EvolveMarkets, a cryptocurrency and multi-asset investment broker established in 2016, recently underwent an extensive review by Traders Union (TU), an association dedicated to rating and evaluating various trading companies and platforms.
In their review, TU assigned EvolveMarkets a moderate risk rating of 5.5 out of 10. TU expert Anton Kharitonov noted that while Evolve may offer worthwhile trading opportunities, prospective clients should thoroughly analyze both advantages and disadvantages prior to opening an account. Some past clients have not been fully satisfied, according to reviews on the TU website.
Out of 383 total brokers rated and ranked by the TU, EvolveMarkets placed 78th. The ranking system analyzes more than 100 different criteria through a rigorous evaluation process. All brokers are subjected to a test on ease of account opening as well.
Ideal user base
According to the TU review, EvolveMarkets likely best suits investors interested in long-term cryptocurrency exposure as well as those who also engage in short-term trading across other asset classes.
The primary differentiation from directly purchasing cryptocurrencies outright with U.S. dollars is that Evolve does not charge swap fees on open positions involving assets other than cryptocurrencies.
As an International Business Company, EvolveMarkets states strict conformance with all applicable regulations and rules. Originally founded in 2016, Evolve Markets Ltd operates under a financial license issued by the MWALI International Services Authority (MISA).
Evolve provides exposure to over 100 total trading assets, with a heavy focus on major cryptocurrencies like Bitcoin and Ethereum, as well as smaller-cap altcoins as well. That indicates that the flexibility appeals to diversified traders and investors. The company also prioritizes security measures such as encryption, cold storage mechanisms, and two-factor authentication to protect client assets and accounts. Trading fee structures were also cited as reasonably competitive, especially for high-frequency users concerned about costs.
Despite the positives, the TU review did illuminate some potential downsides to weigh. Account currencies consist only of highly volatile cryptocurrencies, presenting inherent risk unless clients open a stablecoin-denominated account limited to USDT or USDC.
The analysis also called attention to a sample of recent customer feedback and reviews about dealings with EvolveMarkets. One client alleged that the trade signal service, designed to provide actionable recommendations and ideas, failed to deliver a single profitable trade over three months. Additionally, the reviewer accused the signal provider of recommending imprudently large position sizes, magnifying losses.
Another trader described their experience as unsatisfactory, detailing frequent platform disruptions leading to hanging trades unable to open or close properly. Unexpected price spikes outside of normal movements resulted in losses beyond acceptable risk parameters as well.
Some of these reviewers advised traders to do proper research before using EvolveMarkets for trading purposes. One customer claimed functionality differs markedly between demo and live accounts, with the demo environment providing a misleading picture of performance.
Investment programs and partnership opportunities
In addition to trading accounts, many brokers also offer automated investment programs or options to generate passive income. However, Traders Union experts found no such current products or services available from EvolveMarkets outside of a basic trade signal subscription service integrated into their Metatrader 4 platform.
The review explained that clients can access signals and recommendations from external providers in the MQL5 community by linking their EvolveMarkets account credentials. Subscription fees vary based on performance and profitability history, with the ability to easily unsubscribe. Clients can also become signal providers themselves to earn income from other traders copying their strategy.
A standard affiliate program offers partners compensation of up to 20% of fees paid by referred clients. An additional perk increases potential earnings – referred users receive discounted spreads for the first 6 months, boosting typical affiliate conversion rates. Rewards are distributed to partners in actual Bitcoin rather than fiat currency, providing upside if BTC appreciates during the period. By the words of packageslab, Traders Union analysts correctly emphasized that а crucial aspect of Evolve Markets is its support for different cryptocurrencies. Here users can trade Bitcoin, Ethereum, and many more cryptocurrencies. Diversifying traders need this flexibility.
Breakdown of Evolvemarkets’ trading conditions
The TU review also compiled key trading conditions, specifications, tools and policies at EvolveMarkets:
- Trading platforms: Evolve Webtrader, Metatrader 5, Metatrader 4
- Account types: real money, demo accounts
- Account currencies: BTC, USD, ETH, LTC, SOL
- Deposits/withdrawals: major cryptocurrencies, credit/debit card, wire transfer
- Minimum deposit: none
- Maximum leverage: up to 1000x depending on asset class
- Managed accounts: none offered
- Minimum order size:01 lots
- Spreads: variable spreads depending on account type and asset
- Available assets: 50 Forex pairs, major cryptocurrencies, indices, commodities, stocks
- Margin call/liquidation: 80% margin call level, 30% forced liquidation
- Mobile trading apps: iOS, and Android offered
- Affiliate program: up to 20% compensation rate
- Order execution: STP/Straight-Through Processing
- Unique features: focused on crypto, integrated signal service
- Contests or bonuses: none currently
The analysis of key trading conditions also estimated average costs based on pricing data listed on Evolve Market’s website. Using the EUR/USD currency pair for forex, the TU calculated a fee equivalent to $10 USD per standard lot after including an additional 0.0035% embedded commission.
One alternative to EvolveMarkets is AMP Futures. The company is known for its wide selection of instruments and assets, as well as the as well as no restrictions on trading strategies. In the Traders Union report about AMP Futures, the analysts noted that this broker offers highly competitive trading conditions designed to attract clients, including high leverage ratios of up to 100x, and the ability to deposit in major cryptocurrencies rather than fiat currencies.
In summary, while Evolve Markets may offer some trading advantages, the recent TU review highlighted areas of caution for interested investors as well. Examining first-hand customer feedback paints a fuller picture to help clients appropriately gauge and align the platform with individual risk tolerance levels before proceeding. As with any brokerage, performing due diligence is always strongly encouraged.
About the author
The article was written by Oleg Tkachenko, who is involved in expanded reviews of brokerage companies, and in monitoring the relevancy of the information provided in them.
Source: Cosmo Politian