Evest Cryptocurrency Review 2022: Fees, Platforms, App, Safety & More

This article will have an in-depth look at the broker's features, trading fees, and available payment options. It will also explain how to create an account with EVEST, followed by a brief overview of prevailing security measures and regulation status.

Author: Usman Ahmed   -   Last updated: 05/08/2022
Evest Logo

Summary

Evest is an offshore forex and CFD broker providing endless trading opportunities to its clients worldwide. Founded in 2021, the company presently operates in countries chosen to help Evest achieve its strategic aim of becoming the market leader in Europe, Asia, and the Pacific. The broker also accepts clients from the Middle East, including Saudi Arabia and the United Arab Emirates. Clients can trade a wide range of financial instruments across multiple asset classes, including forex, stocks, and cryptocurrencies at Evest.

Besides providing access to user-friendly trading platforms, the broker offers flexible accounts types, competitive trading fees, and multiple deposit and withdrawal methods. Also, unlimited demo account, quick account opening & verification process, and round-the-clock customer support make it a viable option for exploring profitable trading opportunities.

Pros & Cons of Evest

Advantages of Evest

  • It offers multiple trading platforms.
  • Evest offers flexible account types.
  • It has a rich product portfolio.
  • Evest employs advanced security protocols.
  • It offers swap-free Islamic accounts

Disadvantages of Evest

  • No reputable regulatory authority regulates it.
  • Evest doesn’t offer free withdrawals.
  • Its minimum deposits are comparatively higher.
  • Evest trading cost seems a bit expensive.
  • It has a slow customer support

Pros

  • Multiple trading platforms: With easy-to-use trading platforms available across all channels, including web, desktop, and mobile phones, clients can choose to trade with the platform that suits their trading preferences.
  • Flexible account types: Depending on the available budget, clients can sign up for multiple account types. Moreover, Islamic accounts are also available for shariah practicing traders.
  • Rich product portfolio: The broker offers a wide range of financial instruments across multiple asset classes, including forex, stocks, indices, commodities, and cryptocurrencies.
  • Advanced security: The broker ensures to firewalled the trading environment to the highest degree. It employs an SSL encryption model, and two-step authentication to prevent unauthorized access.
  • Islamic accounts: The company also offers Islamic accounts for shariah practicing traders and does not charge interest on their overnight positions.

 Cons

  • Regulatory limitation: Although the broker holds regulations from Vanuatu Financial Services Commission, it might not appear sufficient for clients looking for a brokerage firm regulated from CySEC, NFA, or FCA.
  • Withdrawal fees: Unlike most brokerage firms, clients have to pay a $5 withdrawal fee besides 2% conversion charges which can become expensive for small volume traders.
  • Minimum deposits: The broker stipulates a minimum deposit of at least $250. Therefore, It can be a limiting factor for small budget clients.
  • Trading cost: Evest average spread revolves around 2.0 pips on most currency pairs. It is undoubtedly higher than other competitors available around.
  • Slow customer support: Evest claims that its customer support staff remains readily available round the clock. However, it takes much longer to respond to your queries compared to other brokers and exchanges.

Regulations, Offices & Supported Countries:

Regulations:

EVEST is a trademark of ATRIAFINANCIAL Holdings (LTD). The company is registered with Vanuatu Financial Services Commission under registration number 12745548 and license number 17910. The broker is also compliant with AML guidelines. The EVEST GROUP is also licensed by Financial Sector Conduct Authority (FSCA) in South Africa.

 Offices:

ATRIAFINANCIAL Holdings (LTD) is an offshore corporation headquartered in Vanuatu with a registered address as 1276, Govant Building, Kumul Highway, PortVila, Republic of Vanuatu. The company also has a regional office in South Africa under the following address.

ATRIAFINANCIAL SA (PTY) LTD – 443 Early Street, Munster, Kwazulu Nataal, South Africa.

Supported Countries:

Evest accepts clients from all over the world except for European Union, Canada, and the USA. The broker’s website is available in English, Arabic, and Spanish. Given below table lists all the supported countries.

Åland Islands Albania Algeria American Samoa Andorra
Angola Argentina Armenia Aruba Azerbaijan
Bahamas Bahrain Bangladesh Barbados Belize
Benin Bermuda Bhutan Bolivia Bosnia-Herzegovina
Botswana Brazil Brunei Darussalam Burkina Faso Cambodia
Cameroon Cape Verde Islands Cayman Islands Chad Chile
China Colombia Cook Islands Costa Rica Cuba
Curaçao Djibouti Dominica Dominican Republic Ecuador
Egypt El Salvador Eritrea Ethiopia Falkland Islands
Faroe Islands Fiji French Guiana Gabon Gambia
Georgia Ghana Gibraltar Greenland Grenada
Guam Guatemala Guinea Guyana Honduras
Hong Kong India Indonesia Iraq Isle of Man
Ivory Coast Jamaica Jordan Kazakhstan Kenya
Kuwait Kyrgyzstan Lebanon Liberia Macau
Macedonia Madagascar Malawi Malaysia Maldives
Marshall Islands Mauritania Mauritius Mexico Moldova
Monaco Mongolia Montenegro Morocco Mozambique
Namibia Nauru Nepal Netherlands Antilles New Zealand
Nicaragua Niger Nigeria North Korea Northern Mariana Islands
Oman Pakistan Palestinian Territories Panama Papua New Guinea
Paraguay Peru Philippines Puerto Rico Qatar
Russia Rwanda Samoa San Marino Sao Tome & Principe
Saudi Arabia Senegal Serbia Sierra Leone Singapore
Solomon Islands South Africa Sri Lanka Suriname Swaziland
Switzerland Taiwan Tajikistan Tanzania Thailand
Togo Tonga Tunisia Turkey Turkmenistan
Turks & Caicos Islands Ukraine United Arab Emirates United States Virgin Islands Uruguay
Uzbekistan Venezuela Vietnam Zambia

List of Available Coins on EVEST

Currently, the broker supports ten crypto assets. However, the coins are available as crypto CFDs. That means you can’t buy them. Instead, you can speculate over their prices using a CFD contract. CFD contracts involve the use of leverage. Evest offers leverage of 1:2 on all crypto assets.

For instance, clients with an initial deposit of $1000 in Ethereum (ETH) can start a $2000 position. Alternatively, you can control a $1000 position by staking merely $500.

Assume ETH/USD is $3106. You expect the ETH price to climb soon. So you decide to initiate a trade at $3106 and stake $1000 every unit change in ETH price. If the price rises by ten points, the new price will be $3116. Since you bet $1000 every unit shift, your profit is $(3106-3116) x 10 = $10,000.

Having that said, let’s understand how crypto CFDs work using a simple example.

Assume you want to sell Ethereum (ETH) against the dollar (USD). Your underlying asset is (ETH/USD). For example, the underlying asset’s market price is quoted as 360/390.

If you expect Ethereum’s price will fall against the dollar in the following days. You aim to sell 05 ETH by opening a position at $360. Assume your chosen lot size equals a $5 change in the price of ETH. That implies every change in Ethereum is worth $5.

The updated price quotation for Ethereum will be 330/360. You would like to book your profit by closing your position at 360.

Since the price of Ethereum changed by 30 points in your expected direction, your profit is computed as follows.

30 x $5 = $150.

Similar to losing the same amount if the Ethereum price swings against you by the same number of units.

The supported fiat, coins, and crypto-crosses are listed below.

Supported Crypto

  1.  Bitcoin (BTC)
  2.  Ethereum (ETH)
  3.  Ripple (XRP)
  4. Dashcoin (DSH)
  5. Shiba Inu (SHIB)
  6. Yuan Chain coin (YCC)
  7. Cardano (ADA)
  8. Solana (SOL)
  9. Stellar Lumens (XLM)
  10. Polkadot (DOT)

Supported Fiat Currencies

  1. Euro (EUR)
  2. Great Britain Pound (GBP)
  3. US Dollar (USD)

Cryptos-Crosses

  1. Bitcoin/US Dollar – (BTC/USD)
  2. Litecoin/US Dollar – (LTC/USD)
  3. Etherium Classic/US Dollar – (ETC/USD)
  4. Etherium/US Dollar – (ETH/USD)
  5. Dashcoin/US Dollar  – (DSH/USD)
  6. Yuan Chain Coin/US Dollar – (YCC/USD)
  7. Cardano/US Dollar – (ADA/USD)
  8. Ripple/US Dollar – (XRP/USD)
  9. Shiba/US Dollar  – (SHIB/USD)
  10. Stellar Lumens/US Dollar – (XLM/USD)
  11. Polkadot/US Dollar – (DOT/USD)

Trading Fees:

EVEST allows you to invest in financial instruments listed on global stock exchanges without any brokerage commission. The company claims to have a competitive pricing structure in place though it looks a bit more expensive than most rivalry brokerage firms.  The broker employs a 2% conversion fee and $75 inactivity fees, making the overall trading cost appear significantly higher. However, the inactivity fee gets reduced to $50 after two month’s inactivity. The broker adjusts outstanding charges by closing the client’s opened positions.

Evest employs floating spreads with an average spread of 2.0 pips on most currency pairs. As far as spread charging on crypto-assets is concerned, it varies from crypto to crypto. For instance, the spread on BTCUSD starts from 710 pips while the DSHUSD spread stays around 40 pips. Notably, the firm doesn’t charge additional fees on overnight positions. Given below is the table listing relevant spread charges on available crypto pairs.

Silver Gold Platinum Diamond Islamic
Tradable Instruments Spread Starts From – Pips Spread Starts From – Pips Spread Starts From – Pips Spread Starts From – Pips Spread Starts From – Pips
BTC / USD 710 710 710 710 710
ETH / USD 70 70 70 70 70
LTC / USD 44 44 44 44 44
ETC / USD 6500 6500 6500 6500 6500
DSH / USD 47 47 47 47 47
XRP / USD 300 300 300 300 300
YCC / USD 30 30 30 30 30
SHB / USD 0.5 0.5 0.5 0.5 0.5
ADA / USD 31 31 31 31 31
SOL / USD 30 30 30 30 30
XLM / USD 50 50 50 50 50
DOT / USD 62 62 62 62 62
DOG / UST 30 30 30 30 30

Trading Platforms, Account Opening, and How to Buy Crypto:

While the broker offers a simple trading experience with all key functionality available via a web browser, clients can explore multiple trading opportunities from the comfort of their desktops. The company also facilitates its on-the-go customers with a customizable mobile trading app.

Evest Desktop Trading Platforms

WebTrader

As soon as you login into your trading account, the webpage redirects you to the web terminal. A sleekly designed intuitive trading interface welcomes you onboard.

On the left-hand side, a navigation panel lists categories of available financial instruments. Similarly, you can find a charting window and the information tab on the right side.

Since there aren’t too many buttons to explore, clients can straightaway navigate to the settings tab to customize the platform. Let’s examine each of the options available under the settings tab.

Evest Desktop Trading Platforms

Transaction history

Clients can view their trading history using this tab. Moreover, specific information is also extractable utilizing the filter options.

Account details

Whether you wish to see your confidential information or change your account password, the account details tab serves the purpose. You can also enable the two-step authentication using the same.

Verification center

Since the company holds regulations from the Vanuatu Financial Services Commission and complies with AML guidelines, registered users must complete the KYC process using this tab.

Service desk

Should you wish to complain, this tab allows you to do so. Also, you can check the status of your ticket using the filter options for up to three months.

 

Evest Desktop Trading Platforms

Withdraw

Clients can initiate a withdrawal request using this tab. Withdrawal history is also accessible under the history button.

Deposit

The broker allows clients to add funds to their account using the available options, such as Debit cards, Credit cards, Skrill, etc.

Manage accounts

Switching between multiple accounts becomes possible via this tab. For instance, the broker offers four trading accounts, including silver, gold, platinum, and diamond. Clients can also turn off the demo version and go live using the same tab.

Trading tools

Clients can access a wide range of trading tools under this tab. However, you need to have a minimum balance of $20,000 in your trading account to use any of them.

Evest Desktop Trading Platforms

View Questionaries

You can see your financial information asked by the broker under this tab.

Invite a Friend

Clients can enroll friends and family members with Evest and receive incentives using this tab. The process is pretty simple. You only need to create an account, publish your unique link, and earn money for each new user you refer. Also, make sure they sign up and deposit using your referral link. Your bonus will be credited to your account immediately.

How to open an account and trade cryptos with EVEST on a desktop?

Signing up with EVEST is pretty straightforward. The registration process doesn’t take more than a couple of minutes. Just follow the given below easy steps to get started.

  1. Visit www.evest.com. You can also click the shared link to get redirected to the broker’s official website.
  2. Click on the sign-up button available on the top right corner of the web page to access the registration form.
    open an account and trade cryptos with EVEST
  3. Enter your details, such as name, email ID, mobile phone number, and password.
    open an account and trade cryptos with EVEST
  4. Accept the terms and conditions box and click on the submit button.
  5. Access your dashboard and click on the “Deposit” button next to the settings tab.
  6. Select your preferred payment from the available options, such as debit/credit cards, bank transfers, Skrill, etc.
  7. For card payments, you need to enter your card number, expiry date, and three-digit code from the backside of your card. Please note that the company doesn’t accept payments from a card not issued in your name.
  8. Enter the amount you wish to deposit and authorize the payment details. Please note that the amount should not be less than $10.
    open an account and trade cryptos with EVEST
  9. After successfully depositing funds in your account, click on the crypto category from the side navigation panel.
  10. Indicate the amount you wish to trade and select your trading preferences from available options and click buy or sell to initiate a position.

Mobile trading platform

Evest offers a mobile-friendly trading platform to facilitate on-the-go clients. That means clients can start using the app directly from their mobile devices without installing it. However, a dedicated app is also available for Android and iOS-based mobile phones and tablets on Google PlayStore and App Store.

EVEST Mobile Trading App comes with excellent features that allow traders to trade confidently. Clients can employ several trading and risk management techniques, including stop limit, trailing stop, and stop-loss. Negative balance protection is also available. Clients can also receive free push alerts to their registered email and mobile phone numbers. Not to mention, EVEST mobile trading app also allows traders to set price notifications. However, the app might not be available in some jurisdictions. Therefore, you might need to access the mobile trading platform via a mobile browser.

How to open an account and trade cryptos with EVEST on a Mobile?

After downloading the mobile app on your mobile device, clients can follow the listed steps to register with EVEST.

  1. Open the mobile trading app and sign in to the account using your login credentials.
  2. Click on the sign-up button and enter your detail on the registration page.
  3. Please enter the code received on your registered email ID and mobile phone to verify both of them.
  4. Access the mobile screen dashboard and click on the menu button.
  5. Click deposit and select your preferred payment method, i-e, debit/credit cards, wire transfers, e-wallets (Skrill, Neteller)
    open an account and trade cryptos with EVEST on a Mobile
  6. Add your payment details, enter the amount you wish to deposit and authenticate the transaction.
  7. Click on the instruments tab and select your preferred category, i-e cryptocurrency. You can use the search option to find your preferred crypto pair.
    open an account and trade cryptos with EVEST on a Mobile
  8. Select your desired crypto pair, indicate the amount and select the trading lot size and configure other trading preferences and press the buy/sell button to place a trade.

Payment Methods – Deposit and Withdrawals

Depositing funds into your account is quick and safe. The broker encrypts all transactions with Secure Socket Layer (SSL) protection, making them more confidential and secure. While the minimum amount to fund your account should not be less than $250, the company doesn’t charge any fees on deposits.

Currently, the broker offers multiple payment methods to help you add funds to your account conveniently. Available options include;

  1. Debit/credit cards
  2. Wire transfers
  3. Skrill, Neteller

On the other hand, the company does charge a withdrawal fee if your account status doesn’t reflect exemption for tax purposes.

Please note that you can only withdraw funds from your available balance. Therefore before requesting a withdrawal, make sure you have sufficient funds available in your account. Clients may also need to pay a conversion fee for requesting withdrawals in a currency other than the account’s base currency. The minimum withdrawal amount should not be less than $25.

Note: All clients need to complete the KYC process before placing a withdrawal request. The company allows you fourteen days window to get your account verified. You can use your national ID Card/Driver’s license/Passport copy for the same. The broker might also ask you to provide a copy of your utility bill or bank statement for address verification.

Education

Education on EVEST

Compared to other brokerage firms, EVEST has an excellent educational facility to help clients learn and grow. The company keeps its trading academy well-segmented. There are 18 video tutorials targeting novice traders and veterans separately. While basics allow beginners to get well-acquainted with different trading and money management strategies, advanced level lessons help skilled traders to master both aggressive and passive trading strategies.

Commodity-related news and market updates also make part of the EVEST trading academy under the news section. A glossary section is also available to help newbies become familiar with different trading terminologies. The broker also has a dedicated segment for technical and fundamental analysis that makes the EVEST educational facility one of the most competitive resources for professional growth. However, the company doesn’t host live webinars which appear to be a limiting factor for some clients looking to benefit directly from the knowledge and skills of the company’s expert professionals.

Customer Support

EVEST customer support lags well behind the average industry standards. Although the company offers a dedicated FAQs section to help clients find immediate solutions to their queries, the available resources are insufficient. The company also provides multilingual customer support through live chat round the clock. However, connecting with a customer service representative takes too long. The response time via email is a bit better, though. Clients can also follow the company on social media, including WhatsApp, Twitter, and Facebook.

Reviews

What are people saying about the EVEST on Reddit?

Reddit is a well-known social networking platform where people connect and share their life experiences in almost any niche. It is considered one of the best platforms to seek opinions concerning public dealing companies. We also tried to explore people’s views on EVEST. However, there isn’t much information available, and the reason is apparent. The company has been in the business for less than a year, and people know little about it. Therefore, we couldn’t find anything substantial to conclude what the Reddit community thinks of it.

 What are people saying about the EVEST on Quora?

Likewise, Quora is also a reputable platform for social interaction. While seeking public opinion on the credibility of EVEST, we had no success. After trying multiple keywords to find something relevant, we found the Quora community was utterly silent. Not even a single thread was available.

Is Evest Safe?

Regardless of the license requirements, the company cherishes clients’ trust in their organization. But it also acknowledges its responsibility to keep clients’ investment out of the reach of unauthorized access. Being wholly compliant with the Vanuatu Financial Services Commission (VFSC), the company’s top preference is protecting clients’ financial data and information. Therefore, it takes all the required steps to secure transactions.

Besides ensuring the trading environment is highly firewalled, the company entrusts the world’s finest bankers with its clients’ funds in accounts distinct from its capital. It employs several automated methods without human intervention to provide optimal financial security. Only clients have control over their account’s funds. Moreover, the company encourages clients to enable the two-step authentication using the settings tab to add another layer of security to their accounts. Having said that, EVEST undoubtedly appears to be a safe brokerage firm. However, it might still struggle to offer the level of confidence people have over CySEC, ASIC or FCA regulated entities.

Evest VS eToro

While comparing two competitive platforms side by side, it becomes challenging to identify the best one owing to factors such as offered services and personal preferences, likings or dislikings. However, we strive our best to briefly summarise both platforms, enabling investors to select the one they find fit for their trading needs.

Evest

EVEST is an offshore broker with offices in Vanuatu and South Africa. The broker has affordable rates and a straightforward fee structure, making it a good platform for trading forex, indices, stocks, and crypto. However, its sub-standard regulatory status can become a limiting factor for risk-averse clients.

While the company offers a user-friendly trading platform, most users agree that the onboard training provided via the broker’s trading academy is the finest in the business. The broker also has a straightforward and easy-to-use mobile trading interface to facilitate clients from the comfort of their palms. Although the broker offers bilingual customer support, its response time for resolving customer queries isn’t ideal.

eToro

eToro is a renowned social trading platform approved by multiple regulators worldwide. It is one of the excellent trading platforms for trading forex, stocks, indices, and cryptocurrencies at competitive rates. The hybrid brokerage firm allows clients to trade crypto assets as CFDs. It accepts clients from all over the world, including but not limited to Cyprus, Australia, and the UK. eToro’s primary features include an intuitive user trading interface, copy trading facility, multiple payment methods, rich product portfolio, and 24/7 multilingual customer support.

In a nutshell, eToro appears more competitive than EVEST, and there are multiple reasons behind it. First of all, EVEST is just in its starting phase, while eToro has been serving the industry for more than a decade. Secondly, eToro holds top-tier regulations worldwide, while EVEST is locally regulated in Vanuatu only. Also, eToro rich product portfolio, competitive spreads, and seamless trading environment make clients can’t help themselves signing up with eToro instead of EVEST.

Other Products & Services

Stepping a little further, the broker takes pride in offering helpful trading calculators to its clients, such as pivot calculator, position size calculator, and Fibonacci calculator.

Pivot Calculator

A pivot is a critical price level where traders expect the price to continue in the following trend or reverse. In addition to high and low, the preceding trading session’s closing prices are utilized to estimate present and future resistance and support levels.

Position size calculator

Position size refers to the dollar amount that investors trade inside a portfolio. Traders use position size to decide how many units of underlying securities they may trade to minimize risk and maximize reward.

For example, if your stop losses are too far from an entry point, you may lose money before recognizing that prices may not rapidly rebound. A transaction’s appropriate position size is computed by dividing the trade risk by the account risk limit.

Fibonacci calculator

The Fibonacci level involves the addition of two numbers preceding it. Charts typically employ Fibonacci ratios like 61.8%, 38.2%, and 23.6%. A stock, for example, tends to retrace its steps after a dramatic upward or negative rise.

Traders use indicators such as support and resistance to employ stop-loss orders and set target prices. Fibonacci ratios can also be utilized to trade against the trend. It shows how much of a former movement has been retracted. The prior pattern is expected to continue.

Conclusion

Evest is a medium-line brokerage firm that has recently entered the market. The company endeavors its best to provide seamless trading exposure, and it does pretty well for newbies. However, high-volume investors might take some time before staking their interest in it. The company should also seek regulations from more reputable institutions to enhance its credibility and become a preferred choice for risk-averse clients who are least likely to sign up with it at times.

Frequently Asked Questions (FAQs)

There is no single answer to this question since opinions will vary from person to person. Some people may find Evest to be a highly trustworthy and reliable broker, while others may not have had such a positive experience. At the end of the day, it’s important to do your own research before deciding whether or not Evest is the right broker for you. Ask around, read reviews, and compare pricing before making your final decision.

Yes, Evest is a forex and CFD broker regulated by the Vanuatu Financial Services Commission (VFSC).

No, EVest is not a halal broker. Here’s why:

EVest is not registered with the Securities and Exchange Commission (SEC), which means that it is not subject to the same regulations as other brokerages. This means that Evest does not follow the traditional Islamic investing principles of transparency, fairness and avoiding uncertainty.

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