EverestCM (everestcm.com) claims to offer the best copy trading tool in the industry. Everest CM is also a forex trading platform, apart from copy trading tools. Those who have invested with the platform have had it in their necks. None of them seem to withdraw any funds from the platform. It appears that everestcm.com is blocking all withdrawal attempts from investors. Here’s what you need to know in our clear EVERESTCM REVIEW.
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The platform claims to operate under the Forex Brokerage Business Model. Myrtie Ltd is the parent company listed as the sole owner of the platform. However, there are no further details about what the platform is really about.
We see that EverestCM is trying to hide their background information. So there’s no credible information as to who owns or runs it. We also don’t have their history regarding when the platform started.
In the forex world, reputation is everything. You have to have a solid reputation for getting better and having a substantial following. Unfortunately, that’s not what Everest CM offers to investors, and you get the exact opposite.
Most investors signed up thanks to some of the guarantees the platform offered. These include having to copy trades from one of the most successful traders. With this assumption, traders imagine success is outright guaranteed.
Sadly for them, the outcome is a platform that denies them the success earned. The platform copy trading tool does no good. You will likely lose it as there are some discrepancies with this tool.
Others signed up thanks to the website aesthetics. We can see that the people who created the platform have prior trading knowledge. These experts see to know what there are doing and the target audience.
Before investing in any platform, experts recommend you do due diligence. Try and find out what makes a platform tick. That’s the only way to help you determine which platform is safe. You can also ask us to review a platform on your behalf.
To protect yourself and know more about a platform, you need to weigh the pros and cons. These are the features that make or break a platform. If the cons outweigh the pros, it’s best to stay away from such platforms.
And that’s what this everestcm.com review is all about. First, we need to highlight some glaring mistakes that the naïve investor might fail to spot. Next, several features make us question the intent of this platform.
Here’s a closer look at the pros and cons of Everest CM;
There are three account types available on the platform. These include Raw, Classic, and Islamic accounts. Each of these accounts targets a different demographic of traders. The accounts also offer several distinctive functions.
Let’s take a look at these plans;
Raw Spread
It targets newbie investors and traders as the minimum acceptable deposit is €$100. The leverage set for this account is 1:500, with spreads starting from 0.0 pips. There’s a margin and stop out of 100 and 30 percent, respectively.
The account is a Swap-free account with the servers located in London. All trading styles are acceptable, with the account offering instant execution. There’s a $3.50 commission per lot per side with the raw spread account.
Classic
The acceptable minimum deposit is the same as the raw spread account. There’s no maximum value you can deposit with the platform. It also sets the acceptable leverage at 1:500 with spreads starting from 0.8 pips.
Margin call and stop out are 100 and 30 percent, respectively, just like the raw spread account. Micro lot trading is acceptable, as well as using all trading styles. There are no commissions with this account.
Islamic Swap-free accounts
With this type of trading account, traders trade without paying swaps or interests charges. These include charges on overnight positions as the platform offers over 250 trading instruments. The account mainly targets our Muslim brothers and sisters.
Some of the account features are disturbing because they take advantage of investors. One of them has to be the set leverage. The platform sets 1:500 as the acceptable leverage with all trading instruments.
What the high leverage does is put your trading position at risk. Regulators have moved in to protect investors from such risks. In most jurisdictions, the maximum leverage is 1:100. The United States offers maximum leverage of 1:50 for retail traders.
There’s a claim that the platform offers country and money managers on all accounts. These managers are far from being professional. We suspect these managers are call agents pretending to have lucrative open positions.
All you have to do is deposit more funds with them. However, these agents will block all communication if you make this mistake. As a result, you lose more funds as the platform moves quickly to replace the account manager.
To attract more investors and traders, the platform offers a partnership program. With this partnership program, the platform offers three rewards. There is a $20 discount per lot, $1,000 CPA, and 50 percent REV Share.
It seems like a perfect plan to earn passive income. The only problem is that the platform won’t allow you to withdraw funds. Those you direct to the platform are likely to face the same hurdle.
There’s little information on the parent company, and that’s a red flag. You would expect to have some information on the CEO or founding members of the parent company. But instead, there’s not even a single profile page of anyone working for the platform.
What this does is paint EverestCM as an anonymous forex investment platform. The problem with such platforms is that there’s no way of recovering funds. Even those who hire recovery agents end up losing more.
Some of these recovery agents are part of the final nail in your coffin. The agents get your contact details from the platform and try and con you. These agents will claim to have won a lawsuit against the platform.
To try and sweeten the deal, the agents will claim to want to send part of the settlement. You have to clear part of the legal fees for that to happen. Please don’t, as these agents don’t have any settlement to offer.
Despite offering several social media links as means of support, there’s no direct support. For example, the platform doesn’t offer live chat support. Instead, you get a platform offering a message board for members to leave their messages.
There are several deposit options, and these are bank and wire transfers. We also see that the platform accepts crypto payments. However, please don’t deposit with them, as withdrawing funds is a hurdle for almost everyone.
EverestCM is not a licensed or registered platform. You would expect a license from the Financial Conduct Authority. With the platform claiming residency in the UK, the FCA is the body to issue licenses.
Your funds are far from safe with Everest CM. So please stay away from it.
Please stay away from everestcm.com as it’s a scam.
PS: You should join leading investment platforms that offer genuine investment options.
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