Easy Markets broker review
EasyMarkets is a well-established forex, commodities, and cryptocurrencies online broker. Originally established in 2001 as EasyForex, in 2015 the brokerage revamped its image and broadened its trading products that it now offers to traders. EasyMarkets proports a clientele base of over 100,000 traders and has accumulated over $1.2 trillion in trading volume since its inception. It is headquartered in Limassol, Cyprus, with additional locations in the Marshall Islands, Warsaw, Shanghai and Sydney. EasyMarkets’ group of companies, through its subsidiaries, is licensed by the Cyprus Securities & Exchange Commission (Easy Forex Trading Ltd – CySEC, License Number 079/07), and has been passported in the European Union through the MiFID Directive, and in Australia by ASIC (Easy Markets Pty Ltd – AFS license No. 246566).
A thorough review of EasyMarkets revealed that their website is very comprehensive and informative, yet user-friendly. It provides traders with a all the information necessary to get started trading in the forex, commodities, and cryptocurrency markets. Below is a breakdown of each of the most important components of EasyMarkets.
Markets Offered
EasyMarkets makes markets in over 200 tradable instruments including the forexes, commodities, precious metals, major indices, and the more popular cryptocurrencies including Bitcoin, Ripple, and Ethereum. Traders can trade spot markets, contracts for difference (CFDs), or options.
Account Features
EasyMarkets espouses the philosophy of “keeping their traders safe.” This is reflected in the features that are part of the various accounts that are offered to their clients. Free guaranteed stop loss orders protect traders from exceeding unnecessary risk. EasyMarkets also provides its traders with two useful features for managing risk. The first is referred to as a freeze rate. Traders are given a small margin of time for which they can freeze a price on an instrument that they want to buy or sell. The trade is executed at the “frozen” price. The second is DealCancellation, another innovative tool that easyMarkets offers to its traders. This feature allows traders, for a small fee, to undo a losing trade for up to an hour, regardless of the loss incurred. Below is a table displaying the different types of accounts.
Account Types
| Super VIP | VIP | Premium | Standard | |||||
|---|---|---|---|---|---|---|---|---|
| Platform | Web/App | Web/App | MT4 | Web/App | MT4 | Web/App | MT4 | |
| Minimum transaction size | Negotiable | 1 lot (negotiable) | 1 or 0.01 lot | 0.5 lot | 0.05 lot | 0.05 lot | 0.01 lot | |
| Fixed Spreads | EUR/USD as low as 1.2 pip | EUR/USD 1.8 pips | EUR/USD 2.5 pips | EUR/USD 3 pips | ||||
| GBP/USD as low as 1.9 pips | GBP/USD 3 pips | GBP/USD 3.3 pips | GBP/USD 3.5 pips | GBP/USD 3.5 pips | GBP/USD 4 pips | |||
| WTI(OIL) as low as 0.04 USD | WTI(OIL) 0.05 USD | WTI(OIL) 0.06 USD | WTI(OIL) 0.07 USD | |||||
| XAU as low as 0.45 USD | XAU 0.45 USD | XAU 0.50 USD | XAU 0.50 USD | |||||
| Minimum deposit | 50.000 USD | 2.500 USD | 1.000 USD | 100 USD | ||||
| Max leverage – Web | 1:200 | 1:200 | 1:200 | 1:200 | ||||
| Max Leverage – MT4 | – | 1:400 | 1:400 | 1:400 | ||||
| Commission | 0 | 0 | 0 | 0 | ||||
| Account Fees | 0 | 0 | 0 | 0 | ||||
| Deposit/Withdraw | 0 | 0 | 0 | 0 | ||||
| Customer Support | yes | yes | yes | yes | yes | yes | ||
| over the phone | ||||||||
| Personal Account Manager | yes | yes | yes | yes | yes | yes | yes | yes |
| 24/5 phone and live chat trading | yes | yes | yes | yes | yes | yes | ||
There is a rolling charge for trading currencies beyond intraday. Precious metals including gold, silver, palladium and platinum are traded as spot trades and also have rolling fees. Commodities and indices are traded as CFDs, so they have a fixed expiry date with rolling fee. Rolling fees are not charged on options.
All funds for EasyMarkets accounts are segregated and are kept safe and secure in top tier, low credit risk, global banks. Only account holders have access to the funds. EasyMarkets always maintains sufficient liquid capital to cover all client deposits and to cover potential fluctuations in the company’s currency positions and outstanding operating expenses. EasyMarkets does not take U.S. Clients, but Islamic account are available.
There are no commissions on deposits and withdrawals. EasyMarkets accepts credit and debit cards, bank transfers, e-wallets such as Neteller, WebMoney, Skrill , Global Collect and others for funding. For withdrawals to credit/debit cards and e-wallets there is no minimum withdrawal amount. For withdrawals to bank accounts, a minimum amount of USD 50 is required. EasyMarkets actively engages in bonus and referral programs as a means to attract new traders.
Trading Platforms
EasyMarkets offers two trading platforms and a mobile application for trading on the go. The first is the standard Meta Trader 4 (MT4) that is very popular and widely used by many forex brokers and traders. EasyMarkets also has a proprietary web-based platform. It is very intuitive and user friendly for executing trades and monitoring positions. It provided basic analytical tools and is custom made for using all the features provided by EasyMarkets. However, it lacks the sophistication of MT4 for testing and automating trading strategies. Both platforms offer a demo account. Below is a screenshot of the web-based platform.
There are a few options that are not available to MT4 users as noted in the table below.
Features for Trading Platforms
| easyMarkets Platform | MT4 Platform | |
|---|---|---|
| dealCancellation cancel a deal in 1 hour if markets move against you | yes | no |
| Free Guaranteed Stop-Loss | yes | yes |
| Manage risk with a predetermined price level | ||
| One Button Trades | yes | yes |
| “Buy” or “Sell” with just one click or tap | ||
| Day trade, pending deal | yes | yes |
| Vanilla Options, forward deal | yes | no |
| Integrated News, Charts and More | yes | no |
| No Slippage, The price you see is the price you place your trade | yes | no |
| Micro lots | yes | yes |
| 50% Stop Out. 70% margin call level for MT4 platform. | yes | yes |
| Automated processes, EAs | no | yes |
| MultiTerminal for advanced users | no | yes |
| Technical charts, analysis tools and chart overlays | yes | yes |
| Predesigned and custom trading templates | yes | yes |
Education
The EasyMarkets website provides a host programs and material for beginner, intermediate or advanced traders. These include instructional videos, trading guides and manuals, e-books, an online explanations of key trading terms and concepts, and a full financial calendar.
Customer Support
EasyMarkets provides customer support via live Chat is open during working hours, through email contact, or by contacting a representative at EasyMarkets via telephone to the main headquarters in Limassol, Cyprus or to their offices in Warsaw, and Sydney, Australia. The website is in English, Chinese, Arabic and Polish.
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Pros
- Offers high leverage trading. Clients in the EU can use up to 30x leverage, outside of the EU can use 400x leverage
- Clients that upgrades to a VIP account will have access to a personal adviser; help with market information and insight
- ‘Risk-free’ trading option that allows traders to cancel their trade within an hour of making it
Cons
- Doesn’t offer its demo account for more than 8 days, far less than many other platforms
- Fee structure isn’t straightforward and changes based on product being traded
Fixed spreads
Variable spreads
Stop losses
Limit orders
One-click trading
Trailing stops
Expert advisors (EAs)
Virtual private server
Direct market access
STP broker
ECN broker
Market maker
Price alerts
Signal trading
Watchlists
Charting tools
iOS App
Android App
Windows App
Major Stock markets (US UK Germany)
Indices
Penny stocks
Forex
Majors
ETF
CFDs
Bitcoin
Commodities
ETFs
IPO
Options
Futures
Bonds
Hong Kong stocks
Japanese stocks
Listed on Stock Exchange
Scalping
Hedging
Demo account
Islamic account
Micro account
Standard account
VIP account
Zero spread account
Managed account
Credit cards
Bank transfer
PayPal
Neteller
Skrill
Electronic wallets