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EverFX

EverFX Review
Trader's rating 3.6
Editor's rating 3

Account Types

 

Account Type   Min.Deposit  Min. Trade Size Maximum Leverage Average Spreads (& Commission)
Standard $300 0.01 1:500 0.2 pips + $6 per round lot
Premium $5 000 0.01 1:500 0.2 pips + $5 per round lot
VIP $20 000 0.01 1:200 0.2 pips + $4 per round lot

 

EverFX offers its clients a choice of several basic account types, depending on the initial investment. As this brokerage is a pure STP one, all accounts provide tight variable spreads, starting out at 0 pips. Commission fees and leverage, on the other hand, vary by account type.

 

In addition, EverFX offers swap-free (Islamic) accounts, which are Sharia compliant (for Muslim investors who are unwilling to earn and pay interest for religious reasons).

 

Keep in mind that EverFX does not offer Contracts for Difference to residents of certain jurisdictions such as the USA, Iran, Canada and North Korea.

 

The Company. Security of Funds

 

Company

Country

Regulation

ICC Intercertus Capital Limited

Cyprus

CySEC

 

With EverFX you can trade in currencies, metals, indices, energies, commodities and bonds on the good old MetaTrader 4. In addition, the brokerage offers high-quality educational tools. 

 

EverFX is a trademark of ICC Intercertus Capital Limited and is regulated by Cyprus Exchange and Securities Commission (CySEC).

 

As UK is preparing to leave the European Union, Cyprus is gaining more and more popularity as an attractive forex broker destination in Europe.

 

The Cypriot financial watchdog applies certain rules and requirements to Cyprus Investment Firms. For instance, they must hold at least €730,000 as a proof of financial stability. Besides, the Commission requires forex brokers to keep customer funds in segregated accounts, separated from the company’s operating funds.

 

As a further guarantee to clients’ funds, all CySEC-regulated companies are members of the Investor Compensation Fund, which is able to pay compensation up to 20,000 EUR, If the company is in default. Similar compensation schemes apply in other jurisdictions.

 

Additionally, every CySEC-regulated investment company is also MiFID compliant and therefore entitled to offer cross-border services in all EU Member States.

 

Trading Conditions

 

Minimum Initial Deposit

In order to open the Standard account with EverFX, and trade with some of the lowest spreads in the market, traders have to invest just $300 – which is very fair considering the savings on trading.

 

Spreads & Commissions

All account types with EverFX offer one and the same variable spreads, which are pretty tight, averaged 0.3 pips on EUR/USD. Commission fees, however, vary from $4 to $8 per traded lot (round trip). So basically, trading costs on the Standard account are below 1 pip EUR/USD (spread averaged 0.2 pips on EUR/USD + $6 commission = approximately 0.8 pips) per standard lot. This is a really competitive pricing, as most brokers offer spreads within the range of 1.0 – 1.5 pips for this pair. 

 

For more information, you may look up real-time spreads of 15 leading brokers here.

 

Leverage

EverFX offers high leverage levels, reaching is 1:500. In an attempt to protect traders with the risks associated with trading at high leverage, the Cypriot financial watchdog proposed default leverage levels to be 1:50. Nonetheless, most Cypriot brokers still offer leverage ratios, which are significantly higher: FXTM - up to 1:500 and XM – up to 1:888. You may check out more forex brokers offering leverage equal to or exceeding 1:500 here.

 

Trading Platform

 

This broker offers two platforms to its clients. One of them is the most commonly used forex trading platform - MetaTrader4 (MT4), available in all forms and shapes: for PC, MAC, tablet, mobile and web version.

 

MT4 is internationally acclaimed for its wide range of built-in technical indicators and Expert Advisors (EAs), which users are able to get ready-made or create ones of their own, extensive back-testing options for them, as well as the advanced charting tools and user-friendly interface.

 

More brokers using the MT4 can be viewed here.

 

Additionally EverFX has developed their own unique web-based solution, (which will also be available for mobile devices soon). The Status platform provides an easy access to the forex market, while also packing some advanced functionality. There are two sidebars, which can be extended inwards, toward the chart, revealing the instrument list and news section. Here is a preview:

 

 

At the same time the bottom section is very intuitive. This platform feels like a solid choice for the beginner and veteran alike.

 

Promotions

EverFX often launches various promotions, such as a Refer-a-Friend program or Zero Trading Cost promotion.

 

Methods of Payment

 

The following payment methods are available to EverFX clients: credit/debit cards (Visa, MasterCard), bank wire transfer and e-wallet payment systems, such as Skrill, Neteller, and Webmoney.

 

There is no minimum withdrawal amount with this broker.

 

Conclusion

 

EverFX is a FX and CFD broker that supports the popular MetaTrader 4 platform and utilizes a pure straight-through-processing execution model. Besides, it is duly regulated by CySEC to operate in all EU countries. To sum up the above, here are the advantages and drawbacks with regards to this broker:

 

Pros Cons
Well-regulated  
MT4 available     
Tight spreads, starting at 0 pips  
Pure STP execution  
Low initial deposit  
Promotions offered from time to time  

 

BDSwiss

BDSwiss Review
Trader's rating 0
Editor's rating 3

Trading Accounts & Conditions

 

Account type Min. deposit Min. trade size Max. leverage

Average spread

Basic  $200 0.01 1:30  1.5 pips
Raw  N/A 0.1 1:30  0.4 pips + $8 /lot
Black  N/A 0.01 1:30  1.1 pips

 

BDSwiss offers trading in wide range of financial instruments – many forex pairs, as well as CFDs on indices, commodities, equities and cryptocurrencies. Its clients are offered access to the popular MetaTrader 4 platform and a choice of three account types – Basic, Raw Spread, and Black. Swap-free services are available for all of them

 

Overall, the trading conditions of BDSwiss seem good – the initial deposit for the Basic account is not high and the spread is on the upper end of average. However, we could not find information on the initial investment amounts for the other two accounts, which offer better spreads. For more information on trading costs in forex trading, check out the below link.

 



>> Compare some of the tightest spreads here <<

 

 

As regards leverage, the maximum level provided by the brokerage is 1:30, in line with the regulations applicable for this Cypriot brokerage. As you probably know, the maximum leverage available to retail investors was capped at 1:30 throughout the EU.

 

 

The Company. Security of Funds

 

Company

Country

Regulation

Bdswiss Holding PLC

Cyprus

CySEC

 

Formally known as Bank De Swiss,  BDSwiss was initially a Cypriot binary options broker, but changed the nature of its offering after this type of trading was banned across the EU in July 2018 (and ESMA keeps renewing the prohibition ever since). The broker is owned by Bdswiss Holding PLC, a Cyprus Investment company operates another forex brokerage brand, Swiss Markets. Firm (CIF), licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC). Now that the UK is about to leave the EU, Cyprus is becoming the most popular destination for European forex broker.  Here are some of the rules which CIFs have to comply with.



First of all, CySEC requires Cyprus-based brokers to hold a minimum of €730 000 in order to prove their good financial standing. Moreover, all CySEC-regulated companies are members of the Investor Compensation Fund, which may cover tour investment loss to a maximum of 20,000 EUR per person in the event that the broker becomes insolvent. Such compensation schemes serve as an additional guarantee to clients’ funds.


In addition, as CySEC is part of the European MiFID regulations, and the companies regulated by the Cypriot financial watchdog are free to operate in all EU Member States. Therefore, they are also required to comply with all the rules and restrictions, introduced on a EU level: the leverage cap which we already discussed, provision of negative balance protection, and ban on trading incentives such as bonuses with trading volume requirements, among other things.

 

 

>> More brokers regulated in Cyprus <<

 

 

BDSwiss also has an offshore entity, BDS Markets Ltd. (Domain bdswiss.com), which is said to service clients outside the European Union Area.

 

 

Trading Platform

 

As we already mentioned, BDSwiss offers the renown MetaTrader 4, delivering a wealth of information in a simple layout, and also allowing clients to automate their trades by Expert Advisors (EA). This is one of the reasons why this platform is so popular among trader. What is more, it offers a great charting package with a number of technical indicators, and extensive back-testing environment. Here you may check out more brokers that support it.

 

 

>> Find the best MT4 brokers <<

 

 

Methods of Payment. Transfer fees

 

Clients of BDSwiss may use credit/debit cards, bank transfers, Sofortüberweisung, Skrill, Neteller, iDEAL, DotPAy, GiroPay, and PostePAy for deposits, and Credit/debit cards, bank transfers, Skrill, and Neteller for withdrawals.

 

With the exception of bank wire transfers, BDSwiss does not require a minimum withdrawal amount. That being said, please note that a 10 EUR fee will apply to any bank wire withdrawals under 100 EUR and any other withdrawals amounting to 20 EUR or less. Bank wire international payments are charged with a 10 EUR basic fee, and the minimum withdrawal amount is 50 EUR. The same fee applies to SEPA transfers, and the minimum withdrawal amount is 5 EUR.

 

 

Conclusion

 

BDSwiss is a Cypriot forex and CFD broker that has more than 7 years of experience in the financial markets. The broker supports the MT4 platform and is duly licensed by CySEC, which is its greatest advantage.

 

To sum up our review on BDSwiss:

Pros

Cons

CySEC license

Leverage capped at 1:30

MT4 available

No info on minimum investment amounts on Raw & Black accounts

Competitive spreads

 

Wide range of financial instruments

 

 

 

 

Headquarters: Makariou III Street 160 3026, Limassol

Country: Cyprus

Regulation: CySec

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