STP (Straight Through Processing) brokers seem to be taking over the Forex market, and the efficiency of this new model is certainly worth taking a look into the matter. The majority of those new broker houses promise a set of tantalizing benefits, such as instantaneous execution, safe trading environment, tightest spreads and so on. However, not all of those companies are equally professional and trustworthy, and our EverFX review will provide you with the necessary information about this particular trading provider.
Leverage: 1:500 Licences: N/A
Min. Deposit: 100 USD Bonus: N/A
Spreads: from 2 pips US Clients: No
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EverFX brokerage at a glance
Since EverFX is a relatively young and unknown broker, traders are still hesitant when it comes to investing their hard-earned funds with this enterprise. The reason behind the hesitations could be the unreliability of some regulators to truly watch firms. Although there have been numerous cases of CySEC regulated brokers turning out to be scams an EverFX scam can be thrown out the window as we’ve discovered. Even if the CySEC regulation is not enough the broker also features a license from CIMA. EverFX operates as a trading name of ICC Intercertus Capital Limited, and it was established in late 2015. The compliance with MiFID and membership in the Investor Compensation Fund are important facts, which only bolster the reliability and reputation of this broker. Moreover, Cyprus has been paying a lot of attention to its financial sector recently, which only means that the reputability of the EverFX CySEC regulation is going to increase, bringing in more to the table.
EverFX review of trading accounts
Just like most other brokers out there, EverFX also offers the options of using a demo account to “test the waters” and check out their trading portal. Aside from the trial version, there are four other categories of accounts available. Although quite a lot of EverFX reviews agree that this selection is not offering much and that these types are pretty similar in what they are providing, we believe that the similarities are what makes the broker shine through as it treats every customer equally. It’s a breath of fresh air to actually see a company not entice it’s customer base to spend as much as possible. The names of these types are Light, Standard, Premium, and VIP, and they are differentiated by the minimum amount you need to invest and also by the leverage up to 1:500 that is provided during the trading process later on.
How to trade with EverFX
The actual trading process with EverFX broker is performed on a well-known MetaTrader 4 platform, making it like a warm embrace from an old friend when you actually start to trade. The software has a lot of potential let’s get out of the way, however, there are numerous limitations that it offers still. Despite the limitations, this EverFX review wouldn’t exist if the guys there couldn’t handle it. Admittedly, the software comes equipped with a standard set of tools, such as analytical indicators, Expert Advisors, market news, and so on, but a lot more could have been incorporated into MT4. There are Forex, CFDs, and Cryptos available to be traded once you register and deposit at least $200, which is the minimum amount required. In addition, EverFX is one of the few brokers who also feature Social/Copy trading.
Bonuses and promotions
The trading business is very competitive. Just try to mention brokers from the top of your head. You can name a few, can’t you? Well, that is exactly what everyone is trying to do, to be memorable. There is no shame in using marketing strategies to promote a business, pretty much every industry does it, so we can’t really hate on the company in this EverFX review. Admittedly, they bring quite a diverse selection of bonuses and incentives to the table, featuring bonuses, promotions like “refer-a-friend” and “zero-cost trading”. There are still more options the broker could have went with, but it’s nice to have something from the get-go.
Deposits and withdrawals
Most EverFX reviews are positive when it comes to the array of options that clients have when they want to deposit or withdraw the funds. The offer is straightforward, no funny business, no unnecessary additions no EverFX scam and especially no gimmicks. It’s just the good old transfer system that everybody is used to. You can use credit cards, such as VISA or MasterCard, or you can transfer the money with the help of e-wallets or bank wire transfer. All the methods are proven to be fast and efficient, without any hindrance. Should there be a technical difficulty you can always contact the company’s customer support.
Every decent company understands the need for having a professional and trained staff available at all times, and EverFX Forex broker is no different. However, admittedly there are some issues. The lack of localized support is somewhat compensated with the use of several means of communication that clients can use to reach customer support, such as e-mail and phone. Even though it may seem a bit restricting and contradictory to the EverFX global review, it gets the job done. Social links are also displayed on the site which makes it a tremendous addition for the newer generation of traders getting into the markets these days. The younger traders try to avoid unnecessary e-mails and phone calls, they much rather opt for a quick message on social media, this was a great addition and compensation for the small shortcomings of the localized support. In addition, there is an address in Cyprus which can also serve as a method of contacting this broker house.
Is EverFX legit?
EverFX is still a young and aspiring company, it is truly amazing how much they were able to achieve in such a relatively small amount of time. EverFX global reviews may be nitpicking about their shortcomings, but we opted for a comparison between what the company lacks and what it offers as compensation. There is no ideal broker out there, all of them have flaws and we commend the guys at EverFX for at least trying to improve it. Their current services are far from poor, we’d say that they are an industry standard. As we’ve already said, there are still things needing to improve like the localized support system, but all in all, EverFX is a solid broker.