Best More Detailed Review Of easyMarkets Forex Broker 2023
EasyMarkets is a Cyprus-based broker and Forex trading company that originally opened for business in 2001. It was among the first to provide online trading using its created user-friendly platform.
To be able to offer services internationally and give individualised client support, easyMarkets has offices in Shanghai, Sydney, Limassol (Cyprus), as well as the Marshall Islands.
As a result of market volatility, the firm works to provide traders with reliable trading conditions that have a set spread and no slippage, so they are constantly aware of their expenses.
The concept to democratise trading came from a business that took a small starting investment of just $25. Over time, the broker expanded their clientele and received excellent feedback regarding their trading.
Through its own trading platform, easyMarkets is simple to use and has various distinctive features that novices find appealing. But easyMarkets is expensive, has a limited range of tradeable goods, and lacks market research.
An worldwide broker with more than 20 years of experience in the financial services sector is EasyMarkets. Both the Australian Securities and Investments Commission and the Cyprus Securities and Exchange Commission (CySEC) oversee its operations (ASIC). Additionally serving as regulators are the Seychelles Financial Services Authority (FSA) and the Financial Services Commission of the British Virgin Islands (FSC BVI). The broker is unable to access the segregated accounts where the client's money is kept.
easyMarkets Forex Broker Pros and Cons
Pros
- Several methods to add money to an account and withdraw money to a personal card or digital wallet.
- The well-known MetaTrader 4, the broker's platform, and trading from a mobile device are just a few of the trading platforms available.
- Training materials, a course with checks along the way, and a certificate when the course is finished successfully.
- A wide range of trading instruments.
- Quality education.
- Negative balance proteciton.
- Competitive trading conditions.
Cons
- Investment services and systems for duplicating transactions do not exist.
- The magnitude of the spread is influenced by the trader's account type, trading platform, and asset being traded.
- Only a few ways to contact support.
Commissions and Fees
Account types: easyMarkets provides three account types: online platform, MetaTrader 4 (MT4), and a VIP account. Trading expenses (spreads + any commissions) differ for each account type, and spreads are fixed (not changeable).
Minimum and Spreads: EasyMarkets' VIP account, which takes a $2,500 deposit ($100 for residents of the EU and UK), as well as its online platform, which requires a $250 deposit, both have the most affordable price. Both accounts have 0.9 pip fixed spreads on the EUR/USD whether utilising the MT4 account or the easyMarkets platform.
The fixed spread with 0 commissions includes the trading expenses, which are shared and determined by the trading account you choose. All accounts come with guaranteed stop loss, negative protection, and other trading tools, as well as daily emails with technical analysis and fundamental data.
According to our research and evaluations, easyMarkets Fees are rated poorly with an overall score of 8.7 out of 10 when compared to more than 500 other brokers. Depending on the account type and the jurisdiction, fees may change.
Account types
Based on our research, there are three different easyMarkets trading account types with terms that have been created over over two decades of expertise and are tailored to meet different demands. However, be sure to confirm with customer support which conditions you will specifically come under as they may change depending on the trading organisation.
According to our research, EasyMarkets' VIP account, which needs a $2 500 deposit ($100 for residents of the EU and UK) as well as a web platform, has the most affordable cost accessible. When utilising MT4 or the website, the fixed spreads for EUR/USD are 0 and.77 pip, respectively.
With an overall rating of 8.9 out of 10, easyMarkets Spreads are rated poorly when compared to other brokers. We discovered that the broker offers 0.77 pip for both accounts, which is a comparatively small spread. There are other appealing spreads as well. spreads on easyMarkets.
Deposits and Withdrawals
According to our research, easyMarkets' account funding method is simple and accessible through the client area.
We gave easyMarkets Funding Methods an overall score of 8 out of 10, ranking them as Excellent. The minimum deposit is around normal for the sector, and there are few to no fees for different currency-based accounts.
With the availability of several payment methods, you have a wide range of alternatives, including bank transfers, credit and debit cards, online purchases, and a variety of eWallets, including Sofort, giropay, iDeal, WebMoney, BPAY, Neteller, Skrill, and fasapay.
deposit requirement for easyMarkets
EasyMarkets' entry-level minimum deposit is $100, and greater balance maintenance is required for larger accounts with VIP and premium conditions.
The easyMarkets trading site is minimal aside from a watch list (favourites list), news, charts, a sentiment indicator, and a few additional features. Although the simple and straightforward platform design performs a good job of keeping users focused on trading, more discerning traders won't be satisfied.
Trading tools: The easyMarkets platform provides dealCancellation and Freeze Rate, two distinctive trading tools. The dealCancellation tool allows you to reverse your transaction and recover your losses for a modest cost and for a limited period of time (up to six hours). A quotation can be "frozen" for three seconds using the Freeze Rate button.
Both of the tools seem appealing, but easyMarkets clearly promotes them for a purpose, thus altogether, they must be beneficial for easyMarkets. Additionally, easyMarkets platform offers guaranteed stop-loss orders (GSLO) for free, although most brokers charge a little extra. This is done to benefit less experienced traders.
Mobile Trading
Both the MetaTrader 4 (MT4) mobile app and easyMarkets' own mobile app are available. The easyMarkets mobile app has a simple layout and basically replicates its web-based cousin, including the ability to sync watch lists.
\Trading View powers charting on the mobile app, including the same 81 indicators as the platform's web-based interface. Overall, I thought it was straightforward and uncomplicated, but in terms of the breadth of features and capabilities, it lags behind the top mobile trading applications in our evaluation.
Source:
- https://55brokers.com/
- https://tradersunion.com/
- https://www.forexbrokers.com/