Evotrade: reviews of the financial intermediary, analysis of trading opportunities
The most important criterion for choosing a broker
When selecting a broker, it is necessary to pay attention to the presence of a legal basis for their work. However, caution must be taken to avoid falling into traps. Some scammers disguise themselves under certificates and licenses from dubious regulators who sell their “support” cheaply. In Russia, one of such questionable regulatory bodies is the CRFIN, which has many negative reviews online. It was at this moment that the main figure of our story decided to register – Evotrade. A mere coincidence? Unlikely! Let’s examine the signs that indicate why this company should be avoided, and why professional traders recommend staying away from an organization named Evotrade.
Information about the parent company Evotrade
According to official data, Evotrade has been operating in the brokerage services sector since 2010, providing its services not only in Europe but also in the CIS countries, including Russia. Information on the company’s official website indicates:
- 44,745 active users,
- over 32,000 open accounts,
- $35 million in trading capital.
After checking the registration date of the domain name through the whois service, it became known that the site was actually launched in 2009. However, one interesting detail stands out – there is no data about the site in web archives till date. This suggests that the website remained unused. Scammers recently acquired a site with a long history and adapted it for their purposes. Pay attention to the date of the last update – April 30, 2021. Presumably, it was from this point that Evotrade began its actual operations.
At present, the brokerage is operated by the company TechWare Limited. There is no online presence for this company – no official website, reviews, or feedback. According to information, the company is registered under number 223879 in the Seychelles. This information cannot be verified due to the absence of an open register of legal entities on the islands. However, there is evidence indicating that Evotrade aims to deceive. The address provided in the Seychelles actually belongs to a company named Plan B Solutions, specializing in software development.
Suspicious signs of Evotrade
Evotrade claims to have a license and to operate legally in Russia. As proof, the company even published a screenshot of the CRFIN certificate on its website.
Novices might be lured by this. However, experienced individuals are well aware that in accordance with the requirements of Federal Law 460, financial intermediaries must:
- register as a legal entity in the Unified State Register of Legal Entities,
- join a professional self-regulatory organization,
- obtain a license from the Central Bank of Russia (not from CRFIN).
In this case, Evotrade has refrained from obtaining the main regulatory oversight of the country, as it does not intend to operate within the framework of the law. Trader reviews only confirm this.
Unveiling Evotrade’s trading opportunities
Evotrade offers access to trading over 50 assets, including:
- currency pairs,
- cryptocurrencies,
- precious metals,
- energy resources.
Users have mentioned being attracted by the opportunity to experiment without risk. For this purpose, the company suggests starting with a demo account. However, one should not rely on Evotrade’s generosity – behind the facade of generosity lies a method of creating a client’s psychological profile for subsequent fraud and forced real investments.
There is a choice of 6 trading accounts offered. The minimum loss within the project amounts to $250. In the highest category tariff, the initial deposit is $100,000. Among the features of the contracts, one can highlight:
- mandatory bonus offers (ranging from 30% to 100% depending on the deposit amount), including deferred bonuses,
- trading webinars and educational materials of little value,
- false signals from the company prevalent across all types of accounts with an initial deposit over $5,000.
From the reviews of deceived traders, it can be concluded that cooperation with Evotrade will not lead to profit. The company not only does not fulfill payout conditions, but does not execute them at all.
Reviews and opinions
To attract potential clients, scammers order numerous positive reviews and reviews, but even this does not help. In the past, Evotrade caused a lot of trouble. We have collected real customer reviews from various independent forums so that you can learn firsthand what this company is all about:
In conclusion
Evotrade is another scam that you should avoid participating in. The absence of official documents for legal activities, negative reviews, and deceptive trading conditions clearly indicate that these fraudsters are ready to steal every last penny from you and push you into a financial pit. Your interests are not their concern.