Evolve Markets is a legally registered forex broker located in Saint Vincent and the Grenadines, but not regulated by any government agency.
The company accepts deposits (and allow withdrawals) only in the form of cryptocurrency.
Evolve Markets accepts clients from all over the world excluding USA, Canada, Israel and Iran.
Forex broker offers the following underlying assets for trading.
|50+ Currency Pairs||Based on major and minor world currencies.|
|11 Crypto Pairs||Based on Bitcoin, Bitcoin Cah, Dash, Ripple, Ethereum, Ethereum Classic, Litecoin, Monero, Zcash, EOS.|
|10 Indice CFDs||Based on baskets of different blue-chip stocks.|
|7 Metal Spot CFDs||Based on Gold, Silver, Platinum, Palladium and Copper.|
|3 Energy Spot CFDs||Based on Crude Oil (WTI, Brent) and Natural Gas.|
Evolve Markets is an offshore forex, CFD, and cryptocurrency broker established in 2015. They are incorporated in the popular offshore jurisdiction St. Vincent and Grenadines, but unfortunately does not provide service to residents of the United States and a few other countries.
The broker distinguishes itself from other more traditional forex brokers by only accepting deposits and withdrawals in the popular cryptocurrencies bitcoin and litecoin, thus offering nearly instantaneous deposits and withdrawals. It is, however, not regulated by any financial regulator, but this also means that the broker can offer higher trading leverage and has the flexibility to deal with cryptocurrencies.
The broker also places a lot of emphasis on the safe storage of the cryptocurrencies it holds on behalf of clients, which it claims is managed with the help of “a proprietary hardware-software combination solution.”
Evolve Markets offers their clients more than 50 currency pairs to choose from, in addition to crypto CFDs on 11 cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Ripple (XRP). Other available trading instruments include CFDs based on popular metals, as well as oil, natural gas, and a variety of global stock indices.
For commodities and indices, available leverage goes up to 1:500. With cryptocurrency trading, the leverage available is up to 1:50, which definitely provides a boost to a trader’s profit potential compared with the unleveraged crypto trading products normally available at other cryptocurrency brokers. As with other crypto brokers and exchanges, cryptocurrency trading with Evolve Markets is open 24 hours a day, 7 days a week.
When it comes to trading platforms, Evolve Markets only offers its clients the choice between the classic MetaTrader 4 and 5 platforms, as well as the standard web and mobile versions of the same platform. One interesting difference between the two platforms as offered by Evolve is that available leverage on cryptocurrencies goes up to 1:50 on the MT5 platform, whereas it is capped at 1:25 on MT4. In addition, MT5 also offers a wider range of base currencies for trading accounts.
Although trading fees do apply when trading with Evolve, the fees are stated explicitly on the broker’s website for increased transparency. Deposits and withdrawals, however, have no fees, but withdrawals are subject to a minimum amount of 0.005 BTC. There is no minimum deposit required to get started with Evolve. The company will also make sure that deposits are automatically credited to the client’s trading account after 1 blockchain confirmation.
Customer service is available through social media platforms like Facebook and Twitter, but more so via email. The website also allows clients to send a message with their enquiries, and the company promises to reply “as soon as possible within 24 hours.” The support team is available 24 hours a day on weekdays, but may take longer to respond during weekends when only cryptocurrencies are traded.
Most general enquiries are answered in the FAQ section provided, which ranges from questions about their trading platforms, to account management and login details, as well as technical questions about the swaps and spreads offered.
Unfortunately, trader education does not seem to be a focus-area for the broker, and there is a very limited amount of content available that goes into details on the crypto market and how it differs from forex and other markets. We assume this is because the broker is still fairly young, and that this will improve over time.
This broker has very high SWAPs especially if you have leverage of 1:500 which is very good but this high swap is unbelievable. On the other hand, I was making deposits and withdrawals without any problems.