Evolve Markets is not a company that is particularly admired in the trading community, despite offering some great trading conditions. How is that possible? Well for starters, there have been many complaints over the years about its poor business practices, some even including slow to non-existent transactions.
Though the company was established 4 years ago, they still have quite a long way to go before becoming reputable. On that path, they would have to implement many changes that would suit the clients and contribute to their trading experience in a positive way. Let’s see what else there is to this brokerage in this Evolve Markets review.
Quality of Service
Evolve Markets gives you access to global markets that are rich with the liquidity and freedom to trade a wide variety of assets. On the other hand, their platform does not clearly reflect that. Rather, it is quite modestly designed, making you think that you won’t get far by using it. For example, there are no trading tools, indicators or signals which you could use to create a suitable trading strategy. Also, the asset selection is not rich, with only a few currency pairs, cryptocurrencies and commodities.
In addition, we noticed that the listed leverage is 1:1000, which is quite high and unattainable. Especially when you think about how much risk you will have to endure in return! The spread is variable, which again can’t help you much until you find yourself in a certain trading situation.
Speed of Response
The customer support team at Evolve Markets is available through email, chat support and social media platforms. The response is not particularly fast, which is discouraging. However, the great thing that they included here is the Frequently Asked Questions, which are rich with helpful information that you might find useful for your own issue. Overall, the customer support section could use some improvements.
Evolve Markets is able to process your transaction requests quite fast. They take up to 24 hours for every payment method available, no matter if you wish to make a deposit or a withdrawal. They also made sure to make this process as safe and transparent as possible. As a result, they introduced many policies such as KYC, which requires you to provide additional information to prove your identity, place of residence and other key data that will help protect your funds.
The thing that particularly stands out Evolve Markets are the commissions and the way that they are calculated. Namely, the first thing that we found on their website is the fact that all the deposits come without any additional fees. This is standard, since depositing the money to your account does not require a lot of effort or time.
On the other hand, the fees are actually decided on based on the type of asset you wish to trade. For example, the fee for trading indices, commodities and Forex comes at 0.0035%, while the crypto trading fee is a bit larger – 0.0075% of any amount that you choose to trade with.
The Evolve Markets trading company is not regulated. It is based in St Vincent and Grenadines as an International Broker Company (IBC). This means that the company is not obligated to acquire a trading licence. Still, the clients would feel a lot better if they had one, don’t you think?
In addition, the company does not accept quite a lot of countries, which is not strange considering that does not own any type of licence. As a result, the following countries are restricted from accessing Evolve Markets:
- United States
- United Kingdom
- North Korea
Variety of Payment Options
In the end, we should mention the banking options that are available for deposits and withdrawals at Evolve Markets. Namely, the only methods that you can apply here are e-wallets, and mainly the ones that support Bitcoin as a preferred method of payment. So, if you wish to use your credit card or bank wire transfer, you are out of luck!