A comprehensive Evolve Markets review by Traders Union (TU) has raised some concerns that potential users should consider before opening an account. The in-depth analysis, which evaluated over 100 criteria and real client reviews, resulted in Evolve Markets receiving a “moderate risk” score of 5.5 out of 10.
According to lead TU analyst Anton Kharitonov, Evolve Markets is best suited for investors who plan to trade cryptocurrency over the long term while utilizing the platform for short-term trades of other assets. By allowing users to deposit funds in major cryptocurrencies like Bitcoin and Ethereum, the company avoids charging swap fees that are normally applied to positions held overnight when trading traditional financial instruments.
Evaluating account options and fees
As an International Business Company registered in MWALI, EvolveMarkets states that they operate in full compliance with all applicable regulations and licensing requirements. However, the recent TU review suggests that clients should carefully weigh the pros and cons before opening an account, as not all users have been satisfied with their experience on the platform. Out of 383 brokers examined, EvolveMarkets ranked 78th overall based on TU’s evaluation criteria.
Among the advantages, the analysis highlighted Evolve’s competitive trading conditions, including high leverage of up to 1000x on Forex pairs and a wide selection of over 100 tradable assets covering major cryptocurrencies, Forex, indices, commodities, and stocks.
Successful trader Steve Cohen built his $17 billion fortune using similar “high-risk, high-reward” strategies focused on growth stocks. As he advised, “You can’t control what the market does, but you can control your reaction.” Careful risk management like quickly cutting losses was key to his performance.
Assessing platform risks
The main disadvantages, according to the TU experts report, centered around accounts being denominated in volatile cryptocurrencies, security risks related to hacking or theft, and multiple client reviews citing issues with price manipulation, unexpected slippage, and platform disruptions resulting in unfair liquidations.
Specific user complaints included one client losing their entire $500 deposit due to alleged price chart manipulation and another trader experiencing reimbursement problems after purchasing a set of unprofitable signals. While stopping short of labeling Evolve an outright scam, some posts described an environment similar to gambling where successful trades depended more on luck rather than skill or strategy.
In TU analyst Kharitonov’s opinion, those considering Evolve Markets should thoroughly research and evaluate their trading and customer service practices before sending money or cryptocurrency, as Cohen also advises. He advised traders to remain vigilant of high-pressure sales tactics and false advertising promises that may downplay or hide unfavorable account terms or operating risks.
Bridging traditional finance and cryptocurrency trading
Evolve Market was founded in 2016 with the goal of providing a trading platform tailored specifically for cryptocurrency assets and blockchain-related financial products. By incorporating digital token deposits and withdrawals alongside traditional payment methods, the broker caters to investors focused on speculating in the growing crypto space both short and long-term.
The company is reportedly owned and operated by Evolve Markets Ltd, which holds an international financial license through the MWALI authority. However, some industry observers have raised concerns regarding offshore registrations and lack of adherence to major regulatory bodies like ESMA or ASIC that provide stricter oversight in Europe, Australia, and other jurisdictions.
Heat Caster published an article on how Traders Union rated Evolve Markets. As noted here, “trading fees at Evolve Markets are competitive. This is essential for profit-maximizing traders. Its minimal fees appeal to high-frequency crypto trading.” The company also does not impose minimum deposit requirements or withdrawal fees. The firm also promotes an affiliate program with compensation of up to 20% for referred account sign-ups. Rewards are distributed to partners in actual Bitcoin rather than fiat currency, with higher payout potential if BTC appreciates during the period.
Among its selling points, EvolveMarkets offers crypto enthusiasts the ability to fund accounts and place trades using Bitcoin, Ethereum, Litecoin, and various stablecoin equivalents pegged to USD or other fiat money. Users can also take advantage of up to 100x leverage when speculating on major digital tokens or established cryptocurrency pairs without incurring overnight financing costs through the company’s swap-free accounts.
For users focused on traditional markets like Forex and commodities, the broker provides access through the popular MetaTrader suites of platforms and maximum 500x leverage on certain contracts. The asset index covers 50+ currency pairs along with global equity indices, precious metals, and other commodities.
While the flexibility in trading options has attracted many clients wishing to diversify their portfolios, some of the key risk factors highlighted in the recent TU analysis include Volatility exposure from cryptocurrency-denominated account balances.
As hedge fund legend Steve Cohen proved, taking risks is inherent to trading success, but managing those risks through diversification and loss cutting is equally vital.
- Security and hacking risks related to crypto asset storage
- Alleged price manipulation on live trade executions
- Sudden spread increases and execution slippage
- Frequent platform disruptions and stability issues
On the fee front, commissions appear competitive at first glance but may be obscured by Evolve’s variable spread structure that lacks transparency, per the report. Traders are advised to carefully compare all-in costs across various assets and account types offered before committing funds. You can find out on the TU website the winning formulas of famous traders such as Steve Cohen. He demonstrated, having passion for trading itself, not just profits, is critical to success.
So, while EvolveMarkets appeals to the growing demographic of crypto-focused users seeking coins like Bitcoin and Ethereum as both trading vehicles and assets, the company still caters to conventional markets by offering established currency pairs and contracts. However, based on in-depth analysis and client feedback, Traders Union strongly urges users to approach with caution given unresolved complaints regarding the broker’s transparency, trustworthiness, and trading execution practices.”
About the author
This article was written by Oleg Tkachenko, who checks brokerage companies, studies their performance and growth, tests new services offered by brokers, software and the level of customer support.