IndexEvolve is a Forex and CFD broker that claims to be among the top 100 brokers worldwide. In addition to this, IndexEvolve is also purporting to be regulated by one of the world’s biggest supervision authorities in Hong Kong HK and China CY.
IndexEvolve : Trusted or Not ?
The broker wants to complement their claims and achievements by posting company address in Cyprus, Hong Kong, and London. Unfortunately, they’ve failed to provide a link to original documents where their achievements and license can be verified. This makes it difficult to trust them. Also, they claim that IndexEvolve is now in the 100 largest stock exchange listed Stocks & CFD broker in the world yet that is not true. This broker’s reputation is not known since they have not been around for a long time.
The broker has the following information:
- Owned and Operated by Evolve Invest Limited
- Evolve Invest Limited has address in Cyprus, Hong Kong and UK
- Minimum deposit required is $250
- Offers trading in Forex, Stocks/ETFs, Commodities, and Crypto.
- Maximum leverage is 1:1000
- MT4 trading platform
IndexEvolve does not provide a practice account. However, all professional firms are always happy to give new traders the chance to test their spreads for free. If the broker does not have a demo account for trades, it is impossible to know for sure what trading conditions they are providing unless we deposit $250. This is a red flag because it shows that the broker is only interested in your money, not your scalability as a trader.
IndexEvolve offers investors four account types to choose from. These accounts include Standard, Professional, Business and Business plus. The standard account is the most basic and users must deposit $250 to start using the platform. With the Professional account, members must deposit from $10,000 to start investing. For the Business account, you must deposit from $30,000 to start using it. Business plus is the VIP account and you have to deposit $200,000 to experience this account.
Unlicensed Scam Broker
Regulations in Hong Kong require that all brokers should be registered by the Securities and Futures Commission (SFC) in Hong Kong in order to legally provide financial services. The platform claims to have reputable license from Hong Kong, something that is not true as the Hong Kong financial watchdog does not have any platform licensed with the above name
The same way for their offices in UK and Cyprus where all Forex brokers in these jurisdictions must acquire a license from the Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC) respectively. The first thing you will notice is that this broker is not regulated in either of these jurisdictions, and this is typical of all scam brokers out there.
Unregulated brokers usually have very notorious sales person whose job is to follow up victims with calls and emails that are intended to make them deposit more money.
In the end, you will get scammed because this broker wants your money and is purporting to provide trading services yet they don’t even have an appropriate license.
IndexEvolve offers a webbased MT4 platform that is available in windows, iOS, android versions.
Review Conclusion: Scam or Legit
IndexEvolve is a huge scam that is feigning legitimacy from top tier regulatory bodies. This is all you need to know about them.
This broker is not legitimate as their website has all the red flags that indicate they are a potential scam. Stay away from it in order not to lose money.