Is Evolve Markets Scam or Legit Broker?

No, Evolve Markets cannot be considered a reliable broker due to its absence of a top-tier license. Evolve Markets LLC is incorporated in St. Vincent & the Grenadines as an international business company with registration number 2788LLC2022. The broker also claims to be regulated by the MWALI International Services Authority (Licence Number: HY00323037). 

  • It is widely acknowledged that St. Vincent & the Grenadines serves as an offshore zone where brokers' registrations do not guarantee safety for Forex trading. Consequently, brokers based in this jurisdiction frequently have a track record of involvement in financial fraud or questionable activities. To safeguard financial investments, it is recommended to exclusively trade with well-regulated brokers renowned for their credibility in the market. Brokers such as Evolve Markets,  ProsperityFXFxBitCapital, and Moon4Trades registered in St. Vincent & the Grenadines may not offer the most reliable option.
  • Another crucial point to note is that Evolve Markets mentions to be regulated by the MWALI International Services Authority (M.I.S.A.). However,  M.I.S.A. is a doubtful regulatory body as Financial activities in Moheli island, a constituent of the Union of Comoros, are exclusively overseen by the Central Bank of Comoros.

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

What is Evolve Markets?

Evolve Markets Ltd was established in 2016. The company offers highly competitive trading conditions, including a diverse range of trading tools, increased leverage options, and the ability to trade cryptocurrency deposit accounts. With Evolve Markets traders can deposit using Bitcoin, altcoins, or stablecoins and utilize high leverage for trading across crypto derivatives, forex, commodities, indices, and stocks. The trades are conducted on the market-popular MT4 and MT5 platforms, also, on WebTrader. 

We delved deeper into our research, uncovering additional details about the broker and gaining insights into various facets of Evolve Markets' operations.

  • Insufficient Regulation: Our investigation has unveiled that Evolve Markets is registered as an international business company in St. Vincent & the Grenadines under registration number 2788LLC2022. Moreover, the broker claims to be regulated by the MWALI International Services Authority. However, it has been discovered that M.I.S.A. is not a legitimate regulatory authority and is suspected to be a fraud. It's important to note that offshore brokers often function under less rigorous regulations and oversight. Consequently, investing with such brokers can pose significant risks.
  • Market manipulation: The lack of transparency and regulatory oversight in trading environments, especially with unregulated and offshore brokers, can foster conditions where market manipulation becomes a significant concern. This manipulation may entail the broker's platform not executing trades directly to the market but instead operating exclusively on the broker's servers. Consequently, market data may be unreliable, orders could be subject to manipulation, and overall trading conditions may be unfavorable to the trader, potentially resulting in losses in investments and account balances.
  • Client Feedback: Numerous clients have expressed dissatisfaction with trading with Evolve Markets. Common complaints from traders revolve around difficulties in withdrawing funds, a perceived lack of transparency from the broker, unfavorable trading conditions, and other related issues. Some traders point out that the broker's platform works perfectly on a demo account, but barely works on a live account and it's almost impossible to conduct trades or withdraw money. Traders shouldn't overlook feedback from other clients, paying attention to the concerns raised by fellow traders. 
  • Withdrawal Issues: When evaluating a broker, we pay close attention to the withdrawal procedures, an essential aspect of Forex trading. If the withdrawal process is lacking, traders may face challenges in accessing their investments and profits. The abundance of complaints against Evolve Markets regarding its withdrawal process is a significant reason for concern.

Overall Evolve Markets Ranking

After conducting our research, we identified significant concerns regarding Evolve Markets' reliability and adherence to regulatory standards. As a result, we are unable to provide a positive rating for Evolve Markets.

  • Evolve Markets Overall Ranking is 2 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.

RankingEvolve MarketsDeriv Trade Nation
Our Ranking⭐⭐⭐⭐⭐ ⭐⭐⭐⭐⭐
Is Broker safe?NoYesYes
AdvantagesNoneTrading InstrumentsTrading Fees

Evolve Markets Alternative Brokers

Given the uncertainties surrounding the reliability and security of Evolve Markets, we strongly recommend traders explore alternative options that provide stronger regulatory oversight and better trading conditions. Below, we have compiled a list of reputable brokers that offer dependable choices and ensure a secure trading environment for your consideration:

Deposits and Withdrawals

Evolve Markets currently supports deposits in bitcoin (BTC), litecoin (LTC), ether (ETH), solana (SOL), stablecoins USDT and USDC, and gold-pegged XAUT and PAXG tokens. Traders can also fund their accounts with credit cards, debit cards, or bank transfers.

  • While there is no minimum deposit requirement, note that there are minimum withdrawal thresholds: 0.001 BTC for Bitcoin, 0.005 LTC for Litecoin, 0.01 ETH for Ethereum, 0.01 SOL for Solana, and 25 USDT for Tether withdrawals.
  • We strongly urge traders to exercise the utmost caution when placing their funds with the broker. It is a frequent experience in Forex trading for traders to suffer losses as a consequence of engaging with unregulated brokers.

Account Types

Evolve Markets offers a single account type that offers raw variable spreads, swap (interest rate) payouts and charges, and fixed percentage commissions for all trading pairs on both Evolve Webtrader and Metatrader (MT5). 

  • On every trading account, clients can select between two account modes - Hedging and Netting. 
  • The maximum leverage offered by Evolve Markets varies depending on the asset class: up to 1:100 for crypto trading and stocks, 1:1000 for Forex, and 1:500 for commodities and indices.

Evolve Markets Review Conclusion

Based on the data we've gathered about Evolve Markets, there are significant reservations regarding the broker's credibility. Evolve Markets' lack of robust registration, coupled with its association with a dubious regulatory authority like M.I.S.A., raises substantial concerns. Furthermore, the negative reviews from clients add weight to these concerns. Additionally, the services and trading conditions offered by Evolve Markets are average and limited.

Therefore, it is strongly advisable to prioritize tightly regulated brokers with a solid reputation in the market and transparent trading conditions. We always recommend choosing a reliable broker with licenses from reputable authorities like FCAASIC, or CySEC. Many regulated brokers are both reliable and have exceptional offerings, such as Interactive BrokersGo Markets, and HFM.

  • Overall ranking and experience for Evolve Markets is Negative

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