Evest
Pros and Cons
Pros
- Regulated by FSCA and VFSC
- Over 400 trading instruments across multiple asset classes
- Proprietary trading platform available on web and mobile
- Leverage up to 1:400 with competitive spreads
- 24/5 multilingual customer support
Cons
- Offshore regulation may imply weaker investor protection
- High withdrawal fees of $5 with minimum withdrawal amount
- Inactivity fee of $75 after two months
- Limited educational resources available for traders
- High minimum deposit requirements for advanced account types
Basic Information
User Reviews
Evest Overview
Evest, founded in 2003 and headquartered in the United Kingdom, is a regulated forex broker operating under the oversight of the Financial Sector Conduct Authority (FSCA) in South Africa and the Vanuatu Financial Services Commission (VFSC). With a Retail Forex License from the FSCA (license number 36060) and an offshore license from the VFSC (license number 17910), Evest provides a level of regulatory credibility essential for traders seeking a trustworthy platform for their trading activities. Evest offers a comprehensive trading experience while ensuring compliance with industry standards, enhancing its reputation among forex traders worldwide.
Evest caters to a diverse range of trading needs by offering over 400 financial instruments, including forex, commodities, and cryptocurrencies. The broker features proprietary trading platforms available on web, iOS, and Android, equipped with essential tools and charting options for effective market analysis. Customer support is accessible 24/5 through various channels, ensuring responsive assistance in multiple languages. Evest’s competitive edge includes low spreads, high leverage of up to 1:400, and a user-friendly mobile app, making it an appealing choice for both novice and experienced traders. Overall, Evest’s commitment to regulatory compliance and robust trading features positions it as a noteworthy player in the forex trading landscape.
Is Evest Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| Financial Sector Conduct Authority (FSCA) | South Africa | Segregated Funds |
| Vanuatu Financial Services Commission (VFSC) | Vanuatu | No specific fund protection measures |
Is Evest Regulated and How Are Client Funds Protected?
Evest is regulated by the Financial Sector Conduct Authority (FSCA) in South Africa, which provides a level of oversight that enhances the broker’s credibility. Additionally, it holds an offshore license from the Vanuatu Financial Services Commission (VFSC). Client funds are protected through the use of segregated accounts under the FSCA, ensuring that clients’ funds are kept separate from the broker’s operational funds. However, it is important to note that the VFSC, being an offshore regulator, does not offer the same level of investor protection as the FSCA. Therefore, while Evest is considered a legit broker due to its regulation, the nature of its offshore license may present some risks regarding fund safety. Overall, Evest’s regulatory status and fund protection mechanisms suggest that it is a safe option for traders seeking a regulated trading environment.
Trading Products and Services
What trading instruments does Evest offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | EUR/USD, GBP/JPY, AUD/CAD, Major & Minor Pairs | 50+ |
| Commodities | Gold, Silver, Crude Oil, Natural Gas | 10+ |
| Indices | S&P 500, NASDAQ, FTSE 100, DAX | 10+ |
| Stocks | Apple, Tesla, BP, Vodafone | 100+ |
| Cryptocurrencies | BTC, ETH, XRP, LTC | 10+ |
Evest offers a diverse range of trading instruments across various asset categories, enabling traders to explore different markets effectively. With over 400 financial instruments available, including forex pairs, commodities, indices, stocks, and cryptocurrencies, Evest caters to both novice and experienced traders. This variety allows users to build diversified portfolios and implement flexible trading strategies, meeting the distinct needs of various trading styles, from technical analysis to long-term investment approaches. The availability of multiple asset categories enhances the potential for traders to adapt their tactics in response to market changes, thereby increasing their chances for success in their trading endeavors.
Account Types and Trading Conditions
What Account Types and Fees Does Evest Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| Silver Account | Beginners | Low minimum deposit, access to major trading instruments | Suitable for those starting with limited capital |
| Gold Account | Intermediate traders | Enhanced features, lower spreads | Requires a minimum deposit of $5,000 |
| Platinum Account | Experienced traders | Higher leverage, tighter spreads | Minimum deposit of $20,000 |
| Diamond Account | Professional traders | Best trading conditions, premium support | Requires a minimum deposit of $50,000 |
| Demo Account | All trader levels | Practice trading without risk | Available for all users |
| Islamic Account | Muslim traders | Swap-free trading | Must comply with Sharia law |
Account Opening Process
To open an account with Evest, follow these steps: 1. Provide personal information, including your name, email, and phone number. 2. Submit employment details, including your occupation and income level. 3. Fill out financial information, such as trading experience and investment goals. 4. Complete identity verification by uploading a government-issued ID and proof of address. The process is straightforward, ensuring a smooth onboarding experience. Additionally, Evest offers flexibility to upgrade your account type later, allowing traders to access more advanced trading features as their experience grows.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (EUR/USD) | 0.8 | $0 (ECN: $3.5/lot) | Tight spreads for major pairs |
| Forex (GBP/JPY) | 1.0 | $0 (ECN: $3.5/lot) | Competitive spreads for minors |
| CFDs (Stocks) | 1.5 | $0 | No additional fees |
| CFDs (Indices) | 1.0 | $0 | Standard spreads on indices |
| Cryptos (BTC/USD) | 1.0% | 0.1% | Variable depending on market conditions |
Other Fees
When trading with Evest, you should consider several additional costs: – Deposit fees: None – Withdrawal fees: $5 per transaction, with a minimum withdrawal amount of $25 – Inactivity fees: $75 after two months of inactivity – Platform usage fees: None – Overnight interest (swap rates): Applicable based on market conditions – Currency conversion fees: 2% on converted amounts
Trading Platforms and Apps
What Trading Platforms and Apps Does Evest Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| MetaTrader 5 (MT5) | Windows, macOS, iOS, Android | Two-factor authentication, one-click trading, multiple order types, technical indicators, economic calendar | Demo account, VPS |
| Web Version | Any device with a browser | Secure login, symbol lookup, price alerts, customizable interface | None |
| Mobile App | iOS, Android | Biometric login, push notifications, market analysis tools, quick order execution | Demo account |
Evest provides a versatile range of trading platforms to accommodate its users. The MetaTrader 5 platform is ideal for advanced traders, offering a comprehensive suite of tools for market analysis and automated trading. The web version ensures accessibility from any device, allowing traders to manage their accounts effortlessly. The mobile app enhances trading convenience with secure logins and real-time notifications, enabling traders to stay informed and act quickly. Overall, Evest’s platform offerings focus on secure access, fast execution, and practical tools, supporting traders in various market environments.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| Bank Transfer | 2–3 business days | No platform fee | Min $100, Max $50,000 | USD, EUR |
| Credit/Debit Card | Instant | No platform fee | Min $50, Max $10,000 | USD, EUR |
| e-Wallets (PayPal, Skrill) | Instant | 1.5% fee on deposits | Min $20, Max $5,000 | USD, EUR, GBP |
| Cryptocurrency (BTC, ETH) | Instant | No platform fee | Min $30, Max $10,000 | USD |
Minimum Deposit
Evest requires a minimum deposit of $50 to open a Silver Account. This amount may vary based on the account type; for example, Gold Accounts require a minimum deposit of $5,000. The minimum deposit may also differ depending on the payment method chosen, with specific methods allowing lower minimum deposits.
How to Withdraw
- Log in to your Evest account.
- Navigate to the ‘Withdrawal’ section of the platform.
- Select your preferred withdrawal method from the available options.
- Enter the amount you wish to withdraw, ensuring it meets the minimum limit.
- Complete any necessary verification steps, if prompted.
- Submit your withdrawal request and await confirmation.
Customer Support
Evest Customer Support Overview
Support Channels
Evest provides multiple contact methods to ensure that customers receive timely assistance. The main support channels include:
- Email: Customers can reach out via email for inquiries or support requests.
- Live Chat: Instant messaging support is available on their website for quick queries.
- Telephone: Evest offers direct phone support, allowing customers to speak with a representative.
- Social Media: Evest maintains a presence on platforms like Facebook, where customers can also reach out for support.
Service Availability
Evest’s customer service operates from Monday to Friday, from 8:00 AM to Midnight, and on Sundays from 9:00 AM to 6:00 PM. They offer multilingual support, catering to a diverse clientele with assistance available in several languages, including English and Arabic.
Additional Resources
To further assist traders, Evest provides a variety of educational resources, including video tutorials and market analysis. These resources can help traders enhance their skills and make more informed decisions in their trading activities.
Frequently Asked Questions
Yes, Evest is regulated by the Financial Sector Conduct Authority (FSCA) in South Africa, which adds a level of credibility and oversight to its operations. Additionally, Evest holds an offshore license from the Vanuatu Financial Services Commission (VFSC). While the FSCA regulation provides robust investor protection, the offshore status with the VFSC may not offer the same level of security, so traders should be cautious and aware of the associated risks.
Evest offers several account types, including Silver, Gold, Platinum, and Diamond accounts, catering to different levels of traders. The minimum deposit to open a Silver account is $250, while the Gold account requires a minimum of $5,000. Higher-tier accounts, such as Platinum and Diamond, require minimum deposits of $20,000 and $50,000, respectively. Each account type provides different features and benefits suited to varying trading experiences.
Evest takes client fund security seriously by utilizing segregated accounts for funds held under the FSCA regulation in South Africa. This means that client funds are kept separate from the broker’s operational funds, minimizing risks in case of financial difficulties. However, it is essential to note that the VFSC does not provide specific protections for client funds, which may present additional risks for traders utilizing that regulatory framework.
To withdraw funds from your Evest account, you need to log in to the platform, navigate to the ‘Withdrawal’ section, and select your preferred withdrawal method. Enter the amount you wish to withdraw, ensuring it meets the minimum limit of $25. Complete any necessary verification steps if prompted, and submit your withdrawal request. Withdrawals can take up to 7 business days to process, and a fee of $5 per transaction applies.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.