If you want to be a trader, you have to know how to pick a broker that can be your companion in your trading career. You can’t expect the best outcomes from your trading career if the broker you have chosen is not friendly to your trading strategy. It is your broker who creates the trading conditions in which you open long and short positions. It is your broker who decides how much money you will make on your trades. When you are a new trader, you are not fully aware of the things you have to consider before you pick your broker. Today, you will know about EVFX in this broker review. Once you have read the complete EVFX review, you will know whether or not you should sign up with this broker.
EVFX as an Online Broker
What You Can Trade
So, the first thing you want to know before you pick a broke is what you can trade with it. It is important to understand this concept before you sign up with a broker. So, there are many financial markets all around the world. Within these financial markets, you have assets that you can trade. For example, stock exchange is a financial market where you can trade the shares of companies from around the world. On the other hand, you have Foreign Exchange market, which happens to be the decentralized market where currencies of countries from around the world are exchanged.
In a similar fashion, there are many other financial markets in which you trade different types of assets. When you sign up with a broker, you have to see how many financial markets and assets the broker will give you access to. Yes, every broker has a different set of financial markets and tradable assets that you can access through its platform. Just because a broker A has platinum available for you to trade in its metals category does not mean you will find platinum in every broker’s asset index. The best thing about EVFX is that it allows you to trade many different types of assets in many financial markets from the same platform.
Of course, you can’t be in different financial markets at the same time when their mechanisms are completely different and also because they have their own trading platforms. However, when you sign up with EVFX, you are able to trade not only currency pairs but CFDs as well. Now, you have to understand some basics of CFDs before you sign up with EVFX. CFDs are derivative contracts and the term CFD stands for contracts for difference. When you trade these contracts, you are keeping yourself from trading the actual asset i.e. you don’t trade the actual assets.
The idea behind trading CFDs is that you can access many different financial markets through them. So, stocks, commodities, indices, etc. all can be trade in the form of CFDs. Once you are on a platform that allows you to trade CFDs, you can trade many different types of assets from this trading platform. In short, you can be in many different financial markets at the same time. The best thing is that when you are on such a platform, you are able to open many positions simultaneously. You could be trading forex currency pairs, indices, and shares at the same time when you are on such a platform.
You will be glad to know that you can trade CFDs as well as forex currencies when you are on the EVFX trading platform.
How Safe Your Trading Is
You cannot consider an online broker and sign up with it unless you are sure about the security features of the broker. There are many ways for you to check how safe or unsafe it will be for you to sign up with a broker. So, the first thing you want to know is how safe the broker is per se. You want to know that the broker has gone through proper credentialing before starting its financial services. The first thing to look at is the regulation of the broker. This is an important thing that you cannot miss when selectin a broker from the bunch.
You have to understand here what regulation really means. When a broker is regulated, you are talking about the involvement of a third party in the monitoring and auditing process of the broker. Almost every broker on the internet promises to deliver you the best, the fairest, and the most transparent services. However, there is no other way to know that other than regulation. Regulation means that the broker is registered in a country and that regulating authority from that country is monitoring its financial services at all times. Through regulation, the regulating authority makes sure that the end consumers i.e. the traders, receive fair services.
Brokers who are not licensed, registered, and regulated, will tell a million things why they are not. They will try to assure you how they are trying to take care of your security in many other ways. But no amount of convincing should work for you if you don’t see the broker being regulated. If a broker is serious with your interests as a trader, the first thing it will do is get regulated before even providing its services in other parts of the world. Furthermore, you have to see which regulating authority is regulating the broker. If you see a name that you can’t find on the internet, this is an indication of something being wrong in it.
When it comes to EVFX, you will be glad to know that this broker is properly regulated by FCA. If you research FCA on the internet, you will be pleased that this regulating authority is one of the most reliable in the world. Almost all the big brokers on the internet obtain their regulation from this authority. When signing up with this broker, you can rest assured that you are with an entity that’s being regulated by a reliable regulating authority. Proper regulation, monitoring, and auditing means you will be putting your money in a safe place as a trader.
It is also worth noticing here that the money you deposit in your online account with the broker is not always going in a separate account. In the case of unregulated brokers, the money you deposit in your account goes into the accounts where the broker is storing its money as well. You don’t want to see that happening because it is against the standard of the financial industry. When you deposit your money in your online account with EVFX, you will be glad to know that your money will go into segregated accounts. You will also not have to worry about the safety of your information.
When you provide your information to the broker, you have to enter all the information on the website. Entering the information on the website means that anyone who has access to the internet can hack into the website and get your information. The online brokers have to use encryption to protect your information from being stolen. Keep in mind that you have to provide a lot of identity and banking information when signing up with the broker. If this information is not protected, someone can steal your identity and use your credit card for online transactions.
EVFX ensures that your information is protected through the highest standards of encryption. With 256 bit encryption of your information, it is ensured that no unauthorized parties can access your information. This is the type of security that you as a new trader should always expect from the broker that you are considering signing up with. EVFX has paid attention to these details to give its traders the safest online trading experience.
What Types of Accounts Are Available
Another important piece of information that you need at the time of signing up with an online broker is the type of account you will have to pick. Now, it is important that you look at the features of the different account types and then pick one according to your needs. There are many features that separate one account from the other and you have to understand those differences well. Some of the common differences you find in these accounts are of leverages, margin requirements, spreads, etc.
These are also the factors that create the trading conditions for you. When it comes to leverage, it allows you to enter big trades without putting all the money in your account for the trade. If you can’t afford to control a trade because of its volume, you will use the leverage option from your broker. The leverage will be given to you from the broker in the form of ratios such as 1:100, 1:200 etc. When it says 1:100 leverage, your broker is willing to contribute 100 dollars for every dollar that you contribute in a trade. You can already imagine how big the trades are that you can control with such a huge leverage.
In a similar way, there are margin requirements differences in the accounts. The best accounts require very little margin from you in your account before you enter the trades. What exactly is the margin? Margin is the minimum amount that you have to have in your account in order to enter a trade. If you don’t have this minimum amount in your account, your broker will not let you proceed with the trade. The margin requirement can also be in the form of percentage where the percentage shows you the percentage of the total amount of the trade that you have to have in your account.
The broker is trying to keep the margin requirements as lenient as possible. For the new clients, the margin requirements are often low because the broker is trying to make trading easy for the new traders.
The other important factor that differs among different account types is the spreads or commissions. When you enter trades, you have to pay some part of the trade to your broker. This is the amount that your broker charges you as a fee for its services. Imagine how a broker can continue providing its services if there is no way for it to make any money from you. So, the broker has multiple ways to make money from its traders. It will either charge you a commission on every trade that you make or it will give you the spreads information before you enter the trades.
Spread is the difference in the price of an asset when you are selling and when you are purchasing it. The broker will always sell you an asset for a higher price than the price it will buy the asset from you at. This price difference is the spread and this is how the broker makes money on your traders. Of course, tight spreads mean that the trader has to pay a very little amount to the broker whereas loose trades mean that you have to pay a lot of money to the broker. When you sign up with a broker, you have to look at tight spreads.
The other important thing is the commission that your broker can charge when you enter trades. A commission is the fixed percentage that the broker will charge whenever you enter a trade. Contrary to that, the spreads can be vary from asset to asset. The problem with commissions usually is that you have to pay a lot of money to the broker. If the percentage says you have to pay 2% of your trade volume, you will have to pay the 2% of the entire volume of your trade. What this means is that you have to pay more commission to the broker as you go for bigger trades.
You will be glad to know that EVFX has designed its trading accounts depending on the type of trader you are. You have three different types of accounts to choose one from. The three account types are called the introducers account, corporate account, and personal account. The features that come with these accounts suit different types of traders. If you are someone new to trading, you would want to go with the introducers account. This is the account in which you will get the right amount of leverage, margin requirements, etc.
What Ways You Can Trade
The technology that controls trading today has been changing with the passage of time. The progress has been great in the past two decades. Today, trading has reached a point where you can trade in any financial market of the world from your bedroom. If you have chosen the right broker, you can keep trading for 24 hours a day and seven days a week. However, another type of convenience that’s available to the trader is the ways they can trade in the financial markets. There is no fixed way of trading in the market now that the technology has gotten so much better than before.
When you sign up with EVFX, you can trade either electronically or using your voice. If you want to use the voice option, you can call the company, inquire about the assets that you are interested in and then trade your favorite asset from the bunch. When you want to enter a trade, you just have to call the voice desk of the company and put your money on the asset that you think will be performing in your favor. At the same time, you have the electronic trading option available as well. This is the most common way of trading available to the traders from around the world today.
Electronically, you have to use a trading platform to enter the trades. The best thing is that you can use this platform for many other trade related activities as well. In addition to putting your money on the line, you have the trading tools and indicators available to you on the platform as well. In addition to those things, the electronic trading platforms also come with their own charting tools and packages. If you think you understand charts and can use them to enter trades successfully, you will love the modern trading platforms with all their amazing charting features.
Once again, you don’t have to forget that you can trade your favorite assets from the same trading platform no matter how many different financial markets they belong to.
How Is the Customer Service
When you sign up with a broker, you have to see how you will be served when you need the help of the company with some issue. Do not be under the impression that you will not need any help from the company just because the trading platform is simple and there are not complexities involved in opening the account. When you are with the broker and trading on a daily basis, you might encounter many problems. You have to have someone on your side to help you with your issue no matter what type of issue it is.
In many cases, the online brokers are not so willing to let you contact them. So, what they do is provide you with an email address only. This is your only point of contact with the company. When you need urgent help, there is no one from the company to help you. When it comes to sending an inquiry through an email, you will find several email addresses on the website of this broker. You can use them according to the type of issue you have to send in the details of your issue. However, this broker has also brought you a phone number that you can call to get any kind of help instantly.
Summarizing the Best of EVFX
So, when you want to join an online broker’s trading platform, you should definitely consider EVFX. There are many things to love about this broker. First, you have to be happy that this broker gives so much important to your security as a trader. When you sign up on its platform, you have the peace of mind that your broker is fully regulated. The FCA regulation of EVFX is your assurance that all the best standards of the financial industry will be followed by the broker. Your money will be maintained in segregated accounts, and the platform will not be used by any unauthorized or illegal parties.
In addition to that, you will also have access to the many financial markets of the world from the same platform. You don’t have to create logins on many different trading platforms just because you want to trade different types of assets. EVFX lets you trade CFDs as mentioned above. When you trade CFDs, you can trade just about any asset in any financial market you want at any given time. The best thing is that you don’t even have to claim the ownership of the asset when you trade CFDs.
Last but not least, EVFX is giving you access to the best trading platforms of the industry no matter which asset you want to trade. If you want to trade forex currencies, you will be given access to the bets forex trading platforms. You will enjoy being on the best CFD trading platforms if you want to trade the CFDs of the many assets from the financial markets of the world.
All of the things mentioned above are the most important things that a trader has to verify before signing up with a broker. You can overlook other unimportant things but when it comes to regulation, types of assets you can trade, and the safety of our money and information, there must not be any type of compromise from your side. It is quite amazing that EVFX covers all of these areas really well. You can tell that this system of trading has been designed by people who not only have been a part of trading themselves but they also understand the needs of the modern traders fully well.