COVEST-FX

Covest FX (SC) Ltd, operating under the domain covestfx.com, is a forex and CFD broker registered in Seychelles. The company was founded on 21 October 2025, making it a very recent entrant to the online trading space. Its registered address is 9A CT House, 2nd floor, Providence, Mahe, Seychelles.

According to our records, the broker holds two licences: one from the Financial Services Commission (FSC) in the British Virgin Islands for Market Making (MM), and one from the Seychelles Financial Services Authority (FSA) for a Derivatives Trading License (EP). However, the status of these licences is not specified in our records, and the licence numbers are not published in our files.

Covest FX is registered in Seychelles, an offshore jurisdiction known for lighter regulatory oversight. The FSA in Seychelles does regulate forex and CFD brokers, but the level of investor protection is generally considered lower than in major financial centres like the UK or EU. The FSC in the British Virgin Islands is also an offshore regulator.

Our records indicate that the licence numbers for these regulators are not on file, which means we cannot independently verify their validity against public registers. This is a notable gap for a broker that is only about nine months old. Traders should be aware that offshore regulation often comes with limited recourse in case of disputes.

The broker's website prominently features MetaTrader 4 (MT4) and MetaTrader 5 (MT5), two of the most widely used trading platforms in the retail forex industry. These platforms are known for their advanced charting tools, automated trading capabilities, and broad market access.

In terms of instruments, Covest FX mentions 'Currency Pairs & Market Analysis' as a core service, indicating a focus on forex trading. The website also references 'Proprietary Trading Accounts,' which suggests the broker may offer funded trading accounts, though details are sparse. No specific spreads, commissions, or leverage figures are disclosed on the site or in our records.

Our records and the broker's website do not provide detailed information about account types, minimum deposits, or funding methods. The site mentions 'Proprietary Trading Accounts' as a service, but the specifics are unclear.

Given the lack of published details, we cannot confirm what account tiers are available, what the minimum deposit is, or which payment methods are accepted. This opacity is typical of newly established brokers that have not yet built a comprehensive public footprint. Traders seeking this information would need to contact the broker directly or wait for more transparency.

Covest FX appears to target retail forex and CFD traders, particularly those interested in using MT4/MT5 platforms. The marketing language on the website is aspirational, emphasising 'prosperity' and 'precision,' which is common in the retail trading space.

However, with no verifiable employee count (our records show 0 employees) and no established social-media presence, the broker's operational capacity is uncertain. The company is very young, and its market position is not yet established. Independent public information about the broker is limited, which in itself is a caution sign for potential clients.

FXCanary's Scam Risk Score for Covest FX is 56 out of 100, which is rated as 'Elevated.' This score is driven by several factors: the broker is recently established (about 9 months old), it is registered in an offshore jurisdiction with light oversight, and it has no verifiable website or social-media presence beyond its own domain.

It is important to note that our records do not list any clone or impersonator sites for Covest FX, which is a positive sign. However, the lack of independent reviews and the short operating history mean that traders have little to go on when assessing the broker's reliability. We advise caution and thorough due diligence before committing any funds.