While looking into Forex and binary brokers, you may have stumbled across one called Evotrade. If you are curious about this broker, this review will give you some information about the company, account types, features, and reputation. Let’s dive in.
Is Evotrade Regulated?
The first thing you likely want to know is what company owns this website. Evotrade is owned by TechWare Limited, a company based in Seychelles with the Company Registration Number 223879.
As best we can tell, this company aims its services largely toward Russian and Eastern European investors. Indeed, while there are six supported languages, the account types page still loads in Cyrillic.
The site’s “regulator” is the Latvian Financial Market Relations Regulation Center (FMRRC). To be clear, the FMRRC is not a government body. It is an independent watchdog. If you are curious TechWare holds license # RU 0395 AA V0172 with the FMRRC.
Frankly, we would not put the same level of trust in an independent organization that we would in a real government regulator.
You cannot trade on this website if you are in any of the following countries: Australia, Belgium, Canada, Crimea region, Iran, Israel, Japan, North Korea, Puerto Rico, Sevastopol region, Singapore, Syrian Arab Republic, Sudan, USA, Virgin Islands (USA), or Turkey.
Opening an Account with Evotrade
It only takes a few minutes to open an account with Evotrade. You can get started by clicking the red “Open An Account” button in the upper right-hand corner of the website. Input your basic information to register. You can then proceed to choose an account type and make a deposit.
One good thing about this broker is that it does offer an unlimited demo account. You can trade with it for as long as you want with no restrictions. This gives you the chance to test your strategies to find out if they work, and to practice until you can trade profitably.
Account Types, Bonuses, and Features
Evotrade offers a number of account tiers. The tier you are placed in depends on how much you deposit:
- Micro $10
- Bronze $1,000
- Silver $5,000
- Gold $10,000
- Platinum $25,000
- Diamond-VIP $100,000
At the lowest tier (Micro), you are eligible for a 30% match bonus on your initial deposit. As you can see, you must deposit at least $10 to open a live trading account at Evotrade.
As you move up in tiers, you get bigger bonuses and better benefits. At the Diamond-VIP tier, for example, you can receive a bonus as high a $100.
Higher tiers also include trading tools like Forex signals, a Daily Market Review with Analyst, and Signals from TRADING CENTRAL + MARKET BUZZ (translated from Cyrillic).
This page also lists the minimum spread of 0.6 pips. Note that the minimum lot size for trading is 0.01 lot. The minimum leverage is 1:1 and the maximum is 1:200.
How to Deposit or Withdraw from Evotrade
If you are ready to deposit money at Evotrade, you can do so using bank transfer, credit card, or Skrill. You can choose US Dollar, Euro or Russian Ruble as your account currency.
When it comes time to withdrawals, you can choose between bank transfer and credit card for fiat currencies. If you withdraw using bank transfer, there is a $25 fee. If you withdraw using credit card, you will pay a 3.5% fee. The minimum to withdraw is $10.
The site also mentions, “The minimum withdrawal amount with Cryptocurrencies is 50 * USD / EUR (commission is charged from the first withdrawal).”
So, it would appear that Evotrade may also support crypto base currencies as well as deposits and withdrawals to and from a crypto wallet.
Trade on the MetaTrader 5 Platform with Evotrade
Another thing we like about Evotrade is that the trading platform this broker uses is MetaTrader 5 (MT5).
If you have any experience already with Forex trading, you are no doubt familiar with MT5, as it is among the most popular FX platforms in existence.
You can download it for PC, or you can get an app for Android or ioS mobile devices. There is a web platform as well.
MT5 is user-friendly, reliable, and supports a wide variety of assets. Indeed, Evotrade claims to offer more than 700 trading assets, including currencies, crypto, shares, energies, metals and futures. We only found 42 listed on the website, but presumably that is not the full selection.
You can enjoy fast trade execution on this platform along with excellent charting features and tools. With 21 timeframes and support for thousands of indicators, planning your trades should be no trouble at all.
Those who want to try automated trading will find plenty of Expert Advisors that one can load into MT5. There is also an economic calendar built directly into the software.
Evotrade Resources and Customer Support
If you are looking for more in the way of education, you will find a number of resources at Evotrade, including webinars, articles, videos, eBooks, and glossaries.
As for customer support, you may access the team via email, live chat or phone. Alas, when we checked during the daytime (in the US) for someone to talk to on a weekday, no one was available. So, we did not have the opportunity to test out live chat.
What Do Traders Think of Evotrade?
We did try to research customer reviews for Evotrade. But it being a very young online broker (established in 2021), not a lot of people are familiar with it. There was very little in the way of feedback.
Conclusion: Evotrade Makes Trading Easy with MT5, But Could Use Better Regulation
To wrap up our review of Evotrade, what we appreciate most about this broker are the unlimited demo account and MT5 as the trading platform. But we do not feel entirely comfortable with the lack of formal government regulation or the relatively unknown reputation of the site. You can try trading at Evotrade if you want, but we would recommend doing so with caution.