Beware! Evast Prime is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
We give Evast Prime props for trying. It aims to promote itself as a broker that offers legitimate services, and at times it achieves this effect. But then, only at times…Why do we have the feeling that Evast Prime hides something from us, as though this secret is what truly defines it, and there is no way around it, even after adding layer upon layer of suggestive content. Evast Prime’s facade is built on ground that cannot support its own weight, but continues to be stubborn seeing that the main goal is, as we shall see, to profit. Read on to find out more.
As we have previously concluded, the first important element that sets shady brokers from legit ones is definitely the registration page. Evast Prime has incorporated a registration process that requires you to upload all necessities before even approaching the client dashboard. We did not continue with the registration process, and thus were not granted access to the dashboard nor the trading terminal. Don’t get us wrong; brokers that require identification docs make sure that its clients are on the good side, however to completely lock the dashboard/platform is something completely different.
What this means, is that all trading conditions, as well as payment terms, will be taken from the website. Side note: Evast Prime, as a suspicious broker, is not to be fully trusted with such sensitive information. So, the trading assets are Forex Pairs and an unclear number of CFDs. This is odd for a broker that has a big picture of bitcoins on its home page.
Whilst opening an account (or attempting, that is), we were given the choice to pick a leverage value raging from 1:100 to 1:400.
The website supports only two languages: Japanese and English.
EVAST PRIME REGULATION AND SAFETY OF FUNDS
Evast Prime’s restricted nature expands to the regulatory side of things, which is not a good sign at all, for this aspect is the most crucial one with every broker.
What Evast Prime reveals, and this is the only piece of regulatory info, is that it is operate from St. Vincent and the Grenadines. Evast Prime has upped its game and has even given a Limited Liability Company certificate. Newer traders might take this document seriously, but in truth its sole function is to deceive users into thinking that a St. Vincent and the Grenadines incorporation document is a license, which it most certainly is not.
The Caribbean nation is a very popular destinations for brokers wishing to escape the tight grips of regulators, which are responsible for maintaining forex market integrity levels. Not being regulated by such entities whilst also providing forex services buys you a one way ticket to shady town.
What’s important to note is that St. Vincent and the Grenadines does not have a financial regulator. A company can easily be registered there, but to hold a license is a completely different story. Evast Prime does not hold a regulation there, nor anywhere, and as such is completely UNREGULATED.
Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.
Please take note that Evast Prime collects a huge amount of personal information from it users. Most of this info is not useful to a broker…
EVAST PRIME TRADING SOFTWARE
The MT4 is the alleged trading software made available. We stress alleged, because there is no real way to check the actuality of the MT4 at Evast Prime.
What the MT4 does is more than provide forex trading excellence. It has evolved past that, and has transcended as a symbol of the entire forex industry. Nowadays, brokers, long standing ones as well as new ones, are still using the MT4 as their go-to trading software. And the reasons for this can fill the entire review with the functionalities of the software.
EVAST PRIME DEPOSIT/WITHDRAWAL METHODS AND FEES
Believe it or not, Evast Prime has not disclosed any payment information anywhere on the website. Why this is can be seen from two sides. Either the broker utilises some unknown payment gateways, or it just forgot to include this important element in its website. We literally went trough all the site and found no deposit or withdrawal info.
Even the legal documents were very unhelpful. as they were extremely limited in bot quality and quantity. It’s interesting how a broker like Evast Prime can slowly descend from what we primarily though of it. It turned out that Evast Prime is extremely limited in nature and execution.
There is no minimum deposit info, no withdrawals fee details, no nothing!
There is, however, mentioning of fees and commissions in the Risk Acknowledgement and Disclosure document. These have not been detailed.
In a situation of insolvency, the user might not get his or her entire deposit and or profits. which means that there is no protection fund, a sign of a shady broker.
Even if users are able to register and go to the payment terminal, we do not recommend depositing at all! Why would you put your money in a shady company is beyond us.
How does the scam work?
Users will be in the middle of a scam without even knowing it, that’s how efficient these scams are. Yet, clients will also be surprised that the most utilized scammer structure is laughably easy to grasp, making it predictable. We have dedicated the following section to the reveal of how the scam works.
The internet is filled with ads, it’s the fuel of the industry, and a big chunk of said advertisements are misleading and some are downright deceitful. The ads concerned with unregulated forex brokers are often very promising, and most of the times utilize completely false claims of immediate profit. Those tempted enough will be redirected to a robo-scam website that further guarantees profits. The only thing that separates the user from the unrealistic promises is a fast registration process that requires a phone number and an email address. After inputting this info unsuspecting users will start getting phone calls from illicit broker representatives, whose one and only job is to initialize the scheme by pushing a trader to make that first deposit of around $250. After that’s done, the senior representatives will be calling. These expert scammers are extremely good talkers, and will start working on you to start putting even more money in. They say that the more money invested, the higher the profit will be. At this point most traders start seeing the big picture, and will want to withdrawal their money and get out fast.
However, the scammers have anticipated this development, and are ready to counter any withdrawal request. Typically they find excuses for delaying the request in the legal documents that hold specific clauses for these purposes. The reasons are many. One thing to remember is that all illicit brokerage firms will deny the withdrawal request for as long as they can, because of the imposed time limit traders have for filling a chargeback. Once the crucial due date is not met, any chargeback requests will be denied.
What to do if scammed?
Those of you who deposited using VISA and MasterCard wil be glad to know that both companies have extended their chargeback time span to 540 days, especially if the reason for it is an online scam.
Scammers will steal directly from a bank account, if the traders has provided crucial details, like banking password or security code. If it get down to this, be sure to either block the account or change the password.
Sometime victimized users will stumble upon the so called recovery agents that promises to magically reclaim all lost investments, for a fee that is. Needless to say, they will not get back any of the lost funds, and will basically scam you a second time.