EvenForex is an online broker that offers trading in precious metals, currency pairs, minerals and commodities.
About company. Fund security
Founded in 2013, EvenForex claims to be a pure No-Dealing-Desk (NDD) brokerage agency.
The broker is owned and operated by EvenForex Business Solutions Pvt. Ltd, which is registered in Dominica. Dominica is an offshore area where some of the international rules in the online trading industry apply, however Forex brokers are not currently regulated.
Simply put, if you choose to open an account with an unregulated broker, you are putting yourself at greater risk than investors who work with licensed companies. So, in case of bankruptcy of the company, you most likely will not get your funds back, therefore we do not recommend investing large sums of money in unregulated brokers.
EvenForex offers several types of accounts depending on the initial amount of the client's deposit. Operations on all accounts are executed using NDD technology, variable spreads are also set and there are no commission fees (except for ECN and Master Pro accounts).
Micro lot trading is available on all types of accounts, and services are also offered for clients of the Islamic faith who deposit at least $ 5,000.
Although the minimum initial deposit of $ 50 on a Standard account may seem tempting at first glance, the spreads offered on this type of account are well above the industry average - starting at 2.5 pips for the EUR / USD pair. Offers for ECN, EvenPro account holders are more profitable - the spread on a standard lot is at least 0.9 pips. True, this means that the average cost will be above 0.9 points, and for this broker it will go beyond 1.5. At the same time, a number of licensed brokerage companies offer spreads ranging from 1.0 to 1.5 pips for this currency pair.
The best deals on the spread on the Master Pro account, but then you will have to deposit at least $ 50,000. Let's just note that investing $ 5,000 or more in unregulated brokers is too risky.
The leverage varies by account type. The largest leverage on the Standard account, it reaches 1: 200. Further, its size decreases depending on the increase in the initial deposit. Master Pro account holders can take advantage of leverage up to 1:50. Thus, the broker wants to warn his clients that poor risk management leads to a loss of money.
EvenForex offers its services on the most popular trading platform among traders - MetaTrader 4 (MT4). It is available as desktop, web and mobile versions.
The terminal has been used in the industry for over 10 years and has earned the title of stable and reliable. MT4 has many functionalities and add-ons that have been developed over the years (primarily experts) and allow you to fully automate trading. MT4 also provides advanced charting tools and an extensive testing environment.
Bonuses and discounts
EvenForex offers a $ 10 welcome bonus for all live account holders, a discount program, and organizes contests for traders.
The available communication methods include a phone number, email, live chat. The site states that specialists answer traders' questions around the clock during the entire Forex operation.
Ways of payment
EvenForex clients are offered the following payment methods: credit cards, bank transfers and electronic wallets Skrill, Neteller and WebMoney.
execution of transactions on the NDD model; no commission on all accounts, except for ECN and Master Pro; MT4 terminal is available; the broker holds promotions and contests for its clients.
not regulated; there is no choice of trading platforms; trading costs for spreads on accounts other than Master Pro are above the industry average.
EVENFOREX is a brokerage company whose task is to provide intermediary services to traders. Brokers provide access to currency trading in the first place. Many of them also provide an opportunity to transact with company stocks, bonds, commodities, precious metals, indices, cryptocurrencies and other assets. A private person can make transactions with all these instruments only on the trading platform, which the broker provides access to.
In addition, thanks to the brokerage company, an individual can operate on the market with amounts that significantly exceed the size of their own funds. This is called providing leverage. For example, having a deposit of 1,000 USD with a 1: 400 leverage, a trader can make deals for 400,000 USD.
The broker also opens access to analytics, auxiliary tools, and trading signals. Modern trading is impossible without all this.
The broker EVENFOREX makes profit from traders' transactions, as a rule, in two main ways.
The first is the most common. Using spreads. This word refers to the difference between the best prices for buying and selling a particular asset at a particular moment. Moreover, in a transaction between a trader and a broker, the price is one, and between a broker and users of the Forex market - another. The mediator takes the difference for himself.
The second way is easier to understand. This is the collection of a commission for each transaction performed. Most often it has a standard value, but it can be measured as a percentage.
Thus, the brokerage company is interested in attracting as many clients as possible and for them to conduct active trading.
We have found out how honest brokers should work and how they work. Now let's look at how scammers operate, they are also called the kitchen.
The most common way to cheat is to tweak quotes. The broker provides the trader with quotes that differ from the real market ones. Data substitution occurs in order to make operations unprofitable. The deposit is reduced, and then completely zeroed out. At the same time, the trader thinks that his operations were carried out in the market, but in fact - only on the site of scammers.
Bonuses are traps. They are generously distributed for anything: for registration, account replenishment, etc. Only after that, in order for the client to withdraw his own money, mixed with bonus money, it will be necessary to fulfill a number of virtually impossible conditions. For example, conduct trading operations for an amount tens of times greater than the size of the deposit.
In the User Agreement, a clause can also be disguised that allows the broker to manage the client's money. Inattention when reading such an agreement most often turns into a complete loss of the deposit.
One of the key points is the place of registration and regulation of the company's activities.
Let's talk about registration first. As a rule, brokers from either their own country or from an economically developed country, for example, a member of the European Union, are more credible to traders. Of course, compliance with UK legislation is reassuring, and compliance with the legislation of an unknown island in the Indian Ocean does not mean anything to most.
However, most brokerage companies are registered offshore. And it's not only about small offices, but also about world leaders. Saint Vincent and the Grenadines, Belize, Marshall Islands, Mauritius are offshore zones popular among brokers. By registering there, companies pay significantly less taxes than in the place of actual location, which is sometimes carefully hidden.
If a trader has any claims against such a company, then it is likely that he will have to deal with it in accordance with the legislation of that very conditional Belize. It is possible to be physically present there at the court sessions. And this is extremely expensive and difficult.
But is it worth running like fire from just the word "offshore"? As an answer, we will give the names of companies that are not related to brokerage, but with an impeccable reputation and also save on taxes through offshore registration: Apple, Pfizer, Microsoft, General Electric, Intel.
And here we come to the second important point - this is the regulation of the broker's activities. First of all, it is carried out at the level of the state where the company is registered. Each country has its own regulatory body for brokerage activities. So, in Russia it is the Central Bank of the Russian Federation. A trader can find permissive documentation on the websites of such bodies. But there are also supranational structures. For example, the International Financial Commission (The Financial Commission), which is an independent self-regulatory organization, considering disputes between its members - brokers and their clients.
If the broker's website does not contain information about the regulation of its activities, then these are almost certainly scammers. Or the site contains information about a certain license issued to him, but this information is not confirmed anywhere else. Most likely, these are also scammers.
When choosing a brokerage company, study its history. Check out the links to her experts. If one of the leading TV channels in economic news for 5 years in a row refers to the opinion of the analyst of the broker in question, this is good. If a broker claims to have been working for 15 years, but there is no information about him on the Internet at all, this is bad.
It's important to pay attention to company reviews. And read them not only on the website of the broker itself. In the kitchen, they will probably only be laudatory. It is best to browse as many sites as possible.
Pay attention exclusively to the specifics in the offers on the brokers' websites. Honest companies openly write about interest, spread size, minimum deposit, etc. Fraudsters lure with loud, streamlined phrases about a rich tomorrow, stable income, misleading with incomprehensible terms about multi-sites, super functions, and so on.
Find out the company's connection with well-known brands, financial institutions, public organizations. For example, it can be sponsored. Large brokers sometimes hold social promotions. Fraudsters will definitely not do this.
Thus, the process of choosing a broker is complex. But if you approach it carefully, it will allow you to enter the world of trading, which has made millions of people rich all over the world.
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Before any trade and choosing a broker You must always read reviews on this site and on other sites. Brokers who are honest, have a rating of above 3.8. Also there is always the risk of loss when trading CFDs. Be careful and read the disclosure on the website of the broker. EVENFOREX received a score of 1 of 5 on our resource.