Why easyMarkets Sucks In 50 Words
It is all a bit too cluttered, but that’s probably because they have to cram a lot of information on their website. They have a lot of tradable assets, instruments, and tools, and they offer details about each one, which piles up to quite a stuffed website. I wouldn’t necessarily call that a negative, but newbies or traders coming from the old binary world may be deterred.
Why easyMarkets Doesn’t Suck In 50 Words
As always, when a broker is regulated, that makes it my number one reason why it doesn’t suck. On top of being regulated, easyMarkets is also in business for a very long time and offers great platforms for trading. The cherry on top: they also offer Negative Balance Protection.
Is easyMarkets A Scam?
I think that a company that’s been active since 2001 cannot be called a scam, especially because they are regulated by two well-known financial watchdogs (CySEC and ASIC). Initially, they were named Easy Forex and rebranded to easyMarkets in 2016, so you might be familiar with the former name, especially if you are a long time trader. But as always, you should always do your own research and be extra careful when investing.
Should I Open An Account With easyMarkets?
easyMarkets is a CFD, FX and Crypto broker founded back in 2001, owned/operated by Easy Forex Trading Limited a company that is part of Blue Capital Markets Group and is regulated by CySEC (since 2007) under license number 079/07. Their Australian branch, EASYMARKETS PTY LTD is regulated by ASIC under ABN 73 107 184 510.
Founded in 2001, as Easy Forex and later rebranded as easyMarkets, this broker offers CFDs, Forex, Cryptocurrency, Vanilla Options (not to be confused with Binary Options) and easyTrade, which is a type of hybrid options trading. They offer a proprietary web platform as well as Meta Trader 4 but although MT4 is my favourite platform, their web trader has some very interesting features, which are not available on MT4. For example, you can use dealCancellation, which is a feature that allows you to close the trade within 1, 3 or 6 hours if the price goes against you. You will have to pay a fee for this but the fee is smaller than what you would lose on the entire trade. On this platform, you also benefit from No Slippage. All these are great features, which make it appealing to go for the more simplistic web trader rather than MT4.
The minimum deposit is 100 EUR which is good because you can test their service with a relatively low risk (Demo also available). In the past they used a tiered account structure but now they only offer one account type: VIP. It must be the cheapest VIP in the business but oh well, better for us traders. Please note that depending on your location, you might be directed to the International version of the website, which has a different account structure: Standard (100 USD), Premium (2,000 USD), VIP (10,000 USD).
As for education, they do a great job but it will take you a lot (and I mean a lot) of time to go through it all. They have tutorials, e-books, FAQs for CFDs, for Options, Crypto, Forex, they have videos and market updates. You name it, they have it. You just need time and patience if you want to go through it all.
Overall easyMarkets looks like a trustworthy broker, with a solid offering and good trading conditions. So to answer the title question: if you are on a search for a new broker, you should give easyMarkets a look. I am not advising you to open an account, just to conduct your personal review and see if it matches ours.
The company’s registered address (headquarters) is Griva Digeni 1 Ave, Kriel Court, Office 303, CY-3035 Limassol, Cyprus but they also have offices at NSW 2000, Australia.
They can be contacted at email [email protected], phone +357 25 828 899, and various messaging apps.
It’s expected for a broker that’s been in business since 2001 to have a few complaints and overall easyMarkets seem to be cataloged as “not the best, not the worst”. A trader complained about price manipulation but later withdrew his complaint, another one said that his leverage was reduced for a nonsense reason. All in all, nothing relevant.
However, a bothering thing is that ForexPeaceArmy mentioned that in 2017 they received numerous suspicious positive reviews for easyMarkets, “including one fake submitted from inside the company’s offices”. Busted!
easyMarkets Regulatory Announcements And Warnings
We couldn’t locate any announcements, fines or warnings made by regulators against easyMarkets. We will continue to monitor and update accordingly.
The processing time is 1 – 2 business days and depending on the method and how fast your bank completes the procedure, it can take between 3 – 5 business days for the funds to reach you. easyMarkets doesn’t charge any fees for deposits or withdrawals and all funds deposited through a certain method must be withdrawn using that same method.
Regulation, Negative Balance Protection (you cannot lose more money that you have invested), dealCancellation and No Slippage function. Great and true extras!
User Friendliness 15/20
The website is translated in 7 languages, but the amount of information is huge and that makes it feel cluttered sometimes. Not a deal breaker. Demo accounts are available, as well as mobile apps for Android and iPhone. US clients are not accepted.
Range Of Markets, Spreads And Leverage 15/20
Their trading basket is very well rounded, including currencies, stocks, commodities, indices, and cryptocurrency (Bitcoin, Ripple, and Ethereum against US Dollar). The spreads are relatively low (1 pip for EUR/USD) and fixed, meaning they don’t change according to market conditions. Highest leverage is 1:30 due to ESMA regulations. Outside Europe, the leverage may be higher.
Deposits And Withdrawals 16/20
easyMarkets doesn’t charge fees for deposits and withdrawals but your payment processor might. Deposit methods are credit cards, wire transfers, online banking (Sofort, Giro Pay, Ideal, Webmoney) and e-wallets (Neteller, Skrill, FasaPay, etc.). Most deposits are instant but withdrawals will take longer (see above section). The methods are the same. Minimum deposit is 100 EUR but the minimum withdrawal is not specified.
Fees And Support 19/20
They don’t charge fees for opening an account, depositing, or withdrawing. Support was very fast to answer, very polite, and solved my query without running around the bush.
Negative Balance Protection, dealCancellation, No Slippage, and double regulation. Some of these features are unique to easyMarkets, others are very rare; all in all a great collection of extra features.