Covenance: MISA licence BFX2025087

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.