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GeverestFX Review: A CySEC Blacklisted Broker

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GeverestFX Review: A CySEC Blacklisted Broker

Already blacklisted by CySEC, GeverestFX is an outrageous online trading scam. After members lodged several complaints against it, the authorities finally raised the red flag. Geverest FX is another online fraud that is taking the European market by storm. Stay away from the platform as more and more naïve investors keep on falling for this dubious platform. Thanks to our team of investigators, we have proof that this is a complete hoax. Get to know more in this vivid GEVERESTFX Review.

GeverestFX Review

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About GeverestFX

Even the name sounds weird, and we have reason to believe Globaleverestfx sold the domain. In fact, both of these are scam websites that belong to the same group of fraudsters.

The recent Geverest FX is an exact copy of globaleverestfx.com. Once you land on both websites, you will notice the similarity in content and design. They both claim to reside in Australia and Cypress, which is another lie. Both of these websites are ideally the same scam.

Once you land on their homepage, GeverestFX is not loading their logo. It’s the logo that made us note the similarity in design. The navigation is not easy as most of the pictures don’t load. The website is under attack from hackers.

These websites store information from wealthy investors who unknowingly gave their personal details. That’s why you should read online reviews to know how a website behaves.

Affiliate program

Before joining their affiliate program, you should be aware of the consequences. Once the platform goes under, you will be held liable for any losses. Most affiliate programs are not working with the broker for a reason.

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The broker fails to pay affiliate members, and the complaints surrounding the platform are immense. No one wants to be an affiliate of an already blacklisted trading entity.

Assets and trading instruments Geverest FX

According to their homepage, the top movers are commodities and indices. Available assets are four in total, commodities, forex, indices, and stocks. Investigations also lead us to believe that the scam artists are working on a Crypto angle. Once you get a call from their managers, they tend to pitch a Crypto asset.

With the Crypto market being one of the most profitable, scam artists make sense to dive in. Luckily, we can expose them before they do major harm.

Business proprietor

The disclaimer at the footer of their homepage claims the platform resides in Australia and Cyprus. Both of these addresses are not true as this is likely an offshore led scam. These offshore brokers create the illusion that they are from regulated jurisdictions.

Australia and Cypress are one of the most highly regulated markets. For brokers to start brokerage services, they must pass several requirements. Investors will go for a broker from any of these regions without blinking. And that’s the reason scam artists claim to reside in these regions.

Comments and feedback

Over the past few months, there have been complaints on trading forums regarding this website. Upon further scrutiny, it seems that the broker doesn’t allow any withdrawals. It’s basically a rip-off platform where the offshore brokers create an impression of a trading firm.

Once you deposit with them, the money goes straight to their personal accounts. Most of the victims have tried contacting the investor to no avail. That’s why CySEC decided to blacklist the broker.

Domain insights (geverestfx.com review)

As of publishing this post, the platform is over 200 days old. According to domain information, the website went live on September 07, 2020. It’s not even a year old, and it has already had its name on the blacklist.

For over a year, the broker has been ruining the lives of investors. Domain checker tools help us note the footprint of a website and determine its longevity. With the blacklist, the users will either shut down or sell it to another scam group.

Features of GeverestFX

Account types

Geverest FX Account Types

GeverestFX offers four accounts, with the most basic account having a minimum deposit of 250 Euros. These four accounts include Micro, Standard, Premium, and VIP. Spread starts from 1 pip on all accounts, and telephone trading is only available on Premium and VIP accounts.

There’s also a commission on the last two accounts per round-turn standard lot. The maximum leverage is 1:500 to 1:100. The broker fails to follow the rules regarding set leverage. Industry regulators in Europe have set 1:30 as the maximum leverage.

Bonuses

Bonuses are available for premium and VIP account holders. The scam artists are smart enough not to call them bonuses. Instead, they use the word Fund management, which translates to account bonuses.

Regulators are also against brokers who offer such incentives. You will be held at ransom as you must deposit the bonus amount. Even if your account has funds to pay the bonus, these brokers demand a new deposit.

Deposit and withdrawal

The broker only allows bank transfer with no other form of depositing. It’s weird that the broker only has one depository channel. These scam artists have a bank account in the Cayman Islands where no one can track them.

Deposits made by investors go to their private accounts. These are scam artists who will do anything to block withdrawal attempts. It’s what exposed them to regulators after several complaints emerged.

Trading terminal

Award-winning and user-friendly is how they sell their platform. You won’t even get to use their platform as it’s not working. Once you click on the download link, nothing happens. These scam artists are trying to sell a burst platform that doesn’t even offer a demo trading platform.

When it comes to trading platforms, we recommend using MT4 and MT5.

GeverestFX License and Registration

geverestfx.com license and registration status

GeverestFX is a broker without any compliance and falls under no jurisdiction. It’s the type of broker that does what they want with your money. Any claim you see on their homepage about regulation is a lie.

The broker is not in any way licensed to operate in Australia or Europe. These are scam artists who will do or say anything to get their hands on your hard-earned money.

Safety of funds with Geverest FX

There’s no safety of funds when it comes to an anonymous website already blacklisted by authorities. Expect no compensation when the platform winds up as it will due to the exposure. The broker does not insure deposits made by investors.

Scam or Legit GeverestFX

GeverestFX Trading Platform

GeverestFX is a scam that is already on the crosshairs of regulators. The best option is to stay away from these scam artists. It’s best to share this post and hope that no one else falls for their tricks. The platform is a replica of globaleverestfx.com, which is another notable scam.

Closing remarks

We won’t recommend a clone website that is already a blacklisted entity.

Instead, we recommend the best brokers that enjoy the backing of the trading community.

We wish everyone a profitable and safe trading experience.

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