Beware! EverlastingMarkets 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.
EverlastingMarkets turned out to be an interesting case to review, for this company goes beyond just offering trading conditions. As users will probably deduct from the review, EverlastingMarkets is confused and does not know which direction it wants to take. Never mind the slick website; what needs to be done is to shatter the illusion created by it and unveil the true purpose of EverlastingMarkets.
In order to register, we passed a very simple but also unique to the broker registration form. We completed it in no time, and just like that, without any sort of email confirmation or similar, we were in a client dashboard. However, in order to open a live account with the trading software, we had to go to our email. Yet, our email inbox had no trace of EverlastingMarkets. Even the demo account creator required some sort of username and password, two things that we had no way of accessing.
Unfortunately, because of this pesky nuisance, we could not create an account. Thus all the trading information is taken directly from the website. As always, we remind users that websites of suspicious brokers hold information that can easily pass as fake. Thus always be skeptical of what you read!
Through the website, we learn that EverlastingMarkets is not your ordinary broker but a Forex and Cryptocurrency technology provider that helps other brokers. Thus it does not really offer any trading conditions, which is very odd seeing that registered users can only open a trading platform and, well, trade, given that they are provided with login credentials.
So EverlastingMarkets gives away two completely contradictory messages. On the one end, users are to believe that this company offers support services to other brokers, while on the other, the same users, once registered, are taken to a trading account creation tool. It’s very confusing, but most importantly it is a sign that this broker, or whatever it is, should not be trusted.
However, we did read that the broker offers a 1:100 leverage cap for both demo and live accounts.
The website is available in English and Russian.
EVERLASTINGMARKETS REGULATION AND SAFETY OF FUNDS
The footer of the website put the broker is by far the most popular shady broker location, namely Saint Vincent and the Grenadines. This small Caribbean nation has announced, on multiple occasions, that it does not have an FX regulator, and because of this, none of the literally thousands of registered brokers are authorized to provide legal and standardized trading services. The lack of a regulator plus the looser local laws make up for a seriously dangerous combination, that is- a risk to investors. Furthermore, EverlastingMarkets alleged status as an FX and crypto tech provider is put under the test when we realize that in order to supply these service you definitely need to be regulated by an appropriate agency!
Furthermore, the Terms and Conditions address is a whole different story. It claims that the broker is located in Botswana out of all the places! In this African country, the regulation of pension and investment funds is done by the Non-Bank Financial Institutions Regulatory Authority (NBFIRA). However, this organization does not regulate the FX markets industry. In fact, there is no local FX overseer that deals with licensing brokers.
The contact page asserts that EverlastingMarkets has offices all over the world- Poland, Malaysia, India, Korea- and that its main office is in the United States, a country whose reputation as the most demanding FX nation is well-founded. None of these addresses hold up!
And another thing that is a big red flag for the company, is the sheer confusion that it created in us over the aforementioned predicaments.
There is no further evidence that the firm is located anywhere else, or actually licensed to provide its services. EverlastingMarkets is definitely UNLICENSED, and a risk to all those dealing with it.
Investing in unregulated brokers is one of the biggest mistakes you will make. Before doing anything, even registering, please check for a license. Even if the broker claims to be regulated you should double-check with the watchdog itself to see if you can find the broker in its database. Usually, we advocate for all FCA or CySEC regulated entities, for these regulators oversee some of the best and most popular brokers out there. Not only that, but these two entities also offer to all users under their brokers a compensation scheme that reimburses them any money that the broker cannot pay due to some reason or another. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
EVERLASTINGMARKETS TRADING SOFTWARE
Somehow the firm has gotten a hold of an MT4.
This trading platform comes with om of the best features out there, including pending orders, an economic calendar, EAs, VPS, One Click Trading, stop/loss and take/profit, and many more features!
EVERLASTINGMARKETS DEPOSIT/WITHDRAW METHODS AND FEES
Concerning any payment detail, we are the ones that will have to break the news to our readers that EverlastingMarkets offers investing in tether, wire transfer to USDT, and credit card to USDT. All methods are in essence based on the crypto coin tether. A question for the broker is if users invest and then their funds are converted into tether to be later seen on their accounts or are users just buying tether from some shady individual. A third possibility is that users are just sending over money to some unknown and untraceable online address. Whatever the case may be, we do not recommend depositing here!
Withdrawal info is all over the place in the Terms and Conditions legal document. There is no clear purpose to the info, and we were left confused by it all. The only thing that we learn is that, maybe, withdrawals are achieved by credit/debit cards and wire transfers. Seeing that the company is unregulated, we doubt that it will return your investments! Moreover, the legal documents are filled with mentions that the company charges fees, but it never makes it clear what these fees are.
Overall, EverlastingMarkets is not worth it. This unregulated firm seems to be confused as to the services it offers, and this turmoil is well represented in the final product. Do not invest here!
How does the scam work?
The scheme that unregulated brokers apply is a very popular one that other fraudsters from different industries are also known for practicing. Its structure is the same across brokers, with small differences in the delivery.
The first step is falling for fake ads online usually those that offer an easy lifestyle that comes from investing big and winning even bigger. These ads come plastered with beautiful women, cars, and exotic houses, and because of the prospect of allure, most of these ads are located in popular social media sites and similar sources.
These ads will redirect users to either a scammer broker or an intermediary website. Wherever you end up, these ads are there to trick you into giving your email and phone number. If the user gives her contact info, she will surely start receiving calls from solicitors whose job is to push you to deposit, whatever it takes. They will be annoyingly stubborn because they get a chunky commission from initial deposits.
If a deposit is made, then it’s time for the expert scammers who are disguised as the “account managers”. These have years of experience behind their backs and are usually part of the core team of the shady broker. They are even more stubborn and will stop at nothing. The ultimate goal here is to make the investor deposit as many times as possible. This is achieved through long and tedious conversations filled with false promises and carefully concealed lies and manipulative tactics.
The time will come when the user will want her money back. This is always expected and a risk of the craft for the scammers. That is why they are prepared to counter every withdrawal request. Usually, they stall users as much as possible by calling them and telling them that a big spike in a given asset is about to happen. Sometimes the broker may block the account or simply deny requests. More extreme examples include fraudulent brokers who completed shut down their websites!
What to do if scammed?
Filing for a cashback is probably the first thing you should do once you realize you have been scammed. Chargebacks are available through your credit and/or debit card company. MasterCard and VISA have a chargeback period of 540 days.
Wire transfer investment frauds are slightly more difficult to handle. The first thing you should definitely do is change both the username and password on your bank account in order to prevent the broker from accessing or hacking your account. Next, victimized users should call the bank and explain to them the situation. Some banks may have a plan for such cases.
As for investments with any sort of cryptocurrency, they are most certainly lost. That is why it is advisable to never invest in crypto coins!
There are others that can profit from your loss. Once your funds are stolen you will start noticing these recovery agencies or agents who will promise all your money back. They just need a payment in order to offer their services. It’s obvious that once paid, these expert scammers will disappear leaving you at an even bigger loss!