easyMarkets Review 2024 - Is Legit or Scam | Forexing.com (2024)

easyMarkets General Information

Our easyMarkets Review

easyMarkets is a forex and CFD broker that offers more than 200 financial securities to traders from all over the world. Apart from CFDs, the broker also offers easyTrade, options, and forwards. Founded in 2001, the broker has been operating uninterruptedly and has grown in client base, company size as well as services. It was originally named easy-forex but in 2016, it rebranded to easyMarkets. The broker boasts of innovative risk management tools, a sophisticated mobile app, and competitive spreads. ‘Simply honest’ is its motto and over the years, it has strived to live up to that standard.

easyMarkets is currently the official global trading partner of the Spanish football giants; Real Madrid Football Club. The partnership is occasioned by the shared values of integrity, dedication, and excellence which characterize the football club as well as easyMarkets. Real Madrid is one of the most successful football teams in the world; it has won about 65 domestic trophies, 26 European titles, and 7 club world championships. Similarly, easyMarkets has also been decorated with more than 35 international awards mostly for its excellent services, integrity, technological innovations, and superb customer service.

Pros

• Experienced and established broker that has been in operations for 20 years.
• Multiple regulations: CySEC, ASIC, FSC BVI, FSA Seychelles.
• Fixed spreads and fast executions without slippages.
• Micro Bitcoin based account.
• Market news and expert analysis powered by Trading Central.

Cons

• No services for clients resident in USA and more than 30 other countries.
• Inactivity fees are charged from dormant accounts.
• No social trading or managed accounts.

Regulation and Security

The brand ‘easyMarkets’ is owned and operated by ‘EF Worldwide Ltd’; which is a private company registered in the British Virgin Islands (BVI). It is licensed and regulated by the Financial Services Commission (FSC-BVI). EF Worldwide Ltd is part of the Blue Capital Markets Group.

EF Worldwide Ltd is also licensed by the Financial Services Commission (FSC) in Seychelles.

easyMarkets Pty Ltdis also authorized and licensed by the Australian Securities and Investments Commission (ASIC). The AFSL number is 246566.

Easy-Forex Trading Ltd is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC). The license number is 079/07. In line with the MiFID II directive, easyMarkets is authorized to carry out its services to all member countries of the European Union. Also, Cypriot clients are eligible to the Investors Compensation Fund (ICF) which becomes available if easyMarkets go bankrupt. A trader can be compensated up to €20,000.

All funds deposited by traders are securely held in segregated bank accounts in the best reputable banks. During registration, prospective clients are mandated to verify their accounts by providing ‘proof of identity’ and ‘proof of address’ documents. This is in compliance with the standard procedures that discourage money laundering and terrorism financing.

Account opening

If you want to start trading with easyMarkets, you need to sign up for a new account by clicking on the ‘sign up’ button found on the website. A short form displays; enter your email, password, phone number and click ‘sign up’. Alternatively, if you have a Google or Facebook account, you can import your profile info into easyMarkets by clicking the appropriate button and signing into your account. Immediately, you will be logged into the online platform where you are required to fill other forms, make a deposit and start trading.

easyMarkets states that it does not provide its services to residents of the following jurisdictions: USA, Israel, British Columbia, Manitoba, Quebec, Ontario, Afghanistan, Anguilla, Burundi, Cambodia, Cayman Islands, Chad, Congo, Cuba, The Democratic Republic of the Congo, Dominica, Equatorial Guinea, Fiji, Guinea-Bissau, Haiti, Honduras, Iran, Iraq, Laos, Libya, Mozambique, Myanmar, Nicaragua, North Korea, Palau, Panama, Somalia, South Sudan, Sudan, Syria, Trinidad and Tobago, Turkmenistan, Vanuatu, Venezuela, and Yemen.

Account types

easyMarkets accounts can be maintained in up to 19 currencies. This is a plus to the broker when compared to other competitors. On the MT4 platform, easyMarkets has introduced crypto account currency which enables clients to fund and withdraw in Bitcoin. All spreads are fixed and there are no commissions. All accounts are available on the web/app and MT4. The max leverage for the MT4 platform is 1:400 while on the web/app is 1:200.

Irrespective of the account type, all clients are assigned a personal manager and get daily analysis emails powered by ‘Trading Central’. Below are the account types:

Standard

The minimum opening balance is $25; the spread for the benchmark EURUSD is 1.9 pips for the MT4 and 2.0 pips for the web and mobile app platforms.

Premium

EURUSD spread is 1.4 pips on the MT4 and 1.5 pips on the web/app platforms. You need at least $2,000 to open this account.

VIP

The least amount needed to open a VIP account is $10,000. The EURUSD spread is fixed at 1.2 pips on the web and app platforms but it is 0.9 pips on the MT4.

Trading instruments

The following assets can be traded on the easyMarkets platforms:

• 63 forex pairs
• 64 stocks CFDs
• 6 cryptocurrencies
• 12 commodities
• 13 indices
• 19 metals

Trading platforms

easyMarkets clients can choose between 3 platforms; its proprietary web platform, mobile app or the popular MT4 trading platform.

EasyMarkets web platform

This is a powerful proprietary platform that runs on web browsers, so it is compatible with all operating systems and requires no downloads. The platform is easy to use and features lots of tools that are important to a trader. Below are some of its features:

• Traders can choose to trade vanilla options, forward deals, easyTrade or CFDs.
• Unique and innovative trading tools like dealCancellation and Freeze Rate are available.
• The charting package is powered by ‘TradingView’; a renowned global fintech firm that is into comprehensive charting packages and social trading.
• Traders’ sentiments or inside viewer gives traders an insight of what other traders are buying and selling.
• Technical analysis can be carried out in 7 chart styles, 11 timeframes and with over 70 indicators.
• Fund deposits and withdrawal requests are available on the platform.

MetaTrader 4 (MT4)

All over the world, most forex and CFD traders have embraced the MT4 because it is free, sophisticated, scalable, and comes with multiple tools. In fact, you can extend its complexity and features using plugin apps that can be built using the MQL4 programming code. It also supports automated trading through the use of trading robots known as expert advisors (EAs). Thousands of EAs, technical indicators, and trading tools are already in existence. This has kept many traders stuck with the MT4; making it the most commonly used platform among traders and brokers. Additionally, the platform offers tools for technical analysis, risk management, and full customization. It is also user-friendly and meets the needs of newbies as well as professionals.

easyMarkets offers the MT4 on windows desktop and mobile apps for android and iOS devices.

EasyMarkets app

This is the mobile version of the web platform. It is designed for android and iOS devices and can be downloaded from the Play Store and app stores. It comes with account management, order management, risk management, and technical analyses features. Just like the web version, traders can view and analyze charts on 11 timeframes and also use over 70 technical indicators. It is easy to open and close trade positions and switch between demo and live accounts. Also, 4 trading options are available; easyTrade, Pending order, Day Trade, and Vanilla options.

Payment options

easyMarkets offers several choices when it comes to deposits and withdrawals. A client will be able to use the payment options available for his country of residence. Below are the deposit and withdrawal methods:

Bank wire transfer

This method is available to all clients irrespective of country of residence or currency. The only snag is that it takes a few days for the process to be completed.

Online banking

The local transfer is available in India, Indonesia, Vietnam, Thailand, and Malaysia. GiroPay can be used by Germans, iDeal is accepted by Dutch clients while Sofort can be used by clients from Germany, Austria, Belgium, Netherlands, and UK. Processing times vary from instant (like iDeal payments) to 3-5 days required to complete local bank transfers.

eWallet

The options available are Neteller, Skrill, FasaPay, SticPay, Bitwallet, and Perfect Money. Generally, deposits are free and processed within 24 hours.

Crypto payment

You can fund and withdraw from your account using the following cryptocurrencies: Bitcoin, Ethereum, Tether (ERC 20 and TRC 20), Bitcoin Cash, and Litecoin. Processing times and charges depend on the blockchain and wallet.

Debit/credit cards

The most popular cards like MasterCard and Maestro are accepted by all clients. Visa cards are accepted by Chinese clients. JCB cards can be used by only European clients and the AstroPay card is accepted from all except EU and Australian clients. Card payments are processed instantly and attract no charges.

First deposit bonus

Interested clients are awarded up to a 50% bonus for first deposits from $100 and above. The deposit bonus is given as follows:

• 30% for deposits of $100 to $199
• 40% for deposits from $1,001 to $5,000
• 50% for deposits from $200 to $1,000

The minimum bonus is $30 while the max is $2,000. It cannot be withdrawn but can be used to open trade positions. Profits made from the bonus can be withdrawn.

Refer and win

If you refer a friend or acquaintance to easyMarkets and they register, make a deposit of at least $100 and trade; you can earn up to $750. The amount earned is dependent on your referrals’ 30-day turnover. The scheme is open to all registered clients. Friends can be invited through your referral link shared via email, social media, etc. The referred client must deposit and trade. Residents of Pakistan are excluded from this promo and EU clients cannot be referred. Earn some extra cash with the referral program.

Research and tools easyTrade

This is a feature of the web platform that simplifies forex trading. First, the trader chooses an amount that he can comfortably risk and then he chooses the trade time; usually 1 hour, 3, or 6 hours. The deal size and potential payout are displayed. Then, he either clicks up or down in the direction he thinks that the price will go. After the stipulated time, the trade is automatically closed, if he is right, he is likely to make a profit, and if wrong, losses will ensue.

Vanilla Options

Here traders can set their strike price, expiration date, trade volume and then choose if the price will go up or down. The displayed premium price is deducted from the trader’s account once the options are purchased. If he is wrong, he losses the premium and if he is right, he makes a profit.

dealCancellation

For a small fee, you can cancel losing trades within a stipulated time and have all your money returned as if the trade never happened. It is a unique feature of the easyMarkets web platform where traders can activate ‘dealCancellation’ for a trade. The time is set; 1 hour, 3 hours, 6 hrs within which you can cancel the trade if you are at loss. But, if you are making profits, you can close the trade at any time to lock in your profits.

Freeze rate

With this tool, you can temporarily stop the fluctuations of the prices of an asset of interest in order to quickly open a trade position at the frozen price. Typically, clicking on the freeze button freezes the prices for about 3 seconds, within which the trader is expected to either click ‘buy’ or ‘sell’ at the paused price.

Financial Calendar

This is a calendar that shows a list of events, their dates, importance as well as analysts’ consensus on the impact of each event on the listed currency or financial market. If you click on each event, its details are displayed.

Market news

easyMarkets updates its clients with the latest market news several times a day. You can customize the news according to assets classes or instruments that interest you.

Trading signals

On the MT4 platform, easyMarkets provide expert analysis and trading signals. It is provided in partnership with Trading Central; a leading research and financial markets analysis and fintech firm that provides expert analysis on a wide range of markets.

Education Trading academy

The easyMarkets academy is designed to introduce newbies to the world of forex and CFD trading. There are 9 courses and each course is made up of video lessons. The entire academy teaches about the financial markets, trading strategies, market analysis, risk management, and trading psychology. The video courses are facilitated by an instructor. Access to the academy training is free but requires registration. Students can always go back to where they left off. There is also a quiz at the end of each course. To access courses 4 to 9, a deposit of at least $100 must be made to unlock the course. The deposit can be used for live trading.

eBooks

easyMarkets has a total of 10 free eBooks for its clients. There are 4 books on forex and CFD trading, 2 books on MT4 guides, 2 on options trading, and a book on easyMarkets mobile app.

Knowledge base

This section comprises articles and videos on selected trading terms and concepts.

Trading glossary

This section is made up of more than 320 financial and CFD trading terms and their definitions. It is a very good place for beginners to get a good explanation of some words or phrases they encounter in the course of learning about trading CFDs.

Customer care

easyMarkets boasts of a multilingual client support desk that can be reached 24/5 through several channels. You can send an email to ‘[emailprotected]’ or complete the ‘send us a message’ form on the website. For phone support, you can call any of the numbers below:

• +54 800 345 5484
• +357 25 828 899

Alternatively, you can fill the ‘request a call-back’ form and a support representative will call you at your convenient time. If you prefer online chatting, then the following options are available:

• Instant live chat on the website
• Facebook messenger
• WhatsApp
• Viber

You can follow easyMarkets on the following social media channels: Instagram, Facebook, Twitter, Weibo, LinkedIn, and YouTube.

Conclusion

easyMarkets is experienced and regulated forex and CFD broker that has maintained honesty and quality service over the years. It complies with the directives of the regulators and ensures digital security and the safety of clients’ funds.

Traders are given the choice of trading on its proprietary platform or the MT4. The broker is also mobile-friendly as both platforms have android and iOS apps. Unlike most brokers, easyMarkets maintains its fixed spread principle irrespective of market conditions. Also, there are no commissions and only $25 is required to open an account. Multiple payment options are available including cryptos and online payments.

But, compared to the top brokers that offer thousands of trading instruments, easyMarkets lags behind with less than 200 tradable assets. Summarily, easyMarkets is a reputable and reliable broker that has been tested over the years.

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