Everforex Forex Broker provides real users with 1 positive reviews, * neutral reviews and * exposure review!
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When it comes to the service, it’s amazing and I am very satisfied. I had some technical difficulties since I am new to the platform. However, they've been patient in helping me learn. They also offered me so many great opportunities to make money online. I will surely recommend this broker company.
Everforex, a Canada-based financial institution established in 2005, has garnered attention for its offerings in the forex and currency exchange markets. However, the broker's lack of regulatory oversight raises significant concerns. This review synthesizes information from various sources, highlighting user experiences, expert opinions, and critical features of the platform.
Note: It is essential to recognize that Everforex operates under different entities across regions, which may impact user experience and regulatory protections. We aim for fairness and accuracy in this review by presenting a balanced view of the broker's strengths and weaknesses.
| Category | Score (out of 10) |
|---|---|
| Account Conditions | 4 |
| Tools and Resources | 5 |
| Customer Service and Support | 6 |
| Trading Experience | 4 |
| Trustworthiness | 3 |
| User Experience | 4 |
| Overall | 4.3 |
How We Rate Brokers: Our ratings are based on a comprehensive analysis of user feedback, expert opinions, and factual data regarding the broker's offerings.
Everforex, founded in 2005, primarily offers forex trading and international payment services. The broker operates a proprietary trading platform, allowing access to various financial instruments, including major currencies, commodities, and cryptocurrencies. However, it is important to note that Everforex is not regulated by any major financial authority, which raises concerns about the safety of user funds. The broker provides access to trading through platforms such as MT4, though users have reported mixed experiences regarding its functionality.
Regulatory Status:
Everforex operates without a valid regulatory license, which poses significant risks for traders. According to sources, the absence of oversight means users may lack protections typically afforded by regulated brokers. This has led to skepticism surrounding the broker's legitimacy, with some users expressing concerns about their investments' safety.
Deposit/Withdrawal Methods:
Everforex supports various deposit and withdrawal methods, including credit cards, bank transfers, and e-wallets. However, users have reported that some methods incur fees, which can increase the overall cost of trading. For instance, international wire transfers may attract a fee of CAD 20, while domestic transfers are generally free.
Minimum Deposit:
The minimum deposit required to open an account with Everforex is USD 250, which is considered reasonable for novice traders. However, some reviews indicate that the initial capital requirement may still be a barrier for those looking to start trading with minimal investment.
Bonuses/Promotions:
Currently, Everforex does not offer significant bonuses or promotional incentives, which could be a drawback for traders seeking additional value. The lack of promotional offers is noted in several reviews as a missed opportunity to attract new clients.
Asset Classes:
The broker provides a range of tradable assets, including forex pairs, commodities, and cryptocurrencies. However, the lack of a comprehensive list of available instruments on their website has left some users frustrated. The diversity of assets can be appealing, but the execution and trading conditions have been questioned in user reviews.
Costs (Spreads, Fees, Commissions):
Everforex's cost structure includes spreads starting from 0.8 pips, but some users have reported hidden fees that can diminish profitability. The lack of transparency regarding commissions and fees has drawn criticism, with many users feeling misled by the broker's claims of low-cost trading.
Leverage:
The maximum leverage offered by Everforex varies, with reports indicating it can go up to 1:400. However, users should be cautious as higher leverage increases potential risks, especially in volatile markets.
Allowed Trading Platforms:
Everforex primarily operates through its proprietary platform, which has received mixed reviews regarding usability and reliability. While it offers some advanced features, the absence of well-known platforms like MT4 or MT5 may deter some traders.
Restricted Regions:
Everforex does not accept clients from certain jurisdictions, including the USA, Canada, and Iran. This restriction may limit its appeal to a broader audience, particularly among traders in North America.
Available Customer Support Languages:
The broker provides customer support in English, with various contact methods including email and phone. However, some users have reported slow response times, which could affect the overall trading experience.
| Category | Score (out of 10) |
|---|---|
| Account Conditions | 4 |
| Tools and Resources | 5 |
| Customer Service and Support | 6 |
| Trading Experience | 4 |
| Trustworthiness | 3 |
| User Experience | 4 |
| Overall | 4.3 |
Account Conditions (4/10):
The minimum deposit is accessible, but the lack of transparency regarding fees and the absence of a demo account are significant drawbacks.
Tools and Resources (5/10):
While the proprietary platform offers some features, it lacks the robustness of more established trading platforms like MT4 or MT5.
Customer Service and Support (6/10):
Customer service is available, but response times can be slow, which may frustrate users needing immediate assistance.
Trading Experience (4/10):
User experiences vary widely, with concerns about hidden fees and the overall trading environment.
Trustworthiness (3/10):
The absence of regulatory oversight is a major concern, leading to skepticism about the safety of client funds.
User Experience (4/10):
Overall user experience is mixed, with many users expressing dissatisfaction with the broker's transparency and support.
In conclusion, while Everforex offers a range of services and has been operational for nearly two decades, its lack of regulation, mixed user experiences, and concerns about transparency significantly impact its overall trustworthiness. Potential traders are advised to exercise caution and consider regulated alternatives before engaging with this broker. For more insights, you can refer to the Everforex review on various platforms that analyze user feedback and expert opinions.
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