WikiFX Review: Is CoinEvo worthy to invest in?

CoinEvo is an international trading online corporation offering 24-hour access to various trading instruments, including currencies trading in Forex, commodities and shares. They also claim that their web-based trading software is superior to any other, but that‘s not actually true. In fact, CoinEvo is a shady broker, and we’ll prove it in the following review.

Moving to the WikiFX APP, we find that CoinEvo is listed, but with a score of only 1.04/10. The words unregulated and unlicensed are clearly visible. Also, WikiFX warns investors to stay away from this broker!

If you want to find out more about this shady broker check out our review below:

1. Risky Offshore Regulation

CoinEvo is introduced as a trading name of Lilac Group LLC, a company registered in St. Vincent and the Grenadines (SVG). SVG is an offshore jurisdiction in the Caribbean where registration procedure for forex brokerages as International Business Companies (IBC) is simple and inexpensive. Actually, the SVG FSA regularly issues warnings, the latest from February this year, that it does not regulate, monitor, supervise or license forex trading or brokerage – see below:

Whats more, we found out that earlier this month the Italian regulator, CONSOB has ordered the black out of their website:

2. Poor Trading Conditions

The accounts screenshot above presents Spreads starting from 0.1 pips. On another page, however, we see the lowest offered spreads are from 1.5 pips and this is for the Pro+ account which requires a minimum deposit of $25,000.

In the Webtrader, the spread for EURUSD is 3 pips. Regulated brokers generally provide more competitive spreads – around 1 – 1.2 pips for the most traded currency pairs, such as EURUSD.

We also see that CoinEvo collects significant commissions for the more expensive accounts. The broker provides up to 1:300 leverage which is much more than what regulated brokers offer to non-professional investors. Financial authorities in stricter jurisdictions impose a cap of around 1:30 for retail traders.

3. Trading Platform

CoinEvo provides a web-based trading software which according to them is “a very sophisticated trading platform”. This is quite far from the truth, however. The Webtrader in the screenshot below is a rudimentary platform with poor design and limited features and functionalities.

Trustworthy brokers provide access to industry standard MetaTrader4 or MetaTrader5 software. MT4 is considered the worlds number one platform, preferred by over 80% of users. It offers an intuitive and user-friendly interface, advanced charting and analysis tools, as well as copy and auto-trade options. Its successor, MT5, although not as popular yet, has some advantages – it allows traders to execute trades on different financial markets through a single account and there is a hedging option.

4. Deposit & Withdrawal

The minimum deposit is $250 allegedly via Credit/Debit cards, Wire Transfers and e-wallets. However, once we tried the deposit system, it turned out that only Credit/Debit card funding is possible.

As for withdrawals, the minimum is $250 for Wire Transfers and $100 for Credit/Debit cards, so both requirements are not favorable as most legit brokers impose no or symbolic restrictions only. The transaction charges are as follows: a $50 fee for Wire Transfer withdrawals and $25 for Credit/Debit cards, plus a processing fee of $10 ($35 altogether). Thats extortion!

And things get even worse! As you can see below, CoinEvo imposes a fee for inactive accounts, and it‘s monstrous! In particular, an account becomes dormant after 6 months of inactivity and will be subject to a deduction of 10% per month – that’s a scam clause! In comparison, legit brokers charge 5 to 10 dollars per month, and there isnt a single regulated broker that will deduct percentages. If it does so, it can say goodbye to its Forex license! Beware!

Conclusion

In summary, CoinEvo is extremely risky and may be a scam. If youre scammed by this broker, please keep the evidence and contact us as soon as possible. You can also log in to our official website or mobile app for self-exposure, copy this link to the browser to open it, and check how to expose the scam https://bit.ly/3dWv4N1

Official website: https://bit.ly/wikifxIN

APP for Android: https://bit.ly/3kyRwgw

APP for iOS: https://bit.ly/wikifxapp-ios

Remember, “when in doubt, reach out to WikiFX” because we are your one-stop Forex broker solutions!