An online brokerage with a truly global reach, EverFX lures clients to its trading platforms by offering them competitive spreads and superb trading conditions in general. The platform selection of the broker is impressive as well, and the way it treats its traders is outstanding too – at least on a theoretical level.
The broker states that the EverFX crew views its clients as teammates, taking a direct interest in their success. Whether this is true or not is up for debate, but it is quite certain that the overall trading conditions at EverFX are well above average.
The broker enjoys quite a bit of positive feedback from its clients too (some of this feedback has apparently been manipulated by EverFX employees though), however, there are a few complainers out there as well.
The complaints are not really about grave issues such as price manipulation and the mishandling of trader funds though, so overall, EverFX can indeed be considered a well-liked and safe destination for serious traders.
Does the broker offer anything its peers/competitors don’t though? What are its main selling angles?
There seems to be a lot of focus on education at the brokerage. There are webinars on offer, and every now and then, special training promotions are run, through which traders are given a tour of the trading platforms, as well as an introduction to the basics of technical analysis.
Ongoing assistance is also part and parcel of the EverFX experience. Personal account managers actively help traders built proper portfolios and achieve their goals in a straightforward and realistic manner.
Available 24/5, EverFX support is said to be one of the best in the business. In addition to all the above, traders also receive market alerts on a daily basis, directly into their inboxes.
The corporate face behind the EverFX brand is ICC Intercertus Capital Limited, a CIF (Cyprus Investment Firm) based at Antheon 2, Monovoliko Kato Polemidia Limassol, 4151, Cyprus. The company registration number is HE346662. As a CIF, Intercertus is a member of the investor compensation scheme, offering its traders solid guarantees regarding their deposits.
The operation is regulated and licensed by the Cyprus Securities and Exchange Commission. Its license number is 301/16.
The fact that it is the possessor of such a license, means that EverFX is MiFID compliant.
While it is free to peddle its deals through most of the countries of the EEA, EverFX does not accept traders from Belgium, Canada and the US, in addition to a handful of other states such as Iran and North Korea.
In addition to its CySEC license, the broker has registered with a number of other regulatory agencies as well, like the UK’s FCA, Poland’s PFSA and Spain’s CNMV.
EverFX Trading Platforms
The broker features two trading platforms: STATUS and MT4.
MT4 is the king and queen of online trading platforms, offering unparalleled features and functionality. Pretty much everything about MT4 can be customized, beginning with the trading environment and wrapping up with the EAs – one of the most liked/appreciated features of the platform.
The charting package offered by MT4 features scores of timeframes and chart types, not to mention drawing tools.
There are more than 50 preinstalled technical indicators included in the MT4 package which can be downloaded for free, from the EverFX website, and users are always welcome to install more.
In fact, those skilled enough, can code/create their own technical indicators.
The same goes for EAs. As mentioned above, Expert Advisors (auto traders of sorts), are among the most attractive features of the platform. Coupled with a good VPS service, traders can keep these automated traders running around the clock, pushing their best and most profitable strategies. As said above, traders can buy/create their own EAs and put them to use. Every one of the account types offered by the broker features a VPS option. Scripts can be added to further refine trading automation.
The STATUS platform is quite a bit different from MT4, but it too is very capable. Its most attractive feature is its social trading-linked one, which allows traders to visualize, to analyze and to copy the moves of other traders.
The platform also offers professional technical analysis, delivered directly thorough the trading interface.
The other strength of the Status platform resides in its focus on education. Like the broker itself, the platform sees education as a centerpiece of its overall offer. The educational content is delivered automatically, according to the actions taken by the trader on the platform. There is indeed no better way to get the hang of trading in general and the ins and outs of the platform in particular.
Mobile versions of both platforms are available for Android and iOS, as well as Mac.
EverFX Account Types
In addition to its Demo accounts, EverFX features three account types.
The Standard Account is obviously the most accessible. To create such an account, one only needs to make a deposit of $250. The maximum leverage is 1:500 and the spreads start from 1.2 pips – which is not exactly attractive, but one has to bear in mind that this is the base account option.
There are no commissions charged and instant deposits are available, together with EAs and a VPS service (which is indeed very impressive for a standard account). This service costs EUR 20 per month for those who choose to take advantage of it.
Hedging is allowed and the account is available in a Sharia-compliant, Islamic version too.
With a minimum deposit requirement of $5,000, the Premium Account costs quite a bit more. For that money though, traders get a much better overall package than the Standard deal.
The spreads for instance, start from 0.8 pips and there are no commissions involved. The maximum available leverage is 1:500 here too, and EAs as well as hedging are allowed. The VPS service offered for this account is free. In fact, only phone trading and the personal analyst options are not available.
The Premium account comes in an Islamic version as well.
The VIP Account wraps up the account-type list and it comes adorned with all the bells and whistles one could think of.
The minimum deposit for this one is $30,000, which obviously places it squarely out of the reach of the masses.
Spreads on this account start from 0 pips, but there is a commission of $4 per round lot involved.
Instant deposits are available as well as 24h withdrawals. Needless to say, the VPS service for this account is free and users can place trades through the phone too. Personal analysts are provided for the holders of such accounts.
This account type is not available in an Islamic version.
Deposits and Withdrawals
The deposit methods accepted by EverFX are a fairly standard bunch. Credit cards like VISA and MasterCard are preferred, but bank wires are accepted too, not to mention eWallets, like Neteller, Skrill and WebMoney.
The Bottom Line
While its reputation is not exactly spotless, EverFX is a decent trading destination. It is safe, well regulated and MiFID-compliant, it offers great trading platforms and its trading conditions are great (especially on the Premium Accounts).
Its market coverage could be improved though, through the addition of cryptocurrency-based CFDs. This hot asset-class should not have been left out.