Beware! Everycmarket 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.
On first glance there is no reason to believe that there is anything wrong with Everycmarket. However, first impressions are often deceptive.
Everycmarket regulation and safety of funds
Everycmarket has a London location listed as their company address and a really luxurious one at that – the company is apparently located in Westminster, two streets away from the Buckingham palace itself. There is also a phone number with a British area code and an email. However, there is a line tucked away at the very bottom of the website that says that the company is actually a subsidiary of some CCAI Limited, which has a much less prestigious address in the island nation of St. Vincent and the Grenadines.
St. Vincent’s Financial Services Authority is notorious for recently having released a statement that says they do not regulate Forex and cryptocurrency trade whatsoever. Choosing a licensed broker is a crucial part of successfully trading and not actually running your account at a loss, or worse, losing your entire investment. Some of them include a minimum capital requirement for brokers, which is 730 000 euro in the EU, segregating client accounts and the requirement for the broker to undergo strict supervision and report their activities on a daily basis. They are also required to participate in guarantee funds that recuperate theirs clients’ deposits to an extent in the case of broker bankruptcy. For example, such a fund under the authority of the UK’s Financial Conduct Authority (FCA) pays up to 85 000 pounds in such an occasion.
We must again recommend depositing your money carefully and always wit a licensed broker for the reasons outlined above.
Everycmarket trading software
The broker offers its clients a web-based platform. By itself this is nothing out of the ordinary, even though most brokers stick with the industry standard of Metatrader 4 or Metatrader 5 – two platforms, which have become a mainstay because of their sophisticated features, for example the ability to trade automatically using advanced algorithms, the so-called “expert advisors”. They are developed by Metatrader’s very own community and distributed on a marketplace the platforms provide as well. Aside from these features there is also a focus on ease of use – for example there are plenty of charting tools like trend lines, price channels and Fibonacci levels. Finally, the platform also offers trade alerts.
It stands to reason that it is difficult to develop a platform that can even compete with the Metatrader ones and most web-based platforms lack in some of their features. The platform that Everycmarket offers is no exception.
What we can see the platform offers is some basic trading functions like placing pending orders. There are also some charting tools – changing the chart from the default candlestick version to a line chart as well as a very small amount of indicators to apply to the chart.
There is a ridiculous leverage on trading Bitcoin of 1:5 which puts the last nail in the coffin of the implication mentioned above that the company wants to impose. If they were operating under the FCA’s regulations that leverage would be at a maximum of 1:2. This is because Bitcoin is a very volatile trading instrument and most respectable regulatory bodies set the leverage cap for it.
What is also peculiar is that the user’s equity is displayed in a very exotic currency – Mongolian tugrik. However, depositing money is done in euro or US dollars, really basic currencies.
Everycmarket deposit and withdrawal/fees
The strongest argument for exposing a fraudulent broker is usually found in their Terms of Service – a lot of these brokers of questionable trustworthiness apply one or two of a whole variety of questionable clauses that make withdrawing money an almost impossible process or impose additional fees, or require an absurd deposit minimum. Evertcmarket stands out in this regard because it uses every trick on the market to obfuscate the withdrawal process to such an extent as to make it practically impossible.
Let’s start with their deposit policy. Everycmarket accepts deposits made by credit card and wire transfer. On the page’s FAQ the following is stated
However, in the Terms of Service we find a clear contradiction, as they state this:
In the FAQ we find another curious contradiction, this time about the withdrawal policy. It is stated that withdrawals take up to 24 hours:
But the terms claim that the time frame in which such requests are processed can be much wider:
The given time frame is also, frankly ridiculous. There is no good reason for a broker to take 5 to 7 business days to process the request, unless they want to delay your withdrawal on purpose. In fact this does seem to be the case here, because the very next sentence lays out the criteria under which the withdrawal can be allowed. One of them is for the client’s trading volume to be over a sufficient threshold. You might be wondering what this threshold is. It is the amount of the deposit and the amount of any bonuses the company has given the customer times 25, as outlined here.
The second clause on this screenshot is the more insidious one. Once a trading bonus has been credited to an account it cannot be removed. This falls perfectly in line with the usual strategy of fraudulent brokers of assigning monetary bonuses on starting an account. By the Terms when the bonus has been assigned the only way to withdraw your deposit would be to execute the ridiculous trading volume.
There are some troubling clauses about the fees the company charges as well, for example the following:
We shouldn’t even have to say why agreeing to such a vague clause is problematic. Sadly, this is not the only such clause, there is also the one on so-called “Dormant trading”:
Charging inactive accounts a fee is not something that is unheard of in the industry, but this clause is too vague in multiple ways – first off it never states what the company determines to be a “very low volume”. Secondly it does not bother to specify what amount of time Everycmarket considers sufficient to enact the clause – it could be one month, it could be five, your guess is as good as ours. Finally the clause absolutely fails to mention what the fees are.
How does the scam work?
We believe Everycmarket to be up to no good for the reasons outlined above. But how do they make people fall for it? The scheme is very simple and it usually starts with the future victim of the scam stumbling upon an ad on a big social media platform that promises them a way to get rich quickly, or a video that mentions a secret and hidden way to bend markets to one’s whims. If they follow up on the ads they are lead to a much similar page that pretends to be one of a trustworthy and established broker. Then the would be trader usually gives out their phone number and email address. From there on they are constantly getting calls and emails from people pretending to be authority figures like “account managers”. These people only want one thing – for the trader to make a deposit. Once that is done they usually run the account into the ground and try to squeeze as many deposits as they can out of their “customer”. This is because such scammers do not care about making any trades at all, all they are after is your deposit.
What to do when scammed?
Unfortunately, if you have been taken advantage of by such scammers there isn’t much you can do. If you have paid using a credit card you can file a chargeback – Mastercard and Visa allow for chargebacks for up to 540 days after the transaction has been made. If you have deposited money using a wire transfer however, there is no such option.
It is advised to change any credit cards you have given the details to to scammers and uninstall any desktop sharing software they had you install, for example TeamViewer or AnyDesk.
Finally, beware of further scams – often the last stage of the scam includes passing on your phone number and email to a different cell of scammers which pretend to be a “recovery agency”. They will promise to restore losses, but they will also require a fee to do so. If you pay them the fee you will never hear from them again and, needless to say your losses will only increase.