On-line since: About the company: EvenForex is an online broker that offers trading precious metals, currency pairs, oil, and commodities. About company. Safety of funds EvenForex was founded in 2013 as 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 zone where only some international rules of the online trading industry are applied, however, forex brokers are not currently regulated. In other words, if you decide to open an account with an unregulated broker, you are putting yourself at a greater risk than investors who work with companies that have licenses. So, in the event of the company’s bankruptcy, the broker is unlikely to return your funds, so we do not recommend investing large sums of money in unregulated brokers. Trading conditions EvenForex offers several types of accounts depending on the initial deposit size. Transactions on all accounts are executed using the NDD technology. The spreads are variable and there are no commission fees (except for the ECN and Master Pro accounts). Microlots trading is available on all types of accounts. The company also offers the Islamic accounts for the clients who deposit at least $5,000. Spreads Although the minimum initial deposit of $50 on the Standard account is an attractive offer at the first sight, however, the spreads offered for this type of account are much higher than average in the industry. They start from 2.5 pips for EUR/USD. It is more profitable to trade on the ECN or EvenPro accounts. The spreads start from 0.9 pips for a standard lot. However, it means that the average price will be above 0.9 pips and exceeds the limits of 1.5 pips. At the same time, many licensed brokerage companies offer spreads that vary from 1.0 to 1.5 pips for EUR/USD. The lowest spreads are on the Master Pro account, but to register it, a client has to deposit at least $50,000. Still, investing $5,000 or more in unregulated brokers is too risky. Leverage The size of the leverage varies depending on the account type. The largest leverage of up to 1:200 is offered on the Standard account. Then, its size decreases as the initial deposit growing. Owners of Master Pro accounts can trade on the leverage up to 1:50. Thus, the broker warns its clients that careless risk management can lead to losses. Trading platforms EvenForex offers trading on the most popular platform - MetaTrader 4 (MT4). Desktop, browser, and mobile versions are available. The platform has been used in the industry for more than 10 years and has earned the title of a stable and reliable trading tool. MT4 features functional capabilities and add-ons that have been developed for many years (primarily expert advisors) and allows you to fully automate the trading process. MT4 also provides advanced charting tools and an extensive testing environment. Bonuses and special offers EvenForex offers a welcome bonus of $10 for all owners of live accounts, a discount program, and organizes contests for its clients. Support service EvenForex clients can contact the support service team via phone, email, or a live chat. The website says that experts answer the questions of traders 24/5. Payment methods EvenForex offers the following payment methods: bank cards, bank transfers and such electronic wallets as Skrill, Neteller, and WebMoney. Advantages:
Disadvantages:
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Have been with them a few years. Love their MT4 because they have desktop, browser, and mobile versions; easy to trade anywhere. They also have no commissions on all accounts except ECN and Master Pro.
EvenForex platform is not good since they execute my order late and spreads are not fixed. I was struggling trading with them and after I that, I made a withdrawal request for the rest of my balance via skrill. Withdrawal process took a long time to be successful. It took more than 3 weeks as they said my document is not qualified to make a withdrawal, and they need to investigate it. After another week I'm waiting, I got the money but I realized that they charged me a big amount, it was almost $90. I decide to close my account at this broker and no more trade with them.
I have been trading with this EvenForex for more than six months. Not just myself, but a group of 5 friends have all been trading with this website. We never face any problems. I always deposited and withdrew money without any hassle, and even my friends. When I sent an e-mail, I received response instantly .
I have been trying to trade with this broker for 5 months, but I don't see any progress in the nominal amount of my account. And I am more and more convinced to leave this broker. I have not had any luck and am also very disappointed. I was not expecting to like this eventually. I want to continue to work together but I also do not want to lose my money. I will not be willing to lose any money. So I left them for my money to be safe.
No, don't open an account at EvenForex. I was fooled by their sales representative. I was convinced to open an account with them and they claimed that there will be guaranteed returns. Sadly, when I opened an account, all I got were losses. My capital was gone in just a few weeks then the broker terminated my account.
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