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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  

 

OKEX

OKEX Review
Trader's rating 1
Editor's rating 4

Trading Accounts

Account type Minimum deposit Leverage Fee
Standard Undisclosed 1:20 0.03%


OKEX is a digital asset exchange, under the umbrella of OKCoin. The situation with the two is similar to how GDAX is owned by Coinbase – one brand is targeting retail consumers, while the other one is dedicated towards serious traders.


 
The company, security of funds

Company Country Regulation
OKCoin.cn Inc China N/A

 

OKEX is the more trading-focused version of OKCoin. The company behind both projects is based in China. This can explain the relatively low popularity of this exchange in the west. This is also combined with the concerns about Chinese regulatory actions in the cryptocurrency space, as the country recently banned ICOs.



The most unique things about OKEX are the stand-alone desktop platform (which we will get to later) and the availability of Bitcoin and Litecoin futures contracts.



OKEX hasn’t been the target of major hacks yet. While this brings some assurance, in terms of security, it does not guarantee this will not happen in the future.



There aren’t many user reviews specifically for OKEX, but as the company is part of OKCoin, we can assume they offer the same level of service. Those who were frustrated with the way USD bank transfers support ended are the least happy customers.



Trading conditions


 
Trading instruments (cryptocurrencies)

The available assets at OKEX are BTC, ETH and LTC. They are being traded against the USD and CNY. That being said, BTC and LTC futures contracts are also available on this exchange. While they are presented as a way for miners to hedge their risk (which was the original idea behind futures contracts), we would not recommend beginners to delve into them as the liquidity may be substantially lower.



Minimum initial deposit
No information on the minimum initial deposit is available at OKEX. We are used to forex brokers providing a minimum level, which is usually around the $100 mark (as is the case with easyMarkets, for instance). However, in the cryptoverse, not demanding a minimum deposit isn’t anything special.


 
Leverage
The maximum leverage at OKEX is 1:20. While this may seem like nothing, when compared to the ratios which some forex brokers offer (like the 1:888, provided by XM), it is high. The main reason for that is that cryptocurrencies tend to be a lot more volatile than the traditional forex pairs, which rarely experience daily moves of more than 1-2%.


 
Fees
The fees at OKEX are probably the lowest in the industry, at the time of writing of this review. There is a 0.03% fee for opening a new position and nothing is charged for the closing transaction. This is a lot better than the average of around 0.20-0.25%, offered by most other exchanges. On the other hand, the forex brokers, who provide Bitcoin trading include their costs only in the spread. While it is a bit hard to compare spreads and commissions based on size, you can check out this post to get a better picture.



Trading platform


 
OKEX is one of the few crypto-exghanges which offers a stand-alone desktop platform. While you may be used to browser-based trading, there are a few advantages to having a separate piece of software. Most notably, if you are running on low to middle end hardware and like to open multiple tabs, you have probably already ran into memory issues. Having to run a trading platform alongside them doesn’t help in that regard. Additionally, the platform offered by OKEX allows multiple-monitor support. With a click of a button you can duplicate the entire layout multiple times and move it to another monitor. Here is a preview of how a single window in the platform looks:

 


 


Charting is provided by the OKCoin proprietary system, which is a lot better than many other solutions. The order book and tape are located on the right and while the numbers may appear to be rather small there probably is an option to increase the font. That being said, we come to the biggest weakness of the platform – it is only in Chinese (or at least we didn’t find the way to switch to English).



Methods of payment


 
OKEX is directly linked to OKCoin, so you can make a CNY transfer to the latter and trade on the more sophisticated exchange. Additionally cryptocurrencty transfers in BTC, ETH and LTC are accepted.


 
Conclusion


 
OKEX is a digital asset exchange owned by OKCoin. The company behind both of them is based in China and focuses primarily on the domestic market. OKEX offers extremely low trading fees when compared to the competition. That being the case, only three coins are available for trading. The addition of futures contracts may be nice for miners willing to hedge their “crops”, although we would not recommend trading in them unless you are very experienced. Here is a summary of OKEX:


 

Pros Cons
Very Competitive trading fees Few coins available
No major hacks yet Trading platform only in Chinese
Owned by OKCoin  
Desktop trading platform  
High liquidity  
BTC and LTC futures available  

 

Forex
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