EverestBTC – Are They Safe?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
EverestBTC - DO NOT TRADE WITH THIS PROVIDER
2.6/10
$100
Minimum Depositupdated 2021
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
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:https://everestbtc.com
Founded:2020
Regulations: Not Regulated
Languages: English, Spanish, German, Russian, French, Italian
Deposit Methods:Unknown
Minimum Deposit:250 Euro
Free Demo Account:No
Number of Assets:N/A
Types of Assets:Stocks, Indices & Commodities CFDs, Forex Trading.
Trading Accounts and Conditions
EverestBTC offers traders a selection of 6 different trading accounts:
- Micro: This account has a deposit range of €250 – €2,499. The leverage offered is 1:200.
- Mini: This type of account has a deposit range of €2,500 – €9,999. The leverage for this account is 1:200.
- Silver: This account has a deposit range of €10,000 – €49,999. The leverage ratio offered for this account level is 1:200.
- Gold:The deposit amount ranges from €50,000 – €249,999. The leverage is 1:200.
- Diamond: The deposit amount ranges between €250,000 – €499,999. The leverage is 1:300.
- VIP: For this account type, trader need to make a minimum deposit of €500,000. The leverage ratio offered here is 1:400.
There is no mention of the what the tight spreads offered by this broker are.
EverestBTC– Advantages
We do not perceive any advantages to trading with this broker.
EverestBTC – Disadvantages
Here is the list of disadvantages we have found while reviewing EverestBTC:
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Unregulated Broker
EverestBTC claims that it is owned and operated by a company by the name of Everestbtc FinServices Ltd. However, while going through the broker’s legal documents (Terms and Conditions), we found that the broker claimed that it was owned and operated by another company called Elite Property Vision Ltd. This is the first red flag.
Next, the broker claims to be based out of Sofia, Bulgaria. Financial services companies such as these that operate out of this country are regulated by the FSC (Financial Services Commission) of Bulgaria. Now, we checked the online register of the Bulgarian FSC to see if EverestBTC or its parent company (or companies) were regulated by this financial watchdog. Of course, we found out that none of the names mentioned by this entity were listed under the FSC.
All of this proves to us that this broker is operating without a legal license and must therefore be avoided.
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.
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.
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Blacklisted by CNMV
The Spanish CNMV (Comision Nacional del Mercado de Valores) has blacklisted EverestBTC as a scammer. According to the public warning issued by this watchdog, this broker is operating in their jurisdiction without authorization.
When a reputed financial regulator like the CNMV to blacklist a company, it is a clear-cut indication that that brokerage is not trustworthy.
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High Leverage
EverestBTC offers its customers leverages that range from 1:200 to as much as 1:400. This is extremely high, especially considering the fact that this broker claims to operate in Europe. All countries (including Bulgaria – which is where this broker is supposedly based) of the European Union are subject to the same financial regulations. And one of those rules is that the leverage offered by a forex broker must not exceed 1:30.
Therefore, the leverage ratios that this broker is offering are illegally high.
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Unknown Spreads
Despite the fact that this broker claims to offer tight spreads, EverestBTC fails to mention what these spreads are. This means that traders dealing with this broker do not have all the information they need to make informed trades.
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Offering Trading Advice
EverestBTC has professional advisors who can offer its clients trading advice. This offer may seem very innocent (and a great service) on the surface. After all there are a lot of novice traders who could do with some good advice. The problem is that a broker offering its clients trading advice is considered a conflict of interest and that means that it is illegal.
This is because brokers are market makers – they make money when their clients lose money; it is in their best interests to give traders bad advice! Thus, a broker offering trading advice is a red flag.
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Trading Bonuses Offered
Yet another reason why we know that this broker is a scammer is because it offers its clients trading bonuses. It is wise to remember that trading bonuses always come with provisos that are disadvantageous for traders (which is why such bonuses have been banned in the EU, the UK and many other nations).
If you read through the Terms and Conditions, you will find that this broker also demands a trading turnover as a condition to withdrawal. If you do not meet that turnover, you will not be allowed to withdraw your funds. The challenge is that this broker is not bothered to mention that turnover amount, so they can pretty much deny your withdraw requests all the time with the excuse that you have not met your trading turnover target!
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AnyDesk Download Recommended
EverestBTC requests its clients to download the AnyDesk software. This is a massive red flag because AnyDesk is a remote access application – it allows a user to access a desktop remotely from anywhere in the world.
So, if you download the application from EverestBTC’s website, chances are you will hand over control of your desktop to this broker. And this means that all your personal information – passwords, PIN codes, bank details and so on – will be available to this broker. You would leave yourself vulnerable to being robbed blind.
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Payment Methods Missing
EverestBTC claims to offer the following payment methods: MasterCard, Visa, QIWI Wallet, WebMoney, Yandex etc. However, when we checked their payment area, we found that this broker did not seem to have any provision to make payments.
Conclusion
EverestBTC is a scammer, and your money is not safe with this broker. We strongly advise all traders to not contract with this broker. It would be best to find a broker that is not a scam and is regulated by a reputed authority.
EverestBTC
Pros
- None
Cons
- Unregulated Broker
- Blacklisted by CNMV
- High Leverage
- Unknown Spreads
- Offering Trading Advice
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
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.
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.
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