Evolve Markets Review – Should You Trust This Broker?
Broker Evolve Markets Ltd. has been operating since 2016 and the company registered in offshore Saint Vincent and the Grenadines. The company provides services in the Forex market and in the field of CFD contracts. Since its inception, the brokerage firm managed to attract the attention of various customers. The company also offers trading for cryptocurrencies and has leverage gearing up to 1:1000. However, we have a lot of question marks regarding its legitimacy. In this Evolve Markets review, we will go step by step about the characteristics of the broker and provide our comprehensive insight into whether you should trade with this broker or not.
Evolve Markets Regulation and General Information – Is It Legit?
While the broker was established in 2016, there is little information available on the website about the broker’s activities. There is no information about the received awards and what is suspicious, Evolve Markets does not have any regulations. When we talk about Forex brokers the license plays an enormous role because it helps to regulate the relations between clients and brokers. In the absence of the license, there is nobody to appeal to, in the case something unexpected happens. The broker demonstrates that it follows privacy protection and clients’ funds are safe, but there is no fertile ground behind this claim. Moreover, there is no information about AML policy and negative balance protection. The broker does not register US residents as users.
The visual side of the website is also flawed. If we compare it to other brokers, the quality is low. In addition, finding useful information could take some time, which says a lot about the negative user experience. Problems arise for clients who violate the terms of trade, for example, when creating multiple accounts.
Evolve Markets Trading Accounts
As we have thoroughly gone through the website, there is scarce information regarding available accounts. In fact, we can deduce that there is only a standard account present for trading, that the users can register for. It is possible to become a client of Evolve Markets Ltd when you register on the site (enter your e-mail) and verify your e-mail address. Identity confirmation is not required for trading and withdrawing funds. For account security, you can use two-factor verification. There is no information regarding Islamic accounts which is specifically designed for people following the Muslim faith.
In addition to the standard account, we could also discover the availability of creating a demo account. This is a feature that is particularly useful for traders who are new to trading and want to discover the essence of FX trading. With that being said, the choice of accounts on the website is pretty limited.
Evolve Markets Trading and Non-Trading Fees
When we talk about non-trading fees on Evolve Markets, there is almost none. For deposits and withdrawals, there is no extra charge which is strange, considering that a broker needs a steady source of income. There are also no requirements for the minimum deposit. As for trading fees, a commission is charged for placing an order, the amount of which depends on the type of asset:
- Cryptocurrencies – 0.075% of the contract amount on MT5 (on MT4 – 0.15%);
- Indices – 0.0035%
- Forex, commodities, metals – $3.5 for each lot on MT5 (on MT4 – 9 base points).
The broker sets floating spreads. Orders are executed according to the STP principle. Trading fees are charged as a percent of the total contract (notional) value. We could not find the information about inactivity fees, i.e., what is the charge if you go through some time without trading.
Evolve Markets Trading Assets – What Are They?
The diversity of trading assets is necessary for every Forex broker – there are no questions about that. With Evolve Markets, you can trade:
- Cryptocurrency pairs;
- Pairs of fiat currencies;
As we have already mentioned above there are different trading conditions for these assets. For some of them, there is an increased commission while others have less. In shorts, we can point out that the choice of trading instruments on the website is scarce leaving customers in anticipation of more.
In general trading BTC, ETH, XMR, LTC, DSH in pairs with US dollars and euros is the main thing that a lot of customers go for on Evolve Markets. Leverage can be as low as 1:100 and reach 1:1000. The latter is dangerous because the more the leverage is, the higher the chances you will lose your money immediately.
Evolve Markets Trading Platforms
Trading is carried out on the platforms MT4 and MT5. There are more options on MT5:
- You can trade 12 cryptocurrency pairs (instead of 4 on MT4);
- Leverage up to 1:50 (on MT4 – 1:25);
- You can open an account in BIT, LTC, and BTC.
Access is possible from devices with Windows, Linux or macOS installed. There are mobile versions for Android and iOS. In addition, the broker also uses WebTrader.
Evolve Markets does not provide analytical materials to users. But traders can use the functionality of the MT4 and MT5 platforms:
- Fibonacci, Ghana, Elliott tools, geometric shapes, channels, etc.;
- Built-in technical indicators – trend indicators (Bollinger bands, moving averages, etc.), oscillators, Bill Williams indicators, etc.
- Indicator libraries that are installed additionally.
Deposits and Withdrawals
On Evolve Markets, you can deposit and withdraw earned money only through Bitcoin and Litecoin wallets. The broker does not charge its own commissions for such transactions. The minimum withdrawal amount is 0.005 BTC or equivalent. There are no restrictions on the minimum deposit. Withdrawals are carried out within 24 hours if the user is not suspected of violating the broker’s rules.
As it seems there are no other methods of transferring money to your account. While Bitcoin provides a lot of anonymity to users and is generally considered money of the future, it is strange that there are no fiat methods available for depositing and withdrawals.
Evolve Markets Educational Section
Forex brokers pay a lot of importance to the educational section, as it provides a lot of information to their customers, which in the future is helpful to increase trading knowledge. In that regard, there are no webinars or trading tutorials on Evolve Markets. Even if you are a registered user, such a feature is not available. There is a separate blog on the website, but articles are added rarely and the information gets updated once in a while. The website ultimately brings no value to their customers, which from our perspective is a major negative aspect of the broker.
Evolve Markets Customer Support
In order to contact the group of Evolve Markets you need to sign up on the website. There is no live chat available at the present moment and email contact is also a possibility. Generally answers via email take much longer than a live chat. There is no information on whether the live chat will be available for users. No official mobile phone is present as well. Users can also find additional information via the Help Centre where the information regarding withdrawals, accounts, trading platforms are present, but the lack of live chat is definitely a disadvantage of the broker. The broker’s administration sometimes fails to promptly respond to customer requests,
As we have reviewed the main aspects of Evolve Markets FX broker in our review we should finally answer the main question – is Evolve Markets legit? While there are no obvious cases of scam activities from Evolve Markets we think that there are a lot of question marks concerning the broker’s legitimacy. First of all, there is no available license, that would regulate the activities of the financial company. Moreover, sometimes money withdrawals seem to be lagging and information in trading platforms might not always correspond to the real situation in the market.
To sum up we would not advise our customers to sign up on Evolve Markets and start trading with the broker. The brokerage company mainly orients towards cryptocurrencies, and options in payment methods are limited.