Regulator: ASIC, CySEC
Platform: MT4, Web platform and easyMarkets on Mobile
Payment Method: Visa, AMEX, Maestro, Giropay, JCB, Skrill, Webmoney, Uemadai and Neteller
300 plus trading instruments
Deal cancellation feature
Only 4 languages
easyMarkets was originally founded as easyForex in 2001 but changed its name when it expanded its product offerings to include other asset classes. By 2013, the company had grown to have more than 100,000 active traders using its trading platform to amass over $1.5 trillion in accumulated trade turnover in its first decade in business.
The company’s official website is located at www.easyMarkets.com and a screenshot of its home page appears below:
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easyMarkets is based in Limassol, Cyprus and is licensed and regulated by the Cyprus Securities Exchange Commission or CySEC under CIF license number 079/07. In Australia, the company is regulated by the Australian Securities and Investment Commission or ASIC under AFSL number 246566. With the oversight of two regulatory agencies, easyMarket’s customers are ensured greater deposit safety and client funds are held in segregated accounts with Top Tier banks.
Please note that easyMarkets does not presently accept customers residing in the United States.
EasyMarkets offers three types of trading accounts: a standard account, a premium account and a VIP account. No minimum deposit is required for the standard trading account, although the premium account and the VIP account require minimum deposits of $2,000 and $20,000 respectively. In addition to the three live trading account options, easyMarkets offers a lifelong demo account for traders that wish to test the company’s trading platform before committing real funds into a live account.
Those who like to trade a greater variety of markets can access as many as 300 different trading instruments on any given day via this broker. Those focused on the forex market can trade a wide variety of currency pairs ranging from the majors to exotics, while easyMarkets’ formerly forex centered product offering has now expanded to include forex forward contracts, commodity and index CFDs, and vanilla forex options.
As far as minimum spreads are concerned, the width of the spread depends on the type of trading account the trader is executing transactions in. For a standard account, spreads start from three pips, while premium account holders get more competitive spreads beginning at 2.5 pips. The VIP accountholders have access to the lowest dealing spreads, which start at 1.8 pips.
While easyMarkets spreads may not be the most competitive in the business, the company has decided to keep things simple and transparent, offering fixed spreads for that reason. Having fixed spreads allows the trader a higher level of certainty on executions, especially during volatile trading conditions.
Furthermore, the broker offers guaranteed rates on orders that translates into no slippage, and easyMarkets also gives traders the security of negative balance protection and provides leverage ratios of as much as 400:1.
Supported Trading Platforms
EasyMarkets offers a web based trading platform that allows traders to execute deals from just about any online computer in the world with a browser. In addition, the company offers an MT4 trading platform that has its usual extensive support for technical traders.
One of easyMarket’s platform’s unique features is a dealCancellation option. This feature allows the trader to cancel any deal within one hour of its execution and completely recover their losses. In addition, a free guaranteed stop loss can be combined with dealCancellation.
This platform gives traders access to quote for more than 300 instruments, including forex, commodities, metals and indexes, all with online access 24/7 and without the need to download and install any software. One click trading is available from the platform’s Market Explorer, which includes advance charting options, news, technical analysis and market sentiment, all on one screen.
The screenshot below illustrates easyMarket’s trading platform that allows traders to execute deals in forex pairs, vanilla currency options, CFDs, commodities, precious metals and indices, as well as perform technical and fundamental analysis functions.
EasyMarkets’ trading platform runs on Internet Explorer’s Version 10 and above, FireFox, version 31 and above, Google Chrome version 31 and higher, Opera version 24 and above, Android version 4.1 and above, Google Chrome for Android version 37, and Safari version 7 and above. Non-supported browsers remain fully functional despite displaying some stylistic elements differently.
Deposits and Withdrawals
Traders can use credit cards and electronic payment services to fund an easyMarkets trading account. The company currently accepts deposits via: Visa, American Express, Maestro, Giropay, Ideal, SoFortüberweisung, JCB, China Union Pay, Skrill (formerly Moneybookers), Webmoney, Uemadai and Neteller, in addition to via wire transfers from local and international banks.
The time delay for receiving deposits and withdrawals varies from virtually instant for those using Visa, American Express, Yemadai, China Union Pay, Ideal and Maestro, to two hours for Giropay, Skrill, Neteller and SoFortüberweisung. Using Webmoney and local and international bank wire transfers can take from three to five working days.
EasyMarkets uses the same methods to process withdrawals, and no commissions are charged for deposits to or withdrawals from an easyMarkets trading account. The company processes all withdrawal requests within two business days, but depending on the bank and the location where the funds are being sent, the process could take from 3 to 10 business days. There is no minimum withdrawal amount, and all withdrawals are sent back using the same payment method as the original deposit was made with.
EasyMarkets’ customer service is available with representatives on call 24/5 during normal forex market hours. Representatives will answer any forex or account related questions and can provide guidance and instruction to clients. Customer service is available via live chat, email, telephone or fax, with company staffed regional offices located around the world in Limassol, Cyprus, Sydney, Australia, Warsaw, Poland and Shanghai, China.
The company also offers educational material through their learning centers. Educational material includes videos, glossaries, eBooks and training articles for every level of trading expertise. An economic calendar, daily market commentary, technical charts and various trading tools round out the company’s educational and market analysis offerings.
Basically, easyMarkets provides straightforward access to 300 plus trading instruments — including forex options — and this is clearly one of the broker’s main advantages. The company’s comprehensive trading platform, educational information and free trading signals are additional benefits. Other good features include the broker’s transparency, guaranteed order levels, negative balance protection and deal cancellation ability.
Nevertheless, easyMarkets’ relatively wide and fixed spreads as a market making broker with no option for variable spreads or Interbank spreads from STP/ECN trading clearly works against this broker’s popularity. In addition, the easyMarkets website is only available in three different languages, so some traders who wish to communicate in their native language might be disappointed.