EuropeFX was founded in 2012 and is considered to be a relatively new broker on the market. However, it has been reported that EuropeFX has managed to gain the trust and confidence of both new and experienced traders globally. EuropeFX prides itself in it’s STP (Straight through Processing) business model that ensures that there is no conflict of interests when it comes to trades. The broker has also managed to create a customer-centred trading environment, with unique features designed for successful trades and reduce risks.
We decided to investigate whether this broker is worth the praise it has received in other reports and user testimonials. We compiled this comprehensive review to make sure new traders have all the information they need to make an informed decision.
What is EuropeFX?
EuropeFX is a Forex and CFD broker based in Cyprus. As mentioned, the broker has been in operation since 2013. It is reported that the company has had huge successes even though it is considered to be relatively new on the market. EuropeFX offers clients innovative trading tools such as MetaTrader4 platform, HTML5 Webtrader and EuroTrader 2.0. The broker also supports social trading through Mirror Trader and automated trading via RoboX. EuropeFX offers traders over 300 tradable assets and exposure to a variety of markets. The broker also has a second office in Germany.
Pros and Cons of EuropeFX
|✔️ Cysec regulated broker||❌ Minimum deposits are higher than other brokers.|
|✔️ Offers more than one functional and efficient platform||❌ As of June 4th 2020, EuropeFX will no longer take on new UK trader|
|✔️ Professional 24/7, multilingual service to customers|
|✔️ A variety of educational resources|
|✔️ Offers social trading|
|✔️ Offers Auto Trading & Trade Signals|
|✔️ Reliable and efficient|
Regulation and Security
It has been reported that EuropeFX is owned by MAXIFLEX LTD, which is a Cyprus Investment Firm, authorized by CySEC, the Cyprus Securities and Exchange Commision. This means that the broker is compliant with the EU’s Financial Instruments Directive 2014/65EU or MiFID II and the EU’S 5Th Anti-Money Laundering Directive.
A client’s deposit is segregated, negative balance protection is available to clients and the Investor Compensation Fund too. The EU Directive also protects deposits up to a maximum of €20,000. Cross-border regulation is also in effect across EU member countries, however, the European regulation comes at a price. Account conditions such as leveraged and bonuses offered may not be as attractive as those offered by other brokers. The broker claims to be entirely secure and the offering seems to be on par with their competitors.
EuropeFX offers clients five account options. Each option comes with its own unique features and minimum deposit amounts. Here is the fee structure for each account:
Bronze: From €1,000
The Bronze account is the most straightforward account offered by the broker. The minimum deposit required is €1,000. Clients receive a dedicated relationship manager for a trial period and a Trading Central Daily Newsletter. Clients will also receive premium signals from the Trading Center on a trial period too. Bronze account holders will also receive a private one-on-one session at the Trading Academy of Europe FX. The Bronze account does not provide private trading sessions, Event Room access, SMS trading alerts, or VIP services. Nor do you have access to copy trading tools like Mirror Trader and RoboX. Trading commissions with Bronze Account are standard.
Silver: From € 2,500
EuropeFX Silver account offers clients some additional features, compared to the Bronze account. This account has a higher minimum deposit of €2500. Clients have access to a dedicated relationship manager and receive the Trading Central Newsletter on a daily basis. For a trial period, clients will receive premium signals from the Trading Centre. Clients will also receive three private one-on-one meetings a month at the Trading Academy of EuropeFX. Unfortunately, the silver account does not provide private trading sessions, event room access, SMS trading alerts and VIP services. Silver account holders do have access to Mirror Trading.
Gold: From € 10,000
The Gold account is a step up from silver. The minimum deposit required is € 10,000. Clients have access to a dedicated relationship manager and will receive a daily Trading Central Newsletter. In addition to that, clients will receive premium signals from the Trading Center and four private one-on-one sessions at the Trading Academy of EuropeFX, as well as two private trading sessions per month, and access to the event room, where events are held monthly. Clients will also receive SMS trading notifications and access to Mirror Trader and RoboX copy trading tools. Trading commissions on Gold accounts have up to 10% discount.
Platinum: From € 25,000
Platinum account holders are required to pay a minimum deposit € 25,000. Clients will be assigned a dedicated relationship manager, daily Trading Central Newsletter and premium signals from the Trading Center. Platinum account holders will also receive eight private one-on-one sessions at the Trading Academy of EuropeFX, as well as four private trading sessions a month, and access to two events per month in the event room. SMS trading alerts are an added bonus and clients will receive access to Mirror Trader and RoboX copy trading tools. Trading commissions with the Platinum account have up to a 25 percent discount. There are no VIP services available.
Premium account holders have extra benefits opposed to the Platinum account. The minimum deposit required is € 50,000. With this account, clients will receive a relationship manager, daily Trading Central Newsletters and premium signals from the Trading Center. Premium account holders receive seventeen personalised one-on-one meetings at the Trading Academy and access to two events per month in the Event Room. SMS trading notifications are also an added bonus for Premium account holders. Clients will also have access to copy trading tools, Mirror Trader and RoboX. Trading commissions have up to a 25 percent discount with the Platinum account. On a trial period, VIP services are offered.
All of the accounts may have their own unique features, however there are some features that all accounts possess. Such as:
- STP/NDD (No dealing desk execution)
- Stop out level at 50%
- Leverage up to 1:30. Up to 1:200 for pro accounts
- Tight, variable spreads
- Availability of useful educational tools
- A free demo account
- Customer care available via online chat, direct calls, and emails
EuropeFX clients have access to a comprehensive selection of trading platforms. From the award-winning MT4 and TradeWorks to our exclusive EuroTrader.
Here is a list of products offered by EuropeFX:
- EuropeFX Asset Index
- Cannabis Stocks
- Pharma Stocks
EuropeFX aims to bring algorithmic trading to all account levels. Clients are able to choose between MirrorTrader and the innovative RoboX, which enables automated
MetaTrader4 is a popular broker trading platform that is enjoyed by traders around the world. MT4 was built on the programming language known as MQL4, which was published in 2005. The framework offers clients several modelling tools and up to nine time frames. Additionally, there is a library with more than 50 technical indicators inherent to the platform.
Mirror Trader is a new addition to the EuropeFX family. It is an add-on to the trading platform and aims to bring institutional level trading technology to all retail clients. Mirror trading is a form of social trading, which enables clients to copy trades from selected investors into their own trading accounts. It may sound easy but the technology is complex. Mirror Trader gives clients a competitive edge and is definitely a winning functionality of EuropeFX.
It is reported that RoboX is an innovative technology that clients can’t afford to miss out on. The technology was developed by Tradency and its algorithm is based on packages of smart trading strategies, that are customized to bring together different trading styles and preferred assets with a clients own personal risk management profile. RoboX works with a simple questionnaire format. Clients need to answer the questions and these answers are used in the proprietary Tradency algorithm which scans databases of over 1, 000,000,000 trading strategies, to create a customized package for the client.
Account Opening & KYC
Opening an account with EuropeFX is a simple and quick process. It should not take a new client more than 30 minutes to complete. On the homepage of the official website, clients are prompted to open an account, once this option is chosen, new clients will have to complete mandatory information, such as their contact details, email address and residing country. Once this information is completed, a verification process will follow.
Brokers who are regulated like EuropeFX need each client to verify their account to guard against identity theft and money laundering. Verification is a mandatory CySEC regulation that must be adhered to. Usually, an ID document and proof of address is required to verify the account. If the correct documentation is submitted, verification will take place in less than 12hours.
The demo account feature is absolutely free to use. The demo account uses virtual money and is completely risk free. It is recommended that all new and experienced clients use the demo account before activating live trade. This will provide them with enough time to familiarise themselves with the platform and gain some experience.
Fees and Spreads
It has been reported that EuropeFX provides raw spreads for all of its assets. This means that the spreads come directly from the liquidity suppliers and the broker doesn’t charge any additional fees. Here is a glimpse of what you can expect where spreads is concerned:
- 300+ trading instruments
- Spreads as low as 0.1 pips
- Trading leverage of 1:30
The minimum deposit required to open an account is $200 but it is recommended that new clients deposit at least $1000 (bronze account) so that clients can maintain proper risk management and improve the account’s profit potential.
Withdrawals and Deposits
There are a variety of payment methods to choose from with EuropeFX. The good news is that there are no costs associated with any of them. Clients can use Visa, MasterCard, Debit or Credit Card, Skrill, Sofort, Ideal, Giro Pay, Safety Pay, TrustPay, Euteller and Przelewy. With bank wire transfers, the client’s bank may charge a fee. Clients may withdraw using the same methods when depositing, However, there is a €20 (or equivalent currency) charge on each withdrawal processed by the broker. It takes between 1-3 days for a withdrawal to be processed. Basically your profits should reflect in your account within 72hours.
Educational Resources and Content
Broker platforms such as EuropeFX, may be complex for new clients to understand. For this reason EuropeFX has curated tons of content for new and experienced clients to glean from.
Here are some of the tools you may encounter on the platform:
- Trading EBooks:
- Video Academy
- Trading Glossary
- Economic Calendar
- Market News
- Trading Central
- Market Watch
- Market Reviews
It is reported that EuropeFX provides its clients with excellent customer service. The customer support team is available 24 hours a day from Monday to Friday. The team is multilingual, which is an added bonus, as well as efficient and resourceful. The customer support team can be contacted via email and telephonically.
EuropeFX has proven itself to be a competent broker, with all the necessary and relevant information available and ease of access. With the new regulations in place, it is a shame to see the maximum leverage reduced to 1:30, but this is not the fault of the Broker.
From our research and reports, we have concluded that EuropeFX has proven itself to be a competent broker, with all the necessary information and tools to provide new clients with the access they need to the markets. The regulatory requirements confirm that the broker is credible and can be trusted.
Here are some frequently asked questions by clients on the official EuropeFX website:
- What trading platforms does EuropeFX offer its clients?
Mirror Trader and RoboX are multi-functional advanced trading platforms that provide users the ability to Auto-trade in the Forex and CFD markets, using advanced algorithmic trading strategies.Trading Strategies are generated based on the client’s profile, which is assessed during the registration process and as part of the process of applying for an investment account.
- What is considered as an investment account?
An Investment Account refers to trading activities outside the scope of manual trading.This means that trades are opened automatically by our Automated Trading Platforms on the trader’s behalf.
- What do I need to get started on EuropeFX?
All OF EuropeFX auto trading platforms are web based. This means that you can access your Investment Account from anywhere and from any device that supports a browser. The use of Google Chrome is recommended for optimal performance.
- How do I open an account?
Once you have been accepted as a EuropeFX client, you may request access to our Investment Platforms.Upon your completion of a brief questionnaire, the Portfolio Management Department will be able to determine if this service is suitable for you and provide you with an appropriate risk classification.
- Is the system fully automated?
Yes, once you have added and enabled the preferred Strategy to your Portfolio, the Platform will operate 100% automatically. The option of closing trades and setting Stop Loss and Take Profit manually is available.
- How long will it take to make a profit?
These investment products focus on trading the most active cycles and trends. These cycles and trends fluctuate in duration each year, and as a result, it may take a few weeks for your account to start showing potential returns.The performance of each Strategy can be viewed or monitored in the historical performance environment, which is available within the Platforms.
|Contract for Difference (CFD)||A Contract for Difference is a well-known type of financial derivative instrument, much like indices, commodities, currencies,etc.|
|Contracts for Difference (CFDs)||A formal agreement between two parties/people to pay the difference in price from when the contract was opened until the contract is closed.|
|CFD Trading||Investors have the option to go short (sell a CFD) if they think a price will decrease or go long (buy a CFD) if they think the price will go up.|
|Margin||The margin refers to the minimum deposit required.|
|Initial Margin||The initial amount required in order to open the position. It is often also referred to as an initial deposit.|
|Average True Range||ATR refers to the measure of market volatility over a specific period of time.|
|Back Testing||Back testing occurs when a strategy is put to the test, by using historical data for validation.|
|Base Currency||The first listed currency in a pair.|
|Commodity CFD||A type of CFD that derives its value for an underlying commodity it’s meant to track.|
|Consolidation Market||A market that is stagnant, neither moving up or down.|
|Currency Pair||Forex is trading in currency pairs. It refers to the price quoted in terms of the relative values of one currency against another.|
|Leverage trading||Also referred to as margin trading. The process in which an investor borrows a large amount of money from a broker to open a larger position.|
|Leverage ratio||The amount of leverage/money provided by a broker to trade a leveraged product. The amounts typically offered are 5:1, 10:1 and 30:1.|
|Maintenance margin||The amount of minimum funds needed to keep positions on the account open.|
|Used Margin||The amount of money that is currently used to keep positions open.|
|Equity||The total value in an investors account.|
|Free Margin||Funds available on an account to trade with (not currently being used by open positions).|
|Overnight charges||A Fee charged by a broker for holding a position over night. It is also referred to as an overnight financial charge and is linked to the interest rate of the currency being traded.|
|Buy position (“going long”)||A long position is the purchasing of an asset, with the expectation that its value will increase.|
|Sell position (“going short”)||A short position refers to the sale of an asset. with the expectation that its market value is set to fall.|
|Slippage||The difference between a requested market price and the actual price the trade was filled at.|
|Debt-To-Equity Ratio||The ratio of the total debt of a company to the amount of capital that shareholders have invested in the company.|
|Derivatives||A financial instrument that obtains its price from underlying security, index, currency pair or commodity.|
|Donchian Channel||An indicator that has two boundary lines determined by the highest and lowest points.|
|Downtrend||A series of lower highs and lower lows in the cryptocurrency market.|
|Earnings Per Share (EPS)||The profit the company makes is divided by the number of outstanding shares the company has.|
|Ex-Dividend Date||The very first day, a buyer of a share no longer obligated to a payment of the dividend the stock (or CFD) offers.|
|Exposure||The sum total value of all your positions in the market at any particular time.|
|Finance Charge||The price charged to hold a given position from one trading day to the next. This charge is generally calculated, based on the country’s cash rate plus a small interest charge.|
|Fixed-Dollar Model||A certain fixed-dollar model, where a certain amount is allocated to risk on any given day.|
|Fixed Percent Risk Per Trade||This refers to a risk management model where a certain amount of money is allocated to overall trading capital.|
|Forward Testing||Testing a strategy in real time, while the movements in price unfolds.|
|Fundamental Analysis||A method developed to evaluate the value of a company relies on financial statements, PE ratios, future growth projections and company financial statements.|
|Post-market Auction||The last available trading opportunity for the day before the market closes.|
|Pre-Market Auction||The identical matching out of prices|
|Price-to-Earnings Ratio (PE)||Determining the projected worth of a project by dividing the current market price by the earnings per share.|
|Product Disclosure Statement (PDS)||A document held by every financial services company, to provide to their clients regarding their products or services. This document will outline how the product in question worked, its potential benefits, and associated risks.|
|Pyramiding||A rule where traders add to their existing position(s) in an attempt to maximize the potential profits on winning trades.|
|Range-Bound Trading||Trading in a range where the value fluctuates between two main points. The two points are typically referred to as “Support” and “Resistance.”|
|Return On Equity (ROE)||The return a company generates based on the net assets they hold.|
|Return On Investment (ROI)||The amount of return you’ve realized on your deposited capital.|
|Scaling In||Initiating a trade by opening a small position in order to determine your readiness to bring it up to a normal position.|
|Scaling Out||Gradually closing your trade as it moves in your favor or reaches some specified profit objective.|
|Technical Analysis||Any mathematical formulas used over the price and/or volume history of the market in an effort to determine the probable next move of any particular asset.|
|Volatile Breakout Trading||A type of trading strategy that attempts to take advantage of short, sharp movements in the market over relatively short periods of time.|
|Volume||A measure of the number of shares or contracts that are solidified over a set period of time.|
|Trend-Following Trading||A trading strategy that attempts to profit from markets that tend to move either up or down for extended periods of time.|
|Trend Line||A line drawn across a chart to line up successively higher bottoms in up-trending markets|