Your capital is at risk EverFX is a brokerage with a rather mixed reputation, whose reach is an impressively global one. Some people seem to love the services it offers, while others have complaints about various operational aspects. Most agree however that by-and-large, the operation is an attractive trading destination, well-regulated and with a solid offering trading platform-wise.
EverFX also push a number of transparent promotions, well in line with the MiFID-directives which govern their activity. One such 2018 promotion was the free 1-on-1 Forex training promotion, especially useful for beginners.
Through the promotion, the broker took traders on a virtual tour of the trading platform, explained some fundamental concepts related to trading and introduced them to technical analysis.
Another promotion is the Zero Cost Trading one, which is exactly what its name makes it out to be: those who make a deposit of at least EUR 500, get to trade commission free, on all the trading instruments offered by the brokerage. Whether or not this can be considered an encouragement to deposit, is a different story though.
As said above, despite its experience and global presence, the brokerage has failed to satisfy the needs of all its clients. Some feel that the operator has been associating with shady 3rd parties, while others decry delays on their withdrawals. Overall though, the feedback made available by users at various community portals cannot be considered bad.
What is the corporate and regulatory background of the broker?
ICC Intercertus Capital Limited is the company behind the EverFX brand. It is a registered Cyprus Investment Firm, its registration number being: HE346662. As a CIF, Intercertus Capital is a member of the Investor Compensation Scheme, which means that its clients are all entitled to having their deposits guaranteed by the Cypriot authorities.
The company is licensed and regulated by CySEC. Its license number is 301/16. What this license means in actual legal terms is that the operator complies with the MiFID directives and as such, it is free to accept traders from all over the EEA, with the exception of countries that expressly forbid it to operate there. One such EEA country is Belgium.
In addition to Belgium, the broker does not accept traffic from Canada and the US either, not to mention Iran and North Korea.
Other than CySEC, EverFX is registered with a number of national regulators too. One of these is the UK’s FCA. Spain’s CNMV and Poland’s PFSA are also on the list.
That said, it is clear that the regulatory profile of the brokerage is more than satisfactory at this point.
What exactly does it bring to the table though, that other brokers don’t?
In addition to outstanding support, the broker also offers an extensive education package. According to the official EverFX website, the broker treats its clients as team members, looking out for them and rooting for them to be successful. To this end, it provides weekly webinars as well as – as shown above – one-on-one training when necessary. Personal account managers are also in the EverFX mix, as is a selection of daily market alerts, which are delivered straight to traders’ inboxes.
The most important selling point of the brokerage is linked to the trading conditions it offers, of course, which are said to be outstanding. They depend on the account type for which one registers though.
EverFX Account Types
The broker offers a total of 3 account types (not counting the Islamic account versions, which are indeed available for all 3 of the base account types).
The first of these – and the most accessible – is the Standard Account, which requires a minimum deposit of just $250. For that money, traders get a very reasonable deal indeed. They get to trade commission-free, with a maximum leverage of 1:500. The spreads on this account-type are rather on the steep side though: they start from 1.2 pips.
In addition to the above perks, Expert Advisors and hedging are supported on the Standard Account.
Those who want to up their account status, can opt for the Premium Account, which also features commission-free trading and much more attractive spreads. The spreads on this one start from 0.8 pips, but to gain access to such attractive trading conditions, one is required to make a deposit of at least $5,000 – something that is obviously not within everyone’s reach.
For that money – in addition to the more attractive spreads – traders get instant deposits, 24 hrs withdrawals, and stop losses set to 30%.
Dedicated account managers are also available, as well as a free VPS service, which is extremely valuable for EA users.
The VIP Account is at the top of the account-tier ladder. This one is aimed at those with lots of money to invest: the minimum deposit has been set to $30,000. For that money, this account delivers all the bells and whistles one might expect.
The spreads on this account start from 0 pips. Instead though, there’s a commission of $4 charged on every round lot.
The maximum available leverage on this account is 1:200. Besides all the perks and features delivered by the Premium Account, the VIP one also offers trading through the phone.
A Demo account option is also provided to those keen on giving the whole thing a “dry” test-run, before investing any real money.
EverFX Trading Platforms
In this regard, EverFX have kept their offer simple, but very potent indeed. They feature MT4 and STATUS. Both trading platforms are powerful and they both offer some unique features advanced traders will certainly appreciate.
As far as MT4 goes, the platform is indeed the most popular option, and deservedly so: it offers unparalleled customization options, superb charting and scores of preinstalled technical indicators. Traders can always add more indicators and they can even code their own, through the platform.
MT4’s Expert Advisors allow a high degree of trading automation. Coupled with a reliable VPS service (also covered by the operator) these EAs can be used to trade away night and day, using the strategy set by the user.
On its part, Status offers an attractive social trading feature. Through this option, traders can follow and analyze the trades of their peers, eventually copying them. In addition to that, Status also offers access to trading signals and education.
Deposit/Withdrawal Options
Those looking to make a deposit with the broker, will be able to do so through credit cards, such as VISA and MasterCard. Bank wires are also accepted, as are some of the popular eWallets, such as Neteller, Skrill and WebMoney.
EverFX Support
EverFX support can be contacted through live chat, an email form at the Contact Us page of the official site, a variety of phone numbers and through email ([email protected]).
Viber, Telegram, Facebook, Twitter and Instagram are also potential contact channels.
EverFX Conclusion
Everything considered, EverFX is a very solid trading destination indeed. Its market coverage is quite standard though: it does not feature cryptocurrency-based CFDs like most of its competitors.
That said though, its trading platform selection is superb, and its trading conditions are very attractive on its premium accounts. Its reputation could be better, but we haven’t really found any major red-flag raising issues in this regard either.
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