EverFX Review

EverFX’s current global corporate model seems to be confusing for many. There are two websites out there, both pushing the same online FX/CFD deals and the same EverFX brand: everfx.com and everfxglobal.com.

Some people seem to think that everfx.com is where the broker used to operate, before it moved to everfxglobal.com.

Here’s what is really going on here:

Everfx.com is operated by ICC Intercertus Capital Ltd, based at Antheon 2, Monovoliko 4, Kato Polemidia, 4151 Limassol, Cyprus. This branch of the company is registered in Cyprus, under registration number HE 346662. It is licensed by CySEC, under registration number 301/16. This license makes the brokerage MiFID-compliant, which means that it can legally offer its trading services all over the EEA, with the exception of countries where online trading is forbidden by law.

To take its regulatory coverage further, the company registered its services with a number of other EEA financial authorities. Thus, it is currently registered with Spain’s CNMV, the Netherlands’ AFM, Sweden’s FI, Poland’s KNF, as well as the FCA of the UK. Everfx’s FCA registration number is 763771.

Everfxglobal.com is operated by ICC Intercertus Capital Cayman Limited. This side of the company is based at Artemis House, Fort Street, KY1-1111, Grand Cayman, Cayman Islands. It is obviously responsible for delivering the services of the brokerage to jurisdictions not covered by the above described Cyprus-based branch.

Intercertus Cayman Limited is regulated by the Cayman Islands Monetary Authority (CIMA). Its registration number is 1444866. The card transactions done through the Cayman Islands branch are processed through the Cyprus company.

EverFX does not accept traders from the US, Canada, Belgium and North Korea.

EverFX offers a 10% Deposit Interest Rate (hereinafter the “Offer”) to its clients, terms and conditions apply. The 10% Net Deposit Interest will be calculated on the NET amount credited in the client’s trading account.

Despite its impressive regulatory standing, the brokerage has not really been able to build up a proper reputation among its users. One look at community rating/complaint portals such as Trustpilot will paint a pretty abysmal picture of the brokerage.

What we have noticed about these Trustpilot reviews however is that the ratings pages are abused by scammers promising  people to recover their monies from crooked brokers. Such scammers use the message board to advertise their dubious services and they always rate the broker whose page they spam, the worst possible score.

The legitimate-looking complaints on the page allege the abusive closing of trades, problems with withdrawals and rude support staff. Apparently, there might be some shady 3rd party activity going on as well. Some other entity may be signing people up to EverFX.

Why would you want to sign up with this broker? What are some of its unique selling points?

It offers Autochartist access, free education and good trading platforms. Above and beyond that, it possesses an impressive number of awards, handed out by various industry-based organizations. In 2018 for instance, EverFX was proclaimed the fastest growing CFD broker in Europe.

That same year, it picked up the best CFD broker in the Middle East award.

Platform & Tools

EverFX’s trading platform selection is focused solely on MT4. The world’s most popular (and arguably: best) trading platform has been made available in a number of different versions.

Its WebTrader variant is the most accessible to all comers. It is a no-download, browser based version, which retains most of the functionality and the capabilities of the full, desktop version.

The desktop version is your usual MT4, which can be grabbed for free off the website of the broker. EverFX’s version comes with some  25 pre installed technical indicators, though users are always free to add more to this selection.

Seamless switching between various chart types is possible. The platform supports three types of order execution and traders can use stops and trailing stops.

MT4’s strength is charting and analysis. To this end, the platform supports 9 time frames, scores of drawing tools and it allows EAs.

Expert Advisors are MT4 applications which can trade away automatically on behalf of traders. By combining them with custom scripts, some traders can turn these EAs into profitable money-making machines. Some brokers do not allow EAs, as they may offer traders an edge deemed “unfair”. That is not the case with EverFX however.

In addition to the desktop and web-based variants, the platform is available in mobile versions for Android and iOS devices as well as in a Mac variant.

Needless to say, it retains its most attractive features and capabilities in mobile mode too.

Asset Classes

The broker covers the usual tradable asset classes. Forex pairs are the top supported asset class. Scores of majors, minors and exotics are available. The trading conditions are some of the best on major currency pairs such as the EUR/USD.

The metals section offers gold and silver against the EUR as well as the USD. Palladium, Platinum and Copper are also tradable.

As far as shares go, scores of major US shares are supported. Energies-wise, traders can try their luck with oil and natural gas. Apparently, a handful of marijuana-related shares are supported as well.

The indices section covers 10 major indices. Interestingly, the broker does not seem to cover cryptocurrencies, and no, they are not “hidden” in the Forex section either.

Commission & Fees

Opening an account at EverFX does not carry any additional fees. The spreads and commissions required depend exclusively on the account type for which traders sign up.

In this regard, the most accessible option is the Standard Account. Requiring a minimum deposit of just $250, this account type charges no commissions, but it features spreads starting from 1.2 pips. Predictably, these spreads are the largest the broker has on any of its account types.

The spreads of the Premium account start from 0.8 pips. Like the Standard, it does not charge any commission either. Its minimum required deposit is $5,000 however.

The VIP account is obviously for high volume traders. Its minimum required deposit is $30,000, so it is safe to assume it is not an option for the rank-and-file traders.

The spreads of the VIP account start from 0 pips. It does however charge a commission of $4 per round lot. VIP traders also get a free VPS deal.

That’s what you will have to pay if you trade with EverFX. There are no additional charges on account creation or deposits/withdrawals.

Research & Education

The broker has made available a standard range of webinars, seminars and tutorials. Those looking to learn how to trade at EverFX, will likely not be disappointed.

Their tutorials section comes complete with a video library.

Customer Service

The broker is present on all major social media channels. Its support staff can be contacted through email (support@everfx.com), as well as phone (+357 25 885000).

EverFX support personnel can be reached through Telegram, Viber, WhatsApp and Facebook Messenger as well. The Contact Us page of the official site features an email form too.

Mobile Trading

As mentioned, the MT4 platform is available in iOS and Android versions. Both of these retain most of the capabilities of the desktop platform.

Conclusion

EverFX’s reputation may not be the best, but the brokerage presents itself as a solid trading destination.

Its regulatory background is great. Its trading platform versions are quite superb and its trading conditions are not bad either.

As we have pointed out, a lot of the negative trader feedback is dubious and most likely spam.