EverFX Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this EverFX Review.
EverFX offers its clients a choice of several basic account types, depending on the initial investment. As this brokerage is a pure STP one, all accounts provide tight variable spreads, starting out at 0 pips. Commission fees and leverage, on the other hand, vary by account type.
In addition, EverFX offers swap-free (Islamic) accounts, which are Sharia compliant (for Muslim investors who are unwilling to earn and pay interest for religious reasons).
Keep in mind that EverFX does not offer Contracts for Difference to residents of certain jurisdictions such as the USA, Iran, Canada and North Korea.
The Company. Security of Funds
ICC Intercertus Capital Limited
With EverFX you can trade in currencies, metals, indices, energies, commodities and bonds on the good old MetaTrader 4. In addition, the brokerage offers high-quality educational tools.
EverFX is a trademark of ICC Intercertus Capital Limited and is regulated by Cyprus Exchange and Securities Commission (CySEC).
As UK is preparing to leave the European Union, Cyprus is gaining more and more popularity as an attractive forex broker destination in Europe.
The Cypriot financial watchdog applies certain rules and requirements to Cyprus Investment Firms. For instance, they must hold at least €730,000 as a proof of financial stability. Besides, the Commission requires forex brokers to keep customer funds in segregated accounts, separated from the company’s operating funds.
As a further guarantee to clients’ funds, all CySEC-regulated companies are members of the Investor Compensation Fund, which is able to pay compensation up to 20,000 EUR, If the company is in default. Similar compensation schemes apply in other jurisdictions.
Additionally, every CySEC-regulated investment company is also MiFID compliant and therefore entitled to offer cross-border services in all EU Member States.
Minimum Initial Deposit
In order to open the Standard account with EverFX, and trade with some of the lowest spreads in the market, traders have to invest just $300 – which is very fair considering the savings on trading.
Spreads & Commissions
All account types with EverFX offer one and the same variable spreads, which are pretty tight, averaged 0.3 pips on EUR/USD. Commission fees, however, vary from $4 to $8 per traded lot (round trip). So basically, trading costs on the Standard account are below 1 pip EUR/USD (spread averaged 0.2 pips on EUR/USD + $6 commission = approximately 0.8 pips) per standard lot. This is a really competitive pricing, as most brokers offer spreads within the range of 1.0 – 1.5 pips for this pair.
For more information, you may look up real-time spreads of 15 leading brokers here.
EverFX offers high leverage levels, reaching is 1:500. In an attempt to protect traders with the risks associated with trading at high leverage, the Cypriot financial watchdog proposed default leverage levels to be 1:50. Nonetheless, most Cypriot brokers still offer leverage ratios, which are significantly higher: FXTM – up to 1:500 and XM – up to 1:888. You may check out more forex brokers offering leverage equal to or exceeding 1:500 at Topforexbrokers.com.
This broker offers two platforms to its clients. One of them is the most commonly used forex trading platform – MetaTrader4 (MT4), available in all forms and shapes: for PC, MAC, tablet, mobile and web version.
MT4 is internationally acclaimed for its wide range of built-in technical indicators and Expert Advisors (EAs), which users are able to get ready-made or create ones of their own, extensive back-testing options for them, as well as the advanced charting tools and user-friendly interface.
More brokers using the MT4 can be viewed at Topforexbrokers.com.
Additionally EverFX has developed their own unique web-based solution, (which will also be available for mobile devices soon). The Status platform provides an easy access to the forex market, while also packing some advanced functionality. There are two sidebars, which can be extended inwards, toward the chart, revealing the instrument list and news section.
At the same time the bottom section is very intuitive. This platform feels like a solid choice for the beginner and veteran alike.
EverFX often launches various promotions, such as a Refer-a-Friend program or Zero Trading Cost promotion.
Methods of Payment
The following payment methods are available to EverFX clients: credit/debit cards (Visa, MasterCard), bank wire transfer and e-wallet payment systems, such as Skrill, Neteller, and Webmoney.
There is no minimum withdrawal amount with this broker.
EverFX is a FX and CFD broker that supports the popular MetaTrader 4 platform and utilizes a pure straight-through-processing execution model. Besides, it is duly regulated by CySEC to operate in all EU countries.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
EverFX Review Conclusion
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