STP (Straight Through Processing) brokers seem to be taking over the Forex market, and the efficiency of this new model is certainly worth taking a look into the matter. The majority of those new broker houses promise a set of tantalizing benefits, such as instantaneous execution, safe trading environment, tightest spreads, and so on. However, not all of those companies are equally professional and trustworthy, and our EverFX review will provide you with the necessary information about this particular trading provider.
EverFX – at a glance
EverFX is a Forex trading brokerage established in Cyprus in 2008. Boasting a 12-year experience, one might assume that the broker should’ve perfected its platform, as well as its offerings. And to some part, that’s true: if you take a look at the EverFX trading instruments or commission levels, you can clearly tell that the broker has discovered a way to appeal to its clients.
With that being said, however, we’re not entirely convinced that the EverFX scam is completely avoided here. You see, the broker might come with overly lucrative trading terms and conditions and the promises to take your trading portfolio to a whole new level, yet when it comes to safety, it might not be as forthcoming.
And in the case of EverFX, we suspect the exact same thing. We think that the broker is trying to lure in as many clients as possible with its flashy conditions and fancy regulatory claims, yet in the actual performance, it has very apparent grey areas. We’ll discuss this in detail further down below but let’s just say that we’re not convinced that EverFX is regulated by the world’s most powerful financial institutions.
EverFX – trading accounts
When it comes to registering at EverFX, the broker offers you three different retail accounts:
- Premium – 5,000 USD min. deposit
- Standard – 250 USD min. deposit
- VIP – 30,000 USD min. deposit
As you can see, the placement of these accounts is a little bit off, but that’s not our doing: the broker itself lists them in this exact order. But it’s not the most suspicious thing about them. As we’ll discover in the upcoming sections, EverFX is lying to its clients about zero commissions, and the proof for that is right on the website.
In addition to the retail accounts, EverFX also lets you choose a demo account. To be fair, there’s nothing wrong about this offering, yet it’s also not something to be impressed about. Almost every broker features a demo trading platform on their website and it’s not some legendary undertaking to improve our EverFX opinion.
How to trade with EverFX
As for the actual trading process, we have noted that EverFX boasts some pretty impressive trading terms and conditions, or at least that’s how it seems from the outside. However, there are quite a few grey areas that make us suspicious about the credibility of this broker.
First things first, let’s talk about the available financial instruments. As EverFX claims, there are well over 1,000 assets you can trade with it, and fairly enough, we found the listings for pretty much all of those assets on the website.
We also looked for the available leverage on the website, yet couldn’t find anything specific. Assuming that EverFX does have a CySEC license, the maximum leverage it can ramp up to is 1:30, yet we cannot say that for sure.
What we can say is that there are suspicious details in the commission department that further enforce our EverFX fraud theories. As the broker claims, it charges no fixed commissions whatsoever, and the only commission type that you need to pay is via spreads. However, as we inspected the account packages, we found that the Premium and Standard accounts have the so-called “other charges” that clearly don’t fit in the no-commission policy.
As for spreads themselves, the VIP account can give you a 0-pip spread, although it’s very suspicious that you can select an account that has no commissions whatsoever, neither spreads nor other types of charges.
Then there’s software support. As EverFX claims, there are at least three different platforms that you can use to trade all available instruments. These platforms include MetaTrader 4, MetaTrader 5, and WebTrader. To give the broker some credit, these platforms are more than capable of ensuring a seamless and smooth trading experience. Yet it still doesn’t prove that EverFX is a trustworthy broker.
Can EverFX be trusted?
The most important thing you want to find out about your broker is how safe it is to actually trade with it. Even if it offers no spreads and commissions and comes with the highest leverage rates, if it doesn’t ensure your safety in the market, the broker can easily undermine your financial stability.
In EverFX’s case, there’s quite a bit to talk about. As the broker claims, it comes with a vast set of financial licenses from various regulators. Let’s take a look at them:
- Cyprus Securities and Exchange Commission (CySEC)
- Financial Conduct Authority (FCA) – the UK
- National Securities Market Commission (CNMV) – Spain
- Netherlands Authority for the Financial Markets (AFM)
- Financial Supervisory Authority (FI) – Sweden
- Financial Supervision Authority (KNF) – Poland
- Cayman Islands Monetary Authority (CIMA)
- Financial Services Authority (FSA) – Seychelles
What an impressive set of regulators, isn’t it? Well, as our review of EverFX Forex broker shows, not all of them are actually regulating the broker. In real life, you’re only getting three licenses: CySEC, CIMA, and FSA. And while the CySEC license is still a Tier-1 regulation, the fact that EverFX falsely lists all other licenses like the FCA, CNMV, and FI indicates that the broker tries to trick you in believing that there are more prestigious regulators present on the platform, when they actually aren’t.
Bonuses and promotions
Incentives are an obligatory element in the trading business, and EverFX also uses various forms of promotions and rewards to entice the traders to join their company. However, in our expert EverFX opinion, it is evident that this broker simply does not offer enough in this department, and that prospective investors should look elsewhere for high-quality bonuses. The so-called “zero-cost trading” and a “refer-a-friend” feature are the only available options, and this area needs improvement as soon as possible.
Deposits and withdrawals
Most EverFX opinions are positive when it comes to the array of options that clients have when they want to deposit or withdraw the funds, but the offer is rather is straightforward, and it does not bring anything new to the table. You can use credit cards, such as VISA or MasterCard, or you can transfer the money with the help of e-wallets or bank wire transfer. All methods should be fast and efficient, which is sometimes not the case with this broker.
Customer support
Every decent company understands the need for having a professional and trained staff available at all times, and EverFX Forex broker seems to be forgetting about this “rule.” The lack of localized support is somewhat compensated with the use of several means of communication that clients can use to reach the customer support, such as e-mail ([email protected]) and phone, but this is not nearly enough to make this company one of the best in the market. Social links are also displayed on the site, and there is an address in Cyprus (Antheon 2, Monovoliko 4, Kato Polemidia, 4151 Limassol, Cyprus) which can also serve as a method of contacting this broker house.
EverFX review conclusion
After everything we’ve discussed in this EverFX broker review, what’s our final opinion about it? Should you do business with this brokerage?
Well, let’s take a step back and list the most important elements of EverFX: The broker comes with a seemingly impressive set of financial licenses, yet upon further inspection, our reviewers have discovered that many high-tier regulators are falsely mentioned on the website; they don’t actually monitor the broker’s actions.
As for trading terms and conditions, EverFX claims to have no commissions and shallow spreads, yet the website itself indicates that at least two account types featrue ‘other charges’. This points out that EverFX isn’t honest to you and tries to trick you with flashy claims.
All in all, we conclude that the question of “is EverFX legit?” has more of a negative answer than positive. You’d better stay away from it for the sake of your financial stability than hazy profit promises that might not actually be true.
