Beware! EverestCM 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.
EverestCM is a classic example of a broker that looks really fine, but when it comes to its services it clearly lacks way behind. Read the review for more.
We registered easily and in less than a minute were transported to a user area that had the makings of a decent portal. But with suspicious brokers it’s not really the looks that count but what constitutes them.
We were faced with an issue with the trading software which ultimately made us back down from it since it posed a potential threat to our PC. So, we had a software that we could have, technically, dealt with, but we chose not to.
So, the website remained our source of trading information. Please note that what we are about to reveal may be exaggerated.
There are two account types (this is sure, the user area had them) one of which has a $3.5 commission per standard lot per side. Yet, it has not been disclosed on what assets this commission applies.
The promoted EUR/USD spread is 1.6 pips, which according to the website, is the spread value for users of the standard account type (the Raw one is with the commission)
At one point EverestCM caps the leverage total at 1:500, while in a different section of its website the leverage is said to be twice that, at 1:1000. This is quite a significant leap to be left unresolved, seeing that, to begin with, even a 1:500 leverage can be very risky to users.
EVERESTCM REGULATION AND SAFETY OF FUNDS
The parent firm of the broker is Myrtle Ltd, and is regulated by the Financial Services Commission in Mauritius. This is what we are told throughout the website on numerous occasions. It all seems legit, until we went to the regulator’s database and took a look for ourselves.
What it turned out had happened is that EverestCM has used the name of Myrtle Ltd to cover its own track. In fact, it turned out that Myrtle Ltd is in no way affiliated to EverestCM; the company is in charge of a completely different company, some sort of a financial advising firm, which does not concern us here.
So EverestCM has essentially crafted a tricky scheme here, that not everyone can break through.
Moreover, we were soon faced with a CNMV warning issued to the broker for not providing legit services. The CNMV is the official FX regulator in Spain, and once you get blacklisted by a European regulator it’s game over.
EverestCM is unregulated and a risk to all investments!
Unless you wish to throw your money away for no reason , there is absolutely no incentive for investing in unlicensed brokers. In fact, you would be doing them a big favor by funding their further fraudulent projects. If you wish to trade real FX and CFD with regulated brokers, looks no further that those that are regulated, especially in well known locations such as Europe, the UK, the US, or Australia. The regulators there are pedantic to a ridiculous degree and will do everything in their power to uphold the rights of the user and the integrity of the market industry. It is within their power to penalize brokers and demand client compensation, as well as to set industry standards and introduce new rules and regulation.
EVERESTCM TRADING SOFTWARE
There was an available MT4, whose download link contained an open warning that the install file might be contaminated with a malware. So, obviously, we did not want to play with fire.
Moreover, the user area promotes both the MT4 and MT5, but gives access solely to the MT4, which is an example of false advertisement.
Last but not least, the web MT4 did not work; the server list would not appear.
The broker is, more than anything else, unregulated and a risk to all. Do not use the MT4!
EVERESTCM DEPOSIT/WITHDRAW METHODS AND FEES
According to the user area, clients can invest by means of credit cards – via a couple of online wallets, crypto wallets, and bank transfer. The minimum deposit is $50.
Withdrawals are unavailable without investing first, while the website gives basically the same payment methods as the ones in the user area, give or take a couple of extra e-wallets; this is actually in violation to AML – to provide more withdrawal methods that depositing ones- but whose to stop EverestCM from doing so? The firm is unregulated after all.
According to the site, there are no payment fees, but how can we trust this illegal broker?
HOW DOES THE SCAM WORK
Getting scammed usually happens without you knowing it. It’s a deceivingly simple process that owes its success precisely because it seems so avoidable.
First, there is the matter of getting in contact with the broker which happens in one of two ways. Either it contacts you, or you it. If it calls, it means that somewhere in your net journey you accidently left a phone number or an email address. Or you were persuaded by the broker to contact it, which is why many scammer brokerage sites looks so appealing.
The hardest thing to achieve, for a fraudster, is to convince a user to invest an initial deposit. Prior to this a certain level of trust must be built, centered around a false sense of rapport. The broker will fake an interest in the user and in the process talk about market and profit opportunities, as well as investment choices. It’s all a part of a retaining strategy that will keep the user invested for at least a couple of thousand dollars, on average, until, eventually, he realizes the scammer pit he has fallen in.
When this happens, the broker will seize all contact with the user, and might even block the client from the website. It will go to great lengths not to return a single penny of the user’s money.
WHAT TO DO IF SCAMMED
The first thing you should do it to file for a charge back. That’s if you have invested by means of a credit or debit card. MasterCard and VISA have a chargeback period of 540 days giving users more than enough time to try to get their money back.
Wire transfer deposits are not as easy to acquire, and the best advice we can give you is to set up a reimbursement strategy with the bank leading the transactions. Most banks have strategies put in motion when these circumstances are met. Furthermore, if scammed via a wire transfer, it’s best to change your bank account user name and password.
Unfortunately, all crypto deposits are most surely lost for good. These transactions are untraceable and therefore once they reach the scammer end it all depends on the fraudsters if you see your money back or not.
Lastly, do not trust recovery agents or agencies. These are either separate scammers trying to get a hold of any leftovers, or can even be an extension of the brokerage scam.