Warning Investors EverMarketsFX (Comoros) Ltd
Regarding market intermediaries (investment and trading advisers, collective investment schemes, brokers, dealers, and transfer agents)
Introduction
EverMarketsFX claims to be a player in the online trading world, but a closer look at its operations and reputation reveals a troubling picture. In this review, we’ll examine key aspects of EverMarketsFX, including their regulation and compliance, reputation, customer support, and more. If you’re considering this broker for your online trading journey, we strongly advise you to read on and reconsider.
Regulation and Compliance:
Regulation is the bedrock of trust in the online trading industry. It’s what ensures your investments are safe and your rights as a trader are protected. Unfortunately, EverMarketsFX falls short in this crucial area. The Commission de Surveillance du Secteur Financier (CSSF) of Luxembourg, a respected financial watchdog, issued a warning on September 7th, 2023, stating that EverMarketsFX (Comoros) Ltd is not authorized to provide investment or financial services in or from Luxembourg. This is a glaring red flag for any potential trader, as it implies a lack of regulatory oversight and protection.
Reputation:
When it comes to choosing an online broker, reputation is everything. It can make or break your trading experience. Customer reviews are a window into the broker’s credibility, and EverMarketsFX’s reputation, unfortunately, is far from stellar. A thorough analysis of various platforms, including social media and trading forums, along with review sites like Trustpilot and ScamRecovery.net, revealed that the majority of reviews about EverMarketsFX were either negative or dubious. Traders expressed frustration over withdrawal issues, blocked accounts, trade manipulation, and pressure to deposit more funds. Some even mentioned needing third-party assistance to recover their funds. The consensus is clear: EverMarketsFX’s reputation among traders is questionable at best.
Products and Services:
EverMarketsFX boasts an array of products and services, from forex and CFDs to commodities, indices, stocks, and cryptocurrencies. They claim to offer competitive prices, low spreads, and high leverage. However, these claims are unverified and lack supporting evidence on their website. Critical details, such as information about the trading platform, account types, fees, commissions, spreads, leverage, execution speed, order types, or risk management tools, are conspicuously absent. Additionally, the absence of educational resources like webinars, articles, videos, charts, signals, or indicators raises questions about their commitment to trader success. The website’s unprofessional design and lack of transparency add further doubts to the authenticity of these claims.
Location:
EverMarketsFX lists its registered office as 2, Boulevard de la Foire, L-152, Luxembourg. However, this address raises eyebrows for two reasons. First, the CSSF of Luxembourg has explicitly warned against EverMarketsFX (Comoros) Ltd providing financial services in Luxembourg, which calls into question the legitimacy of their Luxembourg connection. Second, a Google Maps search reveals that this address does not correspond to any known company or entity. Curiously, it closely resembles the address used by another questionable broker, EverFXGlobal, which has faced scrutiny from authorities and review sites. These unsettling coincidences suggest that EverMarketsFX may be using a fake or misleading address to deceive customers and evade legal consequences.
Customer Service:
EverMarketsFX touts professional and responsive customer service via phone and email. However, these claims do not align with the experiences of many traders. Numerous customer reviews have cited unresponsiveness, rudeness, and even aggression from the customer service team. Furthermore, some customers reported that the provided phone number is disconnected, and the email address goes unanswered or is blocked. What’s more, EverMarketsFX fails to offer alternative means of communication like live chat, social media channels, or online contact forms, underlining their inadequate customer service.
Conclusion
In conclusion, we strongly advise against engaging with EverMarketsFX as your chosen online broker. Their lack of regulation and the CSSF’s warning should be enough to give any potential trader serious pause. The avalanche of negative and suspicious customer reviews, combined with their unverified claims regarding their product and service offerings, casts a long shadow of doubt over this broker. The questionable use of a likely fake or misleading address and the poor customer service provided by EverMarketsFX further reinforce our conclusion that this broker is not a reliable or legitimate partner for online trading. Your financial security and success deserve a more trustworthy and transparent companion.
