Evest was just established in 2021, making it a very new broker. It is simple and quick to open a variety of account kinds, including an Islamic swap-free account. Although the web forex trading platform we used for our live testing was straightforward and simple to use, as will be covered in more detail later on in this Evest review, we found the forex trading costs to be exorbitant in some regions. You use a VPN to access the broker’s services because Evest does not offer services to citizens of the US, Canada, or EU.
Evest’s Top Forex Broker for 2022
- Evest was rated based on nine different criteria. The broker received great marks across the board, including in the account type, forex trading instrument, research, and educational areas.
- The customer service category received the lowest rating since the customer support phone lines didn’t function and the live chat facility is only available in Arabic. The broker replied to one of our emails, but he didn’t provide an answer.
- Because the Financial Sector Conduct Authority (FSCA) regulation that was advertised could not be found on the regulator’s register, the broker also received a low score in the category of trust. On the regulator’s registration, the VFSC regulation may be verified, but it is still based abroad.
- The variety of accessible account types and the commission-free forex trading options will appeal to new traders. There is a good selection of teaching materials, and the web forex trading platform and mobile forex trading apps are straightforward and simple to use.
- The variety of markets that are available for forex trading and the opportunity to trade from the expert MetaTrader 5 forex trading platform will appeal to advanced traders. forex trading Central, a third-party analytics provider, however, requires a minimum account balance of $20,000 in order to provide its services.
Stability and Openness of Evest Forex Broker
We include stability and transparency-related criteria in our test for the Trust category. Here, we concentrated on the length of time the broker has been in operation, the size of the business, and how open they are about making information accessible.
The forex trading Fees page describes each expense in detail. On the Terms & Conditions page, a User Agreement (Terms of Service) document is also accessible.
In conclusion, our research shows that Evest scored below average in this category for the reasons listed below:
- Since the broker only began operations in 2021, it does not yet have a long history.
- Our inability to locate the FSCA licence on the regulator’s register indicates a lack of transparency in the regulatory process.
Mobile app for Evest
The Evest mobile app is simple to navigate and utilise. Everything is accessible and intelligently arranged. But the programme has neither technical analysis in forex trading nor sketching tools, which is below average for a forex trading app for mobile devices.
Evest Customer Support
This online broker does give customers access to a section called Frequently Asked Questions (FAQ) that addresses issues like verification, deposit and withdrawal, troubleshooting, and others. Additionally, you can contact customer service through social media, but the company’s Facebook page is primarily in Arabic.
Why is customer service crucial? You want to know that you can get in touch with your broker as soon as possible if you need assistance with your platform, have a question about how a deal was executed, or have any administration problems.
Evest Is For Whom?
Evest primarily offers services to novice traders. The web forex trading interface is straightforward to use and easy to access, and commission-free forex trading accounts make it simple to get started in the markets. The instructional resources are excellent as well, providing access to numerous courses and videos.
The variety of markets offered may appeal to advanced traders, but the forex trading fees are greater than the industry standard. For experienced traders, Evest offers the possibility to trade on the MetaTrader 5 forex trading platform. If the balance on your account is high enough, you can also access a lot of additional tools.
Pros
- Simple and quick account opening.
- forex trading accounts without commissions are available.
- decent selection of markets and educational resources.
- The web forex trading platform is user-friendly.
Cons
- After just two months, there is a high inactivity cost ($75).
- Accessing customer support is challenging.
- Spreads don’t offer the best competition.
Conclusion
Evest offers a good selection of forex trading accounts, tools, and platforms that are suited for both beginning and experienced traders. You must keep a healthy account balance in order to utilise some of the best services. Despite being easy to use, the web platform and mobile forex trading apps have wider spreads than the industry standard. Although the broker is overseen by an offshore tier 3 regulator, the FSCA’s tier 2 regulation, which couldn’t be seen on the online register, is still in doubt.
