EverFX made its debut into the online forex trading industry in 2008, individually as an online broker through which traders can access more than 130 financial instruments which they can trade. The financial instruments are part of six asset classes that can be accessed by both institutional and retail traders. The six asset classes or markets include forex, metals, stocks, cryptocurrencies, energies, and indices. The company has a global footprint as far as the availability of its services is concerned and is recognized as a leader in the industry.
EverFX has so far been quite successful, and it attributes this success to its focus on delivering reliable and professional services to its customers across the globe. It also owes its success to the fact that it has also built its trading platform on reasonable pricing structures, openness, transparency, flexibility, and diversity. EverFX also markets itself as a platform that is focused on helping traders achieve success by providing support, knowledge, and trading tools.
License and Regulation
The EverFX platform is owned by ICC Intercertus Capital, which based in the Cayman Islands. The company also provides its physical address at Artemis House, Fort Street, KY1-1111, Grand Cayman, Cayman Islands, as indicated on the EverFX website. A quick search on the internet, specifically through Google Maps reveals that the address does indeed exist. Numerous other businesses also have their offices in the building, as per our findings on Google. The EverFX website is also registered to the same address.
The company also holds license number 1444866, issued by the Cayman Islands Monetary Authority (CIMA). It is also regulated by the CySEC, which is a regulatory body in Cyprus. Despite regulatory compliance, traders are reminded to careful when trading due to the high risk involved, which may lead to losses. Also, note that EverFX does not offer its services to residents of numerous countries, including North Korea, Ukraine, Cayman Islands, Iran, Lithuania, Latvia, Lithuania, Canada, and the United States.
Types of Accounts that EverFX Offers
EverFX offers multiple types of accounts, depending on user preference and also the amount of trading capital that the trader is willing to deposit:
- The Standard Account – The minimum deposit amount for the standard account is $250, and it also happens to be the most accessible account. It offers spreads from 1.2 pips, with the maximum leverage at 1:500, while its margin call is 50 percent. Expert advisors are available with this type of account.
- The Premium Account – It hikes the minimum deposit requirement to $5,000 and offers a better spread at 0.8 pips. Premium accounts are not charged any commission, while the leverage limit is set at 1:500. Expert advisors and hedging are also available in this type of account.
- The VIP Account – This type of account has the highest minimum deposit requirement at $30,000. Traders who use this type of account will also access spreads at zero pips, making it quite an attractive option. Meanwhile, the leverage starts at 1:200, and a $2 commission is charged per lot. This type of account also supports hedging and advisors.
Also, note that EverFX also offers Swap-free accounts that target the Muslim community. It is part of the trading platform’s efforts to ensure that it is accessible to all religions and cultures. Swap-free accounts do not have the swap charges and payments that apply to positions held over the weekends or overnight.
EverFX Demo Account
EverFX offers a demo account to its clients, just like many other brokers do. It is a positive feature because it allows traders to familiarize themselves with how trading works on the EverFX platform. Therefore it is a good idea that traders first try the demo account before they start trading on a real account so that they can test the system, educate themselves, and develop strategies before they can finally start trading with real cash. It will not only help the trader to gain confidence but will also reduce their chances of losing money. With a demo account, you will trade using virtual funds so you will not experience any losses.
EverFX Trading Platform
EverFX heavily supports the MetaTrader platform, especially MT4, which is perhaps the most popular trading terminal that provides access to the markets for traders worldwide. It can be downloaded and installed on both Mac and Windows computers, and the downloading process is relatively easy. However, the easiest approach, in our opinion, is WebTrader, which can easily be accessed through a browser on the user’s device. The good thing about the web version is that it does not require any downloading. Instead, users can access the trading platform directly on the web browser, thus simplifying the user experience.
Users who prefer to trade through the browser option also get similar, if not most, of the features, compared to those offered in the downloadable MT4 or MT5 software for Mac and Windows. The EverFX version of the MetaTrader 4 and 5 platforms come with roughly 25 technical indicators that are preinstalled on the platforms. These platforms also have a wealth of other effective trading tools to boost trading success while reducing the risks of trading.
EverFX Trading Resources
EverFX provides its customers with video tutorials on its website through which traders who join the platform can get tips on how to trade successfully. The video tutorials range from forex trading lessons, cryptocurrency trading, social trading, psychological trading, stocks, and CFDs. They also include videos on how to use technical indicators, trading signals, how to use the MetaTrader 4 platform effectively and much more. There are also some videos on trading strategies and market analysis.
The trading platform also features other educational content such as an eBook called A Beginner’s Introduction to Alpha and Beta. This content is aimed at helping investors to understand trading from a deeper perspective in order to improve their trading. The trading resources offered on the platform also extend to things like news and economic calendars, which allow traders to be more prepared for potential opportunities and even potentially risky market conditions that they can avoid.
Payment Processing – Deposits and Withdrawals
When it comes to payment processing, EverFX has numerous avenues as part of its plan to facilitate ease of access to customers when depositing money into their accounts or withdrawing their earnings. The trading platform ensures a solid variety of options, and most of them are accessible across the globe. For example, you can deposit funds into your EverFX trading account using wire transfer, Skrill, Visa, MasterCard, Neteller, EasyEFT, GLOBPAY, EstroPay, VoguePay, Perfect Money, and Skrill, among others. There are also a few banks through which customers can deposit funds, and they include Abanca, Bank One, and iSignthis. The same applies for withdrawals. The latter two also support withdrawals.
EverFX does a great job as far as customer service is concerned. The website has an inbuilt chat where traders can communicate with customer service representatives to ask questions or to discuss any issues that they might be facing. They also have a FAQ section which contains some of the most relevant questions that you might want to ask regarding trading on the EverFX platform. One can also contact customer care via email or call them directly through the number provided on their official website. They also offer their support through social media platforms, including Facebook, Telegram, WhatsApp, and Viber. The support staff is responsive, professional and friendly.
So Is EverFX a Scam or a Legit Broker?
The fact that EverFX does not offer its services in key markets, such as the U.S, might raise eyebrows. However, it is not uncommon to find many other legitimate forex brokers that do not offer their services in numerous countries as per their policies. This is mainly because they are subjected to strict requirements in some markets, especially as a result of the regulatory authorities. EverFX is one of the brokers that focuses heavily on providing good service to their customers as well as extensive education. Its trading platform is also intuitive and powerful, plus it has an excellent reputation in the industry. In addition, this broker seems to have a solid offering, and its practices are not consistent with scams.
In summary, EverFX presents itself as a solid trading platform with robust and diverse offerings that allow traders to maximize their trading opportunities. We did not encounter any red flags that could classify it as a scam, and it seems to be focused on providing a good trading experience to its customers. Sign up now and enjoy the many benefits and features of trading with EverFX.
Overall Rating: 8/10