EasyMarkets Review – Key Advantages of the Forex Broker
Being an active FX broker for two decades in the highly competitive forex industry is quite an achievement for easyMarkets. Despite facing several uphill battles that come as a part of being one of the oldest forex and CFD brokers in the financial markets, the company is still going strong. The company brokered its first trade deal in 2001 through its innovative easyMarkets trading platform, and since then, the broker has been an active member of the forex community for many years. Several of their products and services have received widespread acclaim from both retail and institutional traders, which has paved the way for many online FX brokers to follow suit.
We should also credit the company for being a key innovator in forex trading not only because of their historical innovations but also because of their continued development by launching new trading tools and features.
This easyMarkets review represents our best efforts to find whether the broker’s forex services offer the best trading conditions in the market. Accordingly, we did find that the company provides several groundbreaking trading features that are guaranteed to improve your trading results. These unique trading tools have never been offered by any other broker all at once, which prompts us to recommend the broker’s services to all our readers. However, take the time to read the entire easyMarkets review to be equipped with all the broker information before opening an account with easyMarkets.
- VIP packages
- Unique trading tools
- Negative balance protection
- Fixed spreads
Understanding the Best Features of an easyMarkets Forex Account
Our job is to evaluate the various parameters of a forex trading company that can have a bearing on live trading performance. Therefore, we will take a thorough look at all the pros and cons of easyMarkets through this easyMarkets review so that our readers can arrive at an informed decision before opening an account. Listed below are some of the pros and cons of the company.
- More than two decades of experience in the forex and CFD market.
- Innovative trading features such as easyTrade, dealCancellation, and Freeze Rate.
- Access to a proprietary easyMarkets trading platform and the MT4 terminal.
- Positive customer experience.
- Supports seven different asset classes.
- Regulated by the CySEC, the FSA, and the ASIC.
- Excellent easyMarkets deposit options and security of funds.
- No ECN account, even for larger deposits.
- Broker does not support MT5 terminal.
- The easyMarkets forex spreads for the web app are higher than the MT4 terminal.
- The proprietary trading features are only available with the easyMarkets app and not the MT4 terminal.
The main reason for opening an account with easyMarkets would be to take advantage of several innovative trading tools such as easyTrade, dealCancellation, and Freeze Rate. These are proprietary trading tools that can be a great addition to a trader’s trading arsenal, and more details on these tools will be provided in later sections of this easyMarkets review. There are some drawbacks, such as the lack of an ECN account offering, higher spreads, and the nonavailability of innovative trading tools with the MT4 terminal. Nevertheless, more information related to the different types of accounts available to traders and the process required for signup is provided in the next two sections of this review.
Which Account Should You Choose? – A Comparative Study of Account Types
easyMarkets has made it simple for its customers to choose an account that suits their trading style and preferences. There are a total of six different account types offered under three distinct categories. For retail trading, the broker offers the Standard account, which requires an easyMarkets minimum deposit of $25. The Standard account is further classified into two depending on the trading platform, with subtle differences in trading conditions. For example, the easyMarkets forex spread for the MT4 Standard account starts from 1.9 pips for the EUR/USD pair, while the same pair quotes a minimum of 2.0 pips for the Web/App Standard account. The maximum leverage for the MT4 account is 1:400, while the Web/App account offers a reduced leverage of just 1:200.
The second category, the Premium account, offers slightly lower easyMarkets forex spreads. The MT4 Premium account quotes a spread of 1.4 pips, while the Web/App Premium account quotes a minimum of 1.5 pips. The leverage is the same as the Standard account, but the minimum easyMarkets deposit is $2,000. The minimum investment requirement is quite steep, in our opinion, and the average spread may not justify a move up to the Premium account category.
The most competitive easyMarkets forex spreads are offered by the VIP account, where the spread starts from 0.9 pips for MT4 and 1.2 pips for Web/App, but the easyMarkets minimum deposit for the VIP account is $10,000. Once again, the high investment requirement does not make sense for traders, as traders can open an ECN account at other mainstream brokers with just $100.
However, traders may be at a significant advantage if they choose the Web/App account over the MT4 account, considering the several unique trading features on offer. For instance, the Web/App account guarantees no slippage, guarantees stop loss at fixed levels, and provides access to the easyTrade, dealCancellation, and Freeze Rate functionalities. MT4 users do not benefit from such convenience, which means that even VIP account holders can use these functionalities by opting for the Web/App easyMarkets trading platform. As a result, if the MT4 terminal or an ECN account is not on your priorities list, you should certainly sign up for an easyMarkets account to enjoy the proprietary trading tools developed by the company.
Joining easyMarkets for a Trading Account
An easyMarkets forex trading account is offered to traders from all over the globe except for some regions such as the United States and other parts of the Americas, Europe, the Middle East, Africa, and the Asia Pacific.
You can easily check whether you are eligible for signing up by visiting the official website or contacting the broker’s customer support department. You should click the “Sign Up” link or the “Start Trading Today” link on either the desktop or mobile version of the website for account registration. A popup window asks you for your e-mail address and phone number, and you will also be asked to create a password. By clicking on the “Submit” button, another window pops up and asks you to confirm your country of residence, after which you will be taken to the web-based easyMarkets app.
The remainder of the account registration process can be completed through the easyMarkets app. You can update your profile, upload documents, and deposit funds via the app, but make sure that all the information you enter is accurate. If possible, keep your identification documents available while completing your profile, as these documents will have to be uploaded to the broker for trader verification. You will be asked to upload all verification documents before you are allowed to deposit funds and place your first trade, which is a good initiative by the broker to prevent broker-trader conflicts.
Verification is also essential for making an easyMarkets withdrawal of your funds without any difficulties. The entire registration process will not take more than a couple of minutes, including updating the profile, which is indeed quick and efficient. However, account and identity verification may take anywhere from 24 hours to 5 working days depending on the workload, national holidays, or trading hours.
Which easyMarkets Trading Platform is the Best for Trading?
There are two main easyMarkets trading platforms: the web-based easyMarkets app and the MT4 trading terminal. The web platform is a powerful trading platform that houses all the broker’s unique and groundbreaking trading features. It promises plenty of trading tools that can help traders improve their success rate in the highly volatile forex market. First, we would like to mention that the easyMarkets forex spread is higher for the web platform than for the MT4 terminal. However, it is a small price to pay for the excellent trading options on offer.
The web platform is a responsive interface that works well with desktop, tablet, and smartphone devices. For desktop and tablet users, the interface displays a chart, a list of tradable assets, and different trading options such as easyTrade, Day Trading, Forward Deals, Pending Orders, and Vanilla Options.
The easyTrade option is just a mix of binary options trading and regular day trading, which helps traders risk a certain amount of money in exchange for a set amount of profit, depending on the trade time and trade direction. Trade times are 1 hour, 3 hours, and 6 hours, while the minimum trading amount starts from $10. The maximum order volume for easyTrade is $3,000. These are set-and-forget trades, which pay out money at the expiry of the option for winning trades. Of course, traders lose the entire trade if the markets move against their position.
The Day Trading option is designed to emulate a conventional trading approach. Here, traders are treated to the broker’s innovative trading tools such as dealCancellation and Freeze Rate for the first time. Unlike other forex brokers where you can enter a specific amount of money or standard lots for trading, the easyMarkets Day Trading option follows a slightly different method. For instance, traders can click on an asset, which presents the different trading amounts for both the base and the quote currencies. These amounts are preset by the broker, which can be selected from the pulldown menu. There are only a few possible combinations, and traders can then buy or sell the currency pair accordingly.
Traders can also choose the dealCancellation option, which is available for 1 hour, 3 hours, and 6 hours, where the trade can be canceled by paying an upfront fee. The dealCancellation feature allows traders to get out of losing trades within 3 preset times, especially if the market is moving significantly against their position. It is mostly useful if traders are not sure about the underlying trend, and they wish to minimize their risks against adverse market movements.
Another feature offered in the Web/App easyMarkets trading platform is the Freeze Rate functionality. It is essentially a pause button to help you decide between buying and selling an instrument at the desired price level.
The Freeze Rate feature pauses the current price level for a few seconds, usually 3 seconds, and a countdown timer will display the remaining time to make a decision. Once the timer reaches zero, the price is altered, and the trader will have to use Freeze Rate once again to lock in the price. It can be used any number of times and is especially useful for trading news events or other volatile sessions, where prices can change within microseconds. Both the dealCancellation and Freeze Rate features are especially useful for scalpers and high-frequency traders, as these functionalities can increase the probability of success.
Other easyMarkets trading platform trading options include Forward Deals, Pending Orders, and Vanilla Options for other forms of financial markets. As for the Web/App layout, we did feel that all the information is presented in a slightly cluttered manner, with so much space wasted on the central trading part. The chart is kept to the right-hand side, while the left-hand column houses the list of assets. The top part of the interface displays the trade balance, the amount at risk, the profit/loss of open positions, and the bonuses, along with the option to make an instant easyMarkets deposit.
The account management dashboard is also provided within the Web/App to the extreme right top corner, while details of the open/canceled/closed positions are at the bottom, just beneath the trading terminal and the charts. Of course, the entire layout is not confusing in any way, but we feel that the broker could have modified the layout to make it a bit more pleasing and user-friendly. Nevertheless, the utility aspect and the unique list of features make the web-based easyMarkets app one of the best trading interfaces.
However, if you are looking for the most traditional trading option, you should use the MT4 terminal, but it does not provide features such as dealCancellation or Freeze Rate. However, from a professional trader’s perspective, the MT4 is undoubtedly the best choice, as it offers a standard set of trading conditions that are different from the web-based easyMarkets app. The MT4 terminal is available as both the desktop trading platform and the webtrader, and traders can install custom indicators, EAs, and other trading tools to the installable platform.
Which easyMarkets App is the Best for Mobile Devices?
The broker offers a mobile trading option for smartphone and tablet users in the form of the proprietary easyMarkets app, along with the popular MT4 terminal. The proprietary easyMarkets app is available for both iOS and Android devices, which can be downloaded from the App Store and the Play Store, respectively. The mobile easyMarkets trading platform offers the same features as the Web/App, which means that easyTrade, dealCancellation, and Freeze Rate features are enabled in the mobile apps.
A detailed charting option is also on offer, which helps traders analyze markets on the move. The proprietary mobile platform adopts the same color scheme and theme as the Web/App, but it feels more premium and useful in its mobile guise. Therefore, if you want to enjoy the broker’s unique trading products, we recommend you try out the mobile version of the proprietary easyMarkets app.
We also understand that not everyone would be a fan of the easyMarkets trading approach, and for those kinds of users, the broker also supports mobile trading through the MT4 app for iOS and Android. The broker does not directly host the MT4 app, but it is available for download from the official publisher, MetaQuotes. The broker will send you the login parameters, and you can use the MT4 app with an easyMarkets account, just as you would with any other broker.
Should Traders Sign Up for easyMarkets Promotions?
easyMarkets has multiple brokerage divisions that operate with different regulatory licenses, and as such, they only offer bonuses and promotions for international traders. There are three different bonus categories, each offering a different type of bonus for users. The first is a deposit bonus that offers up to 50%, with a maximum bonus amount of $2,000. The bonus amount does not appear to be withdrawable, but the profits made from the bonus amount can be withdrawn. However, the broker also issues several other restrictions, and any infringement can lead to the broker’s bonus amount being canceled. The deposit bonus is a one-time promotion and is not available for recurring deposits.
The second type of promotional offer is an affiliate campaign for introducing brokers, where referrers can earn a fixed commission by referring new traders to the broker. The affiliate commission varies per the classification of the referrer and the quality of referrals. Finally, a third offer provides an earn-a-friend bonus, which is another type of referral bonus but geared toward active traders who would like to refer family or friends to the broker’s platform. The refer-a-friend bonus program offers up to $750 per referral, but the referred trader must deposit a minimum of $5,000 and transact a minimum of $2 million in notional trading volumes. There are no trading conditions for referral or affiliate bonuses.
The easyMarkets promotional offer is a great way to get free funds and try out the broker’s proprietary trading app. New clients can try out the broker’s unique trading features for free, and if they are not happy with the results, they can always switch to the more conventional trading account. Of course, free money is also a good way to test the trading conditions under live market conditions, which does not put the trader’s original trading capital at any risk.
Does the Company Easily Process easyMarkets Withdrawals after Clients Deposit Funds?
Funding and easyMarkets withdrawals are done per regulatory guidance, ensuring that all payments are facilitated through secure gateways and are safeguarded from any form of malpractice or misuse. Traders are always concerned about the safety of their funds, and it does not surprise us that most traders have the same question: is easyMarkets regulated? Therefore, with strong regulatory protection, all deposits and easyMarkets withdrawals are handled with utmost care.
An easyMarkets deposit can be done through credit/debit cards, bank wire, e-wallets, and cryptocurrency wallets. In total, there are more than 20 different easyMarkets deposit methods, including popular e-wallets such as Skrill, Neteller, and PerfectMoney. The easyMarkets minimum deposit is $25, while there are no minimum limits for an easyMarkets withdrawal. All deposits, aside from bank wire, are processed instantly, but there can be a delay for withdrawals. Nevertheless, the broker has a great track record of sending all withdrawals on time, ensuring that the broker will process almost all of its easyMarkets withdrawals on time.
|easyMarkets Deposit Options|
|Deposits Availability||Min. Deposit||Deposit Fee|
|Deposits Availability: Depending on chosen method||Min. Deposit: $25||Deposit Fee: -|
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While withdrawing your money, you must ensure that you have satisfied the broker’s promotional terms and conditions. You should also ensure that your account is verified and request a withdrawal to the same account/deposit method used to deposit funds. The broker may cover the charges incurred for depositing funds, but the broker or other intermediary payment systems may charge a nominal transaction fee for withdrawals.
|easyMarkets Withdrawal Options|
|Transaction Time||Min. Withdrawal||Withdraw Fee|
|Transaction Time: Depending on chosen method||Min. Withdrawal: -||Withdrawal Fee: -|
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Determining the Cost-Effectiveness of the easyMarkets Fees and Forex Spreads
easyMarkets forex spreads are not the most competitive in the market, but the costs are justified considering the excellent trading tools on offer. The easyMarkets forex spreads for the EUR/USD pair start from 0.9 pips for MT4 accounts, while Web/App account holders will have to shell out a minimum of 1.2 pips for the same currency pair. Other forex pairs are even more expensive, while metals, commodities, cryptocurrencies, and other assets have higher-than-average costs. Therefore, from a pure cost-of-trading perspective, we would not consider the broker to be economical, but the dependability aspect and the innovative trading features enable us to overlook the higher easyMarkets fees for trading.
The broker does not offer an ECN account, which means that there are no commissions. However, all trades will have a SWAP fee if these deals are held overnight. Furthermore, there are additional trading costs if you are using the proprietary easyMarkets trading platform. These easyMarkets fees include dealCancellation, Freeze Rate, and easyTrade costs, which are added beyond the market spreads. The dealCancellation cost is particularly specified at the time of opening a trade, while the Freeze Rate and easyTrade costs are incorporated into the pricing of an asset.
Depositing funds do not cost any money for the trader, as the company absorbs the fee for all easyMarkets deposits. That said, the same rule does not apply to easyMarkets withdrawals, as traders may have to pay a transaction cost. Therefore, you may not receive your entire withdrawal amount, as you will have to account for intermediary transaction fees. Apart from the trading costs, payment fees, and SWAP, the broker does not charge any other hidden fees. All learning materials, trading resources, and market analytics are provided free of cost to clients, thereby ensuring that traders do not have to spend any additional money to acquire this information from third-party sources.
Is easyMarkets Regulated and Are They a Legitimate Broker?
The international version of the broker is regulated by the British Virgin Islands Financial Services Commission, an international regulator that regulates many online forex brokers. However, the regulator is not considered a top-tier financial regulating agency, as there are some doubts about the effectiveness of a regulator from an offshore jurisdiction. However, all these worries can be put aside, as easyMarkets is also regulated by the CySEC (license number: 079/07) in Europe and the ASIC in the Asia-Pacific region. These regulatory watchdogs are considered the best financial regulators in the entire forex industry, which instills confidence among customers.
The broker ensures that it offers a fixed spread cost structure across its product portfolio. It also ensures that there is no slippage and that traders can enjoy guaranteed stop loss. However, all these point to the broker being a market maker with an automated dealing desk, where trades are settled by the broker internally. If required, the broker will take the opposite side of a trader’s position and offset it with an external liquidity provider. It may lead to a conflict of interest between the broker and the trader, but we have seen that the broker never violates its traders’ trust. The broker has been offering its services for more than two decades, and together with strong regulatory protection, the broker always ensures fairness and transparency in its dealings. Other regulatory measures include segregation of clients’ funds, trader insurance against broker insolvency for clients in Europe, and more. As a result, easyMarkets is one of the safest brokers in the market.
Whom Should the Clients Approach for Their Concerns?
Traders can contact the broker 24/5 for any queries or complaints regarding the broker’s entire brokerage portfolio. There are multiple access points for existing clients, including live chat, e-mail, phone, and other social media handles such as Facebook Messenger, Viber, WhatsApp, Instagram, LinkedIn, and Twitter. The broker does respond to all queries on the same day, with live chat and IMs offering instant response to any queries. The company has different departments for different customer queries, such as an Accounts department, compliance, partners, and general customer support.
The customer service team is also available in six different languages, so it is easy to find the best support through the online chat system.