Evolution Markets Ltd – Are They a Scam?

Website URL:https://marketseco.com and https://evom-ltd.com

Founded:2020

Regulations: Not Regulated

Languages: English, Italian, German

Deposit Methods:Wire Transfer

Minimum Deposit:$100

Free Demo Account:No

Number of Assets:N/A

Types of Assets:Stocks, Commodities, Forex, Indices

Trading Accounts and Conditions

Evolution Markets Ltd offers its clients the following trading accounts:

• Micro: The minimum deposit you need to make for this account is $100.
• Standard: The minimum deposit you need to make for this account is $500.
• Premium: The minimum deposit you need to make for this account is $25,000.
• VIP: The minimum deposit for this account is $100,000.

The leverage ranges from 1:100 up to 1:500. The spreads start from 1 pip for the basic account and from 0.2 pips for the higher-end accounts.

Evolution Markets Ltd– Advantages

There are no advantages to trading with Evolution Markets Ltd.

Evolution Markets Ltd – Disadvantages

Here are all the problems we found while reviewing this broker:

• Unregulated Broker

The first thing you will notice about this broker is that its name – Evolution Markets Ltd – and its website URL – marketseco.com – are very different. This is the first indication that things are not quite right with this broker.

Next, according to Evolution Markets’ website, this brokerage is located in the UK. The broker has a London-based address and contact number. However, when you check their Terms and Conditions, then there is a reference to the brokerage being governed by the laws and regulations of Cyprus.

To be able to operate in the UK or even Cyprus, a broker needs to be regulated and licensed by the relevant authorities – the FCA (Financial Conduct Authority) in the United Kingdom and the CySEC (Cyprus Securities and Exchange Commission) in Cyprus.

We checked the online registers of both financial authorities and found out that this broker was not regulated – not by its name and definitely not by its website address. In fact, what we unearthed during our research only proved that this broker is a scammer.

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• Blacklisted by FCA and CONSOB

As we mentioned earlier, our research into their broker’s regulation status revealed clearly that Evolution Markets Ltd was a scammer. Here is what we found.

The Italian regulator, the CONSOB (Commissione Nazionale per le Societa e la Borsa), has issued a warning against this broker, stating that Evolution Markets Ltd is not authorized to operate in its jurisdiction. The regulator has also blacked out this website in Italy.

The FCA has gone a step further and had marked Evolution Markets Ltd as a clone firm. A clone firm is an entity that uses the credentials of a real or authorized firm in an attempt to pass of as a credible brokerage.

Thus, as you can see, this is one broker that would be best avoided. It is a scam and investing your money with them would be unwise.

• Very High Leverage

Evolution Markets offers its clients leverages that range between 1:100 and 1:500, which are extremely high. While there are markets (such as Australia and New Zealand) which allow such high leverages, the UK and Europe are not among them. The UK has capped allowable leverages at 1:30, and Europe has similar limits. Therefore, a broker that is offering such high leverages while claiming to operate in the UK and Europe is clearly defrauding its customers.

Furthermore, using such high leverages are extremely risky. When you take on such levels of leverage ratios, you are exposing your funds to very high losses. So, even if you were operating in a jurisdiction where such high leverages were allowed, we would still advise extreme caution.

• No Demo Account

Another black mark against this broker is the fact that Evolution Markets offers no demo account. A demo account allows a potential client to assess a broker’s trading conditions and trading platform. Without such a facility, traders are taking a chance with a broker when they sign up blindly. And when you are dealing with a scammer such as Evolution Markets, then it definitely isn’t a good idea to make a deposit before you get a chance to see the conditions under which you will trade.

• Single Payment Option Available

This broker advertises that it uses bank wires, credit cards, debit cards, Neteller and Skrill as payment options. However, when you enter the trading room (which you can only do if you register for an account), you will see that the only way you can make deposits or withdrawals is via wire transfers.

• Lack of Clarity on Withdrawal Policy and Fee Structure

While it is clear that this broker does charge a fee for handling and processing withdrawals, there is no information on what these costs are. There is also no information on the withdrawal policy – what the minimum allowed amount is, or how much it would cost.

This lack of clarity is typical of scammers.

• Bonus Terms and Conditions Missing

Evolution Markets Ltd offers its clients trading bonuses. This itself is a huge red flag for us. The reason for this is that these bonuses come with ugly conditions – you have to meet an impossibly high and frequently changing turnover target before you are allowed to withdraw your funds. Usually, this means that most traders never end up being able to withdraw their money.

It is because of this that bonuses have actually been banned in the UK, Europe, and many other markets.

So, this is just another point to show that this broker is a scammer.

Furthermore, there is no mention of what the terms and conditions for accepting these bonuses are. 

Conclusion

Evolution Markets Ltd or Marketseco.com is not a broker you should ever do business with. It has been shown to be a scam and has been blacklisted by two of the top financial regulators in the world.

Evolution Markets Ltd

2.4

User Experience

3.0/10

Payment Options

2.4/10

Security

2.0/10

Support

2.5/10

Reputation

2.0/10

Pros

• None

Cons

• Unregulated Broker
• Blacklisted by FCA and CONSOB
• Very High Leverage
• No Demo Account
• Single Payment Option Available