EuropeFX Review

EUROPEFX.com is owned and operated by MAXIFLEX LTD. It is registered as a Cyprus Investment Firm (CIF) and is licensed by the Cyprus Securities and Exchange Commission (CySEC) under license number 258/14. All customer funds are kept in a separate bank account as required by the regulatory body. The company, as a regulated broker, is also a member of the Investor Compensation Fund (ICF).

Trading assets include 47 currency pairs, 13 global indices, 15 commodities, 6 cryptocurrencies, and over 100 shares.

Customers can trade through the well-known MetaTrader 4 (MT4) terminal. MT4 is one of the most popular trading platforms in the world. It has a lot of advanced features and the built-in powerful MQL4 programming language. This makes MQL4 ideal for the creation of automated trading robots (Expert Advisors), making MT4 the platform of choice for traders using these EAs. In addition, the company has developed its own web-based platform called EuroTrader 2.0. It is written in HTML5 and is described as the ideal solution for anyone who wants a fully featured trading application without having to download and install any extra software. The other features include trading directly from charts, one-click trading, custom indicators and multiple chart types. It uses the same servers as the company’s MT4 platform.

There are 5 trading accounts that differ mainly in the initial deposit amount and the offered services and the discount of the commission. Although you can start trading with an investment sum of EUR200, the company recommends the Bronze account to be opened with as low as EUR1,000. The sums of the deposits are as follows: The Silver account – EUR2,500; the Gold account – EUR10,000; the Platinum account – EUR25,000 and the Premium account – EUR50,000. The commission discount starts from 10% in the Gold account and can reach up to 50% in the Premium account. Clients can fund their accounts by bank transfer, credit/debit card, and e-wallet such as Skrill, iDeal, SafeCharge, Sofort, giropay, safetypay, Euteller and WorldPay.

The company also provides some social trading services. You can choose from the MirrorTrader add-on or the Robox machine. Both systems are developed by Tradency. Mirror trading allows traders to copy trades from selected strategy developers into their own trading accounts. The system tracks all the available strategies and signals from all providers, allowing traders to match their own trading profile, including risk management preferences to the available signals and choose the ones that best match their own personalized parameters. Robox is another “trading machine” whose algorithm is based on trading strategies, customized to join a client’s trading style and preferred trading assets with a defined risk management profile. The Robox algorithm scans the available strategies depending on the client’s answers to some trading questions.

The Client Agreement document shows that the company applies the Negative Balance Protection policy to all retail clients, and they cannot lose more than the amount deposited in the account. In the event that a position is closed at such a price causing your equality to fall below zero, the company shall waive its right to receive the balance from you.

The same document states: “If the client did not trade or conducted any trade during three calendar months, then the account status will be “inactive” which is denoted as the ‘absence of any trading activity during three calendar months’. The Company has the right to charge a fixed payment of 50 (GBP/USD/EUR) per month depending on the trading account’s currency as “Inactivity Fee”. Another thing to note is that the client will be charged with a withdrawal fee of 25 (EUR/USD/GBP) depending on the trading account’s currency, per withdrawal.

The Order Execution Policy document reveals that  for the purposes of orders for the financial Instrument of Instruments, the company may will enter into these transactions as an agent (therefore some third financial institution will be the Execution Venue) and not as a principal (therefore, the company will not be an Execution Venue for the execution of the customer’s orders thus ensuring that the company does not take any position against its clients). This confirms EuropeFX uses the Straight Through Processing (STP) model to execute orders and there is no conflict of interest as with market makers and customers.

It is also written that under certain trading conditions it may be impossible to execute orders (Stop Loss, Take Profit, Buy Limit, Buy Stop, Sell Limit, Sell Stop) at the declared customers price. In this case the company has the right to execute the order at the first available price. This may occur, for example, at times of rapid price movement if the price rises or falls in one trading session to such an extent that under the rules of the relevant exchange trading is suspended or restricted, or this may occur at the opening trading sessions. So, all orders are subject to slippage and stop loss orders are not guaranteed.

Overall, EuropeFX is a CySEC-regulated brokerage company that offers the popular MT4 terminal and as well as its own trading platform. It uses the STP model for order execution and all retail clients are covered by negative balance protection. However, the initial deposit amount is relatively high, and you must invest at least EUR10,000 to get decent conditions. The exact spreads and commissions are not discussed on the website. Be aware of the fees.