Easy Markets Review
Easy Markets Review
EasyMarkets (previously EasyForex) is the trading name of Easy Forex Trading Ltd. – a Cyprus-based brokerage, established back in 2003. It provides its services in over 160 countries worldwide, offering trading in 175 products ranging from currencies, CFDs on indices commodities, metals and Bitcoin, as well as options and forward contracts.
Easy Forex Trading Limited, doing business as easyMarkets, is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC, license No 079/07), and its Australian subsidiary – EasyMarkets PTY Ltd. – is authorized and regulated by the Australian Securities and Investment Commission (ASIC).
CySEC applies certain rules to license holders, one of them being the requirement such firms to hold a minimum capital in order to conduct their business operations legitimately. The Commission requires Cyprus-based forex brokers to hold at least €730 000. As regulation of financial services providers usually involves such a requirement, Australian brokers are obliged to hold a minimum of $1,000,000 by ASIC.
Furthermore, the Cypriot financial watchdog applies a compensation scheme as additional guarantee to clients’ funds. All CySEC-regulated companies are members of the Investor Compensation Fund, the compensation fund of last resort for customers of authorized financial services firms. If the Company becomes insolvent or ceases trading, it is able to pay compensation to its covered clients, amounting to a maximum of 20,000 EUR. Unlike many other EU-based brokers, Australian ones are not covered by any compensation scheme.
Focus on client protection
easyMarkets forex broker is a company that places a special focus on client protection. Apart from offering tight fixed spreads, which do not widen during news releases, easyMarkets is one of the few brokers that provide Negative Balance Protection. This means that you can never lose more funds than you have deposited, even though you are trading on margin.
Besides, it allows forex traders to cancel losing trades via its state-of-the-art feature dealCancellation, available on its in-house platform.
easyMarkets offers its clients two trading accounts to choose from, available on two platforms – the good old MetaTrader 4 and the broker’s proprietary web-based platform. Both account types offer commission-free trading, fixed spreads and leverage up to 1:400. Micro lots are available for trade only to Standard account holders.
There are a number of features available solely to VIP account holders, such as Personal Market Analyst, Loyalty Rebates, Express Withdrawals, Free trading signals, Free Breaking news, SMS Alerts, etc.
If you don’t need such extras or simply don’t want to invest 5 thousand bucks, you can get VIP spreads on your Standard account by depositing $250.
Islamic (swap-free) accounts compliant with the Sharia law are also available to clients who don’t want to earn interest for religious reasons.
Minimum initial deposit
In order to open an account with easyForex broker, one has to deposit at least $100, which is a reasonable and competitive minimum initial deposit.
Spreads & Commissions
This broker offers fixed spreads, which allows traders to predetermine their costs. What is more, no commission fees are charged, as the broker generates revenues through the bid-ask spread paid by traders on each transaction.
Although fixed spreads generally tend to be wider that variable ones, this is not the case with easyMarkets – their spreads amount to 1 pips on EUR/USD and are accessible with a deposit of $250. In comparison, Exness and Plus500 (also regulated by CySEC) offer fixed spreads amounting to 2 pips for this currency pair.
The maximum leverage level offered by this broker is 1:400, which is considered comparatively high, as CySEC has recently proposed the default leverage provided by brokers to be 1:50. The reason for such leverage limitations is that higher leverage involves higher risk of heavy losses. Nonetheless, many Cyprus-based brokers offer high leverage levels: XM – up to 1:888, FXTM – up to 1:500.
Clients of easyMarkets may choose from the broker’s proprietary web-based platform and the popular Metatrader 4 (MT4).
easyMarkets’ in-house platform offers advanced charts, live market news, technical analysis and sentiment all in one screen, one click trading (from the Market Explorer).
What is more, platform users get free Guaranteed stop loss and dealCancellation option, which are indeed two great risk management tools.
In addition, easyMarkets offers the powerful MT4, allowing traders to fully automate their operations by choosing from a wide range of Expert Advisors (EA) and let the program do all the work. This is one of the reasons this platform to be preferred by most traders. Besides, it offers a number of useful technical indicators, extensive back-testing and advanced charting package, which includes the option to trade straight from the chart.
Bonuses & Promotions
By the time of writing this review, there are two promotions offered (effective until March 31, 2016)
– – First deposit bonus on initial deposit ranging from 30% to 50% (up to $2 000);
– – Refer-a-friend bonus from $25 to $500 for new clients who deposit at least $250.
Methods of Payment
easyMarkets offers a variety of payment methods, including credit cards (Visa, Mastercard, Maestro, Visa electron), bank transfer and e-wallet systems, such as, Skrill, Neteller, WebMoney, SoFortüberweisung, American Express, Giropay, Ideal and UnionPay.
For withdrawals to credit/debit cards and eWallets there is no minimum withdrawal amount. For withdrawals to bank accounts, a minimum amount of USD 50 is required. All deposits and withdrawals with easyMarkets are commission-free.
easyMarkets is a well-regulated broker that offers trading in wide range of financial products products worldwide through both its proprietary platforms and the industry’s standard MT4. This is a broker that places a special focus on client protection.
Easy Markets Review Conclusion
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