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EverFX review and ratings

Established 2016
Location Cyprus Cayman Islands
Regulation CySEC, CIMA, FCA, KNF, CNMV, FI
Offices Limassol, George Town
Broker type STP | ECN
Leverage up to 1:500
Deposit from 250 USD
Spreads mid  mid
Platforms Web MetaTrader 4 MetaTrader 5 Specific
Instruments Currencies Crypto Indices Metals Energies Stocks
Funding methods Wire Transfer Credit Cards Skrill Neteller VLoad FasaPay Perfect Money Yandex Money Qiwi SticPay Alipay

Company information

EverFX group includes 2 related companies.

EverFX CY - located in Cyprus, regulated by the Cyprus Securities and Exchange Commission (CySEC).
EverFX KY - located in the Cayman Islands, regulated by the Cayman Island Monetary Authority (CIMA).

EverFX is also registered and supervised by the FCA (United Kingdom), the KNF (Poland), the CNMV (Spain) and the FI (Sweden).

Be aware, CY company has some trading restrictions because of the European Securities and Markets Authority (ESMA) influence.
At the same time, KY company accepts European traders, so one can open a trading account there.

Availability

EverFX group accepts clients from all over the world, excluding USA, Canada, Belgium, Iran and North Korea.

Distinctive features

Trading instruments

Forex broker offers the following underlying assets for trading.

50+ Currency Pairs Based on major and minor world currencies.
18 Crypto Pairs Based on Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Dash, Ripple, Neo, Monero, Eidoo, Zcash, Metaverse, Santiment, OmiseGO, EOS, IOTA.
10 Indice CFDs Based on baskets of different blue-chip stocks.
7 Metal CFDs Based on Gold, Silver, Platinum, Palladium and Copper.
3 Energy CFDs Based on Crude Oil (WTI, Brent) and Natural Gas.
50+ Stock CFDs Based on shares of US and EU companies.

Comprehensive review

EverFX is a forex and CFD broker based out of Cyprus and the Cayman Islands, which serves traders throughout Europe and the rest of the world, with the exception of the US, Canada, and a few other countries.

In Cyprus, the broker is regulated by both the Cyprus Securities and Exchange Commission (CySEC) and the European Securities and Markets Authority (ESMA), which ensures that the Cyprus-based branch of the broker must follow the strict European financial regulations. In the Cayman Islands, however, EverFX is overseen by the Cayman Islands Monetary Authority (CIMA), which practices a much more relaxed approach to forex broker regulations.

Although forex brokers generally assign clients to the branch they belong to geographically, i.e. European traders are assigned to the Cyprus-based branch, EverFX has made an exception here. As a result, an interesting opportunity exists for traders from the EU to sign up with the Cayman Islands-regulated entity of EverFX, and thus enjoy the much higher trading leverage that is allowed there.

The underlying assets available for trading with EverFX ranges from more than 50 major, minor, and exotic currency pairs, to a decent selection of the world’s most popular stock indices, a range of individual stock CFDs, cryptocurrencies, as well as commodity CFDs based on various metals and energies.

When it comes to trading platforms, EverFX offers a relatively unknown web-based trading platform known as Status, in addition to the old classics MetaTrader 4 & 5.

Status is a trading platform first released in 2017, in an attempt to develop a new and fully integrated platform for the retail forex brokerage industry. As such, the platform has made efforts to contain everything needed to maintain a client-broker relationship within the platform, while still not sacrificing anything in terms of performance.

The Status platform has further been featured in publications like Finance Magnates, and it appears to have received at least some praise from the forex trading community since its launch.

As far as account types go, EverFX gives its clients the choice between five different accounts; Entry, Standard, Premium, VIP, as well as a swap-free account for Muslim traders. The main differentiator between these accounts is the spreads they offer on various trading assets, and the minimum deposit required to be eligible for any specific account. At the time of this review, the minimum deposits for the Entry, Standard, Premium, and VIP accounts is USD 250, 2,500, 10,000, and 50,000, respectively.

All trading accounts with EverFX can be funded with the standard funding options such as Visa and MasterCard, Neteller, Skrill, and regular bank wire transfers. Unlike many other brokers, however, EverFX has so far decided not to accept cryptocurrency deposits and withdrawals, although these assets are available for trading in the form of CFDs.

EverFX’s customer service can be reached via email, live chat, or a Cayman Island-registered phone number. Unfortunately, however, the company does not state any opening hours for its customer service department, which makes us question whether they will really be there when an issue arises.

As a final note, it should be reiterated that we appreciate EverFX’s initiative to make available a new and relatively unknown trading platform, in addition to offering the old MT4 & 5 platforms. This way, the broker caters to both experienced traders who’d like to stick with a familiar user interface, as well as newer traders who instead prefers an easy-to-use web-based option.

Lastly, we also appreciate the fact that even though EverFX does operate largely offshore, its Cayman Islands-based branch is still regulated by a credible government agency.

Reviews from traders

5/5
(1 vote)
5/5
United Kingdom
United Kingdom
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