GoEverUps Forex Broker

GoEverUps Forex Broker - Complete Information Guide

1. Broker Overview

　　GoEverUps, established in December 2020, is an offshore forex broker operating under the name Evercore GmbH Ltd. The company claims to have its headquarters located at Große Gallusstraße 18, 60312 Frankfurt am Main, Germany, with additional offices in Sydney, Australia. However, the exact nature of its operations and the legitimacy of its claims have raised significant concerns among regulatory bodies. GoEverUps is a private entity, and it primarily targets retail clients looking for forex trading opportunities.

　　The broker has positioned itself as a provider of various financial services, including trading in forex, commodities, indices, and stocks. Despite its appealing website and marketing materials, there are substantial doubts regarding its operational legitimacy. The company claims to offer a user-friendly trading platform and various account types, but its lack of regulation and the presence of warnings from financial authorities have overshadowed its development.

　　GoEverUps operates under a business model that primarily focuses on retail forex trading. However, the absence of a clear regulatory framework raises questions about the safety and security of client funds, making it crucial for potential investors to conduct thorough research before engaging with this broker.

2. Regulation and Compliance Information

　　GoEverUps is currently unregulated, and it has been blacklisted by several financial authorities, including the Cyprus Securities and Exchange Commission (CySEC), the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) in Germany, and the Comisión Nacional del Mercado de Valores (CNMV) in Spain. The warnings issued by these regulatory bodies indicate that GoEverUps does not hold any valid licenses to provide investment services.

　　The broker claims to adhere to Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance measures; however, the lack of independent verification and regulatory oversight raises concerns about the effectiveness of these claims. Client funds are not guaranteed, and there are no segregated accounts, meaning that client deposits may be at risk in the event of the company's insolvency.

　　The absence of participation in an investor compensation fund further exacerbates the risk for clients. In regulated environments, such funds typically offer protection to investors in the event that a broker becomes insolvent. However, since GoEverUps is unregulated, clients have no such safety net.

3. Trading Products and Services

　　GoEverUps offers a range of trading products, primarily focusing on forex trading. The broker provides access to over 40 currency pairs, including major, minor, and exotic pairs. In addition to forex, GoEverUps claims to offer Contracts for Difference (CFDs) on commodities, indices, stocks, and cryptocurrencies.

　　The variety of available trading instruments is appealing, but the lack of transparency regarding the specific assets and their trading conditions raises concerns. The broker also states that it provides retail trading services, but there is no clear indication of institutional services or white-label solutions, which are typically offered by more established brokers.

　　Moreover, the frequency of product updates and the introduction of new trading instruments remain unclear, which can impact traders looking for diverse investment opportunities. The overall scope of services provided by GoEverUps lacks the robustness expected from a reputable broker, especially given its claims of offering a wide range of financial products.

4. Trading Platform and Technology

　　GoEverUps claims to offer a simple web-based trading platform, although there is no indication of compatibility with popular platforms like MetaTrader 4 (MT4) or MetaTrader 5 (MT5). The absence of these widely recognized platforms is a significant drawback, as they provide advanced trading tools and functionalities that many traders require.

　　The broker's website suggests that it supports mobile trading applications, but specific details regarding the availability of iOS and Android apps are lacking. Without a robust trading platform, traders may find it challenging to execute trades efficiently or access essential market analysis tools.

　　The execution model employed by GoEverUps is not clearly defined, which is concerning for traders who rely on transparent and efficient order execution. Additionally, the server locations and technical infrastructure details are not provided, making it difficult to assess the broker's reliability and performance.

　　There is no mention of API access or support for automated trading, which are crucial features for many traders. The lack of information regarding these aspects raises further doubts about the broker's capabilities and the overall trading experience it offers.

5. Account Types and Trading Conditions

　　GoEverUps offers several account types, including a micro account with a minimum deposit requirement of $250. The trading conditions for this account type include spreads starting from 1 pip and leverage up to 1:500. However, such high leverage levels are considered risky, particularly for retail investors.

　　The broker also lists higher-tier accounts, such as standard, premium, and VIP accounts, with varying minimum deposit requirements and trading conditions. For example, the standard account requires a minimum deposit of $2,500, while the premium account necessitates a deposit of $25,000. The differences in account types may appeal to experienced traders, but the significant gaps in minimum deposit requirements are often indicative of brokers with questionable intentions.

　　The policies regarding demo accounts are not clearly outlined, and the details about leverage ratios for different products are also lacking. Furthermore, the overnight fees and margin call levels remain unspecified, which can affect traders' risk management strategies.

　　Overall, while GoEverUps presents a range of account types, the lack of transparency regarding trading conditions and fees raises concerns about the true cost of trading with this broker.

6. Fund Management

　　GoEverUps supports various deposit methods, including bank transfers and credit cards. The minimum deposit requirement for the micro account is set at $250, which is on the higher end compared to other legitimate brokers that allow trading with lower initial investments.

　　The processing time for deposits is not explicitly stated, creating uncertainty for potential clients. Additionally, there are no clear indications of deposit fees, which can impact the overall cost of trading.

　　Withdrawals from GoEverUps are subject to unspecified processing times and potential fees, which can deter clients from accessing their funds. The lack of transparency surrounding withdrawal methods and limitations further complicates the financial relationship between the broker and its clients.

　　Given the broker's unregulated status, clients may face significant challenges when attempting to withdraw funds, as unregulated brokers often impose excessive fees or delays in processing withdrawal requests.

7. Customer Support and Educational Resources

　　GoEverUps claims to offer multiple customer support channels, including phone, email, and live chat. However, the effectiveness and availability of these support options remain unclear, particularly in terms of response times and the quality of assistance provided.

　　The broker's support hours and time zone coverage are not specified, which can be a significant drawback for clients in different regions. Furthermore, the availability of multilingual support is not mentioned, potentially limiting access for non-English speaking clients.

　　In terms of educational resources, GoEverUps appears to offer limited materials, lacking comprehensive tutorials, webinars, or market analysis services. The absence of robust educational support can hinder traders, particularly those who are new to the forex market and require guidance to develop their trading skills.

　　Overall, the customer support and educational offerings from GoEverUps may not meet the expectations of traders seeking a supportive and informative trading environment.

8. Regional Coverage and Restrictions

　　GoEverUps primarily targets clients in various global markets, but it does not provide specific information regarding the regions it serves. The broker's claims of operating in countries like Germany, Australia, and Cyprus are questionable, especially given its unregulated status.

　　The presence of multiple regulatory warnings suggests that GoEverUps may not accept clients from certain jurisdictions, particularly those with stringent financial regulations. Potential clients should exercise caution and verify whether their country of residence is supported by the broker.

　　Additionally, the lack of clarity regarding regional offices and their functions raises concerns about the broker's operational legitimacy and accountability.

　　In conclusion, while GoEverUps presents itself as a forex broker with a range of trading services and account types, significant concerns regarding its regulatory status, transparency, and overall reliability should prompt potential investors to seek alternative, well-regulated brokers for their trading needs. The numerous warnings from financial authorities further emphasize the risks associated with engaging with GoEverUps, making it crucial for traders to prioritize safety and security in their investment decisions.