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EvenForex Review - Is it scam or safe?

EvenForex Review - is evenforex.com scam or good forex broker?

RATING: 2 / 0 REVIEWS EvenForex
EvenForex is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Account type Minimum deposit  Min. trade size Maximum leverage Spreads
Standard $50 0.01 1:200 From 2.5 pips
ECN $500 0.01 1:100 From 0.9 pips+ $6/lot
EvenPro $5 000 0.01 1:100 From 0.9 pips
MasterPro $50 000 0.01 1:50 From 0 pips

 

EvenForex offers several account types, depending on the client’s initial deposit amount. All accounts offer NDD market execution with variable spreads and no commission fees (except on ECN account).  Micro tradeable lots are offered on all account types, while swap-free services are offered to clients of Islamic belief who deposit at least $5 000.

 

Account management services are also available with this broker.

 

While a minimum initial deposit of $50 looks quite attractive, the spreads offered on this account type are far above the average for the industry – starting out at 2.5 pips for the EUR/USD pair. The offerings for the ECN account holders are better – the cost of trading per standard lot being 1.5 pips as a minimum. Unfortunately, this means that the average cost would be above 1.5 pips, while a number of brokerages offer spreads within the range of 1.0 – 1.5 pips for this currency pair, and most of them are duly authorized to provide financial services.  

 

We will not comment on the trading conditions of the other account types, as we consider investing $5 000 and more in a non-regulated broker too risky.

 

The Company. Security of Funds

 

Company Country Regulation
EvenForex Business Solutions Pvt. Ltd Dominica N/A

 

Established in 2013, EvenForex claims to be a pure No-Dealing-Desk (NDD) brokerage, offering online trading in a wide range of financial assets, including a number of currency pairs and various CFDs on the industry’s standard MetatTrader4 platform.

 

Behind the brand is EvenForex Business Solutions Pvt. Ltd, a company headquartered and registered in Dominica. Dominica is an offshore destination where some international banking regulations apply to all companies operating out of it, however, forex brokers are currently not regulated.

 

To put it simply, if you choose to open an account with a non-regulated broker, your funds are not safe. So, if you intend to invest a large amount of money, we would advise you to select among brokers licensed by the respective authorities in the UK, Australia for example.

 

Nonetheless, we checked this broker out in the famous forexpeacearmy site (FPA), and the user reviews are overall positive.

 

Trading Platforms

 

EvenForex offers its services on the most popular trading platform among traders - MetaTrader 4 (MT4). It is available as a desktop, web and mobile versions.

 

It has been in use for over 10 years now and has proved to be stable and reliable. The MT4 has many functionalities and add-ons that have been developed over the years – most notably Expert Advisors, which allow full automatization of trades, and technical analysis indicators. MT4 also provides advanced charting tools and extensive back-testing environment. 

 

Bonuses & Rebates

EvenForex offers a welcome bonus of $10 for all live account holders, a rebates program and also organizes trading contests.

 

Methods of Payment

 

Clients of EvenForex are offered the following payment modes: credit cards, bank wire transfers, and e-wallets Skrill, Neteller, and WebMoney.

 

Conclusion

 

EvenForex is a forex and CFD broker that supports the popular MT4 platform and uses a pure NDD execution. Its main drawback is the lack of regulation. Besides, trading costs on its basic account types are above average. To sum up the above: 

                                                                                             

Pros Cons
ECN/STP execution model  Not regulated
Commission-free trading (except ECN account) Trading costs on Standard & ECN accounts above average
MT4 available  No choice of trading platforms
Low minimum initial deposit  
Promotions offered  

 

Latest news about EvenForex
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Traders` reviews for EvenForex

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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