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EasyMarkets Forex Broker Review

  1. EasyMarkets is the trading name of Easy Forex Ltd, an innovative company established in 2001 that made its name as the first online broker offering retail traders access to forex markets, over a web-based trading platform. With the re-branding to in 2015, customers saw an expansion in tradeable financial instruments on the new proprietary trading platform as well as the MT4 trading platform. Notably, the number of assets grew to more than 300, to include not only Forex pairs but CFDs in commodities, ‘Vanilla Options’, precious metals, global indices and cryptocurrencies. EasyMarkets has established a reputation for transparency with a no commission and ‘no sneaky fees’ policy expressed on the website. We found the unique ‘deal cancellation’ tool attractive where traders have up to 60 minutes to go back and ‘undo’ a deal, thereby avoiding potential losses. In line with modern customers’ expectations, EasyMarkets provides easy access to financial markets over cross device platforms including web traders and intuitive mobile apps for Android and iOS powered devices. The EasyMarkets website is available in English, Polish, Arabic and Chinese languages.

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    We saw that the registered brand is licensed and regulated within the European Union by the Cyprus Securities and Exchange Commission (CySEC) and in Australia, by ASIC. The company has its headquarters in Limassol, Cyprus and offices in Warsaw, Shanghai and Sydney. What’s more, EasyMarkets conforms fully with the EU MiFiD rules on financial services and provides cross-border investment services across most European Union member states. Importantly, EasyMarkets offers negative balance protection to its customers and segregates clients’ funds in top tier international banks. The company is also a participant in the Investor Compensation Fund, established by the Cyprus government for all financial investment firms registered in the country.

    Account Features at EasyMarkets

    Customers at EasyMarkets can choose from four types of live forex account, the Standard, Premium, VIP and Super VIP account. All four account types are commission-free and offer fixed spreads, guaranteed stop-loss, negative balance protection as well as no price slippage. We saw that the maximum leverage across all account types is 1:200 and all clients can access customer support over the phone. Only the Standard account does not offer a personal account manager. Additionally, all account holders irrespective of the account type, get daily emails with fundamental and technical analysis. Importantly, a Demo account is offered for practicing risk free trading without making a real money deposit. We saw that all live trading accounts are available as Swap-free Islamic accounts on request to customer support. Islamic accounts are compliant with Sharia law as they do not involve the payment of any form of interest.

    Standard Account

    With a minimum deposit of €100, customers can open a Standard account at EasyMarkets on the EasyMarkets web platform or the MT4 software. The spreads for EURUSD are from 3 pips. Notably, the minimum lot size on the EasyMarkets platform is 0.05 and just 0.01 on the MT4.

    Premium Account

    A minimum deposit of €1,000 is required to open the Premium Account. Traders get all the benefits of the Standard account along with a personal account manager, market signals sent over SMS and tighter spreads, where the EURUSD starts at 2.5 pips.

    VIP Account

    €2,000 minimum deposit is needed to open a VIP account at EasyMarkets. Whilst it has all the features of the Premium account, the pip spreads are generally narrower, with EURUSD from 1.8 pips and the minimum trading size is bigger depending on the trading platform selected. VIP account holders can access the EasyMarkets trading floor over the phone or live chat 24/5.

    Super-VIP Account

    It takes a minimum deposit of €10,000 to set up a Super-VIP account. The benefits include those of the VIP account. However, the differences are that the minimum lot size on either trading software is negotiable and the pip spreads are tighter. We saw the spread for EURUSD starting at 1 pip.

    Demo Account

    By registering a risk-free Demo account, customers are given access to a trading simulator for 8 days, where they can practice trading using all the tools and indicators normally available in a live account. Clients who set up a live account with EasyMarkets before the eight days are over, can keep the simulator account indefinitely, for practicing market strategies before applying them on live financial markets.

    EasyMarkets Vanilla Options

    Traders who wish to trade with unlimited opportunities not presented in spot forex and CFD trading, can look into Vanilla Options at EasyMarkets.  Vanilla Options are flexible instruments for trading forex currency pairs with zero stop outs and the possibility of hedging on day trading positions. However, Vanilla Options are potentially riskier than conventional financial instruments and should be used prudently. We saw that the Demo account gives traders the opportunity to practice trading Vanilla Options without any risk whatsoever, as it’s all done using virtual funds.

    Tip: Consider IQ Option instead – the best regulated broker for South African traders with a minimum deposit of only $10!

    Trading Platforms at EasyMarkets

    EasyMarkets offers two categories of trading platform. The first is the easymarkets proprietary trading software and secondly, the MetaTrader4 for EasyMarkets. Both platforms share many important features, but the EasyMarkets trading platform has some exclusive features that we describe below.

    Comparison of EasyMarkets and MT4 Trading Platforms

    Traders can access the EasyMarkets trading platform without software download through the web browser on desktop and by getting the free mobile apps for Android and iOS mobile devices. The MT4 trading software must be downloaded to a PC or MAC, but it does offer a separate MT4 WebTrader and MT4 mobile apps. Importantly, the EasyMarkets software offers traders the entire range of FX and CFD assets, the ‘Inside Viewer’ tool as well as the Deal cancellation tool not available on the MT4 platform. Additionally, traders using the EasyMarkets software can trade forward deals and get guaranteed pending orders. Whereas these features are not offered on the MT4.

    On the other hand, the EasyMarkets software does not offer Expert Advisors for automated trading, neither one-click trading or multi-terminal access offered on the MT4 platform. Shared features include multi-lingual support and integrated user guides. Rate alerts with SMS, advanced charting and market news. We consider both types of trading software reliable and stable. It’s up to the traders to decide what their trading requirements are and choose the platform that suits those needs. By trying out the demo software available on both platforms, traders can make an educated decision on what is the appropriate platform for them.

    Education at EasyMarkets

    Irrespective of the level of trading experience, the EasyMarkets ‘Learn Centre’ offers a broad selection of educational material that may help to improve trading performance for every trader. We saw simple video tutorials, interactive webinars, eBooks, blogs and a ‘discover series,’ on financial instruments. What’s more, EasyMarkets provides comprehensive FAQs and a huge amount of information on trading tools and how to use them. All the educational resources are free of charge and get traders off to a good start at EasyMarkets.

    Trading Cryptocurrency CFDs at EasyMarkets

    EasyMarkets offers its customers the opportunity to trade cryptocurrencies against the USD without needing a cryptocurrency exchange account or special cryptocurrency wallet. We saw that currently, traders can trade Bitcoin, Ethereum and Ripple against the USD just by setting up a live trading account at EasyMarkets. By trading in CFDs of the underlying cryptocurrency assets, traders do not need to own the cryptocurrency, but can potentially benefit from market volatility anyway. The maximum leverage for CFD trading in cryptocurrencies is 1:5 and the minimum Bitcoin contract is 0.25 Bitcoin. Bitcoin trading is permitted on both types of trading platform at EasyMarkets and a free eBook on Bitcoin is offered on website.

    EasyMarkets Customer Support

    We saw that customer support is offered in many ways by EasyMarkets 24/5. The instant live chat function is embedded on the website and in the trading platforms. Additionally, there are several phone numbers on the contact page, email addresses and even Fax numbers to contact EasyMarkets staff in their various offices located across the globe. Whether clients want to complain or simply make an enquiry, there are lots of ways of getting in touch. We found the FAQs page listed under the educational resources on the EasyMarkets website, very helpful in providing straightforward answers to our questions.

    Easymarkets Deposits and Withdrawals

    EasyMarkets provides a diverse range of payment methods in customers’ accounts under the ‘My EasyMarkets Funds Management’ section. These include credit/debit cards, digital payment methods and bank wire transfer. We were pleased to see that all deposits and withdrawals are free of fees and commissions to EasyMarkets. However, that doesn’t mean that payment providers won’t charge the standard fees that are part of their business policy. The minimum withdrawal from EasyMarkets is only applied to bank wire transfers that must be at least $50 per transaction. Notably, withdrawals are usually processed in one business day as long as customers provide proof of identity on time. Customers using E-Wallets can expect to get their money within hours of the processing being completed, whilst withdrawals by bank transfer and credit card can take between 3 and 10 business days.

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