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EverestCM’s Forex FAQ

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Top Forex FAQ

Here are the most frequently asked questions we’ve received from our customers over the last few months. We’ll be changing the FAQ when we see a higher frequency of questions from our customers.

Most of our traders here at EverestCM have their trading accounts approved on the same day they open them because they upload all of the necessary documents we ask for. It’s super-easy to get your account verified.

All we ask for is that you upload recent copies of your Proof of Identity and of your Proof of Address.

Not sure what a Proof of Identity and a Proof of Address is?

Proof of Identity

Your Proof of Identity, or POI for short, is a full and clear colour copy of your valid passport or any other official identification document issued by authorities. So, if you don’t have a passport, you can use any of these as your POI:

1. Copy of a valid National Identity Card, which clearly shows your picture and name. If you want to use your ID as your POI, you’re going to have to upload the front and back of it.

2. Copy of a valid Driving License, which clearly shows your picture and name. If you want to use your driving license as your POI, you’re going to have to upload the front and back of it.

As we’ve mentioned above, whatever POI you provide us with, you’re going to have to show us the following:

1. Your full name

2. The issue and expiry date

3. Your date of birth

4. Your place of birth

5. If your POI contains your tax identification number or your signature, make sure this is also clearly shown.

Proof of Address

Your Proof of Address, or POA for short, is a colour copy of a recent utility bill that’s dated within the last 6 months. As it’s addressed to you, it will contain your name as well as your registered address. Here are some examples of POA’s we accept here at EverestCM: 1. Utility bills such as your electricity, gas, water, phone, internet, or cable bill 2. Bank statement 3. Local authority tax bill

Some important notes

At EverestCM, we don’t accept your Proof of Identity document as your Proof of Address, and vice versa. Being a regulated broker means that we must adhere to all the laws and so we hope you understand.

When it comes to providing us with your POI and POA, you can upload your documents directly from within our Client Area  which is your go-to portal when it comes to managing your EverestCM trading account. If you prefer to email us your POI and POA, you can send them to [email protected]

Yes, you can.

If you’re looking to update your email address, simply send us an email to [email protected], but be sure to send us the email from your “Registered Email”. Your “Registered Email” is the same email account you used when registering your EverestCM account.

In the email, simply tell us what you want your new email address to be. Please note that you might receive a call from a member of our customer care team. We do this to confirm your new email address.
Or you can do it from your Profile in your Client Area.

If you’re looking to update your residential address, go ahead and send us an email to [email protected] from your “Registered Email”. Tell us your new residential address and be sure to add a POA (Proof of Address), which has your name on it as well as your new address.

If you need to change your phone number, once again, send an email to [email protected] from your “Registered Email”. In the email, tell us what your old number was (the number you used when you registered your EverestCM account) as well as your new phone number.
One of our customer care representatives will call you on your new number to confirm that it was you who requested this change.
Or you can do it from your “Profile” in your Client Area.

Whenever you make a change to your personal data, you’ll receive an email from us confirming that you did indeed make the change.

If you never requested such a change, immediately contact our support team via Live Chat.

Whether you’re looking to trade the markets using an EverestCM Live trading account, or you simply want to get to know us or try out a trading strategy risk-free via an EverestCM Demo account, the account opening process is easy.

Opening an EverestCM Live Trading Account
Simply click here  to get started. You’ll be taken to our Client Area, and your portal to managing your EverestCM trading account. It’s self-explanatory and you will receive a few confirmation emails while registering your account, so be sure to check your spam or junk folders, just in case they have sneaked in there.

Opening an EverestCM Demo Account
If you’re new to EverestCM and want to get to know us, our Demo account is great as you get to trade the markets in a risk-free environment, while also experiencing all of our superior trading conditions. To open your very own EverestCM Demo account, simply click here. It’s all very easy and you’ll receive a few emails, which are there to validate your account as well as help you start trading. Some of the trading tips we’ve provided are really valuable, so look out for them in your inbox.

If you need any assistance whatsoever throughout the registration process, simply reach out to us via the Live Chat feature. Our EverestCM customer care team is super helpful and will help you out.

To start trading the markets, you’re going to need to do a few things. Here’s a list of what you’re going to need:

1. An EverestCM trading account.
2. Either one of EverestCM’s MT4 or MT5 trading platforms, or you can use SUMMIT by EverestCM, our web-based trading platform which is geared towards beginners.
3. Your first investment / deposit.
4. Ensure your account is approved by EverestCM’s account Opening team.
5. Some experience when it comes to understanding the markets.

If you need any assistance, simply reach out to us via Live Chat. We’ll answer all your questions, but we can’t give you trading advice. This means that we can’t tell you what you should be trading. What we can do instead is teach you how to trade. This is far more valuable.

We offer the following Live trading account types:

1. Classic account
2. Raw account

For further information on how these two Live trading accounts differ, check out this page.

The minimum amount of 100 EUR/USD/GBP is needed for your first deposit.

The minimum withdrawal limit is set at 100 EUR/USD/GBP, unless you wish to terminate your EverestCM Live trading account and withdraw your Live trading account balance.

When it comes to trading the markets, our traders view their deposit as an investment, therefore we advise all our traders to invest more than 100 EUR/USD/GBP. The average amount our new traders start with consists of 500 EUR/USD/GBP.

Yes, we do offer Corporate trading accounts, which can be ideal for any businesses looking to invest in Forex and CFDs.

You can request a Corporate trading account by emailing our customer care team to [email protected]. Simply tell us if you’re an existing EverestCM trader or not and our superstars will get the ball rolling on your Corporate trading account request.

You can also request a Corporate trading account directly from within our Client Area. Simply login, go to Profile, then Help Desk and submit your request from there.

Swap is like an interest rate that is paid or calculated at the end of each trading day. When you trade on margins, you might earn or pay interest on your long and short positions. The net interest differential is referred to as carry and traders looking to profit from it are referred to as carry traders.

Where it comes to calculations, the swap formula for all forex instruments, including spot metals, is the following:

lots * long or short positions * point size

Let’s look at an example using EUR/USD where the base currency of this client’s trading account is USD:
This client has decided to buy 1 lot of EUR/USD where the swap on a long position is -3.68

Since it is a buy position, the system will take the swap rate for a long position, which currently is
-3.68

Now, use the formula below to calculate the Point size:

Point size = contract size of a symbol * minimum price fluctuation (the number of minimum pips)
EUR/USD point size = 100,000 * 0.00001 = 1

If we apply the given numbers in the formula, we’ll have: 1 * (-3.68) * 1 = -3.68 USD.

So for 1 lot in a buy position for EUR/USD, and in case the position is left overnight, the swap calculation for the client will be -3.68 USD.

Let’s take another example, using gold this time. A client’s base currency in his trading account is USD and he decided to buy 1 lot of gold.
The swap rate on a long position in this kind of trade is -2.17

Since it is a buy position, the system will take the long point, which currently is -2.17.

To calculate the Point size, use the formula below:

Point size = contract size of a symbol * minimum price fluctuation
Gold point size = 100 * 0.01 = 1

If we apply the given numbers in the formula, we’ll have: 1 * (-2.17) * 1 = -2.17 USD.

So for 1 lot buy position for gold, and in case the position is left overnight, the swap calculation for the client will be -2.17 USD.

Please note that if the base currency of the trading account is in EUR (like in the examples above), the swap calculation will be converted from USD to EUR. The result of the swap calculation is always the secondary currency in a symbol, and the system converts it to the base currency of the trading account.

The examples above only serve as a guide and do not reflect the current charges.

Who you trade with matters.
Open your EverestCM trading account!

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How a Demo Account Works

Demo accounts were not particularly feasible before the widespread use of personal computers and the Internet. When trades were mostly recorded using paper, monitoring a virtual trade would have been time-consuming and costly, eliminating the primary benefit of a demo account, namely that it’s free. Demo accounts began to be offered by online brokerages in the 2000s, as high-speed internet was starting to be adopted by more traders.

Demo accounts have also been adopted as a means of teaching high school students the basics of investing in the stock market. Many school districts around the UK and Australia offer personal finance or economics classes that require students to maintain a demo stock account and monitor the progress of their investments over the course of the semester.

Negative balance protection means that you will not lose more than your deposited money in your trading account.

In other words, you won’t owe us any money if your account has a reached negative balance.

Yes, the EverestCMCM brand is owned and operated by Myrtle Ltd with registration number 179291 GBC. Myrtle Ltd is authorized and regulated by Mauritius Financial Services Commission (FSC) under the license number GB21026300.

Register Your Everest Trading Account

Simply fill in the form to register your Everest trading account. Once you’ve filled it in and clicked on the GET MY ACCOUNT button, you’ll be redirected to the myEverest client area, where you’ll be able to finalise your trading account application. All fields are required.

Enter your first name as it appears on your passport or ID.
Enter your last name (surname) as it appears on your passport or ID.
Enter the email address you use on a daily basis.
Select the country you live in. Check our footer to see which countries we don’t provide trading services to.
We’ll need your mobile number so that we can verify your trading account.

Trading CFDs carries a high level of risk. It is possible to lose all your invested capital.