CoinEvo is another offshore company on the market that has found its place on regulatory warning lists. We want to show you why you shouldn’t trust the firm and what to do if you have already fell victim. Read our CoinEvo review and you will see it all.
| Broker status: | Offshore Broker |
| Regulated by: | Unlicensed Scam Brokerage |
| Scammers Websites: | coinevo.co |
| Blacklisted as a Scam by: | CONSOB, FSMA, A-TVP |
| Owned by: | Lilac Group LLC |
| Headquarters Country: | Saint Vincent and the Grenadines |
| Foundation year: | 2021 |
| Supported Platforms: | WebTrader |
| Minimum Deposit: | $250 |
| Cryptocurrencies: | Yes |
| Types of Assets: | FX, commodities, indices, shares, cryptocurrencies |
| Maximum Leverage: | N/A |
| Free Demo Account: | No |
| Accepts US clients: | Yes |
What About CoinEvo Regulation?
CoinEvo is a brand of Lilac Group LLC from Saint Vincent and the Grenadines. This offshore island has no financial regulator in charge of Forex or binary options firms. Thus, CoinEvo needs to opt for a license in the Tier1 zone from regulators such as FCA, ASIC, or BaFin.
Why Is It Important For A Broker To Be Licensed?
Every financial license provider has its own set of requirements a company needs to fulfill before getting a regulation. The firmest is the Tier1 zone, where every investment firm ought to have a compensation fund to reimburse potential victims.
Our research has shown that CoinEvo never even applied for a license and provides financial services illegally. Since this is the situation, being a victim was never easier.
On top of that, we want to invite you to read our recently updated reviews of the scam brokers Crypt Node, Cryptwise and Aax. Be careful with these brokers.
CoinEvo Warnings From Financial Regulators
CoinEvo has been warned by the Italian regulator CONSOB due to scams. This authority body added coinevo.co to the list of fraudulent domains and warned its citizens not to deal with the company.
The Belgian FSMA later issued a similar warning.
And the Slovenian A-TVP.
Traders Reviews About CoinEvo
CoinEvo reviews are pretty negative. Traders explain how they were approached via social media or through fraudulent ads and lured into investing. Once they transferred their life savings, the broker froze their investment accounts and simply vanished.
What Platforms Does CoinEvo Offer? – Available Trade Software
The trading company offers only proprietary WebTrader.
WebTrader Platform
If you’re looking for a definition of basic web software, check out this WebTrader. It has only primary functions – asset overview, balance overview, and several charts and indicators. Any advanced features, such as EAs and social trading, are not enabled.
What Platforms Provide Safe Brokers?
Legitimate firms usually provide credible investment software such as MT4 or MT5. Besides the vast number of trading tools, MetaTrader is quite known for its safety and security of funds.
All About CoinEvo Accounts
Clients can choose between 3 CoinEvo account types:
Accounts differ in spread and commissions, while other differences are not disclosed.
CoinEvo Broker – Countries Of Service
The majority of complaints about the CoinEvo trading scam come from:
- UK
- Italy
- Croatia
- Albania
- Netherlands
- Spain
CoinEvo Range of Trading Instruments & Markets
The broker offers its traders all 5 major markets, including:
- Currency pairs – majors and minors
- Commodities – metals and agricultures
- Indices – US, Asia, and Europe
- Shares – major companies
- Cryptocurrencies – BTC, ETH, XRP
At the same time, avoid scammers such as StocksKey, Finazio and Capital Index Fund. However, If possible, tell us about your scam experience.
CoinEvo Minimum Deposit
The broker requires a standard minimum deposit of $250 for the Cent account. However, regulated firms have Micro accounts starting with as low as $10, so we see no reason to risk big money with an offshore scheme.
Scam Bonus Policy – As A Way To Keep Your Money
The company has a typical scam bonus policy requiring you to pay the bonus plus the initial deposit 25 times before being eligible for withdrawals. This is another scam tactic to force you to invest more funds and reach the necessary rollover sooner. However, the more you invest, the more you’re risking losing with this illicit brokerage.
CoinEvo Unfavorable Trading Conditions
CoinEvo has quite unfavorable trading conditions. For instance, the spread starts at 1.3 pips for EUR/USD pair, while the leverage is not disclosed. Besides, clients have to pay a commission of $3.4-4.1 per lot, depending on the account type. Instead of costs reducing and conditions improving with more funds you invest, the broker does the opposite. The more you invest, the more you’ll have to pay. A great way to dissuade you from investing.
CoinEvo Deposit, Withdrawal Methods, and Fees
The firm accepts the following payment methods:
- Debit/credit cards
- Wire transfers
The minimum deposit is $250, and the withdrawal is $100. Besides, there are some hefty fees of 25 units for card withdrawals and 50 units for bank transfers.
Scammed by CoinEvo Broker? – Let Us Hear Your Story
If you were scammed by a CoinEvo broker, let us know. Our chargeback specialists are here to hear your story and help you recover your funds.
But What Is A Chargeback?
This is a way for your bank to recover the funds directly from the merchant. Contact us via online chat to book a free consultation, and let’s recover your funds before it’s too late.