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deVere

United States|5-10 years|
Regulated in United Kingdom|Suspicious Regulatory License|MT4/5 White Label|Regional Brokers|United Kingdom Payment License Revoked|Suspicious Overrun|High potential risk|

http://www.devere-fx.com

Website

Rating Index

MT4/5 Identification

MT4/5 Identification

White Label

2
Server Name
DFELimited-Demo MT4
Server Location Japan

Contact

4008805953
info@devere-fx.com
http://www.devere-fx.com

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

Open Now

Contact number

Chinese (Simplified)

4008805953

Broker Information

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Company Name

deVere Foreign Exchange Limited

Company Abbreviation

deVere

Platform registered country and region

United States

Company website

Pyramid scheme complaint

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Warning: Low score, please stay away! 7
Previous Detection : 2024-03-28
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • United StatesNFA (license number: 0507282) The regulatory status is abnormal, the official regulatory status is Unauthorized. Please be aware of the risk!

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deVere · Company Summary

Aspect Information
Company Name deVere Group
Registered Country/Area United Kingdom
Founded Year 2002
Regulation The revocation of the payment license by the FCA, the unauthorized status by the NFA and a suspicious clone status by the VFSC
Market Instruments Forex (Major, Minor, Exotic Currency Pairs)
Account Types Private Client, Corporate Client
Minimum Deposit Private: $100, Corporate: $10,000
Maximum Leverage Private: Up to 1:500, Corporate: Up to 1:200
Spreads Private: Starting from 0.1 pips, Corporate: Starting from 0.5 pips for EUR/USD
Trading Platforms Online Trading Platform
Customer Support Phone at +971 4 383 6000 or +971 55 591 7033, and email at csvglobal@devere-group.com.
Deposit & Withdrawal Regular International Payments Service
Educational Resources News Articles, FAQs, Demo Account

Overview of deVere

deVere, founded in 2002 in the United States, is a global financial advisory and trading platform offering a diverse array of trading assets, with a primary focus on forex. It provides users access to major, minor, and exotic currency pairs, facilitating a comprehensive and diversified trading portfolio. With a user-friendly platform and multiple account types, deVere caters to both individual and corporate clients, offering flexibility in trading.

However, regulatory concerns, such as the revocation of the payment license by the FCA and unauthorized status in the U.S., raise potential red flags, influencing traders to carefully assess the platform's regulatory adherence and credibility.

Overview of deVere

Is deVere legit or a scam?

The deVere platform is subject to regulation by the Financial Conduct Authority (FCA) in the United Kingdom, and the current status reveals a revoked payment license (License No.: 613238). The revocation implies that deVere may have failed to meet the regulatory standards set by the FCA, potentially raising concerns about the platform's adherence to financial regulations and customer protection measures.

Is deVere legit or a scam?

In the United States, deVere's unauthorized status implies a lack of approval by the National Futures Association (NFA). The fact that deVere is unauthorized by the NFA raises red flags for traders, signaling potential issues with compliance to U.S. financial regulations.

Traders on the platform may be influenced by this status, as it speaks to the platform's eligibility and credibility in the U.S. market.

Is deVere legit or a scam?

The suspicious clone status of deVere in Vanuatu, regulated by the Vanuatu Financial Services Commission (VFSC) with a Retail Forex License (License No.: 40377), indicates concerns about the platform's legitimacy and adherence to regulatory standards in this jurisdiction.

This regulatory aspect may influence traders on the platform, prompting them to assess the risks associated with trading on a platform with a regulatory status labeled as “suspicious clone” in the Vanuatu jurisdiction.

Is deVere legit or a scam?

Pros and Cons

Pros Cons
Diverse Trading Instruments The revocation of the payment license by the FCA, the unauthorized status by the NFA and a suspicious clone status by the VFSC
Multiple Account Types High Deposit Requirements
User-Friendly Trading Platform
Regular International Payments
Comprehensive Customer Support
Educational Resources

Pros:

  1. Diverse Trading Instruments:

  • deVere offers a wide range of trading assets, focusing on foreign exchange (forex) trading. cAccess to major, minor, and exotic currency pairs, providing a robust and diversified portfolio.

2. Multiple Account Types:

  • Two distinct account types, Private Client and Corporate Client, catering to different trader profiles. Tailored features for individual investors and larger organizations, providing flexibility.

3. User-Friendly Trading Platform:

  • The online trading platform is designed for ease of use, offering accessibility and convenience. Features such as live market rates and quick execution contribute to a seamless trading experience.

4. Regular International Payments:

  • The Regular International Payments service simplifies regular overseas transfers. Optimized for transfers between £500 and £10,000 per month, offering a cost-effective solution.

5. Comprehensive Customer Support:

  • Global Client Services with reachable contact numbers and email support for prompt assistance. Dedicated support for media inquiries, showcasing a commitment to effective communication.

6. Educational Resources:

  • Regularly updated news articles keep users informed about market developments. FAQs and a Demo Account provide educational support for both novice and experienced traders.

Cons:

  1. Regulatory Concerns:

  • The revocation of the payment license by the FCA raises questions about adherence to regulatory standards. Unauthorized status by the NFA in the U.S. and a suspicious clone status by the VFSC in Vanuatu may impact credibility.

2. High Deposit Requirements:

  • Corporate Client Account requires a high minimum deposit of $10,000, potentially limiting accessibility for some traders. This may not be suitable for individual investors with smaller capital.

Market Instruments

deVere specializes in offering a diverse array of trading assets, with a primary focus on foreign exchange (forex) trading.

The platform provides users with access to a comprehensive selection of currency pairs, encompassing major, minor, and exotic currencies. Major currencies, such as the USD, EUR, JPY, GBP, and CHF, form the foundation of deVere's forex offerings, ensuring a robust and widely traded portfolio.

In addition to these major currencies, deVere broadens the scope of trading opportunities by including various minor currencies from stable economies. Examples of minor currencies available on the platform may include the Australian Dollar (AUD), Canadian Dollar (CAD), New Zealand Dollar (NZD), and others. These minor currencies offer traders additional options for diversification within the forex market.

Moreover, deVere recognizes the importance of exotic currencies from emerging markets, providing users with the chance to engage in trading activities involving unique and less commonly traded currency pairs. Exotic currencies on the platform may include the South African Rand (ZAR), Hong Kong Dollar (HKD), Turkish Lira (TRY), and more. Trading in exotic currencies introduces a layer of complexity and potential for higher volatility, allowing traders to explore diverse market conditions.

Account Types

deVere offers two types of trading accounts: Private Client and Corporate Client. Each account type has its own set of features and benefits, making it well-suited for different types of traders.

The Private Client account is perfect for individual investors and traders who are looking to get started in forex trading. With a low minimum deposit of $100 and access to unlimited demo accounts, this account is a great way to test the waters and learn the ropes before committing real money. Additionally, the tiered commission structure, starting from $0.02 per side, makes it cost-effective for traders of all skill levels.

However, the high leverage offered, up to 1:500, can be risky for inexperienced traders. It's important to understand the risks involved and use leverage responsibly.

The Corporate Client account caters to larger organizations such as hedge funds, investment banks, and corporations who need a platform to manage their foreign exchange exposures. With a high minimum deposit of $10,000 and dedicated account managers, this account offers a personalized service that meets the specific needs of each client. Additionally, the negotiated commissions ensure that corporate clients receive the best possible rates.

However, the lower leverage offered, up to 1:200, may not be suitable for corporations seeking aggressive trading strategies. It's important to consider the specific needs of your organization before choosing an account type.

Feature Private Client Corporate Client
Account Type Private Corporate
Leverage Up to 1:500 Up to 1:200
Spreads Starting from 0.1 pips for EUR/USD Starting from 0.5 pips for EUR/USD
Commissions Tiered, starting from $0.02 per side Negotiated
Minimum Deposit $100 $10,000
Demo Account Yes, unlimited demo account available Yes, limited demo account available
Trading Tools deVere's online trading platform deVere's online trading platform

How to Open an Account?

Opening an account with deVere involves a straightforward process. Here are the concrete steps to guide you through the procedure:

  1. Visit the deVere Website:

  1. Start by visiting the official deVere website. Navigate to the designated section for account opening, usually labeled as “Open an Account”.

2. Select Account Type:

Choose the type of account that aligns with your trading preferences or financial goals. Whether you opt for a Private Client Account or a Corporate Client Account, ensure that you understand the features and requirements associated with your chosen account type.

3. Complete the Online Application Form:

Fill out the online application form provided on the website. This form typically includes personal information such as your name, contact details, financial status, and other relevant details. For corporate clients, additional business-related information may be required.

4. Submit Identification Documents:

As part of the account verification process, submit the necessary identification documents. This often includes a valid government-issued ID, proof of address (such as a utility bill or bank statement), and, for corporate clients, business registration documents.

5. Fund Your Account:

Once your application is approved, you'll need to fund your account. Follow the instructions provided by deVere to transfer the required initial deposit. Payment methods and minimum deposit requirements may vary, so ensure you have the necessary information.

6. Access Trading Platform:

After successfully completing the above steps, you will receive confirmation of your account activation. You can then log in to the deVere online trading platform using the provided credentials. Familiarize yourself with the platform's features, and you'll be ready to start trading.

How to Open an Account?

Leverage

The maximum leverage for the Private Client Account is Up to 1:500, and for the Corporate Client Account, the leverage is Up to 1:200.

Leverage allows traders to control a larger position size with a relatively smaller amount of capital. While higher leverage can amplify potential profits, it also increases the level of risk, as losses can also be magnified. It's crucial for traders to understand and manage the risks associated with leverage and to use it judiciously in their trading activities.

Spreads & Commissions

deVere offers varying spreads and commission structures based on the type of account, catering to the distinct needs of Private and Corporate clients.

For the Private Client Account, the spreads start from a competitive 0.1 pips for major currency pairs like EUR/USD. Additionally, deVere employs a tiered commission structure for private clients, with fees starting from $0.02 per side.

On the other hand, the Corporate Client Account features spreads starting from 0.5 pips for EUR/USD, reflecting a slightly wider spread compared to the Private Client Account. Corporate clients benefit from a negotiated commission structure, allowing for customized fee arrangements based on trading volume and frequency.

The Private Client Account offers tighter spreads and a tiered commission structure with potentially lower fees for individual traders. This makes the Private Client Account more suitable for traders who prioritize cost efficiency and have relatively smaller trading volumes.

On the contrary, the Corporate Client Account, with its wider spreads and negotiable commissions, caters to businesses and institutional clients with larger trading volumes and specific financial strategies. The account types align with the diverse needs of these user groups, providing them with fee structures that suit their respective trading objectives and preferences.

Traders should carefully assess their trading volume and goals to determine which account type aligns best with their individual or corporate requirements.

Trading Platform

deVere's online trading platform aims to streamline international payments for its foreign exchange clients.

The platform operates 24 hours a day, five days a week, offering clients the flexibility to trade and pay at their convenience, all within a quick timeframe of less than 30 seconds. The platform is designed to be user-friendly, providing clients with easy access to currency transfers from any location around the world.

Key features of the platform include live market rates, allowing users to monitor real-time prices and secure their preferred currency rates promptly. The simplicity of the platform is emphasized, enabling users to execute trades with a single click, providing a fast and efficient process for fixing exchange rates and specifying payment details within seconds.

Clients have the option to trade either online or over the phone, and notably, deVere's platform does not necessitate funds on account prior to trading. The funding process involves a wire transfer from the client's account to deVere's client account held with Barclays, ensuring a secure and established banking relationship. Additionally, clients can conveniently enter beneficiary details online, with the platform offering a bulk upload facility for repeat payments. The availability of same-day payments adds further convenience to the platform's functionality.

While the platform offers the advantages of live pricing, simplicity, speed, and security, it is important for users to consider their individual trading needs and preferences. As with any trading platform, clients should conduct due diligence and assess the platform's suitability for their specific requirements, taking into account factors such as fees, market coverage, and customer support.

Trading Platform

Deposit & Withdrawal

deVere offers a Regular International Payments service designed for individuals with the need to send a fixed amount overseas regularly.

This service is particularly suitable for those looking for a hassle-free and cost-effective solution. deVere Foreign Exchange will handle the currency conversion each month and transfer the specified amount to the nominated account.

The service is optimized for regular transfers ranging between £500 and £10,000 per month over a minimum period of 6 months. It's positioned as a more cost-efficient option compared to fixed rates using forward contracts, providing a flexible and economical solution for individuals with recurring international payment needs.

To protect against exchange rate fluctuations, the Regular International Payments service allows users to benefit from cost-effectiveness and simplicity. deVere Foreign Exchange experts recommend this service, highlighting its efficiency for regular transfers. They emphasize that utilizing this service has proven to be more cost-efficient than opting for fixed rates through forward contracts, giving users a strategic advantage in managing their international payments.

Deposit & Withdrawal

Customer Support

deVere offers comprehensive customer support through its Global Client Services, reachable at +971 4 383 6000 or +971 55 591 7033, and via email at csvglobal@devere-group.com.

For administrative support, users can contact csvhelp@devere-group.com.

The Media Contact is managed by deVere Group's Foreign Exchange Public Relations Department, ensuring effective communication with the media across various platforms.

Journalists and editors can reach out to the Head of Public Relations at george.prior@devere-group-foreignexchange.com or +44 2071220925.

The dedicated customer support channels highlight deVere's commitment to assisting clients, ensuring timely responses to inquiries and providing accessible assistance.

Customer Support

Educational Resources

deVere offers a range of educational resources to empower traders and enhance their understanding of the financial markets.

The platform provides regularly updated news articles, keeping users informed about the latest market developments, economic events, and trends. These news resources contribute to a well-rounded market perspective for informed decision-making.

deVere offers a Demo Account for users to familiarize themselves with the platform's features and test trading strategies in a risk-free environment. The demo account allows users to gain hands-on experience in a simulated market environment before committing real funds, facilitating a more confident transition to live trading.

These educational resources align with deVere's commitment to supporting traders at different levels of expertise, providing a holistic approach to learning and enabling users to make well-informed decisions in the dynamic world of financial trading.

Educational Resources

Conclusion

In conclusion, deVere Group offers a comprehensive trading experience with a primary focus on forex markets. The platform caters to a global clientele, providing a diverse range of trading assets, including major, minor, and exotic currency pairs. With a user-friendly interface, multiple account types, and a variety of educational resources, deVere aims to accommodate both individual and corporate traders.

However, regulatory concerns, such as the revoked payment license by the FCA and unauthorized status in the U.S., pose potential risks, influencing traders to exercise caution. The high minimum deposit for corporate accounts and the potential leverage risks further add to the platform's considerations.

While deVere stands out for its accessibility and educational support, traders must weigh these advantages against the regulatory uncertainties and account-specific limitations.

FAQs

Q: What trading assets are available on deVere?

A: deVere offers a diverse range of trading assets, primarily focusing on major, minor, and exotic currency pairs in the forex market.

Q: How can I protect against exchange rate fluctuations with deVere?

A: Utilize the Regular International Payments service for cost-effective and simple regular transfers, minimizing exposure to exchange rate volatility.

Q: What are the advantages of the Private Client Account?

A: The Private Client Account is suitable for individual traders, offering low minimum deposits, tiered commissions, and high leverage for potentially higher profits.

Q: Why choose the Corporate Client Account on deVere?

A: Tailored for larger organizations, the Corporate Client Account features personalized service, negotiated commissions, and lower leverage, catering to specific corporate needs.

Q: How do I contact deVere's customer support?

A: Reach deVere's Global Client Services at +971 4 383 6000 or +971 55 591 7033, and for media inquiries, contact the Head of Public Relations at george.prior@devere-group-foreignexchange.com or +44 2071220925.

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FX1596568967
more than one year
I've been facing withdrawal issues since the end of October, and it's been dragging on for two months now. The platform's website is inaccessible, and MT4 doesn't even display the platform name anymore. It's all vanished without a trace. Initially, the company assured me that withdrawals would be processed by January 2024, but it seems like they've disappeared altogether.
2024-01-11 20:39
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