What is EverFX?
Ever FX is an unregulated investment firm against whom a warning was published by the Financial Conduct Authority FCA on 26 May 2021 (https://www.fca.org.uk/news/press-releases/fca-stops-everfx-offering-cfds-uk-customers) .
Media Negative reports were also widely available online https://www.bbc.co.uk/news/world-65038949 from 12 April 2023. The BBC reported that EverFX is connected to a criminal network of over 150 “investment” brands. This network – known to police as the Milton group – has fraudulently scammed more than a billion dollars from customers across the globe using underhanded tactics to target and swindle victims.
Is EverFX regulated in the UK?
EverFX is not regulated in the UK and is not permitted to service UK-based clients.
EverFX, were previously able to operate in the UK under the Temporary Permission Regime but were revoked from this decision by the Financial Conduct Authority in May 2021.
Additionally, they are now unable to trade in the United States of America, Canada and Belgium, among others countries.
Is EverFX safe or is it a scam?
The FCA cite several reasons why they have removed EverFX’s authorisation including concerns over:
The use of misleading financial promotions
Failing to inform consumers about the nature and risk of CFDs (high-risk contracts for differences, banned in the United States)
Applying pressure to invest additional funds
Instructing clients in which trades to make
Failing to allow customers to withdraw their funds