Oh my God, I did it!!!!!
I have it rooted!!
I'm going to provide a step-by-step guide for everyone here to do this too exactly how I did it.
Here's how I did it:
1) You need to have adb drivers installed and you need to have platform-tools downloaded. Open CMD/Terminal and do adb reboot bootloader -- you need to have USB Debugging enabled in Developer Options. If done right your Ulefone Power 5 should be on a black screen with "FASTBOOT mode..." or something in the bottom left corner.
2) Download this (It's crucial) - I have the boot, recovery and scatter all placed in here for you:
https://mega.nz/#!F1h3UAJY!JrTELvtZLtXbaBCH9bPTH2nXezcxyemeUI54Uols7Kw
3) Download the same tool I used here tool:
https://mega.nz/#!IxhRkaiR!g-KtQcQzzRnfq8twhu-QU16RPCxEU3KYK098lTNXNcI
4) Open the tool SPMultiPortFlashDownloadProject.exe and click the "Scatter File" button on the top left. Browse for the folder which contains all of the necessary files from the MEGA link I provided and click on the MT6763_Android_scatter.txt file.
5) Click Start all
6) Once you get the green check mark, hold the volume + and power buttons until the phone restarts to the Recovery, Fastboot, Normal menu and press Volume - on Recovery. Note: You MUST be connected to a computer still or this will not work.
7) Swipe to allow modifications in TWRP
8) Wipe the phone in TWRP
9) Boot the phone and complete setup
10) Reboot to TWRP again and install Magisk
11) Now you should be rooted, if Magisk Manager is missing from your app launcher, install the app separately from the Magisk forum page.