EVEST: Unlicensed Broker Accused of Misleading Traders and Urging Deposits

Behind forex trading hides great opportunities for wealth and also lurks a wide variety of risks and scams. Many forex brokers brag about their services with glossy websites, promising unrivaled spreads, lightning-fast execution, and round-the-clock support, when you actually trade with them, however, you are likely to encounter problems undermining your finances. So spotting the signs and identifying scams can be an essential skill for traders. Join BrokersView on the journey to reveal the deceptions of the online trading platform EVEST, and protect yourself against forex scams.

An Overview of EVEST

EVEST was established in October 2020, with the initial goal of changing the way people think about trading in the Middle East. According to its history timeline, the broker introduced the Web Trader platform in November 2020, added the MT5 platform in April 2021, and launched its own trading app in May of the same year. EVEST offers traders over 400+ financial instruments to trade across currency pairs, stocks, cryptocurrencies, commodities, and indices, without commission on stock trading. Their trading accounts include Silver, Gold, Platinum, and Diamond, with a minimal deposit of 250$ and spread as low as 1.8 pips, as well as demo accounts and Islamic accounts. It also has a free trading academy for traders to access educational materials.

Is EVEST regulated?

EVEST claims that it is owned by ATRIAFINANCIAL HOLDINGS LTD, a company registered in the United Kingdom and that its website operator ATRIAFINANCIAL LTD is registered in Vanuatu, and its subsidiaries are incorporated in the UK and Cyprus. 

Companies House shows a result corresponding to its register number, but no information regarding the broker's authorization is represented on the FCA website. Forex brokers in the UK must be subject to the FCA's regulation. Besides, we don't find matching license information to EVEST at other appropriate regulators VFSC and CySEC. The truth is that EVEST is not under any valid regulatory framework. 

Clientele Feedback

EVEST customers reported the broker's deception, such as charging hidden fees. 

What's worse, more than one customer reported aggressive sales tactics from the broker, urging users to add more deposits and giving misleading information.

EVEST also faces accusations of being fraudulent from a lot of clients, who lost their money and couldn't get them back.

What makes EVEST a scam?

• EVEST doesn't hold a Forex license from any regulatory body. Being unregulated is a clear sign of being a scam broker.

• According to Ali Hasan, the CEO of EVEST, his company has been granted licenses by the VFSC and the FSCA and was working on getting licenses from the CySEC and the DFSA. However, our checks indicate that EVEST is not licensed by any of these regulators, either the ones the CEO claimed to have received or the ones they were working on obtaining.

• Numerous customers condemned the broker for providing misleading recommendations incurring losses, and thieving their funds.

Bottomline

In light of the fact that EVEST is not authorized by any regulatory body to provide forex trading services and its questionable practices have triggered concerns and flak from traders, there is every reason to conclude that this broker is a scam. BrokersView strongly advises you to stay away from this broker in order to avoid your funds falling into the pockets of scammers.