Evolve Markets is a broker from Kingstown, Saint Vincent and the Grenadines. This is a Crypto based brokerage and it offers Forex and CFD trading as well. Unfortunately, I will start this Evolve Markets review on a negative side, but don’t let that affect your opinion. There are good things about this broker, too.
The first thing I don’t like is the fact that you cannot find anything about the company on the website. There is no About Us page, there is not a single world about the history, how this broker does business or what to expect from it. The only thing we know is that it exists since 2016 and it does not hold any license. This is not enough at all and the fact that it is not registered makes things even worse. Don’t get me wrong, I am not a person who wants to see a license at any cost. If the conditions are good, I don’t mind the lack of license. But if they are not, we have a problem.
Of course, I will also set aside the fact that we are lacking information if the rest of the offer is good. So, let’s go straight to Account Types to see what Evolve Markets provided. Well, there are no account types. You can open an account and start trading. This is not an unusual thing for Crypto Exchanges, but since you can trade Forex and CFDs I expected to see at least three different account types.
Once you open an account, you need to pay some fees if you want to trade. I am not talking about deposit or withdrawal fees, but trading ones. For Crypto, you need to pay 0.075%, and for Forex, Indices, and Commodities that percentage is 0.0035. Trading fees are charged as a percent of the total contract (notional) value. There is a blog section that explains how you can calculate the fees, so be sure to check that formula.
Apparently, this broker doesn’t like to provide much information. We don’t have details about the account, the only thing available on the website is information about leverage (1:100 for Crypto, 1:1000 for Forex and 1:500 for Commodities and Indices).
You can also get a referral link, if you want, and share it with your friends. This way you will get a small Bitcoin reward each time someone registers and trades through that link. My overall impression of accounts is not the best one, but it’s not terrible either. Yes, you can find different brokers that offer better account types, but with Evolve Markets you get all the benefits no matter the deposit (there is no minimum requirement with this broker).
Platform and Execution SCORE: 95%
As an Evolve Markets client, you will gain access to two different platforms. One is web-based and the other is a famous MetaTrader 5. Evolve Webtrader is a lightweight and fast online trading platform. It has an intuitive and modern interface with a wide variety of tools, indicators, and features. You can access it from any browser and any device. This broker created Webtrader mostly for beginners that are still not familiar with MT5.
If you are an experienced trader and you know how to trade using MetaTrader, you will be able to enjoy the latest version. This is a multi-asset trading platform designed for a wide variety of assets. It has different financial instruments and offers numerous features and innovative trading tools for the most advanced trading strategies.
I have to say, this is the part where I am completely satisfied. Evolve Markets made an excellent choice with MT5, especially with the addition of Webtrader. This way each client can choose what suits them the most.
Withdrawal Speed SCORE: 60%
Apparently, Evolve Markets doesn’t find it necessary to provide potential clients with important information about trading conditions. If you want to find out something about deposits and withdrawals, you won’t be able to do so.
The only thing on the website is the minimum amount. For deposits, you can choose by yourself how much you want to add on the account but for withdrawals, there are some requirements. You can use Bitcoin (minimum withdrawal is 0.005 BTC), Litecoin (minimum is 0.005 LTC), and Tether (minimum is 10 USDT).
One thing I don’t like at all is withdrawal methods. You need to do that using cryptocurrency, even if you are here to trade CFD or Forex. So, you have to make an eWallet. It would be much easier for the clients if Evolve Markets provided Credit Card or Bank Transfers as a withdrawal method as well.
All withdrawals are submitted to the blockchain usually within a few hours. But once you register and go to the withdrawal section you will see that it may take up to 24 hours since withdrawals are manual.
Support and Assistance SCORE: 30%
I have to be honest, once I saw a modern and responsive website it gave me hope that Evolve Markets takes good care about modern technology, so I will find different contact methods like Live Chat, different contact forms and accounts for Skype, WhatsApp, etc. Well, none of that happened.
This broker provides customer assistance, but you cannot expect constant support. No matter the question, someone will answer within 24 hours. I am definitely not satisfied with that part since you won’t solve urgent problems instantly. This broker doesn’t even have a phone number, so calling is not an option. The only way for contact is email and that is not enough at all.
There is a Support Page that contains answers to frequently asked questions but those are some basic replies about security, trading platform, etc. I have to say, my expectations about this part of Evolve Markets were much higher at the beginning.
Education and Tools SCORE: 10%
Lastly, we will reflect on the part of education. This is definitely one of the most important parts since without a good education you cannot grow as a trader. Well, I have to disappoint you. You won’t learn a single thing with this broker since there is no education section on the website.
Once I saw this broker has a blog and updates it regularly, I thought there will be some educational articles inside. I was wrong. The only thing you can find on that blog is the articles about Evolve Markets itself. What are the new things this broker introduced to the website, what are the reasons you should trade there, how the commission works, etc. So, nothing that can help you become a better trader.
Unfortunately, Evolve Markets is not a place I can recommend. Yes, it offers an excellent platform, 13 cryptocurrency pairs, nine commodity pairs, and no withdrawal fees but that’s it. And that is not enough for me to recommend them. Especially if we have in mind that Evolve Markets is an unlicensed broker.