Overall EVFX is a trustworthy and Worthwhile broker. EVFX is a UK-based professional brokerage firm that has been around since 2011. EVFX caters for access to the FX markets and various amounts of major electronic venues in its solutions offering and it also offers direct access to the best market liquidity which continues to be unrivaled by other brokers of its kind.
EVFX at a glance
| Broker's Name | EVFX |
| 📍 Headquartered | London, UK |
| 📅 Year Founded | 2011 |
| ⚖️ Regulating Authorities | FCA |
| 🌐 Countries not accepted for trade | United States, Belgium |
| ☪️ Islamic account (swap-free) | No |
| 👍 Demo Account | Yes |
| 📊 Institutional Accounts | Yes |
| 📊 Managed Accounts | Yes |
| 📈 Maximum Leverage | 1: 30 |
| 💰 Minimum Deposit | $500 |
| 💳 Deposit Options | Debit and Credit Cards, Skrill, Bank Wire |
| 💳 Withdrawal Options | Debit and Credit Cards, Skrill, Bank Wire |
| 💻 Platform Types | MT4 (ECN), MT4, Currenex, CQG, FIX |
| 📈 Tradable assets offered | Mac, Windows, Web, Mobile Android, iPhone, iPad |
| 📱 OS Compatibility | Forex, Commodities, FX, CFDs, Indices - FX in about 90 pairs, Commodities in around 20 and 12 Stock Indices. |
| 👨💼 Languages supported on Website | English |
| 👥 Customer Support Languages | English |
| 📆 Customer Service Hours | 24/5 |
Min Deposit USD 500 Regulators FCA Trading Platform MT4, Currenex, CQG, FIX Crypto Yes Total Pairs 90 Islamic Account Yes Trading Fees Low Account Activation 24 Hours
EVFX Review – 17 key points quick overview:
Who is EVFX?- Safe or Scam?
- EVFX Leverage
- Accounts
- Market Instruments
- EVFX Fees
- EVFX Deposit and Withdrawal
- EVFX Trading Platforms
- How to open an account
- EVFX Customer Support
- EVFX Education
- EVFX Research
- EVFX Awards
- EVFX Pros and Cons
- Conclusion
- Disclaimer
- Frequently Asked Questions
Who is EVFX?
Access to not only the Foreign Exchange Spot but also Forwards and Options markets is provided by using electronic and voice technology.
EVFX has successfully established agency voice desks and has a vast selection of spot and options platforms. Trading markets that EVFX caters for includes spot FX, Precious Metals, Forwards, NDFs, Futures and Equity exchanges and CFDs. EVFX operates through the delivery of advanced software offering, going hand in hand with the range of markets and a wide array of solutions that can be used pertaining to the execution of orders and in which trades can be performed.
Safe or Scam?
EVFX is not only regulated but also authorized by the Financial Conduct Authority (FCA), seeing that it is a UK-based company. The FCA is one of the world’s strictest and most respected authorities that oversee financial companies in the UK. The performing and delivering of services by EVFX stand in full compliance with the regulations and laws which have been set out by the FCA.
EVFX’s Electronic and Voice Exchange Limit (EVE) has also successfully been registered and has been authorized by the FCA. Client funds are kept in segregated accounts, which means that EVFX is not allowed to use client funds for any operational purposes under any circumstances.
According to the set of rules that FCA has set out, there should be capital established which is of significant adequacy and this should always be maintained. In addition to adequate capital, the necessary operational standards along with the highest level of protection of investors should be established and maintained.
This is confirmed by the regulatory status and EVFX clients are also covered by the FSCS (UK) in such a case that the company is declared insolvent. When choosing a broker, it is imperative that traders (especially beginner traders) do the necessary research in ensuring that brokers are authorized and regulated.
EVFX Leverage
When trading, a trader starts with an initial balance and for a trader to trade larger capital than that initial balance, a loan from a broker is required and this is known as leverage. The European ESMA has recently updated its regulations and set leverage of 1:30 was implemented. This is due to the realization that the potential of leverage can not only magnify gains but losses as well.
EVFX is, under these regulations, eligible to offer a maximum leverage of 1:30, although professional traders who have confirmed their status may apply for higher levels. The account offering will determine the leverage levels and in turn, this may cause a difference in the margins as well.
Accounts
EVFX offers three different type of accounts, namely a personal, corporate and introducer accounts. There is very little information on the website pertaining to each account and unless you have already registered as a user, you cannot access the forms for the corporate or introducer accounts. The lack of information pertaining to the accounts on the website can make it very difficult for a trader to see which account will be better suited to their needs.
What can be derived from the website is that should you meet the following requirements, a trader can qualify to be treated as a professional:
➡️️ Having carried out transactions of significant size (>$100k).
➡️️ Transactions of significant amount carried out on certain markets at an average frequency of 10 trades per courter over the last four quarters.
➡️️ Should the size of the trader’s financial instrument portfolio which includes cash deposits along with financial instruments exceed €500,000.
➡️️ Should the trader have been employed, or whether they are employed, in a financial sector for at least a year and they have held a professional position with the requirement of having knowledge of transactions and services envisaged.
Min Deposit USD 500 Regulators FCA Trading Platform MT4, Currenex, CQG, FIX Crypto Yes Total Pairs 90 Islamic Account Yes Trading Fees Low Account Activation 24 Hours
Market Instruments
EVFX offers trade in the following market instruments:
➡️️ FX
➡️️ Commodities
➡️️ FX and Commodity Rollovers
➡️️ CFDs
➡️️ Indices CFD Financing Cost
FX
Trading in Forex though EVFX can be set out as the following:
➡️️ AUD/CAD – 5 Maximum Decimals with a minimum trade size of 1000
➡️️ AUD/CHF – 5 Maximum Decimals with a minimum trade size of 1000
➡️️ AUD/HUF – 3 Maximum Decimals with a minimum trade size of 1000
➡️️ AUD/JPY – 3 Maximum Decimals with a minimum trade size of 1000, and several other
Commodities
Examples of commodities that can be traded:
➡️️ UKO/USD – which is the Brent Crude vs the USD
➡️️ XAG/EUR – Silver and the Euro
➡️️ XAG/USD – Silver and the US Dollar
➡️️ XAU/AUD – Gold and the Australian Dollar, and several others
FX & Commodity Rollovers
EVFX updates their Swap rates daily and this can be accessed via the EVFX BackOffice Swap Rates. Rollovers are calculated in a specific way pertaining to Forex and Commodities products. There is a set of swap rates that are applicable and calculated by taking into consideration the instrument, the EOD rate, Short- and Long Decimals and the Short- and Long Pips.
CFDs
First and foremost, traders need to acknowledge that there is a high level of risk involved with trading CFDs on margin. Traders need to review their objectives and financial situation along with their level of experience and the risks they are willing to take before trading CFDs.
There is an offering of 12 Stock Index CFDs that EVFX offers, these include:
➡️️ 100GBP – FTSE 100 Index
➡️️ 200AUD – S&P/ASX 200
➡️️ 225JPY – Nikkei 225
➡️️ D30EUR – DAX
➡️️ E50EUR – Euro Stoxx 50, and several others.
EVFX Fees
EVFX build their spread and trading cost into a tight spread offering that goes along with the applicable commission. This is defined according to each marketing instrument. Traders have the option of choosing between a fixed or a variable spread according to the strategy that the trader chooses to use.
There is a traded value on CFDs which is financed through a charge that occurs overnight on either a credit or debit card. Should a position open and then close during the same trading day, there will not be overnight financing made available. In addition, there are financing costs that pertain to Indices CFDs and the swap rates are calculated by the instrument, the EOD rate and the Short and Long.
Along with the overnight financing cost to open positions, the dividend payments made by EVFX will be applied as debit or credit (short or long). There may be adjustments applicable on the date of the ex-dividend along with the constituent members of the index of relevance.
The minimum deposit that EVFX requires depends on the type of account that is opened, and this also includes the trading conditions and EVFX’s customer service. Regardless of this, the most minimum deposit has been set to $500.
EVFX Deposit and Withdrawal
EVFX does not offer a wide variety of payment methods with which to deposit funds into the trading account and the most used method is that of Bank Wire Transfers along with card payments. These methods are not only the most used but have proven to be the most secure and convenient payment solutions that cater for transfers of any size.
Account funding can be done through using:
➡️️ Bank Wire
➡️️ Visa, or
➡️️ Skrill
Although EVFX does not have additional charges on either deposits or withdrawals, it is always advisable to consult with the payment provider in case they have their own set fees on transactions.
EVFX Trading Platforms
EVFX makes provision for a comprehensive and wide range of trading platforms. These platforms are centralized in one back office to which transactions are reported despite the platform. This provides traders with a One Stop Shop Solution. The trading platforms offered by EVFX cater for Spot, Forwards, Options and Ndfs and on all of these, APIs are made available.
EVFX makes use of the following trading platforms:
➡️️ Currenex
➡️️ FastMatch
➡️️ Integral
➡️️ FXall
➡️️ Digitalvega
➡️️ hotspotFX
➡️️ solidFX
➡️️ FXCMPRO
➡️️ FXONE, and
➡️️ API Trading
Should traders prefer to trade Futures and Equities, EVFX offers a range of platforms that cater specifically for this, such as:
➡️️ Fidessa
➡️️ Trading Technologies
➡️️ CQG
➡️️ Bloomberg
➡️️ Thomson Reuters, and
➡️️ Ice
EVFX also provides a voice desk for traders who would like to have an opportunity to conduct their trading through that of Voice Trading. With the voice desk, traders can execute various transactions that differ both in significant size and sensitivities. Neither Agency and Margin facilities nor Exotic currencies or options strategies are liquid or supported electronically, but through EVFX’s EVE, they are all available for potential benefit.
How to open an account
Step 1 – Open the EVFX Website
Open up the official EVFX website.
Step 2 – locate the “open account” tab
locate the “open account” tab on the top right of the menu and click on it.
Step 3 – Choose your account type
Choose between the given account types and fill in the details required for each account
Step 4 – your account is ready!
The EVFX review is simple and easy. The process of opening an account with EVFX is not specifically stipulated, although there is a dedicated section for it. Neither the corporate nor introducers account can be accessed to view the required information necessary to open an account.
The individual application page/form makes provision for the entering of information electronically after which the application form must be completed, downloaded in PDF, signed and emailed to EVFX.
Required information pertaining to the opening of an individual includes:
➡️️ Client Name and Address
➡️️ Account Holder Details
➡️️ Regulatory Status
➡️️ Banking Details (Accepted currencies are USD, GBP, EUR, CHF or other)
EVFX requires the applicant to read the declaration and traders are required to download and read not only the Terms and Conditions of Business, but also the policies which are available for download along with the risk warning. EVFX has a section which requires identity verification through making use of a SmartIDV application that can be downloaded either through Android or iOS.
Along with proof of identification, the applicant is also required to upload a verification of address which can either be a bank account statement, a utility bill or a statement from a tax authority.
EVFX Customer Support
EVFX can either be contacted telephonically or via email. There is also an online form pertaining to general enquiries which can be completed, allowing EVFX to contact the client regarding any query that they may have.
Min Deposit USD 500 Regulators FCA Trading Platform MT4, Currenex, CQG, FIX Crypto Yes Total Pairs 90 Islamic Account Yes Trading Fees Low Account Activation 24 Hours
EVFX Education
There are no sections or tools dedicated to education on the website, which indicates that this broker may not be suited for beginner traders who want to learn about the trading industry.
EVFX Research
EVFX does not make provision for research tools on the website which could aid traders in keeping up to date with market movements, spreads, live indications, or any other indication of the market standings.
There are no reports or tools for analysis like that of an economic calendar.
EVFX Awards
EverFX has garnered the following awards:
➡️️ Fastest Growing CFD Broker Europe, Global Brands Awards (2018)
➡️️ Best New Multi-Asset Broker Europe, Global Brands Awards (2018)
➡️️ Best Online CFD Broker Middle East, International Business Magazine (2018)
EVFX Pros and Cons
| ✔️ Pros | ❌ Cons |
| Interests aligned with clients | Very little information regarding trading costs and conditions |
| Well suited for professional traders | No US clients allowed |
| High security level with voice trading | No educational tools |
| Various styles of investments | No research tools |
| Not for beginner traders |
Conclusion
EVFX provides an array of trading instruments and platforms that can cater for any individual broker. Although, the lack of educational tools also points toward the fact that this broker is more suited for professional traders who already possess experience, knowledge and skills in trading.
EVFX’s not only cover electronic trading but also of voice trading which offers clients the highest level of security. Clients who prefer various portfolios and investment styles are also offered an array of opportunities.
You might also like: EVFX Account Types Overview
You might also like: EVFX Demo Account – Step by Step
You might also like: EVFX Fees and Spreads
You might also like: EVFX Minimum Deposit
You might also like: EVFX Sign up Bonus
Min Deposit USD 500 Regulators FCA Trading Platform MT4, Currenex, CQG, FIX Crypto Yes Total Pairs 90 Islamic Account Yes Trading Fees Low Account Activation 24 Hours
Disclaimer
Those who trade financial instruments are solely responsible for any loss or damage and therefore EVFX cannot be held liable for such loss or damage under any circumstances. Trading involves high levels of risks which may not be suited to all traders. Traders need to consider their financial situation, objectives and their willingness to take risks before making decisions based on the products and information provided by EVFX.
Through using the information and products provided by EVFX to make decisions towards investment, the trader carries sole responsibility of any losses incurred. Traders are permitted to seek professional third-party advice at any time before making such decisions. EVFX publishes information in good faith and believes the accuracy of such information at the time of publication, According to research in South Africa.
Frequently Asked Questions
Trading environment
How many instruments can I trade with EVFX?
You can trade several different instruments with EVFX, which include the following:
- FX in about 90 pairs
- Commodities in around 20
- 12 Stock Indices
- CFDs
Which platforms are supported by EVFX?
EVFX provides the following popular trading platforms:
- MT4 (ECN)
- MT4 Desktop/iOS/Android
- Currenex
- CQG
- FIX
Does EVFX offer leverage?
Yes, EVFX offers maximum leverage of up to 1: 30, due to regulatory restrictions.
What spreads can I expect with EVFX?
EVFX offers spreads from 0,1 pips.
More information should first be obtained from the customer support service to make an informed choice.
Does EVFX charge commission?
Commission charges are not clear from the website. More information on commissions should become available after opening an account or can be obtained from the customer support service.
Are there additional charges on the Islamic account?
EVFX does not offer an Islamic Account. Some brokers charge extra fees on Islamic accounts – are either in wider spreads, additional commissions, or administration fees to make up for money that they lose with not charging overnight fees.
New Islamic traders should enquire about these special conditions or extra fees before joining, because it is often overlooked or not indicated on the account features pages.
Is EVFX regulated and by whom?
EVFX is regulated by the Financial Conduct Authority (FCA).
Is EVFX a recommended forex trading broker for experts and beginners?
EVFX does not offer a good trading environment for beginner traders but focuses on professional clients, corporates, and eligible counterparties.
What is the overall rating out of 10 for EVFX?
7/10.
Accounts
What is the difference between a demo and a live trading account?
A demo account as is offered by broker companies like EVFX is usually funded with virtual money and gives a prospective customer the opportunity to experiment with the company’s trading platforms and its features, before setting up a real account that needs to be funded with the customers own real money.
Does EVFX offer a demo account?
Yes.
How long is the demo account valid?
It is not clear how long the demo account can be used.
Which live trading accounts does EVFX offer?
- Personal Accounts
- Corporate Accounts
- Introducer Accounts
Does EVFX offer an Islamic Account?
No.
What are the available deposit currencies for a live trading account?
USD, CHF, EUR, GBP, HKD, JPY.
Deposits and withdrawals
What is the minimum deposit required to open an account with EVFX?
$ 500.
How do you make a deposit and withdraw money with EVFX?
EVFX offers the following deposit and withdrawal methods:
- Debit and Credit Cards
- Skrill
- Bank Wire
The same method that was used to fund an account must normally be used to withdraw money. Also, monies will usually only be refunded to accounts in the same name as the trading account.
Does EVFX charge withdrawal fees?
No.
How long does it take to make a withdrawal?
Withdrawals on EVFX for credit and debit cards should not take more than 24 hours, but it may also take much longer for the money to be available.
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