Updated on April 15, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding Evest due to the issues we've identified.
Is Evest Scam or Legit Broker? ▲
Upon thorough examination, we have determined that Evest does not possess any licenses from globally recognized regulatory bodies. Consequently, we deem Evest to be an unsafe choice for traders. The brokerage is registered in Vanuatu, a known offshore destination, under the registration number 17910. Offshore brokers typically offer less security, and engaging with them may result in financial losses.
The Vanuatu Financial Services Commission (VFSC)'s primary function is to oversee the registration of firms, a process known for its simplicity, low cost, and minimal requirements. This ease of setup in Vanuatu has made it a popular choice for many brokerage firms seeking to establish themselves quickly and inexpensively, often at the expense of rigorous regulatory oversight.
Evest provides its clients with the opportunity to trade in various markets including Forex, Commodities, Indices, Shares, and Cryptocurrencies, utilizing platforms such as MT5 and the proprietary Evest trader. One of the notable advantages of Evest is the absence of commissions on several instruments. Additionally, the broker offers access to a Trading Academy, an invaluable resource, particularly for beginners. Other benefits include a demo account and detailed market analysis.
However, a closer inspection of Evest reveals several critical areas of concern that potential traders must carefully evaluate:
Evest operates under the ownership of AtriaFinancial LTD, with registration in Vanuatu.
Although Evest claims to have offices in Vanuatu, the UK, and Cyprus, its primary regulatory approval comes from the VFSC in Vanuatu, with no licensing from other reputable regulators like the FCA, ASIC, or CySEC.
Evest states it does not charge commissions but implements other fees including a $5 processing fee, a 2% conversion fee, and a $75 inactivity fee after two months of nonuse.
Our investigation into trader reviews and feedback revealed numerous complaints regarding Evest’s customer service and difficulties in fund withdrawal, leading us to advise seeking a more reliable investment broker with a solid market reputation and positive client feedback.
Our extensive experience in Forex trading has unveiled significant concerns regarding Evest's reliability and regulatory compliance. These findings compel us to assign a low rating to Evest.
Evest’s Overall Ranking stands at 1.5 out of 5, based on our evaluation and in comparison to over 1000 other brokers. This ranking highlights our concerns regarding the broker's trustworthiness and operational standards.
Evest supports a variety of deposit methods, including Wire Transfer, Credit/Debit Card, Maestro, Visa Electron, Skrill, and Neteller, with a required minimum deposit of $250. The withdrawal process can extend up to 14 days, and clients must have their accounts verified to initiate a withdrawal, with the minimum withdrawal set at $25 and a $5 withdrawal fee.
Based on client feedback and reviews, we have identified potential challenges in the withdrawal process. Therefore, it is vital not to overlook these issues when considering Evest.
Evest offers four distinct account types: Silver, Gold, Platinum, and Diamond, each tailored with specific features and benefits. The Silver account requires a minimum deposit of $250 and provides daily market summaries and analyses. In contrast, the Gold account demands a starting minimum deposit of $5,000.
The Platinum and Diamond accounts require higher investments but offer more advanced trading privileges, such as access to a senior account manager, the Trading Central platform, exemptions from withdrawal fees, among other advantages.
After a comprehensive review of Evest, we have identified significant concerns regarding the broker's trustworthiness and overall credibility. Despite the appealing features and services it offers, the fact that it is registered in an offshore jurisdiction (Vanuatu) raises serious doubts. Therefore, traders are advised to exercise caution and consider avoiding Evest for their trading activities.
We strongly recommend opting for a broker regulated by reputable authorities like the FCA, ASIC, or CySEC. Many regulated brokers provide superior services and favorable trading conditions, adhering to stringent regulations to ensure a safe and secure trading environment.
In conclusion, our overall experience and ranking for Evest remain negative, underscoring the importance of choosing a broker with a solid regulatory framework and positive industry reputation.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
Evest Review 2024
