Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
EuropeFX is a Cyprus regulated forex and CFD broker offering a good selection of currency pairs and various assets including indices, commodities, stocks and even crypto coins with a choice of six account types and three trading platforms, including MetaTrader4.
On their trading platform we counted over 40 forex pairs, some with exotic currencies like Russian Rubble, Danish Krone, Honk Kong Dollar, South African Rand, Turkish Lira, Swedish Krona, Norwegian Krone, Mexican Peso, Hungarian Forint and Singapore Dollar.
CFDs are available on spot metals like gold, silver, aluminum, copper and nickel, lots of stocks, 13 indices and commodities, including oil, natural gas, cocoa, coffee, sugar, corn, cotton and orange juice.
We found also a number of crypto CFDs on coins, including Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Ripple, Monero, Dash and NEO.
EuropeFX trading conditions
As tested with a demo account the benchmark EURUSD spread fluctuated about 0,2 pips. However, EuropeFX takes a 30 USD commission per traded lot, which basically adds another 0,3 pips to the spread, when the second currency in the pair is USD. That leaves us with a EURUSD spread of about 0,5 pips which is quite competitive.
Maximum leverage is in line with the new European Securities and Markets Authority (ESMA) regulations, which cap leverage with forex trade at 1:30. Still EuropeFX says it can offer a leverage of up to 1:200, if a trader meets the requirements for a professional trading account.
EuropeFX sais you can start trading with them with just 200 EUR, but recommends opening a Bronze Account with 1000 EUR.
The above mentioned trading conditions apply for a Bronze Account. Unfortunately the broker does not tell us what are the trading conditions with its 200 EUR starting account.
EuropeFX trading platforms
EuropeFX offers a choice of three trading platforms – TradeWorks and EuroTrader, which are web based, and the MetaTrader4, which has both a downloadable and a web version.
The MetaTrader4 platform is well known to most traders. It features more than 50 in-build market indicators, various charting tools and the option to support algorithmic trading with the help of specially designed, customizable trading bots – Expert Advisors.
EuropeFX regulation & safety of funds
EuropeFX is owned and operated by MAXIFLEX LTD (previously Maxiflex Global Investments Corp. Limited), which is registered as a Cyprus Investment Firm (CIF) and is licensed by the Cyprus Securities and Exchange Commission (CySEC).
Along with the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) and the National Futures Association in the US, CySEC is among the most respected financial watchdogs on the market.
Among other requirements, CySEC regulated brokers are obliged to keep all clients funds in a segregated, protected form creditors account and to maintain a minimum operational capital of at least 730 000 EUR.
In addition all CySEC brokers support the Investor Compensation Fund – an insurance mechanism, which guarantees traders up to 20 000 EUR of their investment in the unlikely case their broker goes insolvent.
A similar compensation scheme with the FCA in the UK guarantees traders up to 50 000 GBP of their capital.
EuropeFX deposit/withdrawal methods and fees
You can deposit or withdraw funds at EuropeFX using all major credit or debit cards like VISA and MasterCard, bank wire and e-wallets like Skrill, SafeCharge, Sofor, iDeal, GiroPay, SafePay, TrustPay and Przelewy.
As we already mentioned, you can start trading at EuropeFX with just 200 EUR. For the premium accounts, however, the minimum deposit ranges form 1000 EUR to 50 000 EUR.