Evolve Markets is another broker company that seems to be forcing you to trade with cryptocurrencies, despite offering other, more reliable and efficient trading assets. Also, the company does not provide a lot of choices and options on its trading platform, which is another downside. Since Evolve Markets aims to become an industry leader, we have decided to create this Evolve Markets review to help you determine if this trading company is the right choice for your trading journey. Let’s dive in and see what we found out during our research.
Quality of Service
The trading platform at Evolve Markets is quite simple and web-based. There are no additional features to it, nor can it be accessed through any device. This is a huge downside. In addition, the design is not particularly appealing, and it seems to be taking forever to load. Here you can trade with a variety of cryptocurrencies and some currency pairs and indices. There seem to be no stocks available for trading, which is another big disadvantage.
In addition, the thing that particularly stood out for us is the fact that the platform guarantees as 1:1000. This is quite difficult to achieve, not to mention risky. And when you compare it to the industry standard which is only 1:50, you can clearly see that there is something suspicious going on behind the scenes.
Also, there are no trading tools available that can enhance your trading experience. They are usually built-in within the platform. However, that is clearly not the case here, so the only option you have is to try and determine some trends and patterns on your own and hope it pays out.
Speed of Response
The customer support team at Evolve Markets has made sure that your questions and queries are addressed as soon as possible. As a result, they have provided two options for contacting them – the e-mail and the live chat. The latter is particularly suitable and easy to use since you can connect with an agent in a matter of seconds. Also, the e-mail response takes up to 24 hours, which is great. Unfortunately, the telephone number option is missing entirely, which many of the clients seem to enjoy otherwise.
Also, there is a Frequently Asked Question page that is quite useful and regularly updated. Here you can find a lot of useful terms and answers that the clients before have also struggled with. This way, you can take advantage of this section while you wait for the reply from customer support agents.
Evolve Markets team is able to process your transactions relatively fast. They take around 24 hours for all payment options, which is kind of strange since it is natural that some methods take longer, and some are quicker. Still, this is quite admirable, especially when you take into consideration that they use this time to prove your identification and ensure your data and funds are safe.
The information about fees and commissions can be found on the company’s website. Here you will notice that the deposits do not require any type of fee, as well as withdrawals through Bitcoin. However, for other options that are used to trade currency pairs, indices and commodities, the fee is 0.0035%.
Evolve Markets is an unregulated company based in St Vincent and Grenadines, which is a popular off-shore area for trading companies. It was established back in 2016 and is registered as in IBC (International Business Company). By definition, this would mean that the company is not obligated to acquire a licence. However, considering that this is an area of trading, it would be wise and efficient for the company to have one, anyway.
Variety of Payment Options
Evolve Markets seems to be putting a lot of effort into encouraging you to trade with cryptocurrencies. The main fact that contributes to this point is that they only displayed information about a variety of e-wallets that are at your disposal. They allow you to primarily trade with Bitcoin, Litecoin and Tether, but what about the rest of the tradeable assets? This is, unfortunately, unknown.