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
Since EverFX is a relatively young and unknown broker, traders are still hesitant when it comes to investing their hard-earned funds with this enterprise. And even though this company is regulated by CySEC, under the licensing number 301/16, the possibility of EverFX scam should not be eliminated just yet. EverFX operates as a trading name of ICC Intercertus Capital Limited, and it was established in late 2015. The compliance with MiFID and membership in the Investor Compensation Fund are important facts, but there are other issues that dampen the overall quality of this broker.
EverFX – trading accounts
Just like most other brokers out there, EverFX also offers the options of using a demo account to “test the waters” and check out their trading portal. Aside from the trial version, there are four other categories of accounts available, but the majority of EverFX reviews agree that this selection is not offering much and that these types are pretty similar in what they are providing. The names of these types are Light, Standard, Premium, and VIP, and they are differentiated by the minimum amount you need to invest and also by the leverage that is provided during the trading process later on.
How to trade with EverFX
The actual trading process with EverFX broker is performed on a well-known MetaTrader 4 platform, and even though this software has a lot of potentials – the guys at EverFX fail to utilize the full range of features of this package. Admittedly, the software comes equipped with a standard set of tools, such as analytical indicators, Expert Advisors, market news, and so on, but a lot more could have been incorporated into MT4. Forex and CFDs can be traded once you register and deposit at least $250, which is the minimum amount required.
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.
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@example.com) 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
EverFX is still a young and aspiring company, but it is evident that they are still in the process of learning the ropes and our EverFX FX broker review pinpointed the elements that need improvement so that this company becomes a leader in the market. Their current offer is not poor, but it lacks trust from our side, and certain areas will require serious restructuring soon.