Beware! Evoxtrade 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.
Our first impression of Evoxtrade.com was truly bad. We saw a very simple website, lacking competence and professional touch, in fact it looked like a pupil’s homework project. The brokerage firm that stays behind that website claims to have more than 6 million registered users, not accounts, they are talking about users! It’s funny if you think about it, because companies such as FXTM and XM combined do not have so many users! Also, there isn’t even a contact phone number enlisted! The more we searched, the more we figured out it has nothing to do with a true Forex broker and in this review you will find out why!
Evoxtrade REGULATION AND SAFETY OF FUNDS
Evoxtrade is an anonymous entity which is offering Forex and Binary Options to its clients. They declare themselves to be licensed and regulated in the territory of the British Isles. It’s an absurd statement, whatsoever, the British Isles comprise of more than 6000 islands, including two sovereign states- UK and Republic of Ireland and three Crown Dependencies- Isle of Man, Jersey and Guernsey, each having its own financial regulator- FCA, Central Bank of Ireland, IOMFSA, JFSC and GFSC respectively. Evoxtrade was not found to be registered and regulated by any of these watchdogs!
What’s more, Binary Options trading is banned in EU and UK, which means that a regulated broker there cannot offer such financial instruments to its clients! Beware, Evoxtrade is misleading the potential customers and openly lies about its legal status!
We didn’t find any information about Evoxtrade in CySEC or NFA, as well, which undoubtedly means that this entity is unlicensed, unregulated and unauthorized to offer Forex and CFDs trading throughout EU, UK and USA! Stay away from Evoxtrade, your funds are not safe if you deposit with them!
A true Forex broker, which holds licenses to operate throughout different jurisdiction, abiding by the local and international law is going to treat your funds carefully. Complying with the product intervention measures ESMA has agreed, which further CySEC and FCA have implemented, the Forex brokers are required:
- to limit the leverage to between 1:30 (Forex majors) and 2:1(cryptocurrencies);
- to close out a customer position when the funds fall to 50% of the margin needed;
- to provide negative balance protection on a per account basis, meaning that losses cannot exceed the total funds;
- to restrict or completely obliterate the incentives offered to trade Forex and CFDs;
- to provide a standardised risk warning to the potential customers.
Failure to do so will result in disciplinary action such as salty fines or license being suspended/revoked! Always trust authorized and regulated Forex broker, it will not simply disappear before you know it! Stay away from Evoxtrade, it’s too controversial an entity.
Evoxtrade TRADING SOFTWARE
There is not much you can find out about Evoxtrade’s trading software. What we know from the web page is that they offer a tailor made platform, but there weren’t any links to it! Upon registration we tried to have a look, but once you click on Binary Traderoom or Forex Traderoom you get the message “Low Balance”, and after a few seconds you are being redirected to their Deposit page!
No demo trading available, also there aren’t MT4 or MT5 accounts offered. An alleged Forex broker who claims to have more than 6 million customers cannot provide Metatrader to its clients, which is the leading retail trading software. Doesn’t make sense, at all!
In fact, they do not offer trading, instead there is some sort of investments but throughout the chat conversation no sufficient details were given. We only understood that they want our money and we are supposed to earn profits after a “completed trading circle”. The whole idea seems to be very fishy, as a matter of fact, taking into account that Evoxtrade is a totally anonymous enterprise!
No information about their trading accounts or investment plans is to be found on their web page, it lacks any useful information. No spreads known, no leverage mentioned, no margin requirements specified, their trading conditions have been wrapped in darkness, stay away!
Evoxtrade DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit amount is 100 USD for Bitcoin and PerfectMoney and 300 USD for other payment methods. However, the only payment methods available are Bitcoin and Bank cards, even wire transfers are not available. Once you click on Other Deposit Methods you see that these are currently unavailable. Another red flag! You should never submit your bank card details in fishy websites or over the phone, the resulting losses might reach catastrophic proportions!
The minimum withdrawal amount is 1000 USD, a totally unfair requirement, no true Forex broker is going to put such a clause in their T&Cs. Usually you should be able to withdraw as low as a few greenbacks, depending on the payment method! Processing time unknown, fees also not specified, but the clients will be informed via e-mail about the charges! Totally unacceptable way to handle such an important matter, stay away!
No bonuses or other incentives offered! There is no dormant account policy or fees for inactivity mentioned!
The website does not suggest that there is a brokerage firm involved, the lack of competence is shocking! Everything is made and presented in a totally amateur manner, one should avoid Evoxtrade just because of the look of its website!
HOW DOES THE SCAM WORK
The scam is a confidence trick! The scammers will promise you the moon and the stars only to gain your confidence, then will persuade you to invest money with them and sooner or later will take advantage of you and will run away with your money.
It’s a scam sign if a Forex broker accept only cryptos as funding methods and that should be remembered. They are doing it for a reason, the cryptos are perfectly unregulated, there isn’t a single authority in the world to deal with cryptos, and also the payments are totally anonymous. Once you deposit cryptos with scammers, it’s virtually impossible to get a refund! Stay away from brokers who does not accept the traditional funding methods, there is something fishy going on.
The most effective way to avoid scam is to do a thorough research, get familiar with the trading conditions offered by the brokers, read their Client Agreements, use demo accounts, read reviews, be alert. With charlatans adapting their tactics daily, you’d better be always up to date with the newest scammers’ tactics!
WHAT TO DO WHEN SCAMMED
No one is immune to scam, anyone can fall into the trap. Scammers are constantly looking for new and different ways to scam consumers. What you need to do first, in case you got scammed, is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you important instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing. Seek help actively!
Share online your experience, it is important to protect others, as well. Be responsible!
Stay away from Evoxtrade, they do not act as a true Forex broker!
Sinethemba Hope Mbele
Evoxtrade is a scam beware