Please Note: In this rating we cover the services provided by Evest, regulated by the Vanuatu Financial Services Commission (VFSC) under the name of ATRIAFINANCIAL Ltd, using the Silver Account on the broker’s own proprietary web trading platform.
As Evest does not provide services to residents in the US, Canada or EU, we accessed the broker’s services through a VPN.
The Big Picture
Evest is a forex and CFD broker regulated by the Vanuatu Financial Services Commission (VFSC). You can trade more than 400 instruments covering forex, stocks, indices, commodities and cryptocurrencies. The services are mainly geared to beginner traders but there are some products for advanced traders but only if you have a high account balance.
Evest is a relatively new broker and only launched in 2021. There is a decent range of account types, including an Islamic swap-free account, which are all easy and quick to open. From our live testing, we found the trading fees to be high in some areas but the web trading platform to be simple and easy to use, as discussed in more detail throughout this review.
Evest Key Takeaways for 2022
- We evaluated Evest according to nine categories. The broker scored highly in several categories including Account Types, Tradable Instruments, Research and Education.
- The lowest score was in the Customer Support category as the live chat feature is only in Arabic, the customer support telephone numbers didn’t work. The broker did get back to one of our emails but didn’t answer the question.
- The broker also scored low in the Trust category as the advertised regulation from the Financial Sector Conduct Authority (FSCA) could not be found on the regulator’s register, which is concerning. The VFSC regulation can be confirmed on the regulator’s register but is still based offshore.
- Beginner traders will enjoy the range of different account types and the commission-free trading products that are available. The web trading platform and mobile trading apps are simple and easy to use and there is a decent range of educational materials.
- Advanced traders will enjoy the wide range of markets that are available to trade and the ability to trade from the professional MetaTrader 5 trading platform. However, services from third-party analytics company Trading Central require a minimum $20,000 account balance.
Who is Evest For?
Evest mainly provides services for beginner traders. The commission-free trading accounts are an easy way to get started in the markets and the web trading platform is easy to access and simple to use. The educational materials are also very good with access to different courses and videos.
Advanced traders may enjoy the range of markets available but the trading fees are higher than the industry average. Evest provides the ability to trade on the MetaTrader 5 trading platform which is great for advanced traders. You can also access a lot of extra tools if your account balance is big enough.
Evest Pros and Cons
About the Author
How Do We Rate?
Currencies, Commodities, Indices, Stocks, Crypto
🖥Trading Desk Type
Your capital is at risk.
Evest scored below average in this category. While the broker’s VFSC regulation can be confirmed, the broker’s FSCA regulation is not on the regulator’s register.
Why is It Important to Know Where Your Broker Subsidiary (Entity) is Regulated?
The location of a broker will dictate the level of regulatory oversight and protections offered to investors. Due to regulatory changes from tier 1 regulators such as the FCA, CySEC and ASIC, many brokers have moved offshore so it’s worthwhile doing your due diligence.
We look for several things when analysing the safety and trust of a broker. This includes:
- Segregation of client funds from company funds. Having client funds segregated from company funds is always important as you don’t want your broker to use your funds to run their business!
- A negative balance protection policy. This means that your account cannot go into a negative balance from adverse movements in the market.
- Compensation scheme. Does the entity or regulator provide access to compensation in the event a broker goes bust?
- Are there additional safeguards put in place by the broker even when they are not required to do so? This is a great measure of just how seriously your broker takes your safety!
Some financial regulators make it a regulatory requirement to offer some of these features, while others do not.
In the Evest Terms & Conditions for ATRIAFINANCIAL Ltd regulated by the VFSC, it states the broker does segregate client funds from company funds but they do not offer a negative balance protection policy, additional safeguards or access to a compensation scheme.
The services provided on www.evest.com and mena.evest.com are operated by ATRIAFINANCIAL Ltd which is authorised and regulated by tier 3 regulator the Vanuatu Financial Services Commission, as confirmed below:
The broker also states that ATRIAFINANCIAL SA (Pty) Ltd is authorised and regulated by tier 2 regulator the Financial Sector Conduct Authority (FSCA) of South Africa. However, we could not find this on the regulator’s online register which brought the broker’s overall score in this category lower.
Here is a quick summary of the protections offered by Evest:
Negative Balance Protection
*Regulations for retail traders up to date as of 31 December 2021 from the broker’s Terms & Conditions.
Stability and Transparency
In our test for the Trust category we also cover factors relating to stability and transparency. Here, we focused on how long the broker has been in business, the size of the company and how transparent they are in terms of information being readily available.
In summary, our findings indicate a below average score for Evest in this section due to the following factors:
- The broker only launched in 2021 so does not have a long track record yet.
- We could not find the FSCA licence on the regulator’s register, giving a low level of regulation transparency.
- The trading fees offer a high level of transparency as they are clearly highlighted – bringing the overall score for stability and transparency to just below average.
Evest’s trading fees are generally higher than the industry average. While there is no commission to pay per trade the spread (difference between the buy and sell price) for all of the instruments tested were medium to high when compared to the industry average. The inactivity fee is also high at $75 after only 2 months.
There are a variety of different fees to look at when choosing a broker.
- Trading fees are those associated with buying and selling a financial instrument and include:
- Commission – The cost to enter and exit a trade.
- Spread – The cost between the buy price and sell price
- Overnight swap fee – The cost of holding a leveraged position overnight.
- Conversion fees – The cost to convert your base currency into the currency of the asset you are trading, if it is different.
- Non-trading fees are charges that are not related to buying and selling a financial instrument and include:
- Deposit and withdrawal fees (discussed further down this review)
- Inactivity fees – The cost to have a trading account opened with zero activity on it.
Evest Trading Fees
In our live trading test for fees, we used the commission-free Silver Account from the VFSC regulated entity ATRIAFINANCIAL Ltd operating www.evest.com. This account only has spread and swap trading fees (unless you open the Islamic swap-free version).
We viewed the live spread for forex, indices, stocks and commodities at two different times of the day – around 8 am and 2 pm London time on 28 December 2021. These times generally cover the most active sessions of the day.
What did we find? Evest’s spreads for all of its instruments are generally higher than the industry average.
|Instrument||London AM Spread||
London PM Spread
The overnight swap fees were in line with the industry average. This fee is important for long-term traders, as overnight fees can add up if you are holding trades for a long period of time.
Are Evest Trading Fees Good?
Even though there are no commissions to buy and sell, Evest’s trading spreads are higher than the industry average for a similar offering. For example, most brokers would advertise the DAX 40 index at a spread of 1 point. In our testing, the average was 2.5, so you’re paying a lot more per trade.
Most brokers would usually go out of their way to advertise a really tight spread of 1 pip for the EURUSD currency pair as this is the world’s most actively traded pair. The average spread for EURUSD via Evest’s Standard Account was 1.95.
Interestingly, the spread for the Dow Jones 30 index in the afternoon was twice as high as in the morning. In theory, it should be much less as in the afternoon the US stock market is open, meaning there are more buyers and sellers around resulting in a lower spread (which is the difference between the price someone is willing to buy at and the price someone is willing to sell at).
With Evest, you can access better spreads if you open an account with a higher minimum deposit. For example, the Diamond account advertises a spread on EURUSD of 0.8 pips but you need a minimum account balance of $50,000.
Evest Non-Trading Fees
Some brokers impose an inactivity fee on trading accounts if there is no activity on your account, such as the buying and selling of an instrument, deposits and withdrawals, for a certain period of time.
With Evest, there is a very high inactivity fee of $75 at the end of the second month of no activity. This is lowered starting from the end of the third month onwards to $50 and any open positions will be closed to cover these fees.
Platforms and Tools
Evest offers a feature-rich, easy to use web trading platform and mobile trading app which are both great for beginner traders. However, the execution was much slower than the industry average. Advanced traders can also access the professional MetaTrader 5 trading platform for more advanced features such as automated trading.
Trading Desk Type
According to the Evest Terms & Conditions, the broker will act as the execution venue of client orders. This means the company operates a dealing desk model, which means when you win, they lose and when you lose, they win.
Some of the biggest and well-known brokers in the business operate this type of model. But most of these would be regulated by a tier 1 regulator to ensure good quality execution. Evest is regulated in a low tier jurisdiction so there is zero oversight on their execution policy.
Some CFD brokers offer an STP (straight through processing) model which matches your forex orders in the underlying market without passing through a dealing desk.
Generally speaking, a no-dealing desk broker will offer the fastest execution with no requotes. With Evest, execution on their trading platform is slow and takes several seconds.
Evest Desktop/Web Platform
The Evest web trading platform is simple to use and easy to navigate, making it great for beginner traders. Advanced traders can also trade from the professional MetaTrader 5 desktop platform which comes with more features and customisations.
For our live test, we used the Evest web trading platform.
The Evest web platform offers clean and simple charts to trade from and analyse. While you cannot have multiple charts open at the same time, you can access a good range of technical analysis tools. This includes 56 technical analysis indicators and 25 drawing tools.
You can also access 9 different timeframes and 6 chart types which include candlesticks and bars. The charting section is very easy to navigate and simple to use.
Below is a screenshot of the Evest web platform:
You can access a variety of order types from the Evest web platform. Market orders allow you to open a trade at whatever the current market price is. You can also set a pending trade, which is an order that will get filled once the price reaches a price level you define.
We found the execution of market orders to be slow and would take a few seconds. Some brokers will execute trades in under 1ms. The slow execution is likely due to the broker’s dealing desk model.
General Ease of Use
The Evest web trading platform is simple to use and laid out well. On the left side of the platform, you can search for an instrument to trade on. There are categories such as My Favourites, Evestor’s Basket, Stocks, Currencies, Commodities, Indices, Future Indices and Crypto or you can simply search for an instrument in the search box.
The price chart is in the middle of the platform. These are clean and responsive too. There is also an ‘Information’ tab on top of the chart which allows you to see data such as margin requirements, trading hours and the overnight swap fees.
Performing technical analysis on the chart is simple and there are a wide variety of technical tools to help you do so. Unfortunately, you cannot trade directly from the chart but the trading ticket is on the right side of the platform so it’s quick to access. The only issue we found was the slow execution speed.
Evest Mobile App
The Evest mobile app is easy to use and simple to navigate. Everything is laid out intelligently and is accessible. However, there are zero technical analysis or drawing tools in the app which is below standard for a mobile trading app.
You can download the Evest mobile app for both Android and iOS devices directly from the app store. In our test, we downloaded the iOS version.
The Evest mobile app provides some very clean and responsive charts. You can view 9 different timeframes and 3 chart types. However, one major limitation is that there are zero technical analysis or drawing tools.
Below are some screenshots of the Evest mobile app for iOS devices:
The mobile app allows you the same functionality as the web platform when it comes to order types. You can either enter trades live at the current price or you can set an order to fill you once the price reaches a predefined price level.
Unfortunately, you cannot add expiries or set alerts.
General Ease of Use
The Evest mobile app is simple to use and easy to navigate. If you’re looking for a simple way to manage positions and enter trades while on the move, the app is sufficient for those purposes.
The charts are clean and responsive but do lack drawing tools and technical analysis indicators. This is a big limitation if you are a technical trader.
The trading ticket has the same level of functionality as the web platform. You can enter trades live or place orders. However, there is no ability to place alerts or set an expiry on them.
Overall, the mobile app is easy to use and great for beginners providing you don’t need it for technical analysis.
Evest provides a good range of instruments and asset classes to choose from. There are more than 400 instruments available to trade on, covering forex, stocks, indices, commodities and cryptocurrencies.
The range of instruments available to trade on is above the industry average. All of the most popular CFD instruments are available to trade on, across the different asset classes.
Evest also provides access to index baskets that track a certain theme, such as the US Banks Index CFD, a BigPharma Index CFD and W.Buffett 1 Index CFD among others. This gives you exposure to a certain theme that holds a basket of stocks, using just one instrument to trade on.
What are CFDs?
CFDs, or Contracts for Difference, is a derivative product that allows you to speculate on the price direction of a financial instrument allowing you to profit from rising and falling markets. You can also trade on margin which means you can control a large position with a smaller deposit, amplifying both gains and losses.
What Can You Trade with Evest?
With the Evest you can trade on:
- 320 stocks:
- Global stock CFDs from the US, UK, Europe and Asia.
- 43 forex pairs:
- Major, minor and exotic CFDs
- 28 indices:
- Global stock index CFDs
- 18 commodities:
- Metal and energy CFDs
- 9 cryptocurrencies:
- Crypto CFDs against the US dollar
Below is a list of just some of the available markets for trading:
|Forex & Crypto||Indices|
|EURUSD | GBPJPY | AUDCAD | EURGBP | NZDCHF | USDRUB | BTCUSD | SHBUSD||NIKKEI | FTSE | DAX40 | SPX500 | DOW30 | SMI | MIB40 | UKBANKS | USRETAIL | BLUECHIPS|
|Gold | Sugar | Aluminium | US Oil | Zinc | Cotton | Wheat | Coffee | Silver | Soybean||Adobe | Apple | Bayer | Barclays | Citi | Ford | Gamestop | Hermes | Juventus | Uber|
*Details regarding the available assets are taken from the Evest trading platform and website and are correct at the time of this review.
Evest scored low in this category. While the website is in English, the live chat is in Arabic. The telephone numbers didn’t connect to anyone after trying on several occasions. The broker did respond to our email but they didn’t answer any of our questions, providing an underwhelming experience.
The broker does provide access to a Frequently Asked Question (FAQ) section which covers topics such as verification, deposit and withdrawal, troubleshooting and others. You can also access customer support via social channels but again much of the company’s Facebook page is in Arabic.
Why is customer support important? If you need help with your platform, question a trade execution or have any administration issues you want to know that you can contact your broker as fast as possible!
Evest Customer Support Test
In our customer support live test, we contacted the broker via telephone, live chat and email. The two telephone numbers provided were based in Saudi Arabia and the UAE. After calling these numbers during market hours we couldn’t connect to an agent.
We then tried the live chat feature on www.evest.com. However, all the text was in Arabic, even though the whole web page is in English. We then used the live contact form to which we received a reply in under 12 hours.
Our questions were related to customer support opening hours, which institution client funds are held and why the advertised FSCA licence on the broker’s web page is not on the regulator’s register.
The broker responded without answering any of these questions but merely stating the ‘platform does not operate in your country.’ This was disappointing as these were general questions that could have been answered.
Deposit and Withdrawal
With Evest you can deposit and withdraw funds using Visa, Mastercard and Skrill – a limited number of options that is below the industry average. Deposits are fee-free while withdrawals are charged at $5 with a minimum withdrawal amount of $25.
You can only deposit funds in US dollars which is below the industry average as many brokers offer the option of depositing in other currencies such as euros, British pounds, etc. If you try to deposit funds in other currencies then there is a 2% conversion fee.
If you withdraw funds without opening and closing a single trade there is a $35 withdrawal charge to be aware of.
Evest Deposit Methods
With Evest you can deposit funds fee-free using a limited number of methods highlighted in the client portal area.
* For all available deposit options refer to the broker’s Deposit & Withdrawal page.
Evest Withdrawal Methods
Withdrawals can only be made to the same account holder and in US dollars, or subject to a 2% conversion fee. Your account needs to be verified before you can withdraw funds.
If no trades have been made before you withdraw your funds then there is a $35 charge.
Up to 14 business days
Up to 14 business days
Up to 14 business days
* For all available deposit options refer to the broker’s Deposit & Withdrawal page.
Account Types and Terms
There are 4 main account types offered by Evest called Silver, Gold, Platinum and Diamond. You can also open a demo and Islamic swap-free account. The account opening process is fast, simple and done digitally.
The main differences between the account types are the minimum deposit and the services you have access to. The higher the minimum deposit, the more services you can access.
For example, a Diamond account allows you a direct line to the deal room with zero withdrawal fees but you need a minimum balance of $50,000. The Silver account is the most basic trading account with a minimum deposit of $250.
We managed to open an account in just a few minutes after filling out a quick application form. Once you do this, you receive instant access to the broker’s proprietary trading platform.
Why is Choosing the Right Account Type Important?
Choosing the right account type is important as it will impact nearly every aspect of your trading. Different accounts will often have different fees, instruments, minimum deposits, platforms, etc.
What Account Types does Evest Offer?
Evest offers the following account types with some of the features highlighted below:
|Spread (from)||3 pips||2.2 pips||1.8 pips||Custom|
Leverage (up to)
Evest Account Types
One of the biggest differences seen in the table above is the minimum deposit which varies from Silver to Diamond. The minimum spreads gets much better the higher the minimum deposit is.
With each account type you also get access to more features and services which are highlighted below.
Daily market summary
Daily SMS signal 1/day
Senior account manager
Trading Central platform
No withdrawal fees
Direct line to dealing room
* Data taken from the Evest Account Type page on 2 January 2022.
What is CFD Leverage?
Accounts also differ by their CFD leverage. CFD, or Contracts for Difference, trading allows you to open a large position with a smaller deposit. For example, a 30:1 trading leverage means you can have $30,000 exposure with only a $1,000 investment. A 500:1 trading leverage means you can have a $500,000 exposure with only a $1,000 investment.
Leverage is a double-edged sword as it can amplify your winning and losing trades. This is one reason regulators such as CySEC, ASIC and the FCA cut the leverage brokers can offer retail traders – to make it safer for beginners.
How to Open an Account with Evest
In our testing, we opened a Silver Account with Evest. It was a simple process and was completed in less than 5 minutes all online.
For verification, you need to submit proof of identity and proof of address documentation. This can include a driver’s licence or passport and a utility or bank statement.
Here is the step by step process we used to open an account:
- Step 1: Fill in personal information such as name, address, date of birth and email.
- Step 2: Fill in financial information regarding your employment, savings and experience.
- Step 3: Fill in your trading settings and go through verification by uploading relevant documents in the client portal area.
From the Evest client portal area, you can upload your documents, access your trading accounts, the trading platform and extra trading tools.
Evest provides regular trading news from its website. Articles are mainly focused on gold, oil and major US stocks. They cover general fundamental themes rather than specific company, fundamental or technical analysis.
From the Education tab on Evest’s website you can access Trading News. This is split into Oil News, Gold News and Market News. Articles are regularly updated and only cover general themes of the market.
From browsing ten random articles there were no charts included in the research articles, making them text-heavy. The YouTube channel seemed to have more technical research videos but these are all in Arabic.
Evest scored well in this category as its Trading Academy provides access to a large database of videos and courses covering a wide range of trading topics and platform tutorials.
In the Evest Trading Academy, you can access courses, videos and ebooks. The ebooks include titles such as Beginners Strategies eBook, Trading Psychology eBook, Advanced Technical eBook and more. While each ebook is quite short, there is some useful information for beginner traders.
You can also access a wide range of in-depth courses covering Trading Tools, Stocks and CFDs, Trading Strategies and a Beginners Course. These are all video-based and mainly geared towards beginner traders. Advanced traders of these products may find the knowledge too basic.
The Bottom Line
Evest provides a good range of trading accounts, instruments and platforms suitable for beginner and advanced traders. To access some of the best services you need to maintain a high account balance.
While the web platform and mobile trading apps are simple to use, the spreads are higher than the industry average. Even though the broker is regulated by an offshore tier 3 regulator (VFSC), question marks remain on its tier 2 regulation by the FSCA which couldn’t be found on the online register.
The customer support mainly seems to be geared toward the Arab regions with customer support telephone numbers based in Saudi Arabia and the UAE and the live chat written in Arabic, even on the English website.
Number Of Employees
Trading Desk Type
United States, Belgium, France, United Kingdom, Poland, Greece, Switzerland, Portugal, Austria, Spain, Canada, Germany, Italy
Credit Card, Skrill
Credit Card, Skrill
Bitcoin, Cardano, Litecoin, Ripple, Ethereum
Currencies, Commodities, Indices, Stocks, Crypto