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EuropeFX is a regulated broker in Forex and CFDs, owned by the rapidly expanding financial services provider, Maxiflex Global Investments Corp Ltd. EuropeFX is an STP broker, providing straight-through-processing services on the execution of trades made by their customers. EuropeFX offers a broad range of financial instruments, including cryptocurrencies, for trading on multiple platforms including web-based and mobile trading platforms. The company is based in the EU member state, Cyprus where it is licensed by the Cyprus Securities and Exchange Commission (CySEC) under license number 258/14. Importantly, EuropeFX complies with the EU directives MiFID, for the harmonisation of the financial services industry across all member states. The company protects customer funds by keeping them segregated from company bank accounts and participates in the Investor Compensation Fund established by the government of Cyprus to protect retail investors in the financial services industry.
Types of Trading Account Offered by EuropeFX
EuropeFX details 5 types of live STP trading account on the website and a Demo account. Nevertheless, we saw that trading is available to customers who request it, with a minimum deposit of €200. However, the broker recommends the Bronze account starting with a minimum €1,000. A Swap-free Islamic account can be opened on request. Importantly, the Islamic account is free of any type of interest and conforms to Sharia law, making it suitable for traders following the Muslim faith. We were pleased to see that EuropeFX provides its customers with negative balance protection, so they can’t lose more money than they have in their trading account. Because EuropeFX is an STP broker, it doesn’t involve a dealing desk for trade execution. Subsequently, the conflict of interest that typically exists between brokers and traders using electronic communications networks (ECN) for trading, is reduced. Instead of increasing the spreads for tradeable assets to earn revenue, EuropeFX charges a commission quoted in pips on trades in a transparent manner. The size of the commission depends on the type of trading account and is typically reduced for the accounts offering additional benefits to customers.
EuropeFX suggests that customers try out the Demo account, instantly available by giving a name, email address, password and phone number, without making a money deposit. The risk-free demo account operates on the MetaTrader4 platform used for live trading at EuropeFX. Subsequently, the practice trades take place in an environment that mirrors the trading conditions of any of the live trading accounts offered by EuropeFX. Traders are allocated virtual funds to make risk-free trades, letting them gain experience and create trading strategies that can be transferred to the live account. Importantly, the demo account lets traders use all the trading tools and features on the platform as well as the possibility of trading any of the vast range of financial instruments. What’s more, we saw that the EuropeFX ‘Education Center’ accessible from the dashboard on the broker’s home page, gives comprehensive explanations of all the main trading tools and terms used on the MT4 platform and provides multiple video tutorials on how to trade using the MT4 software on desktop and mobile devices.
Bronze Account at EuropeFX
To open a specially designed Bronze live trading account requires a minimum deposit of €1,000. The margin call is 60%, meaning when investor’s equity falls below this maintenance margin level, the broker requests that additional funds be deposited to the trading account or the trading positions are closed. The maximum leverage is 1:200 and commission payable per traded lot is 2 pips. The spreads for assets traded by Bronze account holders are variable, starting from 0.1 pips on the major currency pair EURUSD.
Silver Account at EuropeFX
Opening a Silver live trading account needs a minimum deposit of €2,500. The margin call is 60%, maximum leverage 1:200 and the spreads on EURUSD start from 0.1 pips. The difference with the Bronze account is in the commission per lot which is at 1.5 pips. This can make a big difference in the commission paid when bigger volumes are traded.
Gold Account at EuropeFX
With a deposit of €5,000, customers can open a Gold account with a VIP service and commission on trades at just 1 pip per lot. As we would expect, traders are not permitted to trade in micro lots in the Gold account. Spreads for the various tradeable assets are from 0.1 pips, leverage remains at a maximum of 1:200 and the margin call is maintained at 60% by EuropeFX.
Platinum Account at EuropeFX
A deposit of €10,000 opens a Platinum account with variable spreads from 0.1 pips and leverage up to 1:200. Platinum clients get access to a VIP service and the commission per lot is negotiable with EuropeFX. We saw that the Margin call is at 70% and traders are not permitted to trade in micro lots.
Premium Account at EuropeFX
A deposit of €25,000 is needed to open the Premium account. Clients are offered VIP services that are not described in detail on the website, and the commission payable per lot is negotiable. This probably depends on the asset type and the volume traded. As with the Platinum account, trading in micro lots isn’t allowed. We saw that leverage is up to 1:200 as with all the live trading accounts and the variable spreads are from 0.1 pips depending on the financial instrument selected for trading on the trading platform.
Trading Software at EuropeFX
EuropeFX offers traders the MetaTrader4 software accessible from multiple trading platforms. These include the desktop client, WebTrader and mobile trading platforms. It also offers the TradeWorks platform, a cloud-based automated trading software which is synchronised with EuropeFX MT4 software.
EuropeFX MetaTrader4 Features
The very popular MT4 software from MetaQuotes offers a user friendly multi-lingual software for trading in many global markets and 9 time frames, with a broad range of financial instruments. These include 50+ forex pairs, 30 indices, 17 commodities and 87 stocks, mostly in the USA. Significantly, the MT4 is renowned for the vast range of technical indicators and trading tools built into the software, as well as the trading alerts sent through signals to traders who choose to receive them. Customers who want to access the MT4 from a desktop can choose to download the software to a Windows or MAC operated computer or access the trading platform from the WebTrader without software download. Mobile trading apps are available for the EuropeFX MT4 trading platform from the App Store and Google Play for Android and iOS powered devices.
TradeWorks Platform at EuropeFX
To satisfy those traders who want the possibility of automated trading. We saw that EuropeFX offers the TradeWorks software based in the ‘cloud’. Notably, it’s fully synchronised with the EuropeFX MetaTrader4 platform. Whilst we call it a trading platform, it’s more a tool offering a range of strategies that have been pre-defined by complicated algorithms searching for trading opportunities across financial markets. EuropeFx suggests that the strategies may be tested in a demo account to see the kinds of results that could occur, before using the strategies in the live trading account.
Cryptocurrency Trading at EuropeFX
Unusually, EuropeFX does not offer clients CFDs for cryptocurrency trading but a range of major cryptocurrencies including Bitcoin, Litecoin, Ethereum and Dash, quoted against the USD directly. Importantly, traders do not need to open a cryptocurrency wallet and buy the highly volatile assets. The trades in cryptocurrency USD pairs are done by trading in the price movements of the underlying assets and not by buying and selling the assets themselves. We saw that cryptocurrency/USD trading at EuropeFX is a service available on the MetaTrader4 software only.
EuropeFX Daily Trading Signals Service
Since November 2017, EuropeFX offers a daily trading signals service in three languages (to be increased) on several asset categories including major forex currency pairs, blue chip stocks, commodities and indices. We saw that the service is offered in collaboration with Trading Central, a well-known research provider in the financial services industry. Regular trading signal provision is a part of the broad range of educational resources already available on the website.
Trading Education at EuropeFX
In addition to daily trading signals recently introduced by EuropeFX, there is a substantial offering of educational material in the ‘Education Center’ aimed at helping customers become proficient traders. Moreover, the information and trading tools are helpful to experienced traders and not just those starting out as forex and CFD traders. All the educational resources are free to access and include eBooks, video tutorials and technical analysis.
Client Support Services
Customers at EuropeFX can rely on support 24 hours a day, 7 days a week directly over the interface through the Live Chat function, email and over the phone. We saw an extensive list of international phone numbers including Cyprus, Netherlands, Germany, Poland, Sweden and Italy. We were impressed to see that clients can request a free call back at a time that suits them. To submit documents for account verification, clients are invited to use the secure message service What’s App and Viber. However, these messaging services are not available for questions addressed to the customer support team.
EuropeFX Deposits and Withdrawals
Payment methods supported by EuropeFX include the popular Visa, Mastercard and Maestro credit/debit cards, bank transfers as well as the electronic wallets Skrill and Neteller. We saw that EuropeFX partners with reputable, licensed, payment processors to deal with deposits and withdrawals. Notably, deposits made to EuropeFX are not charged fees by the broker but may be charged fees by the clients’ payment providers. Withdrawals to credit cards and E-Wallets are made without fees imposed by EuropeFX. Withdrawals using a bank transfer service are charged a fee of 25 Euros for each transaction. EuropeFX is fast at processing withdrawal requests and as long as all the documents for verifying the customers’ accounts have been submitted, processing in done in one business day. However, customers need to understand that the speed with which they get their money depends on their chosen payment method.
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