Varchev Brokers Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this Varchev Brokers Review.
Varchev Brokers Review
Varchev Brokers offers two types of accounts for trading in forex and CFDs – MetaTrader and VAT (Varchev Absolute Trader). The latter is actually the xStation platform of the major Polish broker XTB, which offers it through a white label partnership. Both platforms have more or less the same trading conditions with the main difference being in the spreads.
The broker also offers a free demo account with virtual $10 000 for testing purposes.
Varchev brokers offers trading in forex, CFDs on ETFs, agriculture goods, shares, oil and gas, as well as in futures on metals and indices. The broker’s forex portfolio contains around 40 pairs – major and minor in the MetaTrader account and those, as well as some exotic pairs in the VAT account.
Varchev Brokers also offers trading in binary options.
The Company. Security of Funds
Company Country Regulation
Varchev Finance Bulgaria FSC, FCA
Varchev Finance is a Bulgarian financial services company. It is regulated as an investment intermediary by Bulgaria’s Financial Supervision Commission (FSC), which means the company can provide its services across the EU, thanks to the MiFID passporting rules. Additionally, Varchev Finance is registered by UK’s Financial Conduct Authority (FCA) as an overseas company from another EEA country.
Varchev Finance is a member of Bulgaria’s Investor Compensation Fund, which covers up to 90% of the due sum in case the company goes bankrupt, but not more than BGN 40 000 (around EUR 20 000). The FCA notes that The Financial Services Compensation Service may also be able to compensate certain customers if the firm fails.
This makes Varchev a well-regulated and safe company that can provide its services across the European Economic Area.
Other Europe-regulated brokers are IG, XM, FxPro and FiboGroup, for example.
Trading Conditions
Minimum initial deposit
Varchev Brokers, much like its Bulgarian counterpart BenchMark, does not list an initial deposit requirement to open an account. Naturally, in order to start trading, clients most likely need to make a deposit. We, however, could not find information what the sum is.
Spreads and commissions
On the MetaTrader account Varchev Brokers offers fixed spreads from 2 to 4 pips, which is a bit above the average for the industry. The spreads on the other account – VAT is 1 pips on the EURUSD pair, which is fairly favorable. The company does not charge commissions and fees on neither account type.
Leverage
VarchevBrokers gives a fairly high maximum leverage of 1:500. This is a pretty lucrative offer for many traders, but also has its risks. There are, though, other brokers who offer even higher leverage – Grand Capital, for example, offers up to 1:2000 and FXTM offers up to 1:1000.
Trading Platforms
Varchev Brokers offers two trading platforms: MetaTrader 4 and XTB’s xStation, rebranded as Varchev Absolute Trader (VAT). Both also offer applications for Android and Apple devices.
The xStation platform has been voted “Best Trading Platform 2016” by Online Personal Wealth Awards and offers fast execution, very fast execution speeds, technical analysis and charting tools, social trading and a host of other options.
Promotions
Varchev Brokers has a bonus program with several types of offers. The first one is the bonus “Account”, which is a type of credit of up to $1000, depending on the size of client deposit. There are also the cashback bonus and a refer a friend promotion.
Methods of payment
Varchev Brokers accepts client deposits through bank transfers, credit and debit cards, as well as through the online payment systems Neteller, Skrill, uKash, giropay, itau, the Bulgarian online payment system ePay and PayPal. The company also accepts deposits in Bitcoin.
Varchev Brokers is a well-regulated European broker, which means it is reliable and can offer its services across the EEA. Its partnership with XTB gives it an advantage over other brokers, but most certainly its Bulgarian competitors BenchMark and Bulbrokers with their partnerships with Saxo Bank and Interactve Brokers are more lucrative.
On the other hand, Varchev gives a higher leverage and offers many payment options. It also has a bonus program.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
Varchev Brokers Review Conclusion
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