Why did EVERFX, the sponsor of Spain's top soccer team, become so notorious?

The BBC investigates the global fraud network Milton Group and its subsidiary companies, a global scamming network that has robbed ordinary investors of more than a billion dollars. The Milton Group had a number of platforms from which to engage in fraud. One of Milton's investment brands even sponsored a top Spanish football club and advertised it in major newspapers. This investment brand is EVERFX.

Previously, WikiFX has analyzed Milton Group and its trading platform Coinevo, if you are interested in reading about them, click on this link to read more

Milton Group and Coinevo | How was the scam formed?

The BBC investigates the global fraud network Milton Group and its trading platform Coinevo. How was the scam formed?

Exposure 2023-04-18

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The relationship between EverFX and Milton Group

Concerning Milton Group

Milton Group is a company that offers financial services, including investment management and trading. The company is based in the United Kingdom and was founded in 2018. Milton Group aims to provide clients with access to global financial markets and investment opportunities.

According to its website, Milton Group's investment philosophy is centered on risk management and long-term value creation. The company offers a range of investment products and services, including portfolio management, mutual funds, and structured products. Milton Group also provides access to trading platforms for forex, commodities, and other financial instruments.

It's worth noting that Milton Group has faced controversy and regulatory action in the past. In 2020, the Financial Conduct Authority (FCA), the UK's financial regulator, issued a warning that Milton Group was operating in the UK without authorization. Additionally, the company has been linked to a high-profile investment scam known as the “Bitcoin Code.” As with any financial service provider, it's important to conduct thorough research and exercise caution before investing with Milton Group or any other company.

About EverFX

EverFX is a global forex and CFD (Contract for Difference) broker that provides online trading services to retail and institutional clients.

EverFX offers a wide range of financial instruments for trading, including forex, commodities, indices, and cryptocurrencies. The company provides clients with access to advanced trading platforms, including the popular MetaTrader 4 and MetaTrader 5 platforms, as well as a range of educational resources and market analysis tools.

EverFX is regulated by several financial authorities, including the Cyprus Securities and Exchange Commission (CySEC) and the Financial Conduct Authority (FCA) in the UK. The company has received several awards for its services, including the “Best Trading Conditions” award from World Finance and the “Best Forex Broker Europe” award from Global Brands Magazine. Recent research shows that EverFX has relationship with Milton Group, and many people reports that EverFX is geting involved in Scam as Milton Group did. It is important for trders to note the risk.

Partnership with a top-flight Spanish football team

EverFX was one of the main sponsors of the top-flight Spanish football team Sevilla FC. Sevilla FC, a professional football club in Spain, and EverFX have a sponsorship agreement that began in 2018. Under the terms of the agreement, EverFX became the official main partner and sponsor of Sevilla FC, with its logo prominently displayed on the front of the team's jerseys.

As part of the sponsorship, EverFX also has branding and advertising rights at the team's stadium, Ramón Sánchez Pizjuán Stadium, and on the club's digital platforms. The partnership is aimed at increasing EverFX's brand awareness and promoting its trading services to football fans around the world.

According to a press release issued at the time of the partnership announcement, EverFX CEO Georgios Karoullas stated that “the partnership between EverFX and Sevilla FC is more than just a sponsorship deal, it is a strategic alliance between two highly driven and successful organizations.”

Sevilla FC has a history of partnering with financial companies. Prior to EverFX, the club had sponsorship agreements with several other financial firms, including Plus500 and XTB.

EVERFX on WikiFX

The Scam

According to the BBC Eye report, EverFX put a lot of effort into online advertisement. Sevilla FC's stars had advertised the trading platform on social media. A vicitm called Jane sent EverFX a message through their website and was called back and connected to someone she was told was a senior trader. He told her he was calling from Odesa, in Ukraine, and his name was David Hunt. His accent sounded Eastern European, Jane said, but she couldn't place it. She liked him instantly.

“He really knew his stuff, he knew how all the markets worked,” she said. “I really got into it.” Soon they were speaking nearly every morning, and Jane was revealing specific things she needed money for - expensive repairs to her roof, a buffer for her pension. Hunt used them against her, she said, telling her certain trades would “get her that roof” and “help her future”.

Over the next few months, Jane invested about £15,000. But her trades weren't doing well. Hunt advised her to withdraw her money and invest with a different trading platform, BproFX, where she could get better returns.

By that point, Jane fully trusted David Hunt. “I felt like I knew him well and I thought he had my interests at heart,” she said, welling up. “So I agreed to move with him.”

What she didn't know was that BproFX was an unregulated, offshore entity based in Dominica. In reality, EverFX's UK regulatory status did not stop it from scamming British citizens, but the move over to BproFX would strip Jane of even the scant protections she might be afforded under UK law. The BBC found several victims who were moved to unregulated companies in this way. In September 2020, Jane agreed to put £20,000 into BProFX. But somehow she kept losing money.

Other victims told the BBC they were scammed this way. Londoner Barry Burnett said he started investing after seeing an ad for EverFX, but after a few early wins, he suddenly lost more than £10,000 in 24 hours. The adviser from the platform pressured him to put in another £25,000 to trade himself out of his black hole.

“I must have got at least half a dozen calls in the space of about two hours,” Barry said. “People begging me to put more money in.”

Jane faced similar pressures from David Hunt. “He kept telling me that the more I put in the more I can recover,” she said.

Instead, both finally decided to call it quits. Barry had lost £12,000, Jane £27,000.

Conclusion

We advise people to be aware of EverFX. This broker may be risky to invest in as so many cases have been exposed. WikiFX wants to remind investors that no matter whether brokers set up branches around the world, look for celebrity endorsement, or organize charity activities, these are all marketing strategies of brokers, traders should not invest in these brokers without deep analysis. If you want to know whether a broker is safe or not, be sure to open WikiFXs official website (https://www.WikiFX.com/en) or download the WikiFX APP through this link (https://www.wikifx.com/en/download.html) to evaluate the safety and reliability of this broker!