EverFX is a brokerage the theoretical reach of which extends pretty much to the entire world, with the exception of countries like the US, Canada, Belgium, Iran and North Korea. While its regulatory profile is indeed rather solid, it is still doubtful though that EverFX can indeed serve clients in all countries with the exception of the above named handful.
While the fx broker looks solid in every regard, its reputation is obviously not what it could/should be. A quick glance at the most important user feedback portals will reveal that several of their traders are displeased with certain operational aspects of the organization. Some claim to have had trouble with their withdrawals, while others accuse the broker of collusion with 3rd party scammers.
Still though, everything considered, the broker does not look like a scammer, despite some anecdotal evidence to the contrary.
What does EverFX promise that sets it apart from the drove of other online FX/CFD brokerages these days?
The operator says that it views its traders as “teammates” and as such, it is constantly looking out for their best interests. Whether this is true or not, what’s certain is that the broker has placed an unusual amount of focus on education. On one hand, it has a complete education section which offers training videos and webinars, on the other, it runs promotions focused on trader education and 1-on-1 training. Through such promotions, traders are not just introduced to the trading platforms and the various features they offer, but also to the basics of technical analysis and actual trading.
The trading conditions are among EverFX’s main selling points. On some of its account-types, the trading conditions are quite superb, and by that, we do not just mean the spreads/commissions, but the features/perks that are available (like a free VPS service, which works like a charm with MT4’s EAs).
The trading platforms themselves are a fine bunch too and the broker provides daily trading alerts to its clients, delivered directly into their inboxes.
The company that’s currently behind the EverFX brand, is ICC Intercertus Capital Ltd, operating out of Cyprus. Intercertus is a registered company (its registration number is HE346662) and as such, it is a member of the Investor Compensation Scheme.
It is also licensed and regulated by the CySEC (the license number is 301/16). This license means that the broker is MiFID compliant, which also means that it is free to legally offer online trading services to EU citizens. Belgium has apparently opted to ban such service providers from its market though.
In addition to CySEC, EverFX are registered with the British, Spanish and Polish regulatory agencies too.
EverFX Account Options
As stated above, the trading conditions EverFX’s clients enjoy depend mostly on the account type for which they register. The broker supports three distinct options in this regard, in addition to the Demo account, of course. Also, some of these account types are available in Islamic versions too.
The most basic account option is the Standard Account. The minimum required deposit for this one is just $250 and the spreads start from 1.2 pips, which – although not particularly impressive – is reasonable for this level of investment.
The maximum available leverage on this account is 1:500, the Margin Call is set to 50%, the Stop Out to 20% and instant deposits are possible.
Both trading platforms can be accessed through this account and EAs as well as Hedging are supported.
Those who want to put their EAs to work through a VPS though, will have to cough up EUR 20 on a monthly basis, for the service.
Free education is offered to Standard account holders and the account option is indeed available in an Islamic version as well.
Everything considered, the Standard account is a very solid package for beginners and recreational traders.
Those truly serious about their trading though, will probably opt for the Premium Account, which costs more, but with a minimum deposit requirement of $5,000, it is still rather accessible.
The spreads on this account start from 0.8 pips and there are still no commissions charged. The maximum leverage is 1:500 and all the perks presented above for the Standard account, are available. The VPS service for Premium traders is free though, so that’s definitely a major mark in the Plus column.
The top-tier account is the VIP one. This one takes things a bit too far for the rank-and-and-file trader: it requires a minimum deposit of $30,000.
For that money though, all the stops are pulled out features-wise. VIP traders get to trade with Zero spreads (though they will pay a $4 commission per round lot), they get a maximum leverage of 1:200 and a free VPS service, of course.
Unlike traders on the Standard and Premium levels, VIP clients get a personal analyst and they get to trade through the phone if they so wish.
This account type is not available in an Islamic version.
Deposit and Withdrawal Methods
EverFX supports a fairly standard range of deposit and withdrawal methods. They accept deposits through credit cards, such as MasterCard and Visa, as well as through Skrill, Neteller and WebMoney. Old-fashioned wire transfers are also accepted.
Withdrawals are processed though the same methods.
EverFX Market Coverage
Although EverFX do not yet feature cryptocurrency-based CFDs, their tradable asset selection is rather impressive nonetheless.
They have more than 50 FX pairs on offer, featuring spreads from 0 pips. Some 10 indices are supported, with detailed trading conditions on every one publicly available at the official site.
The Spot Metal category covers Copper, Gold, Silver, Palladium and Platinum. EUR as well as USD pairs are offered for these assets.
The energies section features natural gas and oil, as well as spreads starting from 0.03 pips.
Last, but not least, we have stocks-based CFDs, which cover more than 40 of the world’s best known brands.
EverFX Trading Platforms
The broker provides two solutions in this regard: STATUS and MT4.
Status is a very interesting web-based trading environment indeed. It features a superb Social Trading option, through which traders can analyze and copy the trades of their peers.
The way Status dispenses education is surprisingly well thought-out. Bits and pieces of content are delivered as one moves around the trading platform. Always on point, brief and relevant, this education method is highly efficient.
Status works well on PCs as well as on various mobile devices, such as tablets and smartphones.
MT4 is however the flagship platform of the broker. It offers unparalleled charting and technical analysis tools. Scores of time frames are made available as well.
The platform – in the form in which it can be downloaded from the EverFX site – comes with more than 50 preinstalled technical indicators. Given that everything about MT4 can be customized, it is hardly surprising that traders can add their own 3rd-party indicators, or even code new ones through the platform.
EAs represent the most attractive MT4 feature for advanced traders. Through these Expert Advisors, traders can automate their best trading strategies, putting them to work night and day. 3rd party EAs can also be installed and new ones can be coded. Special scripts can be added, to make the automation more efficient and more profitable.
EverFX is a regulated broker with a solid platform offer and decent market coverage. Its somewhat dubious reputation remains a thorn in the side though…