EverFXTrade review – 5 things you should know about everfxtrade.com

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

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EverFXTrade is a shady broker that falls into a rather niche category of suspicious brokerages that try to seem fresh in a way that is as obvious as possible, mainly through visual effects and a slick design. Undoubtedly is works its charm, but this is short-lived, for EverFXTrade has a lot of things to hide, which is why it has buried itself under layers of cool visuals. Once we started peeling, we could not look back at the visuals with any joy. The following review reveals just what we had discovered, and is a clear reminder of why one should not judge the book by the cover.

Registering was very easy, and we had created an account in a matter of seconds. The client portal area was unlike anything we had seen. It was overly simplistic, and in a good way as well. It was neatly organized, giving it a tinge of professionalism.

With all this said, we were, soon enough, yet again disappointed. This time it was by the obvious lack of a trading software. The dashboard has a sub-page entitled “orders”, but it lais barren, as if it glitched out.

Anyway, there was no way to access a trading software. What this means is that there are no applicable trading assets, and no subsequent trading conditions, like a spread of any kind or a leverage. So what is the purpose of EverFXTrade? We think our readers can answer without hesitation.

The website of the company is available exclusively in English.

EVERFXTRADE REGULATION AND SAFETY OF FUNDS

The one thing that we now know, after some searching, is that EverFXTrade is completely anonymous. There is no information that can trace it to any country. Obviously, there is no news of a license, not a single peep of one!

The legal documents are all but there. Yes, here we are yet again with a so-called broker that has no legal documents and no ties to any laws. The provisions that make up the lawful documents are crucial to forging a stable understanding between the broker and the user. Without them, everything a user does in EverFXTrade is a huge risk, because there is nothing stopping the broker from exploiting the user’s funds and personal details.

EverFXTrade is completely UNREGULATED, and a risk to all. It is also most probably a scam!

Investing in brokers that have no license is a pure waste of funds. You could be doing so much more with your money. Like, say investing in an FCA or CySEC regulated entity where there is a real chance of winning. Not only are all regulated brokers trustworthy, but they also work for the client, always endeavoring to bring the best and most stable trading experience out there, which makes the market very competitive. Furthermore, some regulators, mainly the FCA and CySEC employ fund compensation schemes whose main purpose is to reimburse users at times when the broker cannot pay his clients back, mainly due to bankruptcy. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.

EVERFXTRADE TRADING SOFTWARE

As we discovered, clients cannot trade because there is no trading software anywhere. The user area, as we mentioned, is barren of a terminal. Neither does the website have a download link to a trading software.

There is a TradingView chart that is very out of place, and not to mention completely useless. These graphs are placed for the sole purpose of alluring users to invest. Nothing more.

How can EverFXTrade be considered a broker when it has no real trading software? In our eyes, EverFXTrade is nothing more than a scam!

EVERFXTRADE DEPOSIT/WITHDRAW METHODS AND FEES

The client dashboard reveals that the only payment method is through Flutterwave, a payments service company allowing for quick card payments. We could not get a minimum deposit requirement, because the process produced an error on us. The website was also unhelpful with the minimum deposit amount.

The withdrawal area opened up 4 payment methods: wire transfer, PayPall, Swift, and Bitcoin. There was no trace of a possible credit card transaction.

Unfortunately, we could not find any other payment information anywhere. There is no mention of fees or processing times, nor is there a minimum withdraw amount.

Furthermore, the lack of legal documents is greatly unhelpful, because it is there that we find crucial payment details. It seems to us that EverFXTrade is not worth your time or money.

How does the scam work?

The way that scams work is very simple, and it is a surprise that still many people fall for them in this day and age.

What happens is that user clicks on misleading ads on social media or other popular websites, and are there redirected to a scammer broker, an intermediary site, or an investment site that is also a scam. Either way, you are in deep stuff once you enter.

These ads are very alluring, using a number of methods to attract users: beautiful women, luxurious cars and houses, expensive vacations, etc.

Once you enter these sites, the broker will try to convince you to invest, which you should not do! The first investment is usually initiated by the rookie scammers, who will get a large commission out of it, meaning they have a motive to defraud you.

A second deposit is made in the presence of the advanced scammers, or sometimes called account managers. These are sweet talkers and can steal your money without you knowing of it.

There will come a time when the user will start getting suspicious. This mainly happens when one tries to withdraw and fails on multiple occasions. Each scammer broker uses one of many tactics to stop users from withdrawing: stalling the request, shutting down the account, not responding to requests, or at times closing down the entire website!

What to do if scammed?

Chargebacks are your safest bet. Credit and debit card companies have this option for such cases. MasterCard and VISA have a chargeback period of 540 days.

Wire transfer losses are harder to recuperate, however, your bank may have a plan installed just for such scams. Best check with your local bank. And make sure to change your bank account user name and password.

If you have lost your money by means of a crypto deposit, then we have some bad news for you. Please never invest in an unregulated broker through any crypto method.

Finally, you may stumble by accident on a recovery agent or similar person or agency claiming to be able to get your money back. Never trust these, for they are scams on their own, or can sometimes work for the fraudulent broker.

Rich Snippet Data

Reviewer

TheForexReview

Review Date

2021-05-21

Reviewed Broker

EverFXTrade

Broker Rating

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