Evotrade Review: Final Verdict and Summary

Presenting itself as a regulated brokerage, Evotrade listed some unknown organizations and a false license certificate. This led many clients to believe they were dealing with a legit company they could trust. However, our Evotrade review discovered a lot behind this show. Let’s start and see.

Evotrade Regulations and Security

Evotrade is an offshore brokerage from Seychelles, owned by TechWare Limited. However, FSA Seychelles has no proof of such a company. Besides, the broker is also listed to be regulated by the FMRRC, a non-existing regulator. There is IFMRRC, an independent regulatory body. However, it didn’t issue any sort of license for Evotrade or TechWare Limited. It means we’re dealing with a fraudulent brokerage that you should avoid at all costs.

Evotrade Warnings From Financial Regulators

Evotrade was blacklisted by another independent financial regulatory body, FINACOM. The warning came after the organization received numerous complaints regarding withdrawal issues and the broker contacted clients via messages through social media and popular apps.

Fund Withdrawal Issues

As expected, since there is no real regulatory body, Evotrade is conducting a scam. According to many reviews we’ve seen, the brokerage is encouraging clients to invest as much as possible, but once they submit a withdrawal request, it will never be approved. If a client is too persistent in getting their money back, their account will be blocked since the broker can no longer handle requests. The moment you stop paying money to the company, you’re losing your value.

If you cannot withdraw your funds from Evotrade, talk to our experts for help.

Traders Opinion

As aforementioned, traders are not delighted with dealing with Evotrade. Many of them cannot get their money back, but a lot of them cannot even make money. Broker is allegedly offering an MT5, but the platform itself has a lot of lags, which is unaffordable when you have a trading platform.

You should avoid Evotrade forex broker and similar brokers such as IqToro, and AssetDex.

How Does Online Trading Scam Work?

Online trading scams start with overpromising ads and a broker’s support team that will go above and beyond to take your money. You are provided with such a service, and in the case of Evotrade, a fake license, that you cannot imagine what will possibly go wrong. Yet, you will discover later on that everything was just a nice story before you are fully involved and probably prompted to add more money. If you went above the minimum deposit of $250 and upgraded your account, the broker will use this to blackmail you and never let you have a payout.

Beware of the Evotrade scam and report any incidents immediately.

Scammed by Evotrade?

If you were scammed by Evotrade or a similar bogus broker, let us know. Our team of experts will assist you with filing a dispute and starting the chargeback process.

But what is a chargeback?

It’s a way of retrieving funds from the merchant in case you were scammed online. Contact our support and fill-up the form below to book your free consultation. We are here to provide you with top-notch money-back assistance. Let’s start now.