EVFX is a trading name of Electronic and Voice Foreign Exchange Ltd. Founded in 2011, the company is authorised and regulated by the Financial Conduct Authority (FCA) under reference number 470325.
The company claims it operates as a Matched Principal Broker and on a Straight Through Process (STP) basis. This means that it does not trade against its customers‘ positions and only earns money from the spread provided. EVFX also claims to be partnering with top liquidity providers and offers tight spreads, quick transaction times and deep liquidity.
EVFX gives direct access to the worlds’ markets via a variety of platforms. The STP model is implemented through Electronic Communication Networks (ECN) connections to the OTC platforms such as Currenex, Hotspot Fastmatch and FXSpotStream. ECFX provides quotes by aggregating the prices of Tier 1 banks as well as non-bank venues.
Clients can trade over 90 currency pairs, around 20 commodities and 12 stock indices.
If we look at the ‘Terms and Conditions of Business’ document, we’ll find some information about slippage – the company cannot guarantee the price at which the client’s order is actually executed. In addition, we have found that you may find yourself in a situation where you owe money to this broker: ‘If you place a stop loss order and are stopped out incurring a loss, you must cover the shortfall on your account within one business day’, the company says. In the Open new account section there also is a warning that losses can exceed investment.
The Open new account section also reveals that EVFX provides accounts to professional clients only. So, if you are a retail client this is not the right place for you.
We can conclude that EVFX is a well-regulated STP brokerage company. You can only sign a contract and trade with EVFX if you are classified as a professional client. Although there are many trading terminals, the most popular (MT4) is not covered.