What is EverFX?
EverFX is an online brokerage that provides clients access to trade Forex and CFDs. It was founded in 2016 and is based in Cyprus. EverFX is owned and operated under another Cyprus-based investment firm called ‘ICC Intercertus Capital Ltd’. EverFX also has a branch office located in the Cayman Islands. Ever since its launch, EverFX has quickly grown in size and popularity for providing high-quality trading services.
In addition, EverFX has also won several awards in recognition of its services. In 2018, it was awarded as the ‘Fastest Growing CFD Broker’ and ‘Best New Multi-Asset Broker’ by the Europe’s Global Brands Award. In the same year, International Business Magazine awarded EverFX as the ‘Best Online CFD Broker’.
However, while EverFX does get its share of positive user reviews, there is an equal amount of negative ones. In this review, we will take a look at some of the features and services that this online brokerage provides and see if it does hold up to its reputation or not.
EverFX: Services and Offerings
As of writing this review, EverFX does not provide services to clients residing in America, Canada, Belgium, Iran, and North Korea. In addition, certain services and offerings below may not be available to clients in specific countries due to legal restrictions.
• Trading Instruments
EverFX has a large variety of financial instruments to trade with, including CFDs on Forex, Stocks, Indices, Commodities, and Cryptocurrencies.
In terms of Forex, EverFX offers around 50+ pairs including Major, Minor, and Cross pairs. Most of the more popular Forex pairs including the EUR/USD pair start from as low as 0.2 pips, while Cross pairs such as the EUR/TRY pair have a minimum spread of 13.5 pips.
EverFX also has over 10 indices-based CFDs starting from 0.4 pips.
In its Spot Metals offerings, EverFX has listings for Copper, XAG, and XAU that can be paired with Major currencies such as the U.S. Dollar and the Euro. The spreads are much more substantial, starting from 12 points and above.
EverFX’s offerings also include over 75 CFDs for stocks in the E.U., U.S., Canada, and Hong Kong.
• Trading Platform
EverFX can be accessed through its proprietary STATUS trading platform, MetaTrader4 (MT4), and MetaTrader5 (MT5) platform.
MT4 is currently one of the most widely-used trading platforms available in the market for its user-friendly user interface and customizability. MT4 is also supports some of the best charting capabilities and works well with desktop and mobile devices. It also supports one-click trades and allows users to create, share, and purchase technical indicators that best suit one’s trading strategy. The one feature that makes MT4 so popular is its support for Expert Advisors (EAs). With the trading platform, clients can create and add their own EAs as long as they have an adequate Virtual Private Server (VPS) in use.
EverFX’s STATUS trading platform is well-known for its social trading capabilities. STATUS allows clients to check on the positions taken by other traders and view them in accordance to their win/loss percentages. From here, they can copy their trades or simply check on their own positions against their peers. In addition, the STATUS trading platform also has in-built educational materials section and an economic calendar.
• Account Types
EverFX offers 3 types of accounts – the Standard Account, the Premium Account, and the V.I.P. Account.
The Standard Account requires a minimum deposit of $250. Clients with the Standard Account have spreads from 1.2 pips onward and can trade with a maximum leverage level of 1:500. The margin call is 50%. Standard Account holders can access their account through the STATUS and MT4 trading platforms supported with EAs.
The Premium Account requires a deposit of at least $5,000. Spreads start from 0.8 pips and have a maximum leverage of 1:500. The margin call is also 50%. The account supports EAs, hedging and VPS trading is free. This account also has an Islamic swap-free option.
The V.I.P. Account needs a minimum deposit of $30,000, though traders can trade with spreads starting from 0 pips. There is a $2 per lot commission and the maximum leverage is 1:200. This account type features all the available offerings in its trading platform with an added phone-trading option.
• Payment Options
Payment options include credit/debit cards, bank transfers, and online payment services such as Neteller, FasaPay, VoguePay, VLoad, Skrill, Paytrio, STICPAY, and Apcopay.
Withdrawals usually take 1 business day to process and may have fees charged by the service provider. Deposits do not charge any fees.
• Educational Materials
EverFX hosts over 95 video tutorials which focuses on trading in Forex and Cryptocurrency, as well as the basics in technical indicators, trading psychology, market and trading strategies, reading signals, and much more.
EverFX: Is it safe?
Being located in Cyprus, EverFX is under compliance of the Cyprus Securities and Exchange Commission (CySEC) which is a highly reputable authoritative entity.
Furthermore, EverFX is also registered in several European countries.
This means that its clients and their funds are fully protected should the brokerage meet any unforeseen event. This also indicates that EverFX’s operations have been investigated and observed to have met industry standards.
EverFX is a fully regulated broker that shows a lot of potential for the future. It has a large library of educational materials and an added bonus of free VPS services for V.I.P. Account holders.
However, EverFX has some of its own cons. The first thing many would complain about is its spreads and fees which are a bit expensive compared to other brokers. Its minimum $250 deposit can also be too high for those in a budget. Also, while EverFX seems to have a substantial amount of financial instruments, more offerings for cryptocurrencies could further enhance its market coverage. Another problem is its unavailability to cater to clients in certain countries outside the E.U.
All in all, while its rapid growth is impressive, it can also go against it as it still has a longer road ahead to further prove itself.