Evoxtrade.com Review: this is the website of a Forex broker that is based in an undisclosed location and it claims to be offering an excellent trading platform. Is it safe to invest funds in Evoxtrade? Consider our reviews and see our expert take on this.
The most vital part of our reviews is uncovering if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.
Evoxtrade says that it is based somewhere in the British Isles. This is as anonymous a location as we have ever found. It is unclear where exactly it is headquartered and under which regulatory authority it falls. Evoxtrade only mentions that it founded in 2015.
However, forex activities in the British Isles region are under a number of authorities. Some of them include; FCA, Central Bank of Ireland, IOMFSA, JFSC and GFSC. When we checked the online register of a few of these authorities and none mentioned this broker.
Trading with a Forex broker that is unlicensed poses many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well. Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.
Advantages of Evoxtrade
From Evoxtrade.com, the broker’s website, we found claims of an easily accessible trading platform’. It also boasted of being an award-winning technology and innovative company. Other benefits it touts on its website include; multiplatform trading, real-time prices, smooth transactions and so on.
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It is common for Forex brokers to claim that they are the best. This is because everyone seeking out easier ways to trade effectively does so to make more profit. But, Evoxtrade does not provide any proof to back up its claims. Its website is devoid of any legit detail that we have come to associate with top brokers.
Traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
Evoxtrade Trading Platform
No useful information is provided about the trading platform provided for clients of the Evoxtrade Forex broker. We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating systems. All can be used on desktops, Linus, Windows, iOS, and Android.
Tools that come with these trading platforms are also found to be useful for traders. It has proven to be user-friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders are not listed, which is not advised of any serious brokerage. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
The maximum leverage offered to clients is not mentioned and while some may seem generous, it is not advisable. High leverages can lead to huge loss of funds for inexperienced traders. The broker also hides the spreads it use from the public.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal Methods Evoxtrade
Evoxtrade only allows deposit and withdrawals via bitcoin and bank cards. This is another red flag that traders should be aware of.
This is because standard and legit brokers make deposits and withdrawals available via Visa, MasterCard, and Wire Transfer. Many offer e-wallets like Skrill, Neteller, UnionPay, FasaPay, and so on. If a broker does not offer many of these transactions means, it is likely because it cannot measure up to their security demands.
The minimum deposit required for Bitcoin and PerfectMoney is $100 while it requires $300 for other means of payments. Readers should know that many legit brokerages require between $100 – $250 or even lesser. Any broker placing its minimum above this should not be trusted.
The withdrawal conditions of this broker are not listed, which is suspicious. This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
It is also important to note that this forex broker wants traders to just invest while it trades for them. This is simply ridiculous as the company offers to trade for you in the unpredictable world of Forex markets.
Is Evoxtrade Licensed?
No. Evoxtrade is not a licensed brokerage and cannot be trusted. It falsely claims to be registered in the British Isles, without specific location details. As we have pointed out earlier, respected authorities in the region like the FCA and Central Bank of Ireland do not list it.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
To get more information about this broker, contact customer support services via email@example.com or through a chatbot on the website.
Evoxtrade has proven to be a broker unworthy of trust and thus, we rate it low. It also does not reveal enough information for us to go on with and tries to falsify some claims. Do not invest with any company promising returns that sound too good to be true.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
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- Active customer support
- No license
- Unclear trading conditions
- Limited deposit and withdrawal means
- False customer reviews
- High deposit minimum