Evast Prime – Can You Trust Them?

| Publish date: 07/01/2020 (Last updated: July 01, 2020 08:22 AM)
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Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.

Evast Prime - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Deposit
X

updated 2020

Evast Prime has not mentioned the types of trading accounts it has on offer. All we were able to find about was that it has a Standard account, with a maximum leverage of 1:100, and spreads starting at 0.4 pips. There is also a $30 commission per lot.

There is no information given about the minimum deposit requirement, and since we could not access their platform, we could not verify the information for ourselves.

Try these regulated brokers if you want to start trading cryptocurrencies

Plus500 Review - Regulated broker
Plus500CY Ltdauthorized & regulated by CySEC

82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

 

Website URL: www.evastprime.com

Founded: 2017

Regulations: Not Regulated

Languages: English

Deposit Methods: Not Disclosed

Minimum Deposit: Not Disclosed

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Forex and CFDs

Trading Accounts and Conditions

Evast Prime has not mentioned the types of trading accounts it has on offer. All we were able to find about was that it has a Standard account, with a maximum leverage of 1:100, and spreads starting at 0.4 pips. There is also a $30 commission per lot.

There is no information given about the minimum deposit requirement, and since we could not access their platform, we could not verify the information for ourselves.

Evast Prime – Advantages

There is only one advantage to trading with Evast Prime. If you do contract with this broker – which we strongly advise against – then you can use the MetaTrader 4 trading platform.

The MT4 platform is a world favorite because it is easy to use, had great tools for charting and market analysis, and offers its users trading bots called Expert Advisors. You also get back-testing and order options when you use this software for trading.

Evast Prime – Disadvantages

Here are all the disadvantages of trading with Evast Prime:

  • Lies About Regulatory Status

The first and biggest red flag we found with Evast Prime is that it has lied about its regulatory status. This broker claims to be owned by a company called that is based in Kiev in Ukraine, and claims that it is licensed to operate by the United States’ National Futures Association (NFA).

To get a license from the NFA, a broker needs to first be licensed by the CFTC (Commodity Futures Trading Commission). Only when you have that license can you become a member of the NFA. Furthermore, you need to ensure that you have working capital of at least $20 million to be able to operate in the US. There are also other very stringent rules in place, which is why there are very few brokers who are able to operate legally in the United States.

We checked the NFA’s online registry to see if this broker’s claims of being registered with this authority were true. And they weren’t. Which means that it has lied about the fact that it is regulated by one of the world’s leading financial regulators.

Trading with an unregulated broker is a serious risk to your funds. Such brokers are not bound by the laws that keep traders safe from scammers. You will not have the benefit of account segregation (which means that brokers are not allowed to use your money to buffer their operations). You will also not get the benefit of a financial compensation scheme, where if a broker goes bankrupt or is found to be defrauding customers, then their customers are compensated for the losses they may have suffered due to these issues.

Plus500
$100
Minimum Deposit

82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

 

AvaTrade
$100
Minimum Deposit

The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

 

  • Association with Another Unregulated Broker

Another red flag we have found is that we suspect that Evast Prime (DDT) is related to another unregulated broker based in Ukraine – Digital Dream Technology.

This broker has a similar website design, and also claims to be regulated by the NFA. Thus, our suspicion is that this is a scam operation.

  • Lack of Any Trade-Related Information

Evast Prime has not bothered to provide any information related to trading on its website. We do not know what account types are offered, what the minimum deposit requirement may be, what the leverages ratios are, what the spreads are or even whether they impose any commissions or fees for trading.

What this means is that if you contract with this broker, you will be doing so purely on trust. And trusting a broker that has clearly lied about its regulatory status is not a good idea!

  • Trading Costs Very High on Demo

We were able to download Evast Prime’s MT4 platform and check the trading conditions on demo mode. What we found gave us even more cause for concern.

The spreads for the EURUSD forex pair stand at just 0.3 pips, which is very good. Industry standards for spreads range from 0.5 pips to 1.5 pips, so such a low spread would be a huge advantage for traders.

But. There is a huge but here. This broker also charges a commission of a massive $30 per lot. Which means that the actual spread is 3.4 pips for a standard lot. So, as you can see, this means that the spreads are actually extremely disadvantageous for traders. Evast Prime has simply tried to use semantics to deceive customers into thinking that their spreads are competitively low!

  • Few Trading Instruments

This broker does not offer a range of trading instruments that would make it advantageous for a trader to contract with them. So, of the most popular trading assets such as CFDs on stocks or even cryptocurrencies are missing. All you really get with Evast Prime are a limited number of currency pairs, CFDs on some indices, precious metals and some commodities.

  • No Payment Information

The lack of information is seriously a concern for us. Even something as basic as payment options have not been listed. Despite going through Evast Prime’s website with a fine-toothed comb, we could not find anything about how traders can make deposits or withdrawals.

Conclusion 

Evast Prime is a broker that has lied about its regulation status, and has omitted to reveal key details such as trading conditions and payment options on its website. Furthermore, we believe that this broker is linked to another shady broker by the name of Digital Dream Technology.

Basically, everything about this broker points to the fact that it is a scammer and if you contract with them, you are bound to lose your hard-earned money.

Evast Prime

2.4

User Experience

3.1/10

Payment Options

2.3/10

Security

2.1/10

Support

2.5/10

Reputation

2.2/10

Pros

  • MetaTrader 4 Platform Supported

Cons

  • Lies About Regulatory Status
  • Association with Another Unregulated Broker
  • Lack of Any Trade-Related Information
  • Trading Costs Very High on Demo
  • No Payment Information

Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:

Plus500
$100
Minimum Deposit

82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

 

AvaTrade
$100
Minimum Deposit

The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

eToro
$200
Minimum Deposit

eToro is a multi-asset platform which offers CFD and non CFD products. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

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