.
- Remember that a MISA licence offers no real protection and no compensation scheme.
- Make sure you are on covenanceglobal.com and not a copycat such as Equitros, which the FCA has warned about.
- If you have already deposited, test a small withdrawal before adding more, keep records of every transaction, and if funds are withheld, report it to your local financial regulator and to the crypto exchange you used.
This is an independent assessment of risk, not a legal ruling. Scores and verdicts follow the Wikilix broker-safety methodology and can change as new evidence appears. Review scores are treated with caution when a broker’s reviews look manipulated. Last reviewed September 25, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.
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