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

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If the Everest Finances website is to be believed, this is one of the most established and successful forex brokers in the world. But careful inspection shows that there is no reason to believe these claims. Everest Finances is nothing more than a typical online scam targeting people without enough experience and knowledge about financial markets.

Everest Finances Regulation and safety of funds

Guaranteed FundsSegregated AccountsNegative balance protection
Everest Finances
UK regulated brokers£85 000YesYes
EU regulated brokers€20 000YesYes
AU regulated brokersNoYesYes
US regulted brokersYesYesNo

Legitimate forex brokers provide clear and detailed information about the legal entity that owns and operates them, where it is based, what licences it has and which regulators oversee its activities. Lack of such details or improper presentation of them are always a red flag that we are probably dealing with a scam.

It is a complete mystery who is behind this website. Nowhere is a name of a legal entity mentioned, including in the text of the Terms and Conditions.

According to the website’s homepage, the anonymous company owner is based in the German city of Dresden, but at the same time holds licences from financial regulators in the United Kingdom, Belize and Mauritius.

Elsewhere on the website we see claims of licences in Australia, Canada, Cypress and other regulated jurisdictions. But the Terms and Conditions list the offshore zone of Vanuatu as an applicable jurisdiction.

A check of the records of all the regulators mentioned shows that there is no authorised broker using the Everest Finances trade name and domain. Whoever is behind this anonymous website, we can be sure that they are not legally authorised to offer financial services.

If you intend to invest in financial instruments, you should beware of the many fake brokers lurking online. Always check carefully whether the broker you choose really has the necessary licences.

There are numerous benefits to working with a company that is truly authorised and supervised by a regulatory institution such as the UK’s Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Commodity Futures Trading Commission (CFTC) in US or Australian Securities and Exchanges Commission (ASIC). Clients of these brokers receive protections such as negative balance protection and segregation of the client’s funds from the broker’s funds.

In the EU and the UK, brokers must also participate in guarantee schemes that cover a certain amount of the trader’s investment if the broker becomes insolvent. These guarantees amount to up to 20 000 EUR in the EU and 85 000 GBP in the UK.

However, the likelihood of such a bankruptcy is low because regulators also have significant net capital requirements that companies must maintain – EUR 730 000 in UK and Cyprus, AUD 1000 000 in Australia and at least 20 million USD in the United States.

Everest Finances Trading software

Analytical toolsAuto tradingCustom indicatorsMobile apps
Everest Finances
MT430+ indicatorsAndroid
MT550+ indicatorsAndroid
cTrader40+ indicatorsAndroid and iOS

After registering an account, we get access to a pretty basic web trading platform that doesn’t feature extensive customization options or advanced functionality. We’ve seen the exact same platform being used by multiple fake brokers we’ve encountered.

Scammers are using rigged trading software to fool their victims into believing that their money is really being invested and even turning a profit.

If you use the services of a licensed broker, you will get the opportunity to use established software with advanced features and versions for all types of devices and operating systems. The most widely used trading platforms in the industry are MetaTrader 4 (MT4) and MetaTrader 5 (MT5).

These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.

Everest Finances Trading instruments

CurrencyStocksIndicesCryptoCommodities
Everest Finances
XMYesYesYesNoYes
FBSYesYesYesYesYes
FXTMYesYesYesYesYes

The asset classes offered by Everest Finances include cryptocurrencies, which would not be possible if it were truly a broker licensed by the UK FCA. This regulator prohibits the trading of crypto derivatives.

Everest Finances Spreads and cost of trading

Everest FinancesXMFBSFXTM
Spread EURUSD0.10.611.1
Spread GBPUSD0.11.31.21.4
Spread USDJPY0.11.31.21.4

In the trading platform we see very low spreads, close to zero. Such spreads come with commissions per lot traded, but Everest Finances does not provide any information on these commissions.

Everest Finances Maximum leverage

ForexStocksCryptoGoldIndices
Everest Finances100:1Not specifiedNot specifiedNot specifiedNot specified
UK regulated brokers30:15:110:110:1
EU regulated brokers30:15:12:110:110:1
AU regulated brokers30:15:12:110:110:1
US regulated brokers50:1

The maximum leverage for different account types reaches 1:100.

This is not a level that you see with regulated brokers. Trading with high leverage allows higher profits, but also increases the risk of sudden and excessive losses proportionally. All leading regulators limit leverage for retail traders.

In the EU, UK and Australia the maximum permitted level is 1:30 and in the US it is 1:50. This maximum level only applies to trading major currency pairs, with even more limited leverage for more volatile assets.

Higher levels of leverage are only offered to professional clients who trade entirely at their own risk. If you don’t qualify as a professional trader but are willing to take the risk of high-leverage trading, the most viable option is to use the services of an offshore affiliate of an established brand.

Everest Finances Deposit and withdrawal methods

Deposit timeWithdrawal timePrice
Crypto24 hours24 hoursFee depends on crypto

We weren’t at all surprised that the only payment method accepted by Everest Finances is cryptocurrencies.

Cryptocurrencies are the payment method of choice for most financial scammers. The reason for this is that on the one hand cryptocurrencies provide a degree of anonymity and on the other hand they do not allow the defrauded person to ask for a refund.

While there are some legitimate brokers that accept digital currencies like Bitcoin, they do so alongside other transparent payment methods such as credit/debit card, bank transfer or popular e-wallets like PayPal, Neteller or Sofort.

Everest Finances Minimum deposit

Everest FinancesXMFBSFXTM
Minimum deposit$1000$5$10$5

The minimum deposit required by Everest Finances is 1000 USD. For ten times or even a hundred times less you could open a starter account with an established broker.

Everest Finances Withdrawal requirements

Trading volumeFee/Tax on withdrawalMinimum withdrawal
Everest FinancesNot specifiedNot specifiedNot specified
UK regulated brokersNoNoNo
EU regulated brokersNoNoNo
AU regulated brokersNoNoNo
US regulated brokersNoNoNo

Everest Finances does not allow withdrawals to be made earlier than 30 days after the deposit date. No withdrawal fees are specified, but scam websites often surprise with hidden fees.

 

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