Beware! EvFXGroup 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.
There are far too many missing elements in EvFXGroup to leave it alone, and let it be an option to users. We have to explore and see why it has so little information and if this information is worth anything. Along the way we will expand on what we find, but what really matter is if the users should invest their time and money in EvFXGroup. Please read on.
Right from the get go, we had no way of registering because the process for signing up was broken. We have two theories of this. Either its’s really broken, or that EvFXGroup keeps the registration only for handpicked users. The second theory is an interesting one, and we will advice you to take it into consideration, because it has been well documented that shady brokers, by using unsolicited calls, pick out their users. We have included a more detailed look on this at the end of the review.
Without a registration process there is no way to access a trading platform, resulting in our inability to give you accurate trading information, such as spread and leverage. However, as you will see, EvFXGroup does not really offer any trading conditions.
The website comes in both English and Japanese.
EVFXGROUP REGULATION AND SAFETY OF FUNDS
The regulatory space is a mess. Close to all the info we found is contradictory to one another, and thus false.
According to the Security page, the broker is regulated by the NFA in the United States, but when we clicked on the link following this information, we were redirected to the home page of none other that the UK’s own FCA. With this we can conclude that there is no solid proof that the broker is licensed by the NFA. And furthermore, in the US brokers have to hold a double license from both the NFA and CFTC in order to provide legitimised trading offers.
The Contact Us page claims the broker to be located in Hong Kong. We have no hope of this to be accurate. The local Securities and Futures Commission (SFC) does not have the broker’s name in the official registry, and furthermore, Hong Kong is the seventh largest stock exchange in the world, and would hardly ever endorse a broker like EvFXGroup.
However, what truly matters in our case is not the lack of a regulation, but that the EvFXGroup we are reviewing now is actually a clone firm of an FCA authorised firm, that goes by the EVFX, with the evfx.co.uk web address.
Honestly, when comparing both websites, we find no immediate visual connection, however we trust the FCA with this information.
Typically, a clone website takes both the visual and the quality of another website and tries to make it its own. The result is a completely illegal product. EvFXGroup is therefore a complete scam, and UNREGULATED.
Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
We cannot skip that fact that there are no legal documents to show. EvFXGroup can, hence, do as it wishes with its registered users, making this yet another reason why all investors with an account at EvFXGroup are at great risk of losing money and being compromised by the company.
EVFXGROUP TRADING SOFTWARE
Our failed attempt to register is the first sign that there might be no trading software here. However, the website revealed a link to a desktop trading software, which turned out to be the MT4.
Yet, even with this proof of an MT4, we still do not think that it applies here, since EvFXGroup is a clone firm, so it probably took the original MT4 found on evfx.co.uk, and made it its own.
So again we will stick to our guns, and claim that there is no applicable forex trading here. How can you expect to attract a user base if you have no trading conditions, which by definition, you should offer. The further we go down in the review, the more evidence piles up that EvFXGroup is not a broker, but an attempt to steal your funds!
To bad for the MT4. To exploit it in such way is truly to mock the greatest trading terminal in the industry today.
EVFXGROUP DEPOSIT/WITHDRAW METHODS AND FEES
Unfortunately, there was no source containing information of deposits, nor on withdrawals. This was not made easy on us by our inability to create an account.
In no way can we provide readers with a minimum deposit, payment methods, withdrawal fees, and similar conditions.
And furthermore, this broker not only is unregulated, a scam, but also a clone firm. The complete package of a totally illicit broker. Thus, we do not see the lack of payment information as much of a loss.
Last but not least, the missing terms and conditions are the last stop. No clauses will be included as a result, but we think that we have revealed enough for users to stop them in their track.
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 will 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.