Everfxx Review – 5 things you should know about everfxx.co.uk

Everfxx Review – 5 things you should know about everfxx.co.uk

Rating: 1

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

RECOMMENDED FOREX BROKERS

Forex.com

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

 

Everfxx is just another obvious scam broker that offers nothing but demands that you trust them with your hard-earned money. What will happen right after you deposit, is that you will get shamelessly robbed by these unregulated anonymous scammers – and don’t expect to get a chargeback any time soon if you have deposited since the only way to transfer money to the broker is a irreversible crypto transaction.

Everfxx REGULATION AND SAFETY OF FUNDS

Everfxx claims to be based in the UK but does not state that they are regulated by the UK financial authority, the FCA. They do, however, claim to be licensed by multiple regulator – the well-known Cypriot regulator CySEC which is famous for its strict approach and which regulates many top European brokers, but also by the Mauritius Financial Services Commission and the Seychelles Financial Securities Authority (FSA).

Let’s start with the supposed CySEC license first – the broker is definitely lying insolently here since it is not only not regulated by CySEC but actually has a warning issued on its name on the 13th January 2022 by the financial authority. CySEC has provided a list of scammers offering services without authorization – Everfxx is one of them.

CySEC-licensed brokers are generally a great choice because they have to meet many requirements and do everything by the book if they don’t want to get fined or straight up lose their license. Such brokers must maintain a capital of at least €730 000 to prove their financial stability and participate in compensation schemes that ensure that if a broker goes bankrupt, their client would get a compensation of up to €20 000. Negative balance protections is a must – you could never lose more money than you have in your account – as is segregation of client funds. There is also a restriction on the maximum leverage a broker is able to offer – up to 1:30 for forex majors.

What about far less strict regulators of the Seychelles and Mauritius – which only require that a broker holds $50 000 and $250 000 as minimum capital respectively? We quickly found out that the broker is not licensed by either of these financial authorities either which not only makes them completely anonymous and unregulated but also comfortable with lying about licenses. You should be convinced by now that investing with this broker is an awful idea.

Everfxx TRADING SOFTWARE

Everfxx promises to let us trade forex, cryptocurrencies, CFDs, stocks, commodities and indices. However, when we registered an account we were only able to access some crypto markets. Moreover, the broker did not actually offer a trading platform, just a TradingView chart that tracks the market.

If you want to get access to actual, functional software for trading forex, CFDs, stocks and more, give the MetaTrader 4 and MetaTrader 5. These are the two most popular platforms in the industry for a reason – they are both easy0to-use with their one-click trading capacities, and greatly functional. The software  offers a variety of tools and features like predeveloped Expert Advisors, an opportunity to create your own bots and indicators, possibilities for strategy-testing – either in a demo account or through back-testing, and the ability to set up signals for prices going up or down.

If you are interested in cryptocurrency trading specifically, there are, again, far better options – just look up the websites of popular crypto exchanges like Binance and Coinbase.

Everfxx TRADING CONDITIONS

The minimum deposit amount with Everfxx is $250 which is in line with what most legitimate brokers would set up as an upper limit for a minimum deposit. But there are many brokers that would set up an account for much less – all of them are much more reliable and offer far better conditions than scammers like Everfxx.

Without a functional trading platform, it is pointless to talk about spreads or leverage – this broker cannot offer you actual trading.

Everfxx DEPOSIT/WITHDRAWAL METHODS AND FEES

The only way to deposit with this broker is via Bitcoin, Ethereum and Litecoin – bank transfers were supposed to be available but the broker did not provide an account number and you have to contact them if you want to deposit in such a way. Depositing to their crypto wallets, however, is fairly easy.

There is nothing wrong with cryptocurrencies themselves – there are a very secure payment method which is why many legitimate brokers have started offering them as an option. However, their very nature makes them irreversible – as an owner of some cryptocurrency, you own a part of the blockchain. This basically means that if you transfer crypto, you are transferring that ownership to another person. Therefore, the only way to get a chargeback is if that person sends you the crypto back voluntarily – which is not something scammers like Everfxx will ever do.

Additionally, the broker offers a deposit bonus – $100 for a deposit of up to $1000, $250 for up to $5000, etc. This further proves the broker could not be regulated in Europe since bonuses are strictly banned under all European jurisdictions. Scammers often attach sketchy clauses to bonuses – because of such clauses it might be impossible for you to withdraw anything from your account later on.

HOW DOES THE SCAM WORK?

The weird thing is that such scams are never very imaginative but they seem to trick a lot of people – you see an ad on the Internet for a broker’s website and decide to check their website out. Then you start thinking to yourself “Man, that actually sounds great, I should maybe register an account to find out what they have to offer.”

Once the scammers have received your contact details, they won’t leave you alone before you deposit – and with time, they will start asking for bigger and bigger sums. You will probably see that you have turned unbelievable profit in no time so you will keep transferring money – just know that it is fairly easy for platforms to be manipulated. At some point of course, you would want to withdraw and this is where it gets complicated. All sorts of clauses in the Terms and Conditions and additional fees will show up – the scammers will try to delay your withdrawal and milk you as much as possible. By the time you figure out something is wrong, your “broker” will be long gone – with your money.

WHAT TO DO IF SCAMMED?

Be prepared that happy endings are not very likely and the chances of you seeing your money again are not big. That is why prevention is key – you should always read Terms and Conditions carefully and make sure that your broker is legitimate by checking if they are actually licensed.

If you got scammed, there are still things you could do. Notify the authorities in your country and share your story with as many people as possible – this way, they would know to avoid such types of scams. Change all passwords that you gave the scammers access to. If you have deposited with a credit or debit card, ask your card provider for assistance – you could get a chargeback within 540 days with both Visa and MasterCard. Bank transfers are a bit harder to reverse but that is still not impossible.

Finally, don’t trust anyone trying to pass as a recovery agent and offering to retrieve your money for a small fee – this is just another type of scam, usually conducted by the same people that robbed you in the first place.

Top Forex Brokers

BrokerCountryRatingMin. DepositWebsite
US4.99/5$50 Click for a special offerWebsite
UK, Cyprus, Belize4.94/5$5 Click for a special offerWebsite
Australia, Cyprus4.93/5$100 Click for a special offerWebsite
UK, Australia4.85/5$50 Click for a special offerWebsite
Cyprus, SVG4.8/5$100 Click for a special offerWebsite
New Zealand4.65/5$1 Click for a special offerWebsite

Leave a Reply

Your email address will not be published. Required fields are marked *