Full Review of EZTrader Binary Options Trading Platform
Some brokers choose to use a platform developed by another company and some chose to build their own platform, suited to their specific needs and what they think is best for their customers. Such binary options brokers are EZTrader and Global Option. In fact the two brokers are owned by the same company, WGM Services Ltd, with offices in Cyprus. But this is less important as today we are going to focus on the platform itself, not on the brokers that provide it. The platform entails the trading room, what options are available, expiry and execution of your trades. One drawback of the platform is that US traders are not allowed to trade forex or commodities.
Overall, it’s a minimalistic platform and its strong point is the ease of use. However, it is not as easy as some other platforms which might explain why EZTrader is not as well know. Probably the platform was built having an intuitive approach in mind and they wanted everybody to be able to trade without thinking about complicated buttons and settings. It looks like they wanted it to be like other platforms, but not exactly like them. This approach may have hurt them in the end.
The EZTrader platform is not a white label like some other platforms. There are two brokers using this platform, both operated by the same company, WGM Services Ltd, located in Cyprus.
EZTrader platform rating:
Platform functionality: 9/10
Platform efficiency:8/10 Lag experienced when more than one chart is open
Ease of use:8/10 Ease of use is one of the main characteristics of the platform
Expiry times:Hourly, Daily, 60 Seconds
Trading tools available:Sell the option before expiry time
Trading Options available:Up/Down, 60 Seconds
Prices and rates:Small spreads
Why EZTrader Platform doesn’t Suck?
EZTrader doesn’t suck because it doesn’t waste time with risky fringe options such as range, boundary or one touch. All they offer is standard binary trading. You just select the asset, Call or Put and amount, with no additional choices; there’s no way a newbie would get lost in all the option types. It is also CySEC regulated which makes it a better choice than most of the other brokers on the market, if you can get access from where you live. The platform also offers Reuters news feed and the fact that the trader can have more than one chart open makes it easy to quickly open a trade once the news feed points to a good opportunity. They also have one of the best charts available on any binary option platform. Not great but better, the fact that I can change the time frame of the chart between half an hour, one hour, two hours and daily is a plus. This is great to see coming from a binary broker and it almost looks like some primitive form of technical analysis can be conducted by being able to see a higher time frame if I want to trade hourly options.
Why EZTrader Platform Sucks?
Sometimes the biggest advantage can also be a great drawback: The ease of use. The platform seriously lacks in some areas and a trader’s choices are severely limited. The asset list has been improved but the variety of option types and limited expiry make it less advantageous than you might think. The platform has also added 60 Second trading, not something we like to recommend. Another thing I noticed is that when I open more than one asset chart, the page slows down and starts to lag. I can understand some minor issues related to internet traffic, and slowing down due to connection speed, but the lag experienced with the EZTrader platform exceeds normal delays. This happens only when more than 3 charts are open and it’s highly unlikely to be related to my own internet connection as it’s a very reliable broadband connection and I have no similar problems with other platforms.
EZTrader Platform Technology
The platform is entirely web based so there’s no need for additional trading software to be downloaded on your PC. This means you can be flexible when trading and not tied down to any one computer or device. They use SSL certificates for data encryption to ensure that your personal information is secure when you trade and deposit funds and they also claim that they don’t store customers’ credit card numbers for safety reasons. The platform uses LightStreamer for real time price streaming, making their quotes accurate and reliable. EZTrader platform has a mobile version as well, called EZMobile. The app is available free for iPhone and Android devices. That can be a good addition for a busy trader that is not always in front of the computer but still doesn’t want to miss out on some good trades.
My trading experience with the EZTrader Platform
I decided to test the platform by opening as many charts as possible and then placing my trade with all the charts loaded. Like I said, I noticed the flawed operation when more than one chart is open so I wanted to see how much this can affect the trading process. To be honest, I was pleasantly surprised because even if there is a little lag during chart loading time (a few seconds), once it is loaded, the normal functionality of the system resumes and lag diminishes almost to the point where it’s acceptable. I say “almost” because the problem still persists and it did not disappear completely, at least on my computer. Other operations such as switching between assets and expiry were also fairly quick. Open trades are listed beneath the main trading screen. On the trading screen you can choose to go to the “sell option” tab. This is where you will be able to close out select trades within the available window in order to cut losses or lock in profits.
To sum it up, EZTrader platform is definitely easy to use; maybe too easy, lacking a lot of features that would appeal to more sophisticated traders. There is no option builder or rebate structure, not a lot of expiry times and just one type of binary option (UP/DOWN). However, it still is a good choice if you know exactly how you want to trade and that type of trading happens to be one of the few ones offered on the platform. In other words, if you are looking for extreme simplicity in a trusted CySEC regulated broker, you might want to take a look at the EZTrader Platform. If you are a picky trader and need more features, you probably won’t find them on this platform at this time.
- There is a unique option of the Today’s Call and Put percentage which can be split
- The customer support is great and available 24/7
- News Magazine, very nice addition
- Navigating between the assets is quite complicated, which seems to annoy most of the users. Details regarding to a particular asset such as general asset information and trading times is also absent.
- There are no Extra features such as close now or rollover
- Expiry times are short.
- Charting is not good