Beware! GeverestFx 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.
In this review, we are going to look through a clone firm and an exposed scam. GeverestFx is purportedly an EU business, but precisely a European regulator blacklisted them, confirming it’s a fraud. As a matter of fact, we could prove ourselves this is a sham enterprise that traders should avoid. See how in the full GeverestFx review.
GeverestFx REGULATION AND SAFETY OF FUNDS
GeverestFx introduces as a Cyprus and Australian registered and regulated entity, but that’s a falsehood. When we researched the Cyprus regulator CySEC we found a warning instead of a license. Moreover, GeverestFx abuses the license number of a genuinely regulated company, so it’s a clone firm, too. Your funds are in danger if you deposit with GeverestFx because it’s a scam that CySEC exposed. For more details, see the picture below.
Clone firms are really dangerous because they use legit companies’ names, addresses, registration numbers, license numbers and so on without being authorised to do so. The scammers pretend to work for regulated businesses while trying to make their scheme appear authentic. This is a savvy trick because many people tend to believe that the clones’ offers are trustworthy. Beware, and always double-check the legitimacy of the companies if you plan to trade and invest.
Avoid GeverestFx and see some EU brokers and British brokers we recommend. The European regulated FX businesses are covered by deposit insurance funds protecting traders and investors’ money, which is a big plus for traders and investors. CySEC brokers’ clients can claim 20 000 EUR in compensation, while the British protections are up to 85 000 GBP per person. If you can open an account with a European company, just go. It’s a no-brainer.
GeverestFx TRADING SOFTWARE
GeverestFx claims to offer mobile, Desktop and web-based trading software, but we couldn’t access any of those. It happened so because their sign-up page was broken at the time for a reason we know nothing about. We couldn’t register, but this isn’t actually a miss because GeverestFx is a scam, as you already know. See more details at the bottom of this section.
Talking about platforms, check these MetaTrader4 brokers and MetaTrader5 brokers. Both MT platforms lead the market and provide sophisticated features such as Expert Advisors, Algo Trading and many complex indicators. MetaTrader also has a marketplace where you can find more than 10 000 apps and third-party developed solutions.
As a result, there are no spreads or leverage we can show you. Nevertheless, GeverestFx claims to offer leverage as high as 1:500, a ratio no longer allowed in Cyprus. Generally, the offer alone proves that this broker is either breaching the EU regulations or it’s not regulated at all. In both cases, that’s yet more evidence of a scam. In the following paragraph, we’ll outline some basic leverage regulations you’d better know about.
Leverage is a powerful financial tool allowing clients to multiply the size of their positions. However, this solid advantage comes at a cost- the risks increase dramatically. In fact, leverage is so risky that many financial authorities agreed on regulations and restricted its usage. As a result, the 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 more than 1:50. However, if you are risk-tolerant, you may as well try with Swiss brokers, which are reliable but not leverage restricted.
GeverestFx DEPOSIT/WITHDRAW METHODS AND FEES
GeverestFx’s minimum deposit requirement is $250, which is slightly higher than the regulated industry standards. In fact, there are many regulated brokers offering accounts with a minimum deposit of just $10, so it’s no hassle to find a less demanding real broker instead of wasting your time with this scam.
The funding methods are unknown, but see our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred payment system. The brokers on the lists are strictly regulated, and it’s unlikely to come across scammers.
There isn’t much information about withdrawals, except for the request processing time- within 2-5 days, which is a bit longer than usual. As a comparison, the regulated brokers process the withdrawal requests in 48 hours.
The inactivity fees are pretendedly favourable, but we can’t validate those provisions because GeverestFx is a scam, so we take nothing in their T&Cs for granted. Still, an account becomes dormant after 12 months of inactivity and will be charged $25 per year, which is generally in line with the regulated brokers’ standards.
Generally, GeverestFx offers trading incentives, but they do not specify anything in detail. At present, there isn’t a bonus campaign.
Overall, GeverestFx is an exposed scam, which you should avoid.
HOW DOES THE SCAM WORK
New types of investment scams come about literally every day. However, most of the new schemes represent a modification of common fraud. These are not typical for the local markets but very similar from country to country.
Nowadays, scammers most often search for victims on the Internet and social media. Classical tactics, such as cold calling, became less widespread as the Internet got prevalent. The offers scammers make look legit and present exciting opportunities to invest money in the Forex market. Traders got reassured that the people behind the broker have an excellent track record, and they promise high returns, seamless trading and guaranteed profits. The scammers deliberately make people believe that the Forex market isn’t a risky place, but actually, the opposite is true.
What usually happens is that scammers just pocket traders and investors money. Sooner or later, clients would ask for a withdrawal, but scammers would delay or straightforward refuse to send any money back. Whenever traders persist, the guys standing behind the fraudulent broker would usually cut the communication or even ask for additional deposits. Either way, traders are likely to lose some or all of the capital invested. The end is always the same. When fraud becomes evident, the scammers would simply rebrand and start afresh, creating a new scheme under a different name.
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!