Summary: The overall evaluation of Evergreen Prime Capital is predominantly negative, highlighting significant concerns regarding its lack of regulation and transparency. Key findings include its unregulated status, which raises red flags for potential investors, and reports of poor customer service experiences.
Note: It is crucial to consider the varying regulatory environments across regions, as Evergreen Prime Capital operates from Saint Lucia, where forex trading is unregulated. This review aims for fairness and accuracy by synthesizing information from multiple sources.
Rating Overview
We rate brokers based on user feedback, regulatory status, and overall market reputation.
Broker Overview
Founded on May 10, 2023, Evergreen Prime Capital operates under the name Evergreen Prime Capital Ltd., with its headquarters located in Gros Islet, Saint Lucia. The broker claims to offer a range of trading services, including access to over 2,250 financial instruments across various asset classes such as forex, cryptocurrencies, commodities, and indices. The trading platform promoted by Evergreen Prime Capital is MetaTrader 5 (MT5), which is compatible with web, iOS, and Android devices. However, it is important to note that Evergreen Prime Capital lacks regulation from any recognized financial authority, which significantly impacts its credibility and safety for potential investors.
Regulatory Status
Evergreen Prime Capital is not regulated by any recognized financial authority. As noted by several sources, including WikiFX, the absence of regulatory oversight raises serious concerns regarding the safety of client funds and the legitimacy of its operations. The Financial Services Regulatory Authority (FSRA) of Saint Lucia has explicitly stated that forex trading activities are not regulated within its jurisdiction, making it imperative for potential clients to exercise caution when considering investing with this broker.
Deposit and Withdrawal Methods
The broker accepts various payment methods, including credit cards and e-wallets like Skrill and PayPal, but specific details about deposit and withdrawal processes remain vague. According to BrokersView, users have reported difficulties in withdrawing funds, which is a common complaint associated with unregulated brokers. The minimum deposit requirement is set at $100, but the lack of transparency regarding withdrawal fees and processes is alarming.
Account Types and Conditions
Evergreen Prime Capital offers four types of accounts: Standard, Pro, Micro, and ECN, with minimum deposits ranging from $100 to $5,000. The spreads start as low as 0.0 pips for the ECN account, but the overall trading conditions are marred by the broker's unregulated status. According to CapitalForexMarkets, the absence of clear information about commissions and trading fees further complicates the evaluation of its account conditions.
Trading Costs
While the broker advertises competitive spreads starting from 0.0 pips, the lack of transparency regarding hidden fees and commissions is a significant drawback. Users have expressed concerns about being charged unexpected fees, particularly when attempting to withdraw their funds. As highlighted in various reviews, these hidden costs can severely impact overall trading profitability.
Available Assets
Evergreen Prime Capital claims to provide access to a diverse range of trading instruments, including forex pairs, cryptocurrencies, indices, commodities, and ETFs. However, the credibility of these claims is undermined by the broker's lack of regulation and negative user experiences. Many traders have reported issues with accessing their accounts and executing trades, which raises questions about the platform's reliability.
Customer Support
Customer support is another area where Evergreen Prime Capital falls short. The broker offers limited support options, primarily through email, and lacks direct phone support, making it challenging for users to resolve issues promptly. Negative feedback regarding unresponsive customer service has been prevalent, with many users reporting delayed responses or complete lack of communication when facing withdrawal problems.
Repeated Rating Overview
Detailed Breakdown
Account Conditions
The account conditions at Evergreen Prime Capital are rated poorly due to its unregulated status and lack of transparency regarding fees and commissions. Users have reported significant challenges in accessing their funds, which is a critical factor for any trader.
While the broker offers MT5 as its trading platform, the overall quality of tools and resources is undermined by the lack of detailed information provided on its website. The absence of clear educational resources further limits the potential for new traders.
Customer Service
Customer service is a significant concern, with multiple reports of unresponsive support and limited communication channels. This lack of effective support can lead to frustration for users, particularly when dealing with urgent issues.
Trading Experience
The trading experience is hampered by the broker's unregulated nature and the reported difficulties in executing trades. Users have raised concerns about the reliability of the platform, which is essential for successful trading.
Trustworthiness
Trustworthiness is a major red flag for Evergreen Prime Capital, primarily due to its lack of regulation. The absence of oversight from recognized financial authorities makes it a risky choice for investors.
User Experience
Overall user experience is negatively impacted by the reported issues with customer service and withdrawal processes. Many users have expressed dissatisfaction with their interactions with the broker, leading to a lack of confidence in its operations.
In conclusion, based on the information gathered in this Evergreen Prime Capital review, it is evident that potential investors should exercise extreme caution. The combination of unregulated status, poor customer service, and negative user experiences paints a concerning picture for this broker. It is advisable to consider regulated alternatives that offer greater security and transparency.
