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EverestCM Review– ☑️Unbiased Pros and Cons Revealed (2022)


Overall, EverestCM is considered low-risk, with an overall rating of 7/10. In South Africa, EverestCM can be summarised as a reliable and reputable broker that is very competitive in terms of its trading fees (against major currency pairs).

 

EverestCM Review –  Key Point Quick Overview Revealed (2022):

  1. ☑️

 

EverestCM is a Forex CFD Provider based in Mauritius. What differentiates the broker from other brokers is that it tries to bridge the gap between the retail trading world and the institutional trading world.

 

EverestCM at a glance

🔍 Broker’s name EverestCM
🏛 Headquarters Port Louis, Mauritius
📅 Year founded 2020
🏛 Regulating Authorities FSC
🌐 Countries not accepted for trade USA, Seychelles, Mauritius, North Korea, Iran, Japan, Belgium, and Canada
📒 Demo account Yes
☪️️ Islamic account Yes
📒 Institutional account Yes
💻 Managed accounts Yes
📊 Maximum leverage 1:500
💳 Minimum deposit ZAR R1600 / $100
➕ Deposit options Visa, MasterCard, UnionPay, Boletol, WebPay, Skrill, Neteller, BCP, Bank Wire Transfer
➖ Withdrawal options Visa, MasterCard, UnionPay, Boletol, WebPay, Skrill, Neteller, BCP, Bank Wire Transfer
📊 Tradeable assets offered Forex, indices, stocks, energies, precious metals, and cryptocurrencies.
💬 Languages supported on website Chinese, English, Indonesian, Malay, Portuguese, Spanish
💬 Customer support languages Chinese, English, Indonesian, Malay, Portuguese, Spanish
💻 Platforms provided MetaTrader4, and MetaTrader5
📲 OS Compatibility Desktop, PC, Mac, Web, iOS, and Android devices
☎️ Customer service hours 24/5

 

EverestCM found a way to offer the lowest forex and CFSs pricing with the launch of its Raw Spread Trading Account. This account provides the trader with the lowest spreads together with execution technology a deep liquidity pools.

 

 

 

 

Who is EverestCM?

 

According to research in South Africa, EverestCM is a Forex CFD provider that is based in Port Louis, Mauritius and has been in operation since 2020.

EverestCM is a brand affiliated with Myrtle Ltd, a financial services company authorized and regulated by the Mauritius Financial Services Commission (FSC).

Traders can trade a wide range of CFDs with EverestCM, including FX, indices, spot metals, commodities, equities, and cryptocurrencies. The popular MetaTrader4 and MetaTrader5 platforms are used for trading.

A Raw Spread Trading Account and a Classic Trading Account are the two types of live accounts available to traders. For traders who follow the Muslim faith, the broker additionally offers an Islamic Swap Free account. It also offers a demo account with the same features as either of the live trading accounts.

EverestCM does not provide its services to residents of the United States, Seychelles, Mauritius, North Korea, Iran, Japan, Belgium, Canada, or other countries where such investment offerings are prohibited by state regulations.

 

Safe or scam

 

When traders evaluate brokers, regulation is one of the most crucial components that must be considered. Regulated brokers are required to comply with stringent rules and regulations set by regulatory entities and through this, client fund security can be ensured.

Myrtle Ltd, a financial services business regulated by the Mauritius Financial Services Commission (FSC), owns the EverestCM brand.

The broker adheres to the highest standards in terms of client money security. The broker also keeps client funds in segregated accounts. This means that only the trader has access to the cash, which the broker cannot utilize for any corporate expenses or goals.

 

EverestCM Pros and Cons

 

 

PROS CONS
MetaTrader4 offered Offshore regulation
MetaTrader5 offered Limited account offering
Zero commission charges on the Classic Trading Account Clients of the United States, Seychelles, Mauritius, North Korea, Iran, Japan, Belgium, and Canada not accepted
Islamic Account available Limited currencies accepted
Offers a demo account  
Various payment methods  

 

Leverage

 

Leverage is a tool that is offered by numerous brokers to traders. With leverage, traders can open larger positions, allowing traders more exposure to the market in which they are trading despite their initial deposit.

However, as beneficial as leverage may be, it can also be detrimental when used incorrectly or abused. Leverage increases a trader’s chance of gains and thus, it also increases the risk of losses.

Leverage is expressed as a ratio, for instance, 1:1, 1:50, 1:100, 1:500, and even up to 1:3000. Leverage and margin go together, with the margin being the amount required from the trader at the start of the trade. This amount serves as collateral for any credit risks which may arise.

When traders apply leverage, the margin requirement is reduced, and the trader can open larger positions.

EverestCM provides traders with leverage of up to 1:500 which is a sufficient leverage offering for beginners and the more advanced trader.

 

Accounts

 

A Forex account is a trading account that traders hold with a specific broker for the purpose of trading financial instruments. Brokers may offer traders either a variety of accounts, with each catering to varying levels of skill, knowledge, and experience, or a single account that can be used.

EverestCM offers two kinds of live account types namely a Raw Spread Trading Account and a Classic Trading Account. It is offered to individuals and for joint accounts as well as for corporate trading accounts.

 

Raw Spread Trading Account

 

On this account type, the minimum deposit requirement is $ 100 with a choice between the MT4 and MT5 platforms. Leverage goes up to 1:500 and raw spreads start at 0.0 pips. Margin Ball is 100% with stop out 30%.

The commission is charged at $3.50 per lot. A demo account is available to practice the features of this account on and this account type can also be converted into an Islamic swap-free account

Classic Trading Account

 

The minimum deposit requirement for this classic account is also $ 100 and both the MT4 and MT5 can be used to trade. Maximum leverage is 1:500 and spreads start from 1.6 pips.

A margin call is 100% with a stop-out of 30%.

There are no commission charges on this account type and it can also be converted into an Islamic Swap Free account. Beginner traders can opt for a demo account to practice with.

 

Market instrumets

EverestCM makes provision for the following tradable financial instruments: forex, indices, stocks, energies, precious metals, and cryptocurrencies.

 

EverestCM fees

Another crucial factor that traders must consider when evaluating a broker is the fees that they will incur. These fees relate to both trading and non-trading activities and actions.

Trading Fees

One of the first fees that traders will encounter concerns a minimum deposit fee which is paid after the trader has completed account registration, and with EverestCM a minimum deposit of only $ 100 is required.

EverestCM charges a spread starting from 0.0 pips on the Raw Spreads Trading Account and 1.5 pips on the Classic Trading Account.

There are zero commission charges on the Classic Trading Account, however, the Raw Spread Trading Account charges a $3.50 per lot commission.

 

Non-trading fees

Where non-trading fees are considered, traders must consider fees relating to account inactivity, deposit and withdrawal fees, account management and maintenance fees, currency conversion fees, and others.

There are no fees charged on deposits or withdrawals but a currency conversion fee will be applicable if the wrong currency is used.

 

EverestCM deposit and Withdrawal

 

EverestCM offers traders a variety of ways through which deposits and withdrawals can be made, including:

 

  • Visa
  • MasterCard
  • UnionPay
  • Boletol
  • WebPay
  • Skrill
  • Neteller
  • BCP
  • Bank Wire Transfer

Currencies that are accepted are USD, EUR, and GBP.

 

Trading platforms

 

The trading platform is the software that traders use to execute their trades. Each broker reserves the right to offer their own preferred trading platform.

EverestCM offers both MetaTrader4 and MetaTrader5 which can be used to execute trades. Both these trading platforms are powerful and allow for diverse customization.

Both trading platforms are available for use with desktop PCs and mobile devices that run on either iOS or Android. Alternatively, traders can also use either trading platform from their web browser.

 

How to open an EverestCM account

 

To open an account with EverestCM, traders can select the option to ‘Open Live Account’ from the homepage. This will redirect to a new page containing a digital application. Traders can complete the form by filling in all the required fields before continuing.

A verification email will be sent to the address supplied by the traders. Traders will be redirected back to the EverestCM website after clicking ‘Verify your email,’ where they can finish their registration.

Before their registration can be finalized, traders must present proof of identification, proof of address, and a completed economic profile. This is part of a ‘Know Your Client’ (KYC) process that brokers must follow as part of anti-money laundering (AML) measures to safeguard the safety and security of traders.

 

EverestCM customer support

 

EverestCM offers customer support via the website by completing a call-back request form, email, or Live Chat.

EverestCM can also be contacted via social media platforms such as Facebook, Instagram, Twitter, YouTube, and Telegram. EverestCM also has a FAQ section which can be consulted should traders need assistance.

 

EverestCM education

 

There is not much offered in regards to education tools on the EverestCM website. The only offering is a demo account and a FAQ section. Such tools, resources, and materials prove helpful especially for beginner traders who do not yet know how to navigate trading or the markets.

 

EverestCM research

 

Research tools help traders in their activities in addition to helping them hone their skills in making informed trading decisions. However, EverestCM does not make much provision for any research tools such as calendars and calculators. It only offers daily market news and copy trading.

There is also an indication that MyFXBook will be available in the near future.

Although this may seem like a drawback, MetaTrader 4 and MetaTrader 5 both offer traders with a wide variety of trading tools, materials, and resources that can be used to their advantage of the trader.

 

EverestCM awards

 

Awards serve to instill confidence in a broker as it reflects the level of service the broker offers. As a new broker, EverestCM has not yet obtained any rewards.

 

Conclusion

 

EverestCM has built up a positive reputation in its few years of operation. The one aspect that helps the broker stand out from its competitors is its Raw Spread Trading Account. The minimum deposit requirement of only $ 100 on both the live account types is also low.

EverestCM’s ECN trading environment offers secure transactions with immediate execution and order fulfillment, no requotes, and no conflicts of interest. Clients of EverestCM can trade on two platforms, namely MetaTrader4 and MetaTrader5, and they can hedge, scalp, and use automated trading systems.

On the downside, EverestCM is registered in an offshore jurisdiction, and despite the fact that it is the trading platform of Myrtle Ltd, a financial services business regulated by the Mauritius Financial Services Commission (FSC), traders should be wary of using EverestCM as a trading broker.

 

Disclaimer

 

EverestCM warns potential customers that Forex and CFDs trading carries a substantial risk and may not be suitable for all investors.

The Client should not engage in any investment directly or indirectly in Financial Instruments unless they know and fully understand and acknowledge the risks involved for each one of the Financial Instruments offered by EverestCM. Therefore, prior to applying for a trading account with EverestCM, EverestCM should consider carefully whether investing in a specific Financial Instrument is suitable for them in the light of their personal circumstances and financial resources.

In case the Client does not fully understand the risks involved, they should seek independent advice or consultation from an independent financial advisor, prior to entering into any transaction with EverestCM. If the Client still is unable to understand the risks involved in trading in Financial Instruments, the Client should not trade at all, according to research in South Africa.

 

Frequently asked questions

 

Trading environment

 

How many instruments can I trade with EverestCM?

You can trade any of the following:

  • Forex
  • Indices
  • Stocks
  • Energies
  • Precious metals
  • Cryptocurrencies

 

Which platforms are supported by EverestCM?

MetaTrader4 and MetaTrader5.

 

Does EverestCM offer leverage?

Yes. EverestCM offers leverage of up to 1:500.

 

What spreads can I expect with EverestCM?

Spreads typically start from 0.0 pips on the Raw Spread Trading Account and 1.6 pips on the Classic Trading Account.

 

Does EverestCM charge commission?

There are no commission charges on the Classic Account, however, on the Raw Spread Trading Account, the commission charges are $ 3.50 per lot.

 

Is EverestCM regulated?

Yes. EverestCM is regulated by the Mauritius FSC.

 

Is EverestCM a recommended forex trading broker for experts and beginners?

Yes. EverestCM offers an ideal environment for both beginners and experts.

 

What is the overall rating out of 10 for EverestCM?

6/10.

 

Accounts

 

What is the difference between a demo and a live trading account?

A demo account is an account funded with virtual money that allows for risk-free trading while a live trading account requires actual capital.

With a demo account, traders can safely explore the broker’s offer, practice trading, or test out the trading strategies that they wish to use in a live trading environment.

 

Does EverestCM offer a demo account?

Yes.

 

How long is the demo account valid?

Demo accounts can be used for an unlimited time.

 

Which live trading accounts does EverestCM offer?

EverestCM offers traders a choice between two live account types:

  • Raw Spread Trading Account
  • Classic Trading Account

 

What are the available deposit currencies for a live trading account?

USD, EUR, and GBP.

 

Deposits and withdrawals

 

What is the minimum deposit for EverestCM?

R1600 ZAR / $ 100.

 

How do you make a deposit and withdrawal with EverestCM?

You can use any of the following:

  • Visa
  • MasterCard
  • UnionPay
  • Boletol
  • WebPay
  • Skrill
  • Neteller
  • BCP
  • Bank Wire Transfer

Does EverestCM charge withdrawal fees?

No. EverestCM does not charge any withdrawal fees but there may be fees waived by the trader’s bank.

 

How long does it take to make a withdrawal?

All methods of withdrawal will take place within 24 hours.

 

 





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