Scam Brokers

Everrise Brokers – Can You Trust Them?

Chainbits Staff | Publish date: 11/12/2022 (Last updated: May 03, 2023 07:41 AM)

Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.

Everrise Brokers - DO NOT TRADE WITH THIS PROVIDER

2.5/10

$100

Minimum Deposit

updated 2022

Try other platforms

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

Plus500 Review - Regulated broker

Plus500CY Ltdauthorized & regulated by CySEC

try this broker

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://everrisebrokers.com

Founded: 2022

Regulations: No Regulation

Languages: English

Deposit Methods: Credit Card, Debit Card, Bank Transfer, Bitcoin

Minimum Deposit: $10,000

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Stocks, Currency Pairs, Indices, Commodities, Cryptocurrencies

Trading Accounts and Conditions

Everrise Brokers offers their clients the following trading accounts:

Silver: The minimum deposit is $10,000. Maximum leverage is 1:200.
Gold: The minimum deposit is $25,000. Maximum leverage is 1:200.
Platinum: The minimum deposit is $50,000. Maximum leverage is 1:200.
Diamond: The minimum deposit is $250,000. Maximum leverage is 1:300.
Millionaire: You can only get this account by private invitation.

Spreads, fees, commission and other trading conditions are not mentioned on their website.

Everrise Brokers – Advantages

There are no advantages to trading with Everrise Brokers.

Everrise Brokers – Disadvantages

We have listed all the reasons why we are convinced that Everrise Brokers is a scam operation and should be avoided at all costs:

Anonymous and Unregulated Broker

The first thing we investigate to see if a broker is legitimate or not is their regulation status. And based on our research into Everrise Brokers, we can say that this broker has lied about everything related to their regulation status.

This broker – unlike legitimately regulated brokers – has provided us with no clear information about their parent company; we do not know who owns and operates this brokerage. We cannot find any information about the company – not even in their legal documents. This is the first red flag.

Then, Everrise Brokers claims to be based in Zurich, Switzerland, and that they have branches in multiple locations such as London, UK and Singapore. However, these claims have proven to be lies.

To be based in Zurich, a broker needs to be regulated by the Swiss Financial Market Supervisory Authority (FINMA). However, this broker is not registered with that authority at all.

And to have branches in London and Singapore, brokers need to be regulated by the FCA (Financial Conduct Authority) and the MAS (Monetary Authority of Singapore) respectively. We checked the databases of both these regulators. There is no brokerage or company by the name of Everrise Brokers listed with them.

All of this information tells us that we are dealing with a broker that is not only anonymous and unregulated, but has also lied about their regulation status, which can only mean one thing – they are out to scam people.

Plus500

$100

Minimum Deposit

Start Trading

Read Review

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

Start Trading

Read Review

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.

Blacklisted by FINMA

We are not the only ones to have noticed this broker’s duplicity. While checking on their regulation status, we found out that Everrise Brokers has been blacklisted by the FINMA – the very authority in whose jurisdiction this broker claims to be based.

According to their warning, FINMA has stated that this broker is operating illegally in their territory, which means that they are not to be trusted at all.

Poor Trading Software

The trading software is a broker’s main product offering, so legitimate brokers ensure that they give their clients the best trading experience possible by offering them the best trading platform in the market. This means offering their clients the MetaTrader 5 platform, which is currently the best trading software in the world.

With Everrise Brokers, on the other hand, we see that clients are offered a poorly constructed trading platform – one that we have seen being frequently used by other scammers. This platform is a simple web browser-based software that offers few tools a little functionality.

In fact, these types of software are just created to fool novice traders who don’t know better into thinking that they are using a real trading platform.

Issues with Trading Conditions

Another sign of Everrise Brokers’ dishonesty is their trading conditions. They are incomplete and also ridiculously unfair.

First of all, the minimum deposit that this broker is demand is plain ridiculous. A $10,000-deposit is unheard of in today’s market. The industry average of minimum deposits ranges from $100 to $250, and there are so many really wonderful brokers with whom you can open an account for less than $10. So, Everrise Brokers’ deposit demand is just not acceptable.

Added to that, this broker states that they have a maximum leverage of 1:300. Now, there are many offshore jurisdictions and emerging forex markets where such leverage is allowed. However, in the UK, Singapore and Europe – the regions this broker seems to be targeting – such high leverage ratios are illegal. In the UK and Europe brokers cannot offer more than 1:30 and in Singapore that figure is even lower at 1:20. Therefore, what Everrise Brokers offers is simply illegal.

We also need to mention that playing with high leverage ratios is extremely risky, with most people losing their funds and ending up with massive losses. This is why strongly regulated markets such as the UK, Europe and Singapore have placed such strict limits on the amount of leverage allowed.

Red flags that also tell us that this broker is not honest is the lack of complete information on trading conditions. We do not know the spreads, the fees, the commissions and other trading conditions.

Lies About Payment Methods

Everrise Brokers claims to offer multiple payment options – credit cards, debit cards, Bitcoin and bank transfers. However, when we checked their payment portal, we found out that none of these options were active. This means that you would need to get in touch with the broker to be able to make any kind of a deposit, which is what this scammer is targeting.

This way, the scammer can get all your details and persuade you to make a payment while speaking with you.

Conclusion

Everrise Brokers cannot be trusted as they are running a scam operation. It would be best that you find another broker – one that is regulated and legitimate.