It’s not easy to find a trustworthy Forex broker. You need to make sure it ticks all the important boxes like sound regulation, decent website and software support, and grounded, yet still lucrative trading promotions.
Unfortunately, brokers with suspicious backgrounds have found a way to increase their likeness to legit brokers. Scammers often copy their website designs, trading offerings, and even licensing claims.
However, with a little bit more caution and attention, we can still make a pretty straightforward distinction between fraudsters and credible brokers. That’s what we’re going to do in this EverFX review. At the end of it, you’ll have an answer for whether it’s safe to trade with this broker or not.
Leverage: 1:500 Licences: CySEC, FSA, CIMA
Min. Deposit: 250 USD Bonus: Up to 100% deposit
Spreads: from 0 pips US Clients: No
Before we jump into our honest review of EverFX, we need to make a general outline of what we’re going to talk about in it. First off, we have to note that EverFX is a well-established broker that has managed to receive many prestigious awards for excellence. In fact, the broker is a sponsor of a famous football team, Sevilla FC, which already tells a lot about who we’re dealing with in this review.
A brief website overview
The first entry in our article will be the Everfx.com review. As we browsed through the website and various sections of it, we were quite impressed by the amount of work and expertise the broker has put in developing this website. The interface looks very sleek and functional, even though there are many visual effects that should significantly slow down the website.
We also inspect various trading accounts available on the platform. There are currently four different account packages that have different minimum deposit requirements. As we’ll see in a more detailed review, the money they ask is directly reflected in their offerings.
After that, we’ll turn our attention to the trading platforms of EverFX. The EverFX MetaTrader 4, MetaTrader 5, WebTrader, Mobile Trader, and Social Trader are there to take your trading experience to a whole new level.
Licensing in a glance
After the website, we’ll move on to the licensing review. As we found out during this review, EverFX is a properly regulated broker that boasts with multiple pieces of licensing from numerous prestigious organizations, including the one from Cyprus, UK, etc. This is something that we highly appreciate in brokers: their readiness to cooperate with government institutions and obey high financial standards to ensure safe trading experience.
Moving on, we’ll take a look at trading terms and conditions offered by the broker. This is the section that attracts most traders’ attention because it determines the lucrativeness of the platform.
At EverFX Forex broker, you can trade Forex pairs, stocks, indices, cryptocurrencies, energies, and metals. This amount of diversity is further enhanced by lucrative offerings of the leverage and spreads. EverFX allows you to maximize profits by applying a 1:500 maximum leverage to your trades, while it’ll sometimes charge nothing in a form of spreads.
Even the minimum deposit requirement is decent and not too overwhelming. With 250 USD, you’ll be able to create a basic trading account that will provide all the necessary tools and features to trade profitably at EverFX.
And that’s not it: even the deposit/withdrawal methods are impressive with the multitude of payment platforms. With credit cards, bank wire, various e-wallets, PayPal, and many more, you can make commissionless EverFX withdrawals and deposits in real-time and have no worries about possible cyber-attacks or anything else.
In short, we got a pretty good impression of EverFX in this quick teardown of its trading platform. Now, let’s dive a bit closer and examine each of these sections more thoroughly, starting with the website.
The Everfx.com review
As we noted earlier, the EverFX’s website is a very neat and pleasant online environment that doesn’t distract viewers with unnecessary visual effects. Everything works in tandem to elevate the user experience and convey as much information as possible. Even some of the parallax effects that we saw on the first page are totally fine and even beneficial to the overall experience.
When it comes to discovering the information about the broker itself, as well as its trading terms and conditions, we had absolutely no hardship whatsoever. When we wanted to find out the leverage offering, we simply went to the Account Types section where every little detail is listed and explained by the broker. In short, you can find pretty much anything at Everfx.com.
Coming up, let’s take a look at the trading accounts. The EverFX FX brokerage features four different account packages with varying minimum deposit requirements:
- Entry account – 250 USD
- Standard account – 2,500 USD
- Premium account – 10,000 USD
- VIP account – 50,000 USD
The Entry account, which is the broker’s most basic offering for beginner traders, features a 24/5 customer support, a personal manager with an intro call, a bonus up to 30%, spreads from 1.5 pips, and the leverage that ramps up to 1:500. The higher you go, the better conditions you get from the broker, and fairly enough, these conditions and features directly justify the deposit requirements of the individual accounts.
Another very important segment to discuss here is the EverFX academy – an educational segment where the broker takes you through all the basics of Forex trading. As we browsed through this section, we found out there are lots of ways you can hone your trading knowledge, including:
- Live webinars – live-translated online seminars about various elements of trading, be it day trading, technical analysis, etc. It covers both basics and more advanced topics;
- Personal tutorials – you get to choose which specific topic you want to learn and the mentors, hand-selected by EverFX, will provide guidance at every level;
- Trading courses – 24/7 online courses that are designed to receive students from all around the world and teach them online trading using interactive sessions, presentations, exams, and similar materials.
There are many reasons why an educational section like this is important to note here. For one, it indicates how EverFX cares about the education of its clients and their success. Yet this also shows that EverFX is a properly regulated broker – these have to provide well-designed and on-point educational sections to their clients, which EverFX does magnificently.
Lastly, let’s take a closer look at how you can actually trade at EverFX. As we pointed out before, the broker supports five individual trading platforms: MetaTrader 4, MetaTrader 5, WebTrader, Social Trader, and Mobile Trader. Now, MetaTrader 4 and 5 are undoubtedly among the best trading platforms in the industry right now; they support almost all trading features and indicators, they facilitate the seamless trading experience, and the EverFX scam is better suppressed in their presence.
As for WebTrader, Social Trader, and Mobile Trader, these are side additions to the platform, which also work very fluently. In fact, WebTrader is often more modern-looking and quicker in execution than MT platforms. And the smartphone platform once again indicates that EverFX is really focused on high-quality customer experience.
Is EverFX legit with its licensing?
Next up, let’s examine the regulatory measures on EverFX. Being one of the main sponsors of Sevilla FC, the broker has to maintain high financial standards and comply with various government guidelines, which is not something that is easily achieved.
There are multiple places where we found notes about the broker’s license. The most extensive explanation of the broker’s licenses was provided in the Regulation & License section. As we found out, EverFX has main licenses from:
- Cyprus Securities and Exchange Commission (CySEC)
- Cayman Islands Monetary Authority (CIMA)
- Financial Services Authority Seychelles (FSA)
Even if these were the only licenses we saw on the website, we’d be pretty confident about our assumptions that the EverFX scam is nothing more than a dirty lie or an unfounded report. These pieces of the license are already quite established in the industry and ensure high-end financial services for customers.
However, these aren’t the only ones present on the platform. As EverFX points out, the European branch, mainly regulated by CySEC, also has EEA cross-borders registrations in the UK (Financial Conduct Authority), Spain (National Securities Market Commission), Netherlands (Authority for the Financial Markets), Sweden (Financial Supervisory Authority), and Poland (Financial Supervision Commission). As you can see, the broker features some of the most famous financial institutions on the continent, and to say that EverFX is a scam is a little bit overstretched.
Why should you be impressed by EverFX promotions?
Finally, we have to explore trading terms and conditions that ultimately power the whole experience at EverFX. During our initial overview, we already expressed our excitement about these offerings because of how lucrative and at the same time, how down-to-earth they feel. This chapter will be the most extensive one in this review, so, strap on and let’s get started.
Leverage and spreads
Let’s start with the leverage and spreads. As we have noted earlier, EverFX features the maximum leverage of a 1:500 multiplication rate. This means that if you deposit, say, 2,000 USD to your account, you’ll actually be able to open a position that’s worth 1,000,000 US dollars. That’s right, a million bucks for you to trade any security you want.
It goes without saying how lucrative your trades will be if you apply such a huge multiplication rate. Yet it’s also worth noting that while profits increase, losses increase with the same rate as well. And EverFX doesn’t fail to recognize that; it warns its clients of plausible risks and lets them choose the leverage ratio that’s comfortable for them – an attitude of a trustworthy Forex broker.
The next entry in EverFX promotions is spread. A spread is the difference between the bid and ask prices and it indicates how much the broker is leaving for itself from the profits you’ve generated. Although it may seem a little bit unfair, it’s worth noting that the majority of Forex brokers live off of spread commissions. Yet at EverFX, spreads can go as low as 0 pips, meaning there will be times when the broker won’t charge you a buck.
However, it’s not like any EverFX customer will be offered 0 spreads, because that would be nonsense – the broker still needs to fund its services and it has chosen not to use commissions at all. Therefore, only the VIP members will get 0 spreads, whereas the Premium account holders get 0.8 pips, Standard account holders – 1.2 pips, and Entry account holders – 1.5 pips. As you can see, even the highest 1.5-pip spread isn’t too high and leaves the majority of profits in the traders’ pockets.
Deposit requirement and payment methods
Next up, let’s move on to what the minimum deposit is at EverFX, as well as how you can make those deposits, as well as withdrawals. As we have noted in the accounts section of this review, EverFX has a $250 deposit requirement, which, in our opinion, is a decent trading condition for a Forex broker.
We have seen many companies having no, or very low, minimum deposit requirements and they have almost always turned out to be scammers. If a broker goes too low with this condition, a trader should stop for a moment and think about what this says of a broker. Maybe this could mean that to attract as many clients as possible, the broker names a ridiculously low threshold. But when it gets the actual customer, the broker charges them additional costs that weren’t there before.
With EverFX, the minimum deposit requirement is just where it needs to be to assure us that there’s no EverFX fraud going on here. And all that is accompanied by very stable and sound deposit/withdrawal platforms.
As we have discovered during our review, the broker features tons of financial platforms; in fact, they’re so many that it’s irrational to list all of them here. The notable mentions are Visa/MasterCard credit cards, wire transfers (iSignthis, Bank One), Neteller, Skrill, VLoad, QIWI, and many more.
All deposits are free of charge; whether you refill your account via a credit card or an e-wallet, you’ll get exactly as much as you’ve deposited. Plus, the payments are instantaneous without an exception.
When it comes to EverFX withdrawals, some e-wallet platforms perform instantly, yet the majority of payment methods take anywhere from one to three business days to be processed. The broker also charges commissions on many platforms; usually, it’s around 3% with a minimum threshold of 3 USD. Again, we’re much more content seeing commissions here because it shows that EverFX has transparent means of funding its platform.
Should you trust EverFX with your money?
Now that we’ve come to the conclusion of our review, let’s get back to the ultimate question and try to answer it: should you trade with EverFX?
Well, we have here a Forex broker that cares a lot about the visual experience. Its website has a very elegant design that also shines in its informative aspect. The educational content is also another noteworthy segment of this website: it is full of interactive materials and courses that take your trading game to the new heights.
The regulatory aspect is, without a doubt, sublime. Is EverFX legit? Take a look at all the licensing materials from CySEC, CIMA, FSA, as well as FCA of the UK, CNMV of Spain, and many other European institutions. Besides, how would anyone doubt the broker’s credibility when one of its main partners is a famous football club, Sevilla FC?!
As for trading terms and conditions, there’s still nothing to doubt about them. Leverage and spreads are decent – both lucrative and not overzealous. The minimum deposit requirement is also very regular, backed by stable deposit/withdrawal platforms.
So, judging from all this, we can safely say that EverFX is, in fact, legit and you can entrust your money to it.