EasyMarkets Review - excellent broker for novice and beginner forex traders
Our EasyMarkets Review - established broker best suited for newbie traders
EasyMarkets was established in 2001, initially under the name ‘easy-forex’. In 2015, the broker rebranded to ‘easyMarkets’. The broker prides itself in offering simple and honest trading services.
The broker was founded in Majuro, Marshall Islands but is currently headquartered in Cyprus with offices around the world in Sydney, Warsaw and Shanghai. EasyMarkets is licensed and regulated by CySEC as well the Australian regulator ASIC.
EasyMarkets offer two platforms to their users: the popular MT4 (MetaTrader 4) as well as their own proprietary platform that is browser based. Unfortunately, easyMarkets does not offer MetaTrader 5 (MT5).
The MT4 platform is a favorite among traders and offers a vast range of features and tools. MT4 also offers guaranteed fixed spreads, signals, the stop loss feature, Expert advisors (EAs), indicators as well as other enhancement apps that can be purchased. The MT4 platform is also available as a mobile app for both iOS and Android devices.
In addition to the MT4, easyMarkets offers its own inhouse web platform. The platform does not need to be downloaded, runs on all operating systems and was designed for traders of all levels. easyMarkets prides itself in building a strong but simple platform that new traders will find easy to navigate through. The platform has a variety of analytical tools, live market news, advanced charting and technical indicators. easyMarkets offers its proprietary platform on mobile too, or both Android and iOS devices.
easyMarkets also offers a new tool called easyTrade. This product allowed to trade with zero spreads and has no margin environment. This tool could be beneficial to traders who are interested in hedging.
easyMarkets is a market maker and executes its transactions through a dealing desk. It offers their clients a variety of account types for trading to fit different kinds of brokers. The account types easyMarkets offer are the Standard, Premium, VIP, and Super VIP. Maximum leverage for EAA clients is 1:30 while for international Australian clients the leverage is 1:400 – this is due to the ESMA regulation that was recently enforced. All accounts have access to individual account managers that are at the traders’ disposal for assistance. easyMarkets offer a variety of account currencies such as the EUR, USD, GBP, PLN, JPY, SGD and others.
The Standard account is the most basic account offered by easyMarkets with a minimum deposit balance of $100. Micro lots are available only to Standard accounts. The EUR/USD spread is fixed and is 3 pips. The account is commission-free, and the broker levies their fees into the spread. The Premium account is more of an upgrade from the Standard account that the customer support team will inform you of when you sign up. This type of account has an opening balance of $1000, the EUR/USD spread is 2.5 pips.
easyMarkets offers two VIP options: VIP account and Super VIP. The minimum deposit for the VIP account is $2500 and the spreads is 1.8 pips on USD. The minimum deposit for the Super VIP account is $50,000 and this account type offers the lowest spreads – 1.2 pips for the EUR/USD pair. VIP clients have access to various benefits and analytical tools, for example a personal market analyst. The analyst will benefit the trader by offering knowledgeable advice on macroeconomic data and market insights.
easyMarkets offers negative balance protection on its accounts as well as Expert Advisors (EAs). The broker supports scalping and hedging too, as well as swap-free (Islamic) accounts for those traders who abide to the Sharia law.
easyMarkets does not charge deposit or withdrawal fees and has variable trading costs depending on the account type you choose. There are a few payment/withdrawal options such as credit/debit cards, bank transfer and popular e-wallets like Netteller, Skrill, Fasapay. In addition to this SOFORT, Giropay and Webmoney are supported too. We noticed that easyMarkets processes payment quickly with only delays through bank transfers which may take between 3 to 10 business days depending on the bank. easyMarkets does not charge inactivity fees.
easyMarkets offers a variety of tradeable assets, such as Forex where they offer 130+ currency pairs (major, minor and exotic), indices, precious metals (gold, silver, platinum, palladium and copper), commodities (copper, crude oil, natural gal and agricultural/mining commodities) and of course shares of large organizations like Amazon, Facebook, Tesla, Ford, etc.
easyMarkets is not the most popular platform for cryptocurrency trading however the broker does offfer Bitcoin for trading.
We found easyMarkets’ customer support to be quite good. The team are available on a 24-hour, 5 day a week basis and can reached by phone, email, live chat as well as through WhatsApp and Viber. Client support is available in a range of languages such as English, French, Spanish, German, Russian, Polish, Hebrew and Chinese. Customer support was always available during operating hours and were quick and earnest in responding to queries.
We found the trader education in easyMarkets to be decent, but it could be certainly improved. The broker has a ‘Learn Center’ on its website that contains educational material suitable for different types of traders. There are materials such as videos, e-books, tutorials and articles that cover various topics related trading. Beginner traders can benefit from the ‘Get Started’ section that covers forex basics like the definitions and uses of currency pairs, leverage and pips – this section contains videos. Another section is called the ‘Discover series’ and it focuses on the history of forex trading, terminologies, etc. In addition to this, easyMarkets has an FAQs section and an online glossary that offers an array of trading terminologies and topics with useful, in-depth explanations. easyMarkets does offer free demo accounts to try out the platform.
Research tools at easyMarkets were below-average in comparison to the brokers’ peers. The broker does provide markets news, a financial calendar and a forex blog. We noticed that not a sufficient amount of detail and attention was invested in this section. In some areas the content felt outdated.
While easyMarkets definitely stands out for being a simple, easy-to-use broker that is both trustworthy and reliable, the broker definitely lacks some of the stronger aspects that its peers have. The broker offers expensive spreads to its Standard account clients and does not offer adequate educational resources to new traders. At the same time, its simplicity and transparency will definitely attract more experienced traders and turn them into loyal clients.