Evest Review – Broker Trying Hard to Look Legitimate
Evest broker is not the most promising one. With registration in Vanuatu and prior registration in South Africa, that tells you there is something wrong. The company is changing their addresses on the website like socks.
Therefore, read this Evest Review and find out if you can trust your money to this broker. To avoid any headaches in the future check as well our AFX review.
|Is This Company Safe?
|Have Warnings from:
|MT5, Evest trader, Web-based software
|Forex, Commodities, Indices, Shares, Crypto
|Free Demo Account:
|How to Withdraw from This Company?
Without truster regulations, you can expect withdrawal issues. In case you can’t withdraw your money with the company’s assistance, contact our team to file a chargeback.
Legal info: Is Evest Legit?
To get back to Evest.com broker. As they claim, they have offices in Vanuatu, UK and Cyprus. Their main regulatory coverage comes from VFSC (Vanuatu). Thus, none of the other institutions like FCA, BaFin, ASIC or CySEC have issued a license to this broker.
This tells you that you can’t enjoy maximum protection. Especially once you understand that European brokers should have maximum leverage of 1:30 while this broker offers up to 1:400.
Who are Evest’s clients?
Operations of the company have spread mostly to the Middle East. Their traders mainly come from:
- Saudi Arabia
- United Arab Emirates
- United States
Thus, we can see this in the reviews of many other countries. Wherever you are coming from you can still get your money back if you had trouble with this broker. Contact our team for further advices.
If you check Evest.com reviews on Trustpilot you will see what this broker does. Out of 97 comments, almost 40% are coming with the lowest rating. In fact, many traders complained about their customer service and withdrawal issues.
Rather withdraw money from there and choose a more reputable broker. In case you have issues during the withdrawal procedure, contact our specialized team.
Leverage, Commissions, Spreads and Fees with Evest
As mentioned earlier, the leverage of 1:400 doesn’t comply with any trusted regulation. With spreads starting from 3 pips for the lowest account and high rollover fees, this experience might be quite costly.
According to the company, they don’t charge any commissions. At least they have transparent other fees, such as a $5 processor fee, a 2% conversion fee and a $75 inactivity fee after 2 months.
Evest Trading Features
Important to realize is that the broker advertises secure trading with trusted software. Those are MT5 and Evest trader. However, none of the download options on the website don’t work. Instead, looks like the broker offers only generic web-based software. That tells you all about their features.
Is Evest legit?
Based on reviews and weak regulations, no. Also, the company changed its address from South Africa to Vanuatu. After all, the trading conditions and security are quite poor with this broker.
Available Trading Assets
On the positive side, instrument availability is quite solid. Yet, that doesn’t make a broker trusted. Anyway, traders can invest in:
- Forex USD/JPY, EUR/SEK
- Commodities gold, silver
- Indices DAX30, CAC40
- Shares Amazon, Netflix
- Cryptocurrencies BTC, LTC
Quite strangely, the company doesn’t provide any benefits for higher deposits. Practically, the only financial benefit is starting a lower spread. But not necessarily the lowest one. As for the Evest minimum deposit, it matches the industry average. The options are:
- Silver $250
- Gold $5.000
- Platinum $20.000
- Diamond $50.000
Mobile Trading App
Another suspicious thing about this broker is its mobile app. Even though they claim to have an app for iOS and Android devices, there’s no download option. Yet, we researched official stores and the Evest app is listed there with more than 500K downloads. However, MT4 has more than 10M downloads and presents way more secure options.
Quite a positive thing about the broker is that they offer a demo account. Yet, completing the Evest login procedure reveals that the software is only web-based with generic functions. Instead, you should opt for Meta Trader or cTrader with way more functionalities.
In the end, we can see that the company offers a trading academy, news and blog. Thus, the academy page for some reason is not functional and we couldn’t see all the features. For a broker that tries to educate people about trading it’s quite a shame.
As for the withdrawal options, you should be able to use cards, wire transfers, Skrill and Neteller. Generally speaking, withdrawal methods are irrelevant. What’s important is that you get the money. However, in the withdrawal policy, you can see many irregularities regarding withdrawals. Important to realize is that may take up to 14 to process the withdrawal completely.
Primarily, the company reserves the right to decline withdrawal in specific cases. But also to charge you withdrawal fees, in some cases up to 10%. But also if you were inactive and you didn’t trade 3 full lots. Overall, the withdrawal policy with offshore brokers doesn’t go in traders’ favor.
As for the contact options, there are a few. You can contact the broker via phone line, registered allegedly in UAE and Saudi Arabia. Besides, you can reach out by e-mail, WhatsApp, live chat and online form.
Yet, many traders reported the unprofessional approach of their representatives. We kindly suggest you prepare the maximum patience. Lastly, working hours are not disclosed. A definition of a bad support you can see in our AroTrade Review.
Key Information To Consider About Evest?
All the key facts are related to security. Which offshore regulated broker is not obligated to provide. Even if they say so, they don’t need to comply with it. Instead, you can trade with Tier 1 licensed brokers and maximum protection. In terms of negative balance protection, segregated bank accounts and compensation funds.
In case you had any issues with this broker or any other, don’t lose hope. Our specialized team is there to consult you on any trading-related issue. Feel free to book your first consultation today!
Is Evest A Good Broker?
With so many negative reviews it’s not considered a reliable and trusted broker. But also, they don’t have Tier 1 trusted trading licenses.
What Does Evest Require For Proof Of Identity?
For proof of identity, the company considers any government-issued document containing full name, photo and expiry date.
What Are Evest Trading Conditions?
High leverage up to 1:400, high spreads and many fees. If you get any unexpected costs feel free to contact our team for consultation and a refund if needed.