Independent rating of Forex broker Varchev

About company

Varchev is a brokerage firm owned by Varchev Finance Ltd. The company is regulated by Bulgaria’s Financial Supervision Commission (FSC). The broker has a right to render its services in the euro area thanks to the Markets in Financial Instruments Directive (MiFID). In addition, Varchev is regulated by the Financial Conduct Authority (FCA) in the United Kingdom, allowing the company to offer its services to British residents. The broker is a member of the Bulgarian Investor Compensation Fund. Thus, in case the company declares bankruptcy, the fund covers up to 90% (but not more than €20,000) of the client’s total deposit amount. Notably, the FCA can also grant compensation to investors if the company is insolvent.

Trading conditions

• single accounts with different trading conditions
• more than 50,000 financial instruments (25 cryptocurrency pairs, stocks, Forex, indices, precious metals, commodities, ETFs, binary options)
• NDD technology, which minimizes risks of conflict between traders and brokers
• access to trading through Telegram channel
• fast execution speed (about 0.03 seconds)
• one day of risk free trading (cashback up to $500)
• bonus for new accounts from $250 to $10,000
• trading platforms - MT4, MT5, Varchev Absolute Trader
• commission
• funds are withdrawn in the same way as deposits are made
• zero margin requirement for hedged positions
• free forecasts and financial analysis
• free training materials (articles, webinars)

Trading platform

Varchev offers its clients a choice of three trading platforms - MetaTrader 4 (MT4), MetaTrader 5 (MT5), and Varchev Absolute Trader. The MT4 platform provides traders with all means and tools necessary to analyze price movements in the financial markets. MT4 considerably simplifies the execution of transactions, as well as the creation and use of Expert Advisors - automated trading strategies. Users point out that the key feature of MT4 is direct access to a rich selection of trading signals. The MT4 and MT5 platforms are very similar in their nature, with the only difference that MetaTrader 5 trading tools are not limited to the Forex market. Through MT5, users can trade stocks, futures, options, and many other financial products. Varchev Absolute Trader (VAT) is the trading platform designed by the broker. The terminal offers fast order execution, technical and charting tools, analytics, social trading, and many other options. The application for Android and Apple is available for download in all app stores.

Support service

Clients can contact Varchev’s support team via phone, email, contact form, and Live Chat. In addition, the company is actively engaged in conversation with its customers on Facebook and Twitter.

Traders’ reviews

The majority of traders’ reviews about Varchev on the Web are negative. Traders mainly complain about unfavorable trading conditions, serious disruptions to trading platforms, and frequent slippage. However, the general discontent among clients is caused by problems with the withdrawal of funds and the broker’s interference in the process of receiving profit.

Advantages:

• large selection of financial instruments
• demo account
• regulated broker
• high leverage
• welcome bonuses
• wide choice of trading platforms, including popular MT4
• free forecasts and financial analysis
• free training materials in English for beginners

Disadvantages:

• frequent slippage
• disruptions to trading platforms
• many negative reviews