EVForex Review – is it scam or safe?

EVForex review – Is www.evforex.com scam or safe forex broker?
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 Trading accounts

 

Account type Minimum deposit Minimum trade size Maximum leverage Average spreads
Live $500 0.01 lots 1:100 0.2 pips

 

EVForex offers just one type of live trading account, which we called “Live” for convenience. There is also a money management account (MAM) and a free demo account with virtual $50 000, valid for 30 days.

 

The broker offers trading in forex and CFDs on commodities and indices, but we could not find any further details on the portfolio, as the company seems to be rather new.

 

 

The Company. Security of Funds

 

Company Country Regulation
Electronic and Voice Foreign Exchange Ltd. UK FCA

  

EVForex is a brand of the company Electronic and Voice Foreign Exchange Ltd., which holds a license from UK's Financial Conduct Authority. The parent company provides mostly institutional services, but, judging by the entry in FCA's Financial Services Register, it is branching out to the retail forex market as well.

 

The FCA is one of the most robust supervisors and its license is rather coveted. The watchdog has a long and strict list of requirements, including capital and membership in the Financial Services Compensation Scheme (FSCS) which covers client funds up to  £50,000 in case the broker goes bankrupt.

 

The list of forex brokers regulated by the FCA is long and among them are FXCM, FxPro, IG, CMC Markets and XM, to name a few.

 

 

Trading Conditions

 

Minimum initial deposit

EVForex says it does not require a deposit to apply for a live trading account, but the sum required to actually start trading is $500. This is a relatively large sum, considering other FCA-regulated brokers like IG require just $1. FxPro, however, requires $100.

 

Spreads and commissions

EVForex offers pretty tight spreads and does not charge commission, which sounds very attractive for smaller clients.

 

Leverage

EVForex offers a relatively low leverage of 1:100. There are many FCA-regulated forex brokers like XM, IG and FXCM who offer higher leverage than that.

 

 

Trading Platforms

 

EVForex offers MetaTrader 4 (MT4) (desktop, web and mobile versions), which is the most popular trading platform among forex brokers and traders alike. It is a multiasset platform that has been around for over 10 years.

 

MT4 is stable and reliable, has many functions, offers API connectivity, supports PAMM and MAMM functionality and has a wide selection of technical analysis and charting tools. It is also user-friendly and supports Expert Advisors and automated trading. The broker also allows scalping and high-frequency trading.

 

 

Methods of Payment

 

We could not find clear and concise information about the ways clients can make deposits in their trading accounts, besides a vague mention of a bank transfer. It seems EVForex does not accept payments through online platforms like PayPal or Skrill, for example.

 

 

Conclusion

 

EVForex does not stand out among the FCA-regulated brokers with very attractive trading conditions. Its initial deposit is high and the leverage is low. Probably the only good thing about them is the fairly tight spread.

 

Pros Cons
FCA regulation High deposits
Tight spreads Low leverage

 

 

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