EverFX is an online forex broker that was started in 2016. It is regulated by the Cyprus watchdog, CySEC, and offers its clients the ability to trade forex, commodities, indices, CFDs and more using the MT4 platform. If you are interested in registering with EverFX, take some time to read our EverFX scam review find out the details about this new broker.
EverFX Customer Support
Anyone interested in getting in contact can do so through:
- Live Chat
- Online form
What we liked about EverFX’s contact page was that there were different emails for different departments. It showed organization and we hoped that it would mean quicker replies but it does not seem that is the case. Our inquiries to both the Complaints Department and the Support Department, which would undoubtedly most contacted by traders, did not receive any responses until about 6 days later for the Complaints Department and 7 days later for the Support Department.
That is not an acceptable response time especially in forex trading where time is crucial and things change quickly. Continue reading our EverFX broker review to find out more about this broker’s accounts and platforms and if it is the one for you.
There are four types of accounts offered by EverFX:
- Light ( $25 – $299)
- Standard ( $300 – $4,999)
- Premium ($5,000 – $19,999)
- VIP ($20,000 & Over)
There are certain features which all accounts share such as no fixed spreads. Each account’s spread starts from 0 pips and all of them use the same base currency. Market execution is also used for all of the account types and there’s no maximum orders account.
All of the accounts also have an instant deposit features, access to EAs, hedging and 24/5 support. All versions of the MT4 trading platform are available for each account along with EverFX’s education system.
The Light Account has a max leverage of 1:1000 with a commission of 4 per lot traded which is $8 per round lot. The maximum lot size is 4 per currency pair and the margin call is 50% while the stop out is 30%. There is no account manager or personal analyst available for Light Account users and there’s no phone trading allowed either. Trading via VPS is 20 euro per month, there’s no promotional offer available and it is also eligible for an Islamic account.
The leverage for the Standard account is half that of the Light Account at 1:500. The commission is 3 per lot traded or $6 per round lot. The maximum lot size 20 lots while the margin call is 50% and the stop out is 20%. Just like the Light Account, Standard Account users do not have access to an account manager, personal analyst or phone trading. But they are eligible for an Islamic Account and there’s a promotional offer for March. Trading via VPS is 20 euro per month just like the Light Account.
The Premium Account like the Standard Account has a leverage of 1:500, however, the commission is 2.5 per lot traded/$5 per round lot. The maximum lot size is 20 lots and the margin call is 50% while the stop out is 30%. Neither phone trading nor a personal analyst is available for the Premium Account, however, there is an account manager, unlike the Light and Standard Accounts. Also trading via VPS is without extra charge and it is also eligible for an Islamic account but there is no promotional offer.
The account with the highest deposit is the VIP Account. It has the lowest leverage of 1:200 with the lowest commission which is 2 per lot traded/$4 per round lot. The margin call is the highest at 80% with the highest stop out as well at 60%. It is not eligible for an Islamic account, however, tre is phone trading, a personal analyst, and an account manager available. Trading via VPS is without charge but there is no promotional offer.
One thing to note which you will not see in many EverFX reviews is that their account features, especially the leverage, will have to change. This is due to CySEC’s change in regulations at the end of 2016 which prohibits brokers from offering very high leverages, especially to beginner traders. But only time will tell how EverFX adapts to these changes.
There’s only one platform available for EverFX users and that is the MT4 platform. It is available in multiple forms such as:
While the MT4 platform is a highly popular platform, namely because it is free of charge to brokers, it does have its own shortcomings. And the fact that EverFX only offers the MT4 platform means you will be hindered by those shortcomings because there is no alternative offered to compensate.
Some of the disadvantages of the mT4 platform are that it’s not suitable for high-frequency strategies due to its slow execution. There is also no custom time frames on the charts and it lacks a dependable data source which is essential for backtesting. No doubt the MT4 platform is extremely popular and has its advantages but those are outweighed by its disadvantages in many cases and when a broker only offers one platform, it leaves you, the trader, to suffer.
EverFX Review Conclusion
The EverFX broker is regulated which is great but the poor response time of the customer support along with the lack of platform choices is not encouraging. When choosing a broker, regulation is not the only factor to consider, trading conditions along with customer support are critical and play a huge part in your success as a trader. While the EverFX scam does not seem to be a threat, this broker still has a long way to go.