Launched in 2015, EverFX is indeed one of the newer online brokerages and as such, it has yet to earn its stripes. As far as reputation is concerned, thus far, EverFX is a mixed bag.
There are several user feedback portals out there where people either slam or praise it. On at least one such portal, an attempt on the part of the brokerage to influence the score, has been identified and busted. The few trader complaints posted concern various issues with withdrawals, as well as allegations that withdrawals are simply not honored. There are an approximately equal number of traders who posted positive reviews of the operation though.
The company behind the EverFX brand is ICC Intercertus Capital Limited, based at Antheon 2, Monovoliko, Kato Polemidia, Limassol, 4151 Cyprus.
Despite being a new kid on the online trading block, EverFX’s regulatory status is quite satisfactory already. The operation is licensed by CySEC (its license number is 301/16), and it is a registered Cyprus investment firm (registration number: HE346662). EverFX’s CySEC license also means that the operation has been found to be MiFID-compliant. In addition to CySEC, EverFX is also registered with the UK’s FCA, Spain’s CNMV and the Polish Financial Supervision Authority (KNF).
Why should you pick EverFX as your top trading destination though?
EverFX features personal account managers, an extensive education package, complete with 1-on-1 training, outstanding support and a superb selection of trading platforms. The trading conditions are said to be excellent as well – not something to neglect at all, when it comes to assessing a broker. Last but not least: the broker delivers daily analysis and alerts, straight to users’ inboxes.
In addition to the three types of real money accounts it offers, EverFX also features a demo account, through which traders can put the brokerage to the test, risk-free.
The Standard Account requires a minimum deposit of $250. This one is – without a doubt – the beginner-facing deal of the brokerage. As such, the Standard Account features relatively large spreads (from 1.2 pips on popular currency pairs such as the EUR/USD), and no commissions. The maximum available leverage is set to 1:500, but to be able to use such leverage, traders need to pass an appropriateness test. Only those deemed suitable will be allowed to assume the risks that come with this leverage.
The Premium Account calls for a minimum deposit of $5,000. It also is a commission-free option, with spreads starting from 0.8 pips. The maximum available leverage is set to 1:500 in this instance as well, subject to the limitations already discussed above.
The VIP Account is at the top of the account-tier ladder. The minimum required deposit for this one is no less than $30,000. The spreads start from 0 pips on some assets, but there’s a commission of $2 per traded lot. The maximum available leverage is 1:200.
As far as trading platforms are concerned, EverFX have kept things simple, yet the platforms they have brought to bear thus far, are very impressive nonetheless.
One is the MT4 platform, which has become a “must have” for all online brokers for some time now. MT4 is unparalleled in regard to charting and trading capabilities. It can be downloaded for free from the EverFX website, and it comes with scores of preinstalled technical indicators. Drawing tools are plentiful as well, not to mention the fact that EAs can be used as well. MT4 lets traders code their own technical indicators and EAs.
The other platform option is Status. A brand new, state-of-the-art trading platform, designed to be fully customizable, Status is a web trader which lets users take their trading with them, wherever they go.
The deposit methods supported by EverFX are a standard bunch. From credit cards such as Visa and MasterCard, to eWallets like Neteller and Skrill, most standard deposit/withdrawal options are covered. In addition to these, bank wires are accepted too, through the Guaranty Trust Bank Nigeria and the Bank of Cyprus.
In regard to Forex, EverFX covers more than 50 currency pairs, on which – as shown above – spreads can start from 0 pips. Indices, Spot Metals, Energies and Stock-based CFDs are also covered. There does not seem to be any cryptocurrency support for the time being.
EverFX has a handy call-back feature. In addition to that, traders can use more “traditional” means of requesting support: through phone, email and live chat.
EverFX seems like a safe destination, though some questions remain concerning its reputation.
EverFX is a legitimate brokerage with a very interesting trading platform offer. Its reputation may not be spotless, and that is a bit of a cause for alarm, especially when considering the tender age of the operation.