EverFX Review 2020

EverFX is a forex and CFD broker with over 130+ assets available for trading online via its proprietary ‘Status’ trading platform and the popular MetaTrader platforms available for desktop, web and mobile. The broker provides market news, Trading Central analysis and a traders education package. Despite this, the brokers fees and spreads are not the cheapest when compared to other online brokerages.

EverFX Review 2020, Pros & Cons
  • Choice of 3 trading platforms; Status, MT4 & MT5.
  • Cutting edge analysis powered by ‘Trading Central’
  • Free VPS available to VIP account holders
  • Clients from the United States, Belgium, Canada, etc are not accepted
  • Minimum deposit of $250 is high when compared to other brokers
  • Spreads & fees not the cheapest
  • Not as long established as other brokers

In this detailed EverFX review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.

EverFX is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including EverFX.

EverFX Review: Summary

EverFX states that its mission is to offer high quality trading environment to a global clientele. Founded in 2016, EverFX is a broker that offers forex and CFD trading online. The brand is owned and operated by ‘ICC Intercertus Capital Ltd’ which is a Cyprus based investment firm. It also has another office in the Cayman Islands.

The broker offers over 130 assets for trading online through its proprietary platform as well as the MetaTrader platforms. EverFX affirms that it achieves an execution speed of 80 milliseconds courtesy of its pure STP/ECN brokerage model which ensures speedy trade executions and competitive spreads.

EverFX Review: Broker Features

EverFX Review: Broker Features

EverFX has sponsored the Spanish top flight football team ‘Sevilla FC’. The partnership was engendered by the two organisation’s common values of justice, transparency and competition.

In 2018, EverFX was decorated with two awards in recognition for its excellent services. The broker won the ‘Fastest growing CFD Broker in Europe’ and the ‘Best New Multi-asset Broker in Europe’.

EverFX Review: Broker Awards

EverFX Review: Broker Awards

EverFX Review: Regulation

EverFX is the trading name of ‘ICC Intercertus Capital Limited’, which is registered in Cyprus with registration number HE346662. It is authorized and regulated by the ‘Cyprus Securities and Exchange Commission’ (CySEC). The license number is 301/16. EverFX is also registered in several European countries.

ICC Intercertus Capital (Cayman) Ltd is an investment firm registered in the Cayman Islands with the reg. no: 326096. It is authorized and regulated by the Cayman Islands Monetary Authority (CIMA). The license number is 1444866.

In its Anti Money Laundering (AML) and KYC Policy document, EverFX states that it is her major responsibility to prevent money laundering and terrorist financing. So, it has resolved to properly establish the identity of every client. To this effect, corporate accounts are subjected to produce copies of registration documents and directors’ identity while individual clients are required to provide a valid identity card and a utility bill.

EverFX is mandated by the regulatory authorities to keep clients’ funds in segregated bank accounts opened with the top tier banks. The accounts are properly audited to ensure full compliance. This is done to completely secure the clients’ funds from misappropriation in case the broker runs into financial difficulties. If in future, such a situation arises and EverFX becomes insolvent, the segregated clients’ funds should be refunded to the clients and should not be used to bailout the broker.

Secured Socket Layer (SSL) technology has been implemented across its websites and platforms in order to provide a digitally safe environment for all traders. SSL encodes all data transmitted between the traders’ workstation and EverFX servers. This restricts unauthorized access especially from internet hackers.

EverFX Review: Countries

EverFX does not provide its services to residents of certain jurisdictions such as the USA, Belgium, Iran, Canada, North Korea, etc. Some EverFX broker features and products mentioned within this EverFX review may not be available to traders from specific countries due to legal restrictions.

EverFX Review: Trading Platforms

Status Trading Platform

This is the proprietary trading platform built by EverFX for trading forex and CFDs online. ‘Status’ is web based making it compatible with all operating systems and on all devices. The platform is simple and very easy to use, making it suitable to traders of all experience levels.

Here are some of the platforms core functions:

  • Clients can easily enter positions using pending or market orders. They can also limit risks by using ‘take profit’ and ‘stop loss’.
  • Funds deposit into the trading account can be made from the platform.
  • News headlines are streamed on the platform.
  • One-click trading is supported.
  • Customizable with price alerts.
  • Up to 7 chart styles are available.
  • Charts are displayable on 9 timeframes from 1 minute to 1 month.
  • It has about 114 inbuilt technical indicators which are useful in technical analysis.
EverFX Review: Status Trading Platform

EverFX Review: Status Trading Platform

MetaTrader 4 (MT4)

MT4 is a popular investment platform used in the forex and CFD trading industry. It was developed by ‘MetaQuotes Software Corporation’ in 2005. The platform is widely used because of its features and capabilities. The MT4 platform is available as WebTrader, Windows desktop application and also on mobile platforms for iOS and Android devices. It is loaded with tools for trading and analysis of the markets. The platform is fast, reliable and extendable with plugin apps. It also supports automated trading which is made possible through the use of Expert Advisors (EAs), otherwise known as trading robots. Other software tools and indicators, which add to the inbuilt features of MT4, are also available as plugin apps.

EverFX Review: MT4 Trading Platform

EverFX Review: MT4 Trading Platform

MetaTrader 5 (MT5)

This is an updated version of MT4 developed by the same MetaQuotes Software Corp. in 2010. It is very similar to MT4 in terms of appearance and functionality. The major difference is that the MT5 has more features and capabilities compared to MT4. Just like the MT4, the MT5 supports the use of EAs to automate strategies and can also be expanded with the use of plugin apps. However, MT4 apps will not run on MT5 and vice versa. This is one of the reasons that MT4 has remained the platform of choice for many online traders due to the vast array of additional tools readily available.

Here are some of the MT5 features in relation to the MT4 platform:

  • Charts can be displayed on over 21 timeframes unlike the MT4 that has only 9 timeframes.
  • Comes preloaded with 38 technical indicators while the MT4 has 30.
  • MT5 has 44 analytical objects while the MT4 has only 24.
  • Multiple order management which includes 6 pending orders while the MT4 has 4 pending orders.
  • Only the MT5 comes with the ‘Calendar’ tab which shows the economic calendar.
EverFX Review: MT5 Trading Platform

EverFX Review: MT5 Trading Platform

EverFX Review: Trading Tools

Trading Central

This is a global fintech firm that provides incisive research and analysis of the financial markets. Trading Central research is available in over 30 languages and covers about 75,000 assets. EverFX clients receive daily emails containing technical analyses from the popular assets. The Trading Central MT4 plugin app also streams the daily analysis, WebTV and trading insights directly on the MT4 platform.

Economic Calendar

This is an important tool to traders who use fundamental analysis strategies. This calendar is used to plan trades based on the dates and times of important releases and events which the trader can customize to suit their favourite instruments. The analysts’ forecast of the impact of the event is given on the calendar.

EverFX Review: Economic Calendar

EverFX Review: Economic Calendar

Virtual Private Server (VPS)

A VPS can run your trading platforms remotely 24/7 so that you do not need to keep your computer running. This can be very useful to traders who use EAs and complex trading systems that require a stable internet connection, uninterrupted power supply and very high speed. The EverFX VPS provides low latency and reliable connections to the trading servers. It is provided free of charge only to VIP account holders. Every other trader who needs VPS services is required to pay $20 per month.

EverFX Review: VPS

EverFX Review: VPS

EverFX Review: Education

There are over 95 video tutorials in the education section of the EverFX website. The videos have several lessons on forex trading, crypto trading, CFDs, technical indicators, trading psychology, market analysis, trading strategy, signals, etc. The videos are clear, short and animated. There are a few articles on a number of trading topics which includes interest rates, quantitative easing, etc.

EverFX Review: Trading Instruments

The following instruments are available for trading online with EverFX:

  • 51 Forex Currency Pairs including minor, major and exotic crosses
  • 16 Indices
  • 17 Commodities
  • 17 Cryptocurrencies
  • 11 EU Shares, 54 US and Canadian Shares and 2 Hong Kong Shares.

EverFX Review: Trading Accounts & Fees

EverFX has different account types which depend on the trader’s capital and trading conditions desired. The maximum leverage is 1:500.

  • Entry account: This account is designed for beginner traders who cannot risk much because of inexperience and limited knowledge. The minimum deposit is $250 and the spread starts from 1.5 pips.
  • Standard account: This minimum deposit is $2,500 and the spread starts from 1.2 pips. A personal account manager is assigned to account holders. They also get access to research and analytics powered by ‘Trading Central’.
  • Premium account: EverFX says that this account is the most popular. The minimum deposit is $10,000 and the minimum spread is 0.8 pips. Account holders get a monthly session with EverFX senior market analyst.
  • VIP account: This account is reserved for professional traders with huge trading capitals. The minimum deposit of $50,000 and the spread starts from 0 pips. A commission of $6 per lot is charged on trades. In addition to other benefits, exclusive trading strategies are made available to account holders and trading plans are developed for them.

Swap-free accounts that comply with Sharia law are provided for Islamic traders. The application form is available for filling on the website or by applying through email.

EverFX Review: Broker Account Types

EverFX Review: Broker Account Types

As broker fees can vary and change, there may be additional fees that are not listed in this EverFX review. It is imperative to ensure that you check and understand all of the latest information before you open an EverFX broker account for online trading.

EverFX Review: Customer Service

The support desk is available 24/5 and speaks a few languages. A ‘Contact Us’ form is available on the website for enquirers to ask their questions. Response is usually by email. The support desk can also be reached via email and phone lines. A Frequently Asked Questions (FAQs) section is available where the team answers likely questions about the company, accounts, payment options, trading and assets. On social media, EverFX is available on Facebook, Twitter, Instagram, YouTube and LinkedIn.

EverFX Review: Deposit & Withdrawal

EverFX does not charge commissions on deposits. The broker states that it processes withdrawals within a working day. Withdrawal charges apply. Please be aware that third party payment processors may charge additional fees.

The following payment methods are accepted:

  • Credit/Debit Cards: The accepted cards are Visa and Mastercard. Card deposits are instantly processed. For withdrawals, a fee of 3%, minimum of $3 is charged. Withdrawals are processed within a day but it may take more days before the money reaches the card.
  • Bank transfers: This method is the slowest as it takes 3-7 days for either deposit or withdrawals. No deposit fees are charged.
  • Online Payments: The payment gateways accepted are FasaPay, VoguePay, VLoad, Skrill, Paytrio, Neteller, STICPAY, Solid Payments and Apcopay. The transactions are processed instantly or at most within a few hours.
EverFX Review: Payment Options

EverFX Review: Payment Options

EverFX Review: Account Opening

To create a new trading account with EverFX, click on the ‘Start Trading’ button located on the far right hand side of the menu bar. The form below displays.

EverFX Review: Broker Registration Form

EverFX Review: Broker Registration Form

Fill the form and click ‘Signup’. A thank you message is displayed and a questionnaire pops ups asking questions about your source of funds, financial details, trading experience, etc. You will be logged onto the clients’ area where you can upload verification documents, download platforms, make deposits and start trading online.

EverFX Review: Conclusion

Though a relatively new brand, EverFX is an award winning broker that is interested to build a relationship with its clients. The broker is regulated and aims to provide adequate security to its clients’ funds and overall network.

The proprietary ‘Status’ trader is intuitive, fast and replete with analytical tools. The MetaTrader platforms are industry leaders and suitable for all trading styles, strategies and systems. Several payment options are available which is useful so that a wide variety of clients from different countries can be accommodated.

The ‘Trading Central’ analysis is powerful, incisive and very useful to every trader. The provided training videos will help to give any new online trader the necessary basics needed to commence a forex/CFD trading journey.

However, the minimum deposit of $250 is high when compared to other brokers who allow a deposit of $10 or even less before live trading can commence. No trading glossary is provided. There are no managed accounts and no social trading platforms. The spreads and commissions are also not the lowest and we would therefore consider other online brokerages which you can see listed under our best trading brokers.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Min $250 Deposit

EverFx is a forex & CFD broker with 130+ assets available for trading on its proprietary ‘Status’ trading platform & MetaTrader. Market news, Trading Central analysis & traders education package are provided. However, the fees & spreads are not the cheapest.