Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
7/10 · HighOne offshore licence from a non-recognised registrar, which could not be matched on the authority's published list because that list holds no 2025-series numbers, and the broker publishes no verification link.
Identity & transparency
6/10 · HighLegal entity, registration number and address are disclosed consistently, but no management is named, no contact details appear on the site, and the iOS app is published under an unrelated company name.
Withdrawals & conduct
3/10 · LowNo complaints of any kind about fund access were found across six platforms, though the client base appears far too small for that to carry much weight.
Reputation
6/10 · HighEffectively no footprint: no Trustpilot profile, no platform reviews, no forum discussion and an Android app reporting only 10 or more installs.
Website claims
5/10 · ModerateNo false tier-one claims, no fake awards and no invented founding year, but absolute promises such as never limits client withdrawals sit against a 2.3% fee and extra verification conditions in the FAQ.
Operational history
5/10 · ModerateAbout fifteen months of evidenced history from a June 2025 domain, with the operating company undatable, so the figure is an upper bound.
Who they are
A quick desk file on the company behind the brand.
- Brand: Covenance Global, trading as Covenance.
- Legal entity: Covenance Ltd., registration number HT00725069, Union of the Comoros.
- Registered: Bonovo Road, Fomboni, Island of Moheli, Comoros. No operational office is published.
- Website: covenanceglobal.com, with the client area at portal.covenanceglobal.com. The site went live in June 2025.
- Only licence: Mwali International Services Authority (MISA), number BFX2025087, described by the broker as an International Brokerage and Clearing House licence.
- Offers: Forex, commodities, indices, stocks and crypto on MetaTrader 5. Standard, ECN and Mirror accounts. Leverage capped at 1:100. Deposits and withdrawals in USDT on the ERC-20 network only, with a 2.3% withdrawal fee.
- Not accepted: Australia, Belgium, France, Iran, North Korea, Japan and the United States.
- Age claim: None. The site names no founding year, no founders and no management. It says only that it began as a group of professional traders.
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.
The score reflects an operation we could not verify, not one we caught doing anything wrong. Those are different findings and we want to be clear which this is.
- The licence cannot be matched to a register. MISA's published list of authorised brokerage companies holds 258 entities, the most recent issued on 24 December 2024, and contains no 2025-series licences at all. A licence numbered BFX2025087 therefore cannot be checked against it, and the authority publishes no licence-number search. The absence is a limit of what the authority publishes, not proof the licence is false.
- The broker publishes no way to verify it. A genuinely supervised firm normally links its licence number straight to the regulator's record. This one gives no verification link anywhere on its site.
- MISA is worth very little to a client. It is the registrar of an autonomous island, not a functioning supervisor, and the Comoros central bank has publicly disavowed its licences. There is no compensation scheme and no ombudsman to appeal to.
- The money moves only in crypto. USDT in and USDT out, with no card or bank rail. If a payment goes wrong there is no chargeback and no intermediary to complain to.
- The operation is about fifteen months old. covenanceglobal.com was registered on 5 June 2025. The operating entity could not be dated because the Comoros offshore registry publishes no searchable company records, so fifteen months is an upper bound and the real figure may be shorter.
- There is almost no trace of it. No Trustpilot profile exists, there are no reviews on the trading platforms we checked, and the Android app reports only 10 or more installs. For a broker taking deposits, a footprint this thin means a clean record tells you very little.
- One identity gap. The iOS version of the client app is published by ABE Supply Company Limited, a name that appears nowhere in the broker's own disclosures and that we could not find in any public company registry. The Android version is correctly published by Covenance Limited.
We want to flag one thing readers will run into. A separate website, Equitros, tells customers that its trading services are provided by Covenance Limited under this same licence number. The FCA published a notice on 18 February 2026 warning that Equitros is not authorised, and that notice names only the Equitros addresses. It does not name Covenance or covenanceglobal.com. On the evidence available, Equitros is using this broker's credentials without a connection to it, which makes Covenance the party being copied rather than the one doing the copying. We have not counted the FCA notice against this broker.
Evidence ledger
Every finding, with its source and how strongly it points.
E1The authority's published list of authorised brokerage companies holds 258 entities, the most recent licence issued on 24 December 2024, and contains no 2025-series numbers. A licence numbered BFX2025087 cannot be matched against it.
E2The broker states that Covenance Ltd. is incorporated in the Union of the Comoros under registration HT00725069 and licensed by MISA as an International Brokerage and Clearing House under number BFX2025087, with a registered office on Bonovo Road, Fomboni, Moheli.
ModerateCovenance Global legal pageE3covenanceglobal.com was registered on 5 June 2025 through GoDaddy, making the operation roughly fifteen months old.
E4The FCA notice of 18 February 2026 warns about Equitros and names equitros.co, app.equitros.io, client.equitros.io and equitros.ac. It does not name Covenance, covenanceglobal.com or licence BFX2025087.
E5An independent broker-review platform reported in October 2025 that MISA licence BFX2025087 belongs to Covenance Limited, that covenanceglobal.com is its only authorised domain, and that the Equitros platform was using those credentials without any link to the licence holder.
E6Deposits and withdrawals are accepted only in USDT on the ERC-20 network, with a 2.3% withdrawal fee. No card or bank transfer route is offered, so clients have no chargeback and no bank to appeal to.
StrongCovenance Global FAQE7The Covenance Portal app on Google Play is published by Covenance Limited, matching the disclosed legal entity, and reports only 10 or more installs with no ratings.
E8The iOS listing for the same client app names ABE Supply Company Limited as the seller. That company is named nowhere in the broker's disclosures and could not be located in a public company registry.
E9No Trustpilot profile exists for covenanceglobal.com, and searches of trading forums and review platforms returned neither complaints nor positive reviews about this broker.
ModerateTrustpilotE10The broker publishes no founding year, no named founders or managers, and no claim of a longer history than its records support. Its origin story is unattributed.
E11The MetaTrader 5 terminal offered to clients is distributed from MetaQuotes' own download servers under a build keyed to this company, alongside links to the official MetaTrader apps rather than a self-hosted installer.
E12Account opening requires a full name, nationality, phone, email and a national identity document, with checks run through Sumsub. There is no personal account manager funnel, no bonus scheme, and leverage is capped at 1:100.
E13The site markets 24/7 unlimited withdrawal amounts and states that the firm never limits client withdrawals, while the FAQ sets a 2.3% withdrawal fee and lists conditions that trigger additional verification before funds are released.
E14The broker gives no link from its licence number to any regulator record, and publishes no telephone number, support address or operational office anywhere on its site.
ModerateCovenance Global legal pageE15A distinctive phrase from the broker's own marketing returns no other broker sites, so the site is not built from a template shared with other operations and no predecessor brand surfaced.
The other side
The strongest case in this broker’s favour.
There is a real case for this broker, and several things point the right way.
- No regulator has warned about it. We checked the FCA warning list and the main international alert lists for both the brand and the exact domain. Nothing names covenanceglobal.com.
- No one says they lost money. We found no complaint on any platform about a withdrawal being refused, an account frozen, or a balance removed. There is also no demand for an extra payment to release funds, which is the single worst sign in this business.
- It does not lie about its age. Plenty of new brokers paint on a decade of history. This one claims no founding year at all, and the fifteen-month domain, the 2025 licence number and the 2025 app release all agree with each other.
- The trading setup is real. The MetaTrader 5 terminal is distributed from MetaQuotes' own servers under a build keyed to this company, and the trading server Covenance-MT5 runs out of Singapore. A firm with no actual trading operation does not usually have that.
- Onboarding looks like compliance, not a sales funnel. Registration asks for an identity document and runs checks through Sumsub, a mainstream verification provider. There is no bonus scheme, no countdown offer, no personal account manager pushing deposits, and leverage is capped at a modest 1:100.
- It discloses its entity properly. The legal name, the Comoros registration number, the licence number and the registered address appear consistently across the home, about, legal and FAQ pages, and the Android app is published under the same legal name.
- Being offshore is not fraud. Hundreds of genuine brokers hold only offshore licences. That is a risk tier, and on its own it is not evidence of dishonesty.
What would change this
What we would need to see to revise the verdict.
Specific things would move this score, in both directions.
- Down, clearly: MISA publishing its 2025 licences so that BFX2025087 can be seen on the authority's own list in the name of Covenance Ltd., with an active status.
- Down: the broker adding a working verification link from its licence number to the regulator's record, and publishing a contact telephone number, a support address and the names of the people running it.
- Down: a bank or card deposit route, so that clients are not restricted to a payment method with no recourse.
- Down, over time: a genuine public record of clients being paid. Independent reviews on more than one platform describing completed withdrawals, with amounts and dates, would do more for this score than anything else.
- Up, sharply: any regulator naming covenanceglobal.com on a warning or alert list.
- Up: credible reports of withdrawals being refused or delayed, an account closed with a balance on it, or any request for a further payment before funds are released.
- Up: evidence that this broker is in fact connected to Equitros rather than being impersonated by it.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
MISA list of authorised brokerage companies
The authority's own list of licensed brokerage companies. It runs to licences issued in December 2024.
Covenance Global legal and regulatory page
Where the broker states its legal entity, Comoros registration number and licence number.
FCA warning: Equitros (a different firm)
This notice is about Equitros, an unrelated site that quotes Covenance's licence number. It does not name Covenance.
Frequently asked questions
Quick answers about this broker’s safety.
Is Covenance Global a scam?
We found no evidence that it is. No regulator has warned about covenanceglobal.com and we found no reports of clients being unable to get their money back. What we could not do is verify its licence on the issuing authority's published records, and the operation is only about fifteen months old. That combination is why we rate it high risk rather than safe.
Is Covenance Global a fraud?
We found no evidence of fraud. There is no regulator warning naming this broker, no enforcement action and no fraud-related court record against Covenance Ltd. that we could locate. Our concern is the absence of verifiable regulation and of any track record, not any proven dishonesty.
Is Covenance Global regulated?
It holds one licence, from the Mwali International Services Authority in the Comoros, numbered BFX2025087. That authority is a low-tier offshore registrar rather than a working financial supervisor, and the Comoros central bank has publicly disavowed its licences. It is not regulated by any tier-one authority such as the FCA, ASIC or CySEC.
Why could you not confirm the licence?
The authority's published list of authorised brokerage companies contains 258 entities and stops at licences issued on 24 December 2024. It includes no 2025-series numbers at all, and there is no licence-number search. A 2025 licence simply cannot be matched against what the authority publishes.
Can I withdraw my money from Covenance Global?
We found no reports of anyone being refused. The broker states that USDT withdrawals are usually processed in 5 to 15 minutes, charges a 2.3% withdrawal fee, and requires facial verification for amounts of 1,500 USDT or more. Because so few clients appear to have used it, there is no public record of withdrawals working at scale.
Is my money safe with Covenance Global?
There is no compensation scheme behind it. If the firm fails or refuses to pay, no authority can order it to return your funds and there is no ombudsman to appeal to. Deposits are in USDT, which is irreversible, so there is no chargeback route either.
Who owns Covenance Global?
The contracting company is Covenance Ltd., registered in the Union of the Comoros under number HT00725069, with a registered office on Bonovo Road, Fomboni, Moheli. The site names no directors, owners or managers, and no public registry entry for the company could be located.
How old is Covenance Global?
Its website was registered on 5 June 2025, making it roughly fifteen months old at the time of writing. The company itself could not be dated because the Comoros offshore registry publishes no searchable company records, so fifteen months is an upper bound. The broker makes no claim to be older.
What is a MISA licence actually worth?
Very little in practice. MISA is the registrar of Moheli, an autonomous island of the Comoros, and it does not supervise the firms it registers the way a real regulator does. It sets no client-money segregation requirement you can rely on, runs no compensation fund, and offers clients no complaints process.
Is Covenance Global a clone of another broker?
No. It is closer to the opposite. A separate website called Equitros tells clients that its services are provided by Covenance Limited under this licence number, and the FCA warned on 18 February 2026 that Equitros is not authorised. That notice names only the Equitros addresses, so it appears Covenance's credentials are being used by someone else.
Why does the iPhone app show a different company name?
The iOS listing for Covenance Portal names ABE Supply Company Limited as the seller. That name appears nowhere in the broker's own legal disclosures and we could not find it in a public company registry. The Android version is published under Covenance Limited, which does match. It is an inconsistency worth asking the firm about.
Why can I only deposit in USDT?
The broker supports USDT on the ERC-20 network and nothing else, for both deposits and withdrawals. Offshore firms often cannot obtain card or bank processing. For you it means no chargeback, no bank to dispute with, and payments that cannot be reversed once sent.
What should I check before depositing anywhere?
Confirm the licence on the regulator's own register rather than the broker's website, check whether a compensation scheme covers you, look for a deposit method that can be reversed, and search for independent reports of completed withdrawals. Test with a small amount and withdraw it before committing more.
What do I do if I have already been scammed by a broker?
Stop sending money immediately, especially if you are asked to pay a tax, fee or insurance to release your funds. That request is itself the scam. Gather your records, report it to your national financial regulator and to the police, and tell your bank or exchange. Never pay a firm that promises to recover your losses for an upfront fee.
What we recommend
The practical takeaway from everything above.
Treat this as a high-risk, unproven broker and size any exposure accordingly.
- Do not deposit money you cannot afford to lose. A MISA licence gives you no compensation scheme and no body that can order the firm to pay you.
- Understand the payment route before you fund an account. USDT is irreversible. Once sent, there is no bank and no card issuer that can pull it back.
- If you test the broker, start small and withdraw once before adding more. A completed withdrawal is worth more than any marketing claim.
- Check you are on covenanceglobal.com. At least one unrelated site quotes this company's licence number, and the FCA has warned about it.
- Keep records: deposit dates, amounts, wallet addresses and support tickets. Without them a later complaint cannot be checked.
- If you want the protection of a compensation scheme and an ombudsman, use a broker licensed in a tier-one jurisdiction instead.
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.