EZTrader was once considered to be a pioneer in the binary options industry. Founded in 2008, EZTrader is owned by WGM Services Ltd (Win Global Markets), a company that became regulated in 2013 by the Cyprus Securities and Exchange Commission (CySEC) under license number 203/13 (license date 14/06/2013). Their registered address is 11, Vizantiou Street, Office 401, Strovolos, CY-2064 Nicosia, Cyprus. They are also registered in a lot of other European countries such as Spain, Italy, Germany, France, Sweden and many more. WGM Services LTD also owns the following CySec regulated domain: www.ezinvest.com. The EzTrader inc is publicly listed and has suffered millions of dollars in losses in 2016.
Is EZTrader a Scam?
The answer should be no, but we’re not so sure anymore. EZTrader is regulated by CySEC license number 203/13, Sponsors of 2 several Football sports teams from Germany’s DHB Handball, and Italy’s A.S. Roma football club, England’s Tottenham football club and Liverpool’s Grand National horse racing, and invests large efforts and resources to attract potential investors. They also invest in maintaining effective costumer support system with live chat and constant loyalty bonus offers to it costumers. On the downside, we’ve witnessed quite a few complaints regarding EZTrader, and those should not be ignored. We strongly recommend following the discussions below (on the comments section) before choosing EZTrader as your broker.
Update February 2017 – We notice a big drop in traffic to EZTrader.com in the past few months. The traffic now is about 6 times less than it used to be in October 2016 and prior to that. Whether the drop in traffic is as a result of making huge investments or is due to a number of fines from authorities, or a result of both, remains to be seen.
Editor’s Note- Why does EzTrader Sucks in 50 Words?
According to EZTrader, their goal is to make Binary Options trading “easy”. Well, in my opinion they have succeeded…but I think they even surpass their own expectations because in their attempt at making trading easy, they leave out a lot of useful features and the platform is just too basic. It may still be a good platform for really green traders, but not good enough for the experienced ones,and even the green ones will get bored with it pretty quick.
Why EZTrader doesn’t Suck in 50 Words?
They recently updated their website and the effort is commendable. It looks more crisp, the design is adapted to the current standards in the industry and overall, they improved a lot since our first review was presented. It’s also a regulated, stable broker.
Should I Open an Account with EZTrader?
Eztrader offers traders online consulting advisors who will be more than willing to share their knowledge of the market with you once you open an account. Generally they seem to be a nice and friendly binary options trading company. One of their recent improvements is the asset list: 91, more than double the amount they had previously.
Types of trading include high/low digital binary options, that’s it. There are not any range, boundary or one touch options available. Expiry is limited to intraday, weekly, monthly and 60/90/120 seconds, there are several expirations each day. The asset list is also not quite up to par in my opinion. The have indices, stocks and a few commodities but only 15 forex pairs, which is really odd because in my experience most binary traders are trading forex more than anything else. In fact, out of all the binary options brokers I have reviewed and used this one has the least going for it.
So, why does EzTrader suck? Because there isn’t much there. Although they have improved I still believe the thinking type of binary options investor should go for a more reliable and professional broker, not to mention one that provides a more complete trading service. In my opinion, EZtrader has over-simplified the trading of binary options.
Update February 2017 – This company has a growing number of fines and warnings from regulators and complaints from their clients. It’s the regular shady and unprofessional approach with bad account managers who will do everything to rip you off and impossible or difficult withdrawals. They also lost their sponsorship with a Swedish Football league mid-2016 after EZ Trader was fined and their crooked history was unveiled in media. We recommend our readers to look at serious companies instead of EZ Trader.
Being around for so long, it’s easy to find comments about EZtrader. A simple search for EZtrader complaint, scam, fraud, etc will discover lots of information about that company. Most complaints are negative, but that’s conventional since most complaints come from unhappy costumers or competitors. Either way, there are lots of complaints so I can only assume that a few of them are possibly true. Mostly it comes down to withdrawals, which should be easy, but due to the high number of bonuses offered are often not able to be made. Time and time again I have come up against another complaint about not getting withdrawals, even if they aren’t true there are just too many to ignore, especially when there are so many brokers that are more trustworthy.
Update 2017, most comments are old but remember their traffic is now 6 times less than before so it could be less people are doing business with EZTrader to make complaints. However, checking the most recent comments they are negative; people have lost money due to crooked account managers and withdrawals are still a big issue.
EZTrader Regulatory Announcements and Warnings
25.10.2016: US SEC Fins EZTrader $1.7 million. Source: SEC 2016-236.
29.04.2016: French AMF warns against EZ Trader. Source: AMF-France.org 2016.
27.11.2015: CySec fines EZ Trader for 340,000€ for Money laundering policies and misguiding advertisement among the reasons. Source: Cysec.gov.cy 11/15.
26.03.2015: CySec fines EZ Trader for 10,000€. Source: Cysec.gov.cy 5/16.
The bonuses are limited by time to 90 days before expiring. Within this period of time, you must reach a trading volume of 40x the bonus amount. For example, 500 bonus means 20 000 in volume must be reached within 90 days. You can withdraw your own funds at any time but that means the bonus will be canceled, you will lose all profits and any losses will deducted from your balance. There is no mentioning of how much bonus you can get.
The minimum withdrawal is $100which is strange since the minimum deposit is only 50… This means once you make a deposit, you cannot withdraw unless you make money or an additional deposit. There are however no withdrawal fees.
User Friendly 17/20
EzTrader is a Simple and user friendly site. Due to its simplicity it may be the easiest site of them all. The Help and FAQ sections are useful tools which help its traders understand the basics of binary option trading. No software download is needed, as the EZTrader platform is 100% web-based.
No. of Assets and Expiry time 17/20
EzTrader offers 78 stocks, 24 indices, 15 currencies, 4 commodities, in total 121 assets for purchase. Expiry times now include 60/90/120 seconds, weekly, monthly and intraday 5/10/15 minutes etc.
Commissions, Support and Effective return 17/20
EZTrader does not charge any fees or commissions from its investors when they purchase options. The Effective return goes as high as 95% for certain assets and the refund for Out of the Money trades can reach 15%. However I haven’t seen any single option with such high returns. The Customer Service is available by phone on 4 international numbers and by email. Additionally there is a live chat where they respond immediately.
Update 2017, the live chat was not available and I could only leave a message, the returns are now very low at 81%.
Deposit, Payment and Bonus 17/20
Depositing is available via Credit cards, e-wallets and Wire transfer; accounts can be held in US Dollars, Euros or Pounds. Payment is available via credit card with no fee charges but only as high as the initial deposit. If you choose a wire withdrawal, you will have to pay a 15 euro processing fee. The Bonus goes as high as 50% but the trading volume required for a withdrawal must be reached within 90 days according to their Terms and Conditions. Deposits and withdrawals can be made by Skrill which is a huge plus.
Update 2017, there is no mentioning regarding how much bonus you can get but the requirement on the volume is 40x the bonus and the time limit remains at 90 days.
Website Extra’s 10/20
There really aren’t any extra’s here. They do have a sell option feature but that does not make up for all the other shortfalls.
EZTrader Overall Score 78 + Regulated (+3) – *Low User Rating (-5) : 76/100
*In case a broker receives a low user rating bots (X<50) our team deducts 5 points of the overall ratings.