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EverFX Global Review - is it scam or safe?

EverFX Global Review - is everfxglobal.com scam or good forex broker?

RATING: 1.8 / 1 REVIEWS EverFX Global
EverFX Global is an offshore broker. Your money is not safe.

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EverFX Global is an offshore broker offering four account types with a leverage of up to 1:500 and the MetaTrader4 platform. The broker has a license, issued on the Cayman Islands, but that is not what we expect from a legit broker, so if you consider depositing your funds with them be sure to read this review first.

 

Trading account  Min. deposit Max. leverage Spread
Entry Account $250 1:500 2 pips
Standard Account $2500 1:500 1,2 pips
Premium Account $10 000 1:400 0,8 pips
Standard Account $50 000 1:200 0 pips + $6 per lot
 

EverFX Global Advantages:

 

Leverage up to 1:500

 

Our custom is to start our reviews with all the possible benefits a broker might offer to its clients, and here with EverFX Global it is the generous leverage.

 

Leverage as high a 1:500 is rarely seen these days, especially after the pan European regulator – the European Securities and Markets Authority (ESMA) capped the maximum leverage allowed with forex transactions for retail customers at 1:30, following similar steps by the regulatory authorities in the U.S., Canada and Japan. 

 

Still, if you are tempted by the idea of risking your funds with higher leverage, we may suggest that you try a broker regulated in Australia – the last major regulatory hub, where higher leverage remains unrestricted:

 

>>Brokers regulated in Australia<<

 

MetaTrader4 supported 

 

And that is another positive point. This is one of the most commonly used trading solutions on  the market, featuring numerous market indicators and trading robots, with the help of which one can easily run automated trading sessions. And besides, MetarTrader4 is equipped with an excellent pack of advanced charting tools so here you may also check our list of brokers, which support the platform as well:

 

>>MT4 Brokers<<

 

Acceptable minimum deposit requirement

 

The required sum is 250 USD and this is in line with what most broker would also require to let you start trading with them. Still, have in mind that some big names like FBS and IG will let you start trading with virtually 5 USD or even less

 

Various payment methods

 

At EverFX Global you can pay only with VISA, MasterCard, bank wire and a variety of e-wallets including FasaPaya, Vload, QIWI, Yandex, Perfect Money, Neteller and Skrill. We do not see the option to pay with crypto coins however, so here you may check our list of brokers, that accept payments with bitcoins.

 

>>Forex Brokers Accepting Bitcoin<<

 

EverFX Global Disadvantages:

 

Unreliable license

 

EverFX Global is owned by ICC Intercertus Capital (Cayman) Limited, which is incorporated offshore on the Cayman Islands. The company holds a license by the local Cayman Islands Monetary Authority (CIMA), but as we already noted, that does not impress us much.

 

Under the local law all licensed brokers should have a minimum payed up capital of at least 100000 Cayman Islands Dollars or about 120 000 USD. The similar capital requirement for all brokers, regulated in the EU on the other hand is for an operational capital of no less than 730 000 EUR. As you may see the capital requirement on the Cayman Islands is simply not comparable to the one in Europe.

 

The more serious problem with any offshore license, however, is that the local authorities simply lack the capacity to oversee internationally operating brokers.

 

Here we should note that ICC Intercertus Capital (Cayman) Limited is connected to ICC Intercertus Capital Ltd, which is licensed by the the Cyprus Securities and Exchange Commission (CySEC) and operates to European brokers - EverFX and Inflyx. That fact, however does not make EverFX Global more legit. 

 

Moreover we registered our account with EverFX Global through one of the so called robo scam websites - AI Stock Profits and that dose not help with the broker's reputation either. See for your self:

 

 

So here once again will will repeat our usual advise to trade only with brokers, properly licensed by a well known and well trusted institutions, like the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), or the Australian Securities and Investments Commission (ASIC).

 

Besides, with a FCA broker you will even get an insurance, which will cover up to 85 000 GBP of your finds, even if your broker files for bankruptcy. So here you may also check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

Trading bonuses

 

This is another disturbing point. EverFX Global offers trading bonuses – a highly controversial practice, banned on many regulated market as for example the European Union.

 

 

The general problem with all trading bonuses is the simple fact that they are all linked to some additional withdraw conditions as for example a minimum trade volume requirement. And if you happen to trade with scammers, they will surely use their bonus policy to cancel all of your withdraw requests.

 

In the case of EverFX Global we are not even sure what their bonus conditions are, as this information is omitted in their presentation. 

 

Unspecified maintenance fee

 

Be aware as well that  EverFX Global reserves the right to charge you a  maintenance fee, without specifying the exact amount.

 

High spreads

 

As tested with a demo account the benchmark EURUSD spread floated about 2 pips and that is at least half a pip higher than the spreads traders would usually find attractive.

 

 

So here you may also check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Few trading instruments

 

Although  EverFX Global says to be offering over 50 forex pairs and lots of CFDs on indices, stocks, precious metals, agricultural and energy commodities, and crypto coins, in reality, when we opened a demo account we count just 23 major currency pairs and two CFDs – on silver and gold. So if you are tempted by the idea of trading crypto assets, here you may also check our list of brokers offering bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Conclusion:

 

As we already noted  the EverFX Global Cayman Islands license is not worth more than the piece of paper it is printed and that is why we review the broker as a unregulated one. And besides, we are not impressed by the trading conditions either, so our best advise remains that you trade only with brokers licensed on a major market like Europe, the U.S., Canada or Australia.

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Traders` reviews for EverFX Global

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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a proper 24 carat scam

it is a rigged platform proper unrefulated by FCA a con a theifing firm all forex and etc is a 24 carat scam

ashfak ahmed 07/05/2019
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