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EverFX is an offshore broker that offers four account types with a leverage of up to 1:500. The license of this broker is issued on the Cayman Islands. It is owned by the ICC Intercertus Capital Limited in Cyprus and regulated by Cyprus Exchange and Securities Commission (CySEC).
CySEC requires Forex brokers to keep customer’s funds in segregated accounts and separated from the company’s operating funds. All CySEC regulated companies are members of the Investor Compensation Fund (ICF). ICF pays a compensation fine of up to 20,000 EUR if the company goes bankrupt.
EverFX allows its clients to trade in currencies, metals, indices, energies, commodities, and bonds. This brokerage also offers high-quality educational tools.
EverFX is allowed to offer cross-border services in all European Union countries.
EverFX’s Account Types
Trading account Minimum deposit Maximum leverage Spread
Entry Account $250 1:500 2 pips
Standard Account $2500 1:500 1.2 pips
Premium Account $10,000 1:400 0.8 pips
Standard Account $50,000 1:200 0 pips + $6 per lot
EverFX offers its clients a choice of several basic account types depending on their initial investment. This brokerage offers Straight Through Processing (STP) of trade orders. All accounts are provided with tight variable spreads starting at 0 pips. Commission fees and leverage varies by account type. EverFX has swap-free Islamic accounts and it is Sharia-compliant. This broker does not offer Contract for Differences (CFD) in the United States, Iran, Canada, and North Korea.
Trading Conditions at EverFX
- Minimum initial deposit
To open an Entry account with EverFX, traders have to invest $250. A client can start trading with some of the lowest spreads in the market with just a $250 minimum deposit.
- Leverage
EverFX offers high leverage levels up to 1:500 which are very rare. The European Securities and Markets Authority (ESMA) capped the maximum leverage for Forex transactions in retail customers at 1:30. It is the same with most regulatory authorities in the United States, Canada, and Japan. In Australia, brokers are unrestricted to give higher leverage to their clients.
- Spreads and commissions
All EverFX account types offer variable spreads which are pretty tight. It ranges from 0 to 2 pips on EUR/USD. However, commission fees vary from $4 to $8 per traded lot. The trading costs on a Standard account is below one pip EUR/USD per standard lot (spread average 0.2 pips on EUR/USD + $6 commission fee = approximately 0.8 pips). This broker has competitive pricing as most brokers offer spreads within the range of 1.0 to 1.5 pips for EUR/USD pair.
- Promotions and bonuses
EverFX launched various promotions this year such as a Refer-a-Friend program, Zero Trading Cost promotion, Gift Points promotion, 10% interest rate, Free MT4 VPS, and 100% Rebate Bonus.
Trading Platforms
This broker offers two trading platforms to its clients: MetaTrader 4 (MT4) and Web Trader STATUS.
MT4 is the most commonly used Forex trading platform in the world. It can be used in personal computers, MAC, tablets, and mobile phones. MT4 is internationally-acclaimed for its wide range of built-in technical indicators and Expert Advisors (EAs). Users can get ready-made accounts or create their own trading strategies. MT4 provides extensive back-testing options for traders as well as advanced charting tools and a user-friendly interface.
EverFX has developed its own unique web-based solution, the Web Trader STATUS. The STATUS platform provides easy access to the Forex market while also packing some advanced functionality. There are two sidebars on this platform which can be extended inwards and towards the chart to reveal EverFX’s instruments list and news section. It has a mobile version called EverFX Mobile Trader.
Various Payment Methods
EverFX has various payment methods. It accepts credit cards, debit cards, VISA, MasterCard, and bank wire transfer. It also has a variety of digital wallets including FasaPay, Vload, QIWI, Yandex, Perfect Money, Neteller, and Skrill. This broker does not have an option to pay with cryptocurrency coins.
Withdrawing money with EverFX is almost the same way with deposits. Digital wallets used for withdrawals can be confirmed within ten minutes on working days while other methods may take up to 24 hours to 2-6 business days. There is no minimum withdrawal amount with this broker.
Conclusion
EverFX is an FX and CFD broker that supports the popular MetaTrader 4 platform and utilizes a pure straight-through-processing execution model. It is duly regulated by the CySEC to operate in all European Union countries. This broker has tight spreads, low initial deposit, and various promotions and bonuses.
