Technology

How legitimate is EverFX in the UK?

EverFX, presently known as Axiance, is a multi-asset online brokerage active globally since 2008. Multiple companies utilize the Axiance (previously EverFX) trademark, held by ICC Intercertus Capital Limited, Aerarium Limited, and Aurum Capital. EverFX’s credibility has been doubted, with many believing that the company is a fraud.

Australians, Thais, Brits, South Africans, Singaporeans, Hong Kongers, Indians, Frenchmen, Germans, Norwegians, Swedes, Italians, Danes, Scandinavians, Arabs, Kuwaiteans, Luxembourgemoses, and a few other nationalities can trade with EverFX.

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There are geographical restrictions on using EverFX, which prevent traders from accessing the platform from the USA, Belgium, Iran, Canada, and Korea.

Trader Security

EverFX uses standard encryption technologies to protect its global website and platforms. Dual-factor authentication is also available on the MetaTrader platform. Client funds are held in separate accounts from company funds at reputable banks as required by CySEC.

Today, you may go to the Traders union’s website to read an in-depth EverFX review written by professionals in the field. It’s an excellent resource for getting a thorough understanding of what Everfx is and how it works.

Is EverFX Regulated in the UK?

Since neither EverFX nor Axiance has passed the necessary regulatory muster in the United Kingdom, they are legally prohibited from offering their services to residents of the UK.

The Financial Conduct Authority (FCA) terminated the Temporary Permission Regime (TPR) license of ICC Intercertus Capital Ltd and, by extension, EverFX in May 2021 due to suspicions of illegal and detrimental actions.

While waiting for final authorization, the TPR allows European companies to keep providing services throughout the Brexit limbo period. They also can’t do business in other countries, including the USA, Canada, and Belgium.

Is EverFX Safe, or is it a scam?

The Financial Conduct Authority has revoked the EverFX license for several reasons, including the following:

  • The company’s use of deceptive financial advertising.
  • Consumers are not being adequately informed about the nature and risks of CFDs
  • Forcing additional financial investment
  • Advising customers on which purchases and sales to make
  • Refusing to process customer withdrawals

Due to these shady dealings, several EverFX customers have lost substantial sums of money.

The Financial Conduct Authority mandated that EverFX stop operating in the UK, post notifications informing present and potential customers of the firm’s inability to provide services, liquidate client investments, and compensate those clients.

Customers in the UK are not covered by the Financial Services Compensation Scheme (FSCS) if the company fails because it is not regulated by the Financial Conduct Authority (FCA).

Analyses of EverFX

Just like with any other online purchase, you should look into the business thoroughly before handing over any cash. EverFX has a low rating of up to 2.98 stars across several verified company pages on Traders Union. While most current Axiance reviews are positive, it is concerning that multiple reviews have been left that are virtually identical but have been dated and signed by different people.

Reviews of EverFX often mention how quickly money may be made, with some even reporting profits in the first few days before the client requests a withdrawal. Many people lose all of their money when their income suddenly drops.

Because every investment is a bet and never a certainty, this may appear the norm at first glance. Customers have complained in several reviews that account managers told them they must first make further deposits or open additional accounts before they could cash out their gains. In certain circumstances, account managers have made investments directly against clients’ preferences, costing them tens of thousands of pounds in some situations.

Reportedly, those who can make a withdrawal are also subjected to fees. One assessment raises concerns by suggesting an account manager may have used TeamViewer to make unauthorized bank account withdrawals. This would mean that EverFX is engaging in fraudulent screen sharing as well.

Verdict

No investment is risk-free since there are no guarantees. Those still interested in investing should do so only through a reputable firm approved by authorities and subject to consumer protection legislation and insurance such as the Financial Services Compensation Scheme (FSCS).

Current evaluations of Axiance are positive, but numerous bad reviews mar the company’s history under the moniker EverFX. The Financial Conduct Authority’s previous denial and statement further address these concerns.

Even if EverFX and Axiance aren’t actively defrauding customers, you should refrain from using them because they aren’t authorized to provide financial services in the United Kingdom. It has been said that EverFX uses deceptive practices, such as ignoring withdrawal requests and forcing clients to deposit more money.

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