EVFX Review 2024
Website: www.evfx.co.uk
Min. Deposit: US$ 500
Leverage: 1:30
Trading Platforms: Currenex, FastMatch, Integral, FXall, digitalvega, hotspotFX, solidFX, FXCMPRO, FXONE
Regulation: FCA
Headquarters: UK
Founded: 2011
Regulatory Licenses:
- Electronic and Voice Exchange Ltd - authorized by FCA (UK) registration no. 470325 - no longer active
Updated on April 9, 2024
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In our comprehensive analysis, we meticulously evaluate every aspect of the forex broker under review. Our method involves comparing the broker against a vast pool of over 1000 brokers, assessing various criteria such as regulatory compliance, trading platforms, financial instruments offered, fees and commissions, spread competitiveness, availability of demo accounts, minimum deposit requirements, educational resources, and customer support quality to ensure a thorough and unbiased review.
EVFX stands out as a highly reliable broker, underscored by robust regulation. This brokerage tailors its offerings with a comprehensive suite of platforms, a diverse array of instruments, and a broad selection of liquidity providers. However, it's important to note that EVFX may not be the best fit for beginner traders or those operating with smaller budgets, as there is a noticeable lack of educational resources.
Pros
Tailored trading solutions
Wide range of platforms and instruments
Access to various liquidity providers
Cons
Not suitable for beginners
Lack of educational resources
Rest assured, EVFX is far from being a scam. As a UK-based entity, EVFX operates in strict adherence to the comprehensive legal framework and regulations. Electronic and Voice Exchange Limited (EVE), registered in England, enjoys full authorization and regulation by the Financial Conduct Authority (FCA). The FCA's rigorous standards make it one of the most respected regulatory bodies globally, ensuring that financial companies within the UK uphold substantial capital adequacy, adhere to operational standards, and provide the highest level of investor protection.
The regulatory status of EVFX further guarantees the complete segregation of client funds from the company's own finances. Moreover, clients are afforded additional protection under the Financial Services Compensation Scheme (FSCS) in the unlikely event of company insolvency.
Delving deeper into what EVFX has to offer, traders gain access to a broad spectrum of markets, including spot FX, Precious Metals, forwards, NDFs, and options, as well as Futures and Equity exchanges, CFDs. EVFX impresses with its advanced software solutions for order execution and trading. The broker not only provides a wide range of market access but also ensures substantial support, which is a crucial aspect of their service. Traders can rely on the constant support and the reliability of the company for an optimal trading experience.
Leverage, often referred to as a financial loan offered by brokers to traders, significantly enhances one's capacity to trade with a capital amount that far exceeds their initial deposit. This tool can be incredibly beneficial when used judiciously. Following recent updates from the European Securities and Markets Authority (ESMA), leverage limits have been capped at a maximum of 1:30. This decision was made in recognition of the fact that while leverage can amplify profits, it can equally magnify losses. Consequently, EVFX adheres to these regulations by offering a maximum leverage of 1:30 to retail traders. However, traders who qualify as professionals, upon verification of their status, may be eligible for higher leverage levels. It should be noted that the leverage available can vary depending on the account type selected, and different margin requirements may apply.
In alignment with its account offerings, EVFX structures its trading costs based on the trader's level of expertise, the volume of trades executed, and the trading strategy employed, in addition to whether a Non-Dealing Desk (NDD) or Electronic Communications Network (ECN) execution model is utilized. This results in competitive spreads and trading costs. The broker's account types are bespoke, designed to cater to the individual needs of clients. They offer a range of options that can be adjusted and defined according to each trader's specific requirements, ensuring an optimal match for their investment and trading strategy.
The account types offering an investment opportunity for retail, professionals and institutional clients, while all can find suitable conditions with the correct technology or services. Thus, the account types are varied by the investors’ portfolio, type and the trading instruments you wish to trade, of course, along with the platform options.
EVFX has tailored its offering to meet individual client needs, integrating trading costs within the competitive spreads, and commission structures specific to each instrument. While exact figures vary, a typical spread for the EUR/USD currency pair starts from as little as 0.1 pips. This approach allows for a direct comparison of EVFX’s trading fees with those of other brokers, such as Pepperstone. It's important to note that EVFX offers both fixed and variable spreads, enabling traders to select the option that best complements their trading strategy.
When it comes to funding and withdrawing from accounts, EVFX provides a somewhat limited selection of payment methods. Nonetheless, the universally preferred and highly secure options of Bank Wire Transfer and Card payments are consistently available, ensuring efficient transactions for funds of any size. The minimum deposit required to open an account with EVFX is $500, which is in line with the industry standard and varies depending on the account type and trading conditions negotiated with the broker’s customer service team. Withdrawal processes at EVFX are streamlined, allowing requests through the trading account using Bank Wire and Card payments. Importantly, EVFX does not impose additional charges on these transactions, although fees from the payment provider may apply.
EVFX distinguishes itself with a comprehensive selection of trading platforms, all integrated into a centralized back office for seamless management. This setup enables a unified reporting system for all transactions, regardless of the chosen platform, offering a one-stop-shop solution for traders. The available platforms include Currenex, FastMatch, Integral, FXall, digitalvega, hotspotFX, solidFX, FXCMPRO, FXONE, and API Trading, catering to traders of all levels with nearly limitless trading opportunities. Additionally, traders interested in Futures and Equities have access to the most popular platforms, supported by an electronic transaction model designed to accommodate any trading size and strategy. For transactions requiring a more personal touch, EVFX’s voice desk provides the option for executing large or sensitive trades through voice trading.
Our review highlights that EVFX, formerly regulated in the UK, offered a diverse range of platforms tailored to meet the specific needs of individual traders. The company operated on a pure agency model, ensuring alignment with client interests by acting solely as a broker. Despite the lack of detailed information on trading costs and conditions, the extensive choice between platforms and the customized solutions provided by EVFX were poised to satisfy the needs of professional traders. However, it's critical to note that as of 2023, EVFX is no longer authorized by the FCA, and its website has been deactivated, redirecting visitors to a web hosting company.
