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EverFX

EverFX Review
Trader's rating 3.6
Editor's rating 4.2

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  

 

Crypto Facilities

Crypto Facilities Review
Trader's rating 5
Editor's rating 3.8

Trading accounts

 

Account type Minimum deposit Leverage Maker Fee Taker Fee
Standard Undisclosed 1:50* -0.03% (rebate) 0.05%

* Trading conditions at this exchange are more specific due to the nature of the products available for trading. For more details check the full review.

 

Crypto Facilities is a platform for cryptocurrency futures trading. This makes them one of the options for miners, looking to hedge their exposure. The most well-known other similar platform is BitMEX

Warning: Several other companies have used Crypto Facilities' FCA registration number. As far as we know, their original website is the only one at which they operate. Here is proof of their disagreement and frustration with these scammers:



 

 

The company, security of funds

 

Company Country Regulation
CRYPTO FACILITIES LTD UK FCA

 

Crypto Facilities is registered in the United Kingdom and more importantly overseen by the Financial Conduct Authority (FCA). This is very unusual as the British watchdog usually doesn’t look at companies dealing in the crypto-space. That being said, this is derivatives trading company, and the crypotocurrencies are only the underlying asset.

 

While the FCA oversees a lot of companies (like forex brokers) and enforces a lot of rules, there are a few specifics in regards to Crypto Facilities. You are probably familiar with the Financial Services Compensation Scheme (FSCS), especially if you have read some of our reviews on forex brokers. This is a mechanism, which guarantees client funds, in case their brokerage goes bankrupt. As point 3.2 of the Membership Agreement at Crypto Facilities states, the FSCS does not apply, as your account balance is kept in cryptocurrencies, which are not yet defined as either “money” nor a “Specified Investment”. 

 

That being said, all of the client accounts are held in segregated cold-storage wallets, backed by Elliptic, an industry-leading crypto-security company. Additionally the blockchain settlement is insured by an “A-rated, Fortune 100 underwriter”. Given the fact the company is based in the UK, you probably have a pretty good idea of which insurer they are referring to, presuming you have any knowledge of that market. 

 

With such major security claims, it probably wouldn’t surprise you to hear that Crypto Facilities has not been hacked yet. In general, this company appears to be much more secure than a lot of the traditional cryptocurrency exchanges.

 

Crypto Facilities partnered with the CME group in order to provide two Ethereum indices. They are the CME CF Ether-Dollar Reference Rate (Ether Reference Rate), which will provide a daily benchmark price in U.S. dollars at 4 pm London time, and the CME CF Ether-Dollar Real Time Index (Ether Real Time Index), which will allow users access to a real-time Ether price in U.S. dollars. Price data is gathered from two of the most reputable exchanges: Kraken and Bitstamp.  Being connected with such an established derivatives trading institution, like the CME Group is a positive sign.

 

There aren’t that many user reviews on Crypto Facilities, which is understandable, given the relatively complicated nature of their offering. The few comments we found were all positive.

 

We feel the need to reiterate, trading on this venue is very different from other cryptocurrency exchanges. The company has even set-up a questionarie, which one must fill before being allowed to trade. This is done in order to protect unsophisticated enthusiasts from loosing their funds due to not understanding the nature of margin trading.

 

Trading conditions

 

Account types (cash and margin)

Before we begin discussing the trading conditions at Crypto Facilities, we must mention the accounts are only kept in Bitcoin, Ethereum and Ripple. Additionally, before you begin trading, you must transfer coins (internally) between your main (cash) account and one of your margin accounts. The latter vary by trading instrument. While all of this seems very complicated, in reality it isn’t. Here is how the wallet interface looks:

 

 

Each of your secondary wallets serves as your trading balance for that particular futures contract. This provides a form of risk management, which is always appreciated. 

 

Trading instruments (cryptocurrencies)

Crypto Facilities supports Bitcoin (with the newly agreed upon symbol XBT, instead of the more traditional BTC), Ethereum (ETH) and Ripple (XRP) futures trading. 

 

The currently available crosses can be seen in the previous screenshot, where three coins are traded against the USD and there is an XRP:XBT pair. 

 

In terms of maturity, contracts are weekly, monthly and quarterly (for some instruments).

 

Leverage

The maximum leverage ratio offered by Crypto Facilities is 1:50 for Bitcoin to USD trading. The conditions vary for different instruments and are a bit more complicated than the ones offered by other companies. Here is a preview:

 

 

Be sure to fully understand the meaning of all the terms listed here before you start trading. 

 

Margin netting, between long and short positions is available, presuming you trade from the same margin portfolio. 

 

We must mention, that there are other derivatives based on digital assets. These are the spot CFDs, available at some forex brokers. While Bitcoin and Ethereum are the most popular, Litecoin is also occasionally being offered. While these CFDs are linked to the current price of the asset in question and not the future value, they do have some further specifics. You can read all about them here, if you are interested.

 

Fees

The fees at Crypto Facilities are charged in XBT, ETH and XRP, in accord with the specific contracts. Here are the details:

 

We have to compare these fees with ones charged by the major competitor offering a similar service. The taker fee at BitMEX is 0.075%, while market makers get a 0.025% rebate, which makes Crypto Facilities the cheaper trading venue.

 

Summary 

 

While the above description of the trading conditions may appear complicated, here is a table, summarizing it all:

 

 

 

Trading platform

 

The trading platform at Crypto Facilities is web-based. While this shouldn’t come as a surprise to anyone familiar with cryptocurrencies, there is an argument to be made for desktop solutions.  The platform was updated to feature charting by TradignView (which is a top-tier third party provider) and have an interface which is generally cleaner.

 

 

The order book is arranged in two columns, which traders versed in traditional markets will prefer to the single column approach, used by many exchanges. 

 

Update: This section of the Crypto Facilities website is apparently taken down, but we will keep the following text. 

 

The “analytics” section off the website offers some extra features.. Here is how the index charting looks (The overall index allows comparison to the quotes provided by Bitstamp, Bitfinex, BTC-E, Coinbase and ItBit.):

 

 

And here is a preview of the futures curves, which allow one to see if the market is in a contango or backwardatiwon:

 

 

Our opinion of the Crypto Facilities platform is neutral. While it offers some futures-specific elements, the main trading window is less than ideal. Additional tools will probably needed for serious trading.

  

Methods of payment

 

The only way of transferring funds in and out of Crypto Facilities is the blockchain. Once you register an account, you are given Bitcoin, Etherum and Ripple wallets, to facilitate your trading. As mentioned above the control to specify how much to put into each margin wallet and how much to leave as “cash” is a neat feature.

 

Conclusion

 

Crypto Facilities is a London-based cryptocurrency futures trading platform, overseen by the FCA. While the they do not participate in the FSCS, they still follow other major rulings. The company’s overall security appears to be much higher than what is currently offered by other exchanges. That being said, trading at Crypto Facilities is not for everybody. The mere concept of futures trading is somewhat more complicated than the ordinary crypto trading. Add the volatility of cryptocurrencies on top of that and you get a potentially explosive combination. More experienced traders, as well as miners looking to hedge their “virtual crops” may find this to be one of their best options. Here are the pros and cons of Crypto Facilities:

 

Pros Cons
FCA-regulated (FSCS doesn’t apply) Complicated trading environment
Top-tier security features Accounts held in crypto
Blockchain settlement insured Only accepts blockchain transfers
Charts by TradingView  
Two-factor Authentication
 

 

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