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Trade Forex: In-Depth Review of EverFX
Introduction to EverFX
EverFX is a prominent international Forex broker that was established in Cyprus in 2016. The company offers comprehensive online trading services catering to both retail and institutional traders. In this detailed review, we will delve into various aspects of EverFX, including its regulatory status, account types, trading platforms, available instruments, deposit methods, and more.
Regulatory Oversight
EverFX operates under the trademark of ICC Intercertus Capital Ltd, a Cyprus-registered company that is regulated by CySEC (Cyprus Securities and Exchange Commission). This regulatory oversight allows EverFX to provide its services in European Union countries in compliance with the MiFID Directive.
In addition to its CySEC regulation, EverFX has a presence in offshore jurisdictions. ICC Intercertus Capital (Cayman) Limited is based in the Cayman Islands and is registered with CIMA (Cayman Islands Monetary Authority). The broker also has another division, Aerarium Limited, located in the Seychelles, which is regulated by the FSA (Financial Services Authority). While being in offshore zones may raise concerns for some, it’s important to note that these offshore divisions operate in conjunction with European regulation, enhancing EverFX’s compliance with regulatory requirements and providing a range of legal protections for traders.
Trader Protection
EverFX prioritizes the safety of its clients’ funds by segregating and separating customer funds from the company’s own assets. Additionally, the broker insures customer funds against the possibility of the broker’s insolvency. This means that in the unlikely event of the broker facing financial difficulties, client funds are safeguarded.
Negative balance protection is also applied to deposits, which means that traders cannot lose more than the funds they have deposited into their trading accounts, protecting them from extreme market volatility.
Leverage Levels
Leverage levels at EverFX vary based on regulatory restrictions and the choice of legal entity. In compliance with ESMA (European Securities and Markets Authority) regulations, maximum leverage for Forex instruments is capped at 1:30, while commodities offer leverage up to 1:10, and cryptocurrencies up to 1:5 for European clients.
However, traders who operate through EverFX’s offshore entities, such as those in the Cayman Islands and Seychelles, may enjoy significantly higher leverage of up to 1:500. It’s crucial to note that leverage levels can also depend on your place of residence, so consulting with customer support to confirm specifics is advisable.
Account Types
EverFX offers a range of account types designed to cater to traders of varying experience levels and preferences. Here are the four main account types:
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Entry Account: Geared towards novice traders, this account requires a minimum deposit of $250 and offers a spread of 1.5 pips without commissions.
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Standard Account: A classic account with a minimum deposit of $2,500 and a spread of 1.2 pips without commissions, suitable for traders with some experience.
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Premium Account: Designed for experienced traders, the premium account mandates a minimum deposit of $10,000 and features a narrow spread of 0.8 pips without commissions.
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VIP Account: Tailored for professional traders, this account necessitates a minimum deposit of $50,000, boasts a spread of 0 points, and charges a commission of $6 per lot.
Furthermore, EverFX accommodates Islamic traders by offering swap-free accounts, allowing traders to participate in trading without interest-related transactions.
Keep in mind that trading conditions may vary based on the jurisdiction you choose, so it’s essential to review the specifics before opening an account.
Trading Platforms
EverFX offers multiple trading platforms to cater to traders’ diverse needs:
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MetaTrader 4 (MT4): This popular and reliable platform provides advanced charting tools and automated trading capabilities, making it a top choice among traders.
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Status Platform: EverFX has also developed its web-based Status platform, providing convenient access to trading from any device worldwide.
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ZuluTrade: As an additional option, EverFX offers the ZuluTrade platform, a market-leading software that enables traders to copy the trades of professional traders. This social trading feature offers opportunities for learning, trading, and profit-making.
Trading Instruments
EverFX offers an extensive range of trading instruments, including:
- Forex and CFD currency pairs
- Stocks of major brands
- Indices from Europe, Asia, Australia, and the United States
- Precious metals
- Commodities
- Cryptocurrencies
This diverse array of instruments allows traders to build diverse portfolios and engage in various trading strategies.
Deposit Methods
EverFX supports various instant payment options for deposit and withdrawal, including Visa and MasterCard with zero deposit fees and a 3% fee for withdrawals. E-wallets like Skrill and Neteller are also available for convenient transactions.
Minimum Deposit
To initiate trading at the entry level of an account, a minimum deposit of $250 is required, making EverFX accessible to traders with various budget sizes.
Conclusion
In summary, EverFX is an international brokerage company with a strong regulatory presence in Europe and additional registrations in offshore jurisdictions. The broker offers a wide range of trading accounts with competitive spreads to cater to traders of varying skill levels.
Before making a final decision, it is advisable to read reviews of EverFX and consider the overall rating of Forex brokers to ensure it aligns with your trading goals and preferences.
General Information of EverFX
- Broker Name: EverFX
- Year of Foundation: 2016
- Headquarters: Cyprus
- Regulation: CySEC, CIMA, FSA
- Trading Platforms: MT4, Status
- EURUSD Spread: 1.5 points
- Demo Account: Available
- Minimum Deposit: $250
- Base Currencies: USD, EUR, GBP
- Maximum Leverage: Up to 1:500
- Assets: Currency pairs, stocks, indices, metals, commodities
- Deposit Methods: Bank Transfer, Visa/MasterCard, Skrill, Neteller
- Withdrawal Fee: Applicable
- Payment for Inactivity: Not specified
- Islamic Accounts: Available
- Segregated Accounts: Yes
- PAMM Accounts: Not specified
- Partner Account: Available
- Scalping: Not specified
- Automatic Trading: Available
- Mobile Trading: Available
- Web Terminal: Available
- Social Trading: Available
- Signals: Available
- VPS: Available
- Deposit Bonuses: Available
- Contests: Not specified
- 24/5 Support: Available
