EverestFX Review by professional Forex trading experts the “” FX trading team, Finding out everything you need to know about the broker is in this EverestFX Review.

EverestFX Review

EverestFX is a forex broker, which focuses on the Arabian market. The company supposedly offers multiple Islamic (swap-free) account types. That being said the information on their website is rather limited, with key pieces of the puzzle missing.

The Company. Security of Funds

Company Country Regulation
Everest Group LTD St. Vincent and Grenadines N/A

EverestFX is owned by Everest Group Ltd. The company is based in St..Vincent and Grenadines and claims to be regulated by the independent Financial Service Provider Commission (IFSP). This is a “regulatory entity”, which some off-shore forex brokers claim to registered under. However the institution has no credibility whatsoever – this is an international body, which has no power to enforce its decisions upon its members. Think of it more like a business club or chamber of commerce, than a government institution.

When it comes to financial regulation, most developed countries have their own specific agencies. If we look at Australia, for instance, the local watchdog is called, the Australian Securities and Investments Commission – ASIC. It oversees the entire financial services sector, which includes forex brokers. One of the conditions for brokers, which ASIC has is the implementation of segregated accounts. In essence, this is a scheme, which forces companies to keep client’s deposits in accounts, which the company doesn’t have full access to. This limits the possibility of your broker, spending your money on things like marketing campaigns, salaries or corporate bonuses. Furthermore ASIC demands companies have a minimum of AUD 1 million in capital holdings, before they receive the license.

Trading Conditions

Minimum Initial Deposit

There is no information on the minimum initial deposit requirement at EverestFX. Given the fact most brokers use this as a marketing tool, EverestFX not mentioning it is quite surprising, but still not that strange given the overall lack of information on the website. FXTM for instance, proudly claims you only need $5 in order to open a cent account.

You should bare in mind, this is only important, under the condition you are a newbie who is wiling to experience real-money trading for the first time. On the other hand if you want to trade seriously, you need a much more solid amount of capital, a trading plan and the discipline to follow it.

Average spreads & Commissions

EverestFX also doesn’t give any information,regarding the spreads which they offer. Our test with the platform showed the spread on EUR/USD varying in the 2.4 – 2.6 range, during one of the more liquid times of the day. This is quite higher than what is offered by other brokers. Do you want to know exactly what the top forex brokers are currently offering? You can check the real-time comparison, which we have set-up here.

Leverage

The maximum leverage at EverestFX is 1:100. This may sound a bit low, given the current state of the industry. That being said, it is more than sufficient, for anybody who is trading with some sort of risk management.

Higher leverage levels are not necessarily better trading conditions. They only allow traders to take more and/or bigger positions than they should. If you think 1:100 would not be sufficient for your trading style, you may have a problem with trading.

Trading Platforms

EverestFX offers MetaTrader4(MT4). This is a solid choice when it comes to FX trading. The platform is quite user-friendly, offers a great charting package and provides a plethora of custom tools. The ladder include lots of technical indicators, market screening tools and automated trading systems. MT4 also provides “hedging” capabilities (the possibility of having a short and long position in the same instrument, at the same time) by default.

Furthermore, the platform has mobile versions for Android and iOS. They provide an easy way of checking the global financial markets and more importantly, your positions, when you are away from the PC. The desktop version, on the other hand doesn’t have multiple-monitor support, so if you are a seasoned day trader, who is used to his favorite layout, you are out of luck.

Methods of Payment

EverestFX provides only a few payment options. They include: Bank Transfer, Credit/Debit Card and PayPal. Remember, bank transfers (especially international ones) may take several business days and include significant fees (depending on the banks involved).

The Broker is not safe, Instead you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.

EverestFX Review Conclusion

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