GoEverUps review – 5 things you should know about goeverups.com

GoEverUps review – 5 things you should know about goeverups.com

Rating: 1

Beware! GoEverUps is an offshore broker! Your investment may be at risk.

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We are reviewing GoEverUps, a broker we’ll quickly prove to be a scam. They claim to be a Cyprus firm but at the same time offer leverage of 1:500, which is a ratio prohibited in the EU. Their deals indeed indicate that this company is fishy, and traders should avoid them. If this isn’t enough, you can find the actual scam proof in the full GoEverUps review.

GoEverUps REGULATION AND SAFETY OF FUNDS

GoEverUps is a broker governed by the Cyprus laws presenting addresses in Australia and Germany, which is a wicked combination nonetheless. It’s introduced as a trading name of a German company named Evercore GMBH, but there is a big problem. The Germans have nothing to do with this suspicious broker, so GoEverUps is a clone firm and a fraud. Moreover, the Cyprus financial authority CySEC issued a warning against them, exposing GoEverUps as a scam scheme. Your funds are in danger if you deposit with this broker.

About firm cloning, that’s a standard type of fraud, which is increasingly popular nowadays. It happens when scammers pretend to work for genuine businesses and they deploy these tactics to gain people’s trust. Clones may abuse legit companies’ website, corporate information, name, license numbers and anything else possible to make the scheme look legit. To avoid troubles, make sure to always double-check the brokers you intend to trade with.

Avoid GoEverUps and see some trusted EU brokers and British brokers if you are interested in trading and investing. We recommend those because Europe regulated companies are covered by deposit insurance funds laid down to protect traders and investors’ money in case of insolvency or fraud. For example, CySEC brokers’ clients can request up to 20 000 EUR in compensation, while the British guarantees are up to 85 000 GBP per person. Overall, Europe offers high-grade security, and you can trust the FX companies operating there.

GoEverUps TRADING SOFTWARE

GoEverUps says to provide three types of trading platforms- mobile, Desktop and browser-based. However, the Desktop distribution isn’t actually available, for it’s impossible to download it. We accessed their web-based platform, but it wasn’t impressive. The software looks like an online MT4, but it’s far worse in terms of functionality. The EUR/USD spread is 3.5 pips, which isn’t a competitive Buy/Sell difference anymore. The spread forms part of the trading costs, so lower rates are definitely better for traders and investors. The FX market is highly competitive, and you can find many regulated brokers offering differences as low as 0.1 pips, so don’t waste your time with GoEverUps. 

Now, see those licensed MetaTrader4 brokers and MetaTrader5 brokers, which can offer much more favourable trading conditions. We recommend these because MetaTrader is a stable software featuring advanced trading tools such as Expert Advisors, Algo Trading and various complex indicators. The platform also has a marketplace with more than 10 000 apps you can use in your strategy.

The maximum allowed leverage is 1:500, which is a ratio unsuitable for retail traders. If used improperly, such a level can cause excessive losses very quickly indeed, and it’s considered overly dangerous.

In fact, the leverage is so risky that many financial authorities enforced regulations to restrict its usage. As a result, EU, British and Australian brokers (to come in effect later in 2021) are limited to 1:30, while the Canadian brokers and the US brokers can’t provide higher ratios than 1:50. Most of the brokers offering greater leverage are poorly regulated offshore businesses, so be cautious. 

GoEverUps DEPOSIT/WITHDRAW METHODS AND FEES

The minimum deposit with GoEverUps is $250, a sum higher than the industry standards- $100 on average. Judging by the information in the T&Cs, the funding methods are supposedly Credit/Debit cards and Wire Transfers, but we can’t validate either of both. Anyway, regardless of the broker, it’s considered safer to deposit via bank cards because there is at least a chance to get a refund. On the other end, wire payments rebates are much more complex and it’s generally considered impossible to get your money back, if things, unfortunately, go wrong.

Anyway, see those high-rated Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred payment system and forget about GoEverUps.

The information about withdrawals is scarce, and there aren’t restrictions or fees specified. Allegedly, GoEverUps processes the withdrawal request within 5 days, but that’s a scam broker, so we can’t take their word for it.

The dormancy procedures are seemingly agreeable, but we can’t validate this either. According to the T&Cs document, after 12 months of inactivity, the account becomes dormant and will be charged $25 annually, which is pretty much in line with the regulated industry standards.

Bonuses and trading incentives are possible, but they fail to specify anything in detail, and at the moment, there is no active campaign.

Overall, GoEverUps is an exposed scam, so make sure to stay away.

HOW DOES THE SCAM WORK

People can see many fraudulent ads on the Internet and social media posted by scammers who want to steal as much as possible from traders and investors.

If you click on the post and submit your e-mail and contact number, they’d ring you immediately and would promise you anything to make you deposit money as quickly as possible. Most of the scammers are experienced manipulators, and before you know it, they’d ask for your bank card numbers out of the blue. Urgency is a treacherous sign, so if someone pushes you to start trading ASAP, then it’s most probably a scam.

However, the first deposit is just the beginning. Gradually they’d ask for more money from you no matter what. If you lost on the market, they’d persuade you to put more money and recover the losses. If you traded well, they’d convince you to put more money and increase the profits. The troubles start when you ask for a withdrawal. The scammers would do anything to discourage you and would even ask you to deposit even more funds if you want to withdraw. The scammers’ mantra is “give me your money”, they’d insist every day you should fund your account over and over again for no obvious reason. Legit companies do not bother you over the phone to deposit with them, so if someone pushes you to invest, it’s most probably a scam.

WHAT TO DO WHEN SCAMMED

Unfortunately, no one is immune to scam. If this unfortunately happens, the first thing to do is to protect yourself from further risk. Contact your bank and explain what happened to you so that they can give you instructions and 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, call the police if you feel necessary. Seek help actively!

Remember, it’s crucial not to rush blindly trying to recover your funds because many scam chargeback agencies and individuals are trying to double scam the victims. They ask for upfront payment, take the money, but won’t do anything to help you!

Share online your experience; it’s important to protect others, as well. Be responsible!

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