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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.
Trading conditions
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.
Spreads
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.
Leverage
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.
Trading platforms
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.
Support service
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.
Pros:
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.
Minuses:
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 company whose task is to provide intermediary services to traders. Brokers / Crypto exchanges provide access to currency / cryptocurrency trading, first of all. Also, many of them, if we are talking about brokers, give the opportunity to make transactions with company shares, bonds, commodities, precious metals, indices, cryptocurrency and other assets. A private person can make transactions with all these instruments only on a trading platform, access to which is provided by a broker or a crypto exchange.
In addition, thanks to such companies, an individual can operate in the market with amounts significantly exceeding the amount of his own funds. This is called the provision of leverage. For example, having a deposit of 1,000 USD with a leverage of 1:400, a trader can make transactions for 400,000 USD.
As well, the broker / crypto exchange opens access to analytics, auxiliary tools, trading signals. Without all this, modern trading is impossible.
EVENFOREX profits from traders' trades, usually in two main ways
.
First – most common. Using spreads. This word refers to the difference between the best prices for buying and selling a certain asset at a particular moment. Moreover, in a transaction between a trader and a broker, the price is one, and between the broker and market users - another. The mediator takes the difference.
The second method is easier to understand. This is a fee for each operation performed. Most often it has a standard value, but can also be measured as a percentage.
Therefore, the company is interested in attracting as many clients as possible and that they conduct active trading.
How honest brokers / crypto exchanges should work and how they work, we found out. And now let's look at how scammers act, they are also called kitchens.
The most common way to cheat – is to twist quotes. Broker / crypto exchange gives the trader quotes that differ from the real market. There is a substitution of data in order to make operations unprofitable. The deposit is reduced, and then completely reset. At the same time, the trader thinks that his operations were made on the market, but in fact – just on the site of scammers.
Bonus – traps. They are generously distributed for anything: 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 actually impossible conditions. For example, to conduct trading operations in the amount of ten times more than the size of the deposit.
The User Agreement may also mask a clause that allows the broker / crypto exchange to dispose of 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 – it is the place of registration and regulation of the company's activities.
First let's talk about registration. As a rule, traders are more trusted by companies either from their own country or from an economically developed country, for example, a member of the European Union. Of course, compliance with UK law is reassuring, and compliance with the laws of an unknown island in the Indian Ocean does not mean anything to most at all.
On fact, most brokerage companies are registered offshore, and we are talking not only about small offices, but also about world leaders. Saint Vincent and the Grenadines, Belize, Marshall Islands, Mauritius are popular offshore zones among companies. Registering there, companies pay significantly less taxes than in the place of actual location, which is sometimes carefully hidden.
If a trader has claims against such a company, then it is likely that he will have to deal with it in accordance with the laws of the same conditional Belize. It is possible to be physically present there at court hearings. And this is extremely expensive and difficult.
No is it worth running like fire from just the word «offshore»? As an answer, we will cite the names of companies that are not related to brokerage, but with an impeccable reputation and also save on taxes with the help of offshore registration: Apple, Pfizer, Microsoft, General Electric, Intel.
And here we come to the second important point – this is the regulation of the broker / crypto exchange. 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 brokering. So, in Russia it is the Central Bank of the Russian Federation. The trader can find permits on the websites of such authorities. But there are also supranational structures. For example, the International Financial Commission, which is an independent self-regulatory organization, specifies disputes between its members – brokers and their clients.
If there is no information on the broker's website / crypto exchange about the regulation of its activities or license, then it is almost certainly a scammer. Or on the site there is data on some license issued by him, but this information is not confirmed anywhere else. Most likely, these are also scammers.
When choosing a brokerage company, or crypto exchanges, study its history. Look at the links to its experts. If one of the leading TV channels in the economic news for 5 years in a row refers to the opinion of the analyst of the broker in question – this is good. If the broker / crypto exchange assures that it has been working for 15 years, but there is no information about it on the Internet at all – this is bad.
It is important to pay attention to reviews about the company. And read them not only on the website of the broker itself / crypto exchange. In the kitchen, they will certainly be only praiseworthy. It is better to view as many sites as possible.
Pay attention solely to the specifics in the offers on the websites of brokers / crypto exchanges. Honest companies openly write about interest, spread size, minimum deposit, etc. Scammers lure loud streamlined phrases about a rich tomorrow, a stable income, mislead with incomprehensible terms about multi-sites, superfunctions and so on.
Specify the company's connection with well-known brands, financial institutions, public organizations. For example, it can be sponsored. Large brokers / crypto exchanges sometimes hold social promotions. Scammers will definitely not do this.
Therefore, the process of choosing a broker / crypto exchange is complicated. But if you approach it carefully, it will allow you to enter the world of trading, which has made millions of people rich around 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. Companies 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 company you chose. EVENFOREX received a score of 1 of 5 on our resource.