EvoCapitals – Are They a Scam?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
EvoCapitals- DO NOT TRADE WITH THIS PROVIDER
2.6/10
$100
Minimum Depositupdated 2022
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://evo-capitals.vip
Founded: 2022
Regulations: None
Languages: English, German, Italian
Deposit Methods: Visa, MasterCard, Bitcoin
Minimum Deposit: 250 Euro
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Forex, Cryptocurrencies, Cannabis, ETFs, Stocks, Indices, Commodities
Trading Accounts and Conditions
EvoCapitals offers their clients the following trading account types:
- Student: The deposit range starts from 250 Euros. The spreads start at 3 (pips), the minimum trade size is 0.01 (lots).
- Standard: The deposit range starts from 5,000 Euros. The spreads start at 2 (pips) and the minimum trade size is 0.1 (lots).
- Islamic: The deposit range starts from 10,000 Euros. The spreads start from 3 (pips), the minimum trade size is 0.5 (lots). There are no commissions, penalties or hidden interest.
- Investor: The deposit range starts from 100,000 Euros. The spreads start from 1.7 (pips). The minimum trade size is 0.5 (lots).
- EvoCapitals VIP: The deposit range starts from 500,000 Euros. The spreads start from 1.7 (pips) and the minimum trade size is 1 (lot).
- EvoCapitals VIP Platinum: The deposit range starts from 1,000,000 Euros. Spreads start at 1 (pip), and the minimum trade size is 5 (lots). Leverage for trading on cryptocurrencies is 1:5.
There is no information about leverages, commissions and fees.
EvoCapitals – Advantages
We could not find any advantages in trading with EvoCapitals.
EvoCapitals – Disadvantages
Given below are all the reasons why we have tagged EvoCapitals a scammer:
-
Lack of Regulation
On the footer of their home page, EvoCapitals gives a short address in Singapore. In their Legal Documents, the broker claims to be registered as LoyalTech LTD. But in their home page, the broker claims to be a brand name of Evo Capitals LLC, a company that is supposedly regulated by the United States Securities and Exchange Commission (SEC).
Here is how we know that this broker is lying about its regulation status. There is conflicting information about the entity behind this brokerage. We also do not have clear information about where this broker is located. And there is also no telephone number. Which means that this broker is more or less anonymous.
Added to this, to operate in the US, a broker needs to be regulated by the CFTC (Commodity Futures Trading Commission) and needs to be a member of the NFA (National Futures Association). The SEC, while a watchdog associated with forex brokers, does not regulate these entities. Therefore, EvoCapitals’ claim of being regulated by the SEC is nonsense. And a company with a Singaporean address can never be regulated by a US authority.
All our investigations into EvoCapitals’ regulation status have shown us that this broker is practically anonymous and unregulated. This is the biggest sign that we are dealing with a scammer.
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.
-
Poor Trading Platform
Since the trading platform is one of the most important products that a broker offers their clients, they go out on a limb to ensure that they have the best possible software. And this usually means getting a licensed MetaTrader 4 or MetaTrader 5 software. These are the top two trading platforms in the world today with more than 80% of all traders using them.
Both these platforms are known for their stability, massive range of trading tools and huge marketplace for 3rd party trading apps.
With EvoCapitals, we get a trading software that is not even close to these famed platforms. When we accessed the trading software that this broker offers, the platform was broken and frozen and there were absolutely no trading charts. We would not question the whether the broker’s trading platform even works at all.
This kind of an issue with a broker’s trading platform is another clear signal of their scam. So, if you see that your broker’s platform is malfunctioning or not functioning at all, it would be best to cut all ties with that broker as you are very vulnerable to be scammed.
-
Incomplete Trading Conditions
While the trading platform is the broker’s product, their trading conditions are their services. Which is also why a broke also goes to great lengths to advertise their trading conditions in as much detail as possible. They also ensure that their trading conditions are fair.
With EvoCapitals, we see that this is not the case. We are given a minimum deposit of 250 Euros. This amount is on the higher side, especially when you consider that on average, brokers will allow you to open an account with them for about $100. And there are tons of really great brokers who will invite you to open and account with them for even less – in fact, as little as $5!
As for the spreads, while they are within the market average limits (1pip), they aren’t the most attractive. Which means that trading costs are so-so.
EvoCapitals does not mention the leverage ratios they are offering. Since leverages tell us the trading risk, it is a key piece of information. And not disclosing this means traders cannot make informed choices while trading with this broker.
There is also no clarity on the fees and commissions this broker charges.
All of these issues simply underline the fact that we cannot trust EvoCapitals.
-
Issues with Withdrawal Policies
There are no details given about the broker’s withdrawal policy, which is another red flag. So, while we do not know about the withdrawal charges, we do know that you will be charged a massive 30% of your deposit amount if you do not trade immediately after registering for an account with this broker. Furthermore, there is a monthly $30 inactivity fee imposed if you do not trade on your account.
These are all signs of a scam. No legitimate broker would fine you for not trading immediately after opening an account with them!
Conclusion
EvoCapitals is another scam broker that is not to be trusted.
EvoCapitals
Pros
- None
Cons
- Lack of Regulation
- Poor Trading Platform
- Incomplete Trading Conditions
- Issues Withdrawal Policies
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.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.