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EverFX Review 2020 – Find Out What This Broker Has to Offer

Nov 17, 2020 , ,
Everfx

EverFX is a Cyprus-based online broker that offers both forex and CFDs. ICC Intercertus Capital Limited is the parent company that runs this brand. The broker has a current registration with CySEC, the Cyprus financial regulator. They require a high minimum deposit, charge commissions, and have a generally low reputation among online customer reviews.

High Deposits and High Commissions

The minimum deposit to open a standard account is $300, somewhat higher than the deposits at other similar brokers. They have two more account types, Premium and also VIP. These accounts offer lower commissions on each lot traded. The commissions start at $6 per lot with standard and go down to $4 with a VIP account. This is a straight-through processing broker, meaning that the primary revenue stream is these commissions. Also, the spreads are very low, about 0.2 pips.

Leverage Offered Above ESMA Limit

Despite their CySEC registration, which puts them under the jurisdiction of the ESMA, this broker offers leverages of up to 1:500. ESMA regulations require that all brokers offering services in the European Union will cap leverage at 1:30. From time to time, this broker provides a variety of special promotions. These practices are frowned upon by regulators and are sometimes even illegal. Bonuses include referral programs and also limited time zero trading cost programs.

Everfx review

Trading Platforms with EverFX

EverFX lets traders use the popular MetaTrader4 platform to invest. This versatile platform is the standard among online brokers. It is available in PC and Mac versions, a web-based version, and on both iOS and Android app stores. Advanced charting and technical indicators let traders analyze their options and make the best trades they can. EverFX also has its own web-based platform. This platform is very simplified and doesn’t match the countless features of MetaTrader4.

Warning from French Canadian Regulator

The Autorité des Marchés Financiers, the financial regulator for the Canadian province of Quebec, maintains a public list of brokers that they believe present a possible fraud risk to the public. They say that EverFX is soliciting Canadian investors illegally. EverFX does not have the appropriate registration to sell CFDs in certain jurisdictions, like the USA and Canada. The AMF believes that the broker is doing just that.

Stand Up for Yourself Today

In conclusion, registered brokers don’t have the same ability to disappear without a trace as unregistered brokers. There are many investor protections in place. If a registered broker has wronged you, you have an excellent chance of retrieving your funds. Our team has experience in negotiating with brokers and regulatory bodies needed to help you today. Call us now for a free consultation.

Is EverFX regulated in the UK?

EverFX is not directly regulated by FCA. They do have temporary permission to conduct services in the UK based on their former EU regulation before Brexit.

How do I withdraw money from EverFX?

EverFX website does not give much information on deposit and withdrawal. In case you want to withdraw your funds, you need to submit a withdrawal request in your trading account. It remains unsure if there are any fees for withdrawals.

Where is EverFX Global regulated?

EverFX is regulated by CySEC in Cyprus and by CIMA, Cayman Islands regulatory body.