CoinEvo presents itself as an international online trading corporation, providing continuous access to diverse trading instruments, such as Forex currencies, commodities, and shares. Despite their assertion that their web-based trading software outshines others, our investigation reveals that CoinEvo is, in fact, a fraudulent operation. This will be substantiated in this CoinEvo review.
Website – coinevo.io, coinevo.co, coinevo.pro
Address – First Floor, First St Vincent Bank Ltd Building, James Street, Kingstown, Saint Vincent and the Grenadines
Warnings – Commissione Nazionale per le Società e la Borsa (Italy) and Comisión Nacional del Mercado de Valores (Spain)
Is CoinEvo legit or a scam?
CoinEvo operates as an unregulated offshore broker, likely involved in fraudulent activities. The website is owned and managed by Lilac Group LLC, with a company registration number of 1466 LLC 2021 in St. Vincent and the Grenadines (SVG). SVG, situated in the Caribbean, serves as an offshore jurisdiction where the registration process for forex brokerages as International Business Companies (IBC) is straightforward and cost-effective, accompanied by minimal regulatory oversight.
It’s worth noting that the SVG Financial Services Authority (FSA) consistently issues warnings, including one in February of this year, explicitly stating that it does not regulate, monitor, oversee, or license forex trading or brokerage. Unregulated brokers like CoinEvo pose a significant risk to investors as they lack the protective measures offered by regulated entities.
CoinEvo Review: Trading Platform
The broker offers a web-based trading software that they claim to be a “highly sophisticated trading platform.” In reality, this assertion is quite distant from the truth. The Webtrader is a basic platform characterized by subpar design and restricted features and functionalities.
CoinEvo Review: Trading Conditions
CoinEvo trading conditions are unfavorable. The EUR/USD spread stands at 3 pips, indicating that the trading services offered are at least three times more costly than the industry standard. In contrast, most regulated brokers typically offer spreads of 1 pip or lower, translating to trading costs of $10 or less per lot. CoinEvo, however, charges $30 per lot, making it not only expensive but also significantly pricier than competitors.
Additionally, regarding leverage, a crucial factor in trading, CoinEvo provides a maximum of 1:100, purportedly extendable to 1:300 but not reducible. A 1:100 leverage level is considered high-risk, making the trading service not only costly but also potentially hazardous. Even if CoinEvo were not exposed as a scam, we would still advise our readers to seek a more affordable brokerage, considering the plethora of alternatives available in the market.
Deposit and Withdrawal Methods
The purported minimum deposit for CoinEvo is $250, with options for Credit/Debit cards, Wire Transfers, and e-wallets. However, upon attempting to deposit, we discovered that only Credit/Debit card funding is feasible.
Regarding withdrawals, the minimums are $250 for Wire Transfers and $100 for Credit/Debit cards. These requirements are unfavorable, as most legitimate brokers either impose no restrictions or have symbolic minimums.
The fee structure is particularly unfair. Withdrawals incur a $50 fee for Wire Transfers and $25 for Credit/Debit cards, along with a processing fee of $10 (amounting to $35 in total). This fee structure can be deemed as extortionate.
To compound matters, CoinEvo enforces a fee for inactive accounts, and the terms are draconian. An account becomes dormant after six months of inactivity, triggering a deduction of 10% per month – a provision that strongly resembles a scam clause.
Conclusion
If you’ve fallen victim to a CoinEvo scam or any other fraudulent activity like forex scams, cryptocurrency scams, you can take action by filing a complaint against the scam broker. Simply complete a complaint form on our Cyber Scam Recovery website to initiate the process. Our experts are available to provide a free consultation regarding the fund recovery process.
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