Is Evest Scam or Legit Broker?

Evest does not hold any top-tier license from world-known authorities, that is why it is considered Not Safe to trade with Evest. The broker is registered in Vanuatu (an offshore zone) with the registration number 17910. It is a well-known fact that offshore brokers are not overly secure and signing with them might lead to financial losses.

  • In fact, the primary role of the VFSC is to oversee the registration process, which is remarkably straightforward and characterized by minimal setup requirements. This simplicity in the registration process, coupled with low associated costs and rapid establishment, makes Vanuatu an attractive destination for numerous brokerage firms seeking registration.

About Evest
🏢 Registered inVanuatu
🗺️ Type of LicenseOffshore
🛡️ Is Evest safe to trade?No
🗺️ Recommended LicensesFCA in the UK 🇬🇧 and ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

What is Evest?

With Evest clients gain access to trading Forex, Commodities, Indices, Shares, and Crypto via MT5 and Evest trader platforms. As for the benefits of Evest, there are no commissions for some instruments. Furthermore, the broker provides access to a Trading Academy, a valuable resource, especially for novice traders. Additionally, they offer a demo account and a comprehensive market analysis.

Nevertheless, there are significant factors regarding Evest that need careful consideration before selecting it for trading purposes:

  • Evest is owned and operated by AtriaFinancial LTD. The company has a Vanuatu registration. According to the website, the broker maintains offices in Vanuatu, the UK, and Cyprus. However, their primary regulatory authorization is granted by the VFSC (Vanuatu Financial Services Commission). As a result, no other regulatory bodies such as the FCA (Financial Conduct Authority), ASIC (Australian Securities and Investments Commission), or CySEC (Cyprus Securities and Exchange Commission) have granted a license to this broker.
  • As per the company's policy, they do not impose any commissions. However, it's important to note that they have other fees, including a $5 processor fee, a 2% conversion fee, and a $75 inactivity fee applied after 2 months.
  • When we looked deeper, searching for reviews and feedback from real traders, we found numerous traders have expressed dissatisfaction with Evest customer service and encountered withdrawal problems. Thus, we recommend finding a reliable Investment broker, with good standing in the market and positive feedback from clients. 

Overall Evest Ranking

Drawing upon a decade of experience in the Forex trading industry, our research has uncovered significant concerns regarding Evest's reliability and its adherence to regulatory standards. As a result, we are unable to give a favorable ranking to Evest.

  • Evest Overall Ranking is 3 out of 10 based on our testing and compared to 500 other brokers. See Our Ranking below compared to other popular and industry-leading Brokers.

RankingEvestFXTMOANDA
Our Ranking⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
Is Broker safe? NoYesYes
AdvantagesNoneTrading EnvironmentTrading Conditions

Evest Alternative Brokers

Due to the safety-related issues associated with Evest, we strongly advise considering alternative options that prioritize stringent regulations and improved trading conditions. Here is a list of reputable brokers that offer reliable choices and a secure trading environment for your consideration:

  • FXTM – Good Market Instruments 
  • HYCM– Low Spreads and Competitive Trading Conditions
  • Trading 212– The best selection of Educational Resources

Deposits and Withdrawals

Evest enables deposits through a variety of methods; Wire Transfer, Credit/Debit Card, Maestro, Visa Electron, Skrill, and Neteller. The minimum deposit with the broker is $250

  • The withdrawal process may require up to 14 days for completion. To be able to withdraw money, the client's account should be verified. The minimum withdrawal amount is $25. There is also a $5 withdrawal fee. 
  • Considering the feedback and reviews from clients, it appears that there could be issues with the withdrawal process. Therefore, we strongly advise not to overlook this crucial aspect.

Account Types

The broker provides four primary account types: Silver, Gold, Platinum, and Diamond. Each of these Evest account types comes with its unique features and specifications. The Silver account, for instance, requires a minimum deposit of $250, and it offers daily market summary and analysis. Gold accounts, on the other hand, necessitate a minimum deposit starting at $5,000.

Meanwhile, Platinium and Diamond accounts have more substantial investment requirements, but they offer enhanced trading privileges, including access to a Senior account manager, the Trading Central platform, exemption from withdrawal fees, and a range of other benefits.

Evest Review Conclusion

Taking into account the information we have compiled about Evest, there are notable concerns regarding the broker's trustworthiness and credibility. Despite the enticing features and services it provides, the fact that it is registered in an offshore jurisdiction (Vanuatu) gives rise to considerable doubts, thus traders should exercise caution and better avoid Evest Broker for your trading activity.

We strongly advise you to consider choosing a broker that is licensed by reputable authorities like FCA, ASIC, or CySEC Brokers. Numerous regulated brokers offer excellent services and favorable trading conditions while adhering to top-tier regulations, ensuring a safe trading environment. Some examples include HFM, OANDA, and BlackBull Markets.

  • Overall ranking and experience for Evest is Negative

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