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easyMarkets Review - excellent broker for novice and beginner forex traders

Overall Rating

Our easyMarkets Review - established broker best suited for newbie traders, updated July 2020

easyMarkets was founded in 2001, in Majuro, Marshall Islands, initially as Easy-forex. In 2016, the company rebranded, and easyMarkets was born. easyMarkets' headquarters are based in Limassol Cyprus. easyMarkets "was founded on the idea of democratizing trading easy." easyMarkets' goal was to transform the world of retail trading, allowing anyone with a deposit as low as $25 to start trading.

When easyMarkets was founded, traders could only trade through a physical trading room and only as institutional clients or high-net-worth individuals (HNWI). easyMarkets' goal was to offer a simplistic approach to trading through their online platform and to offer honest and trustworthy service by being transparent with their clients.

easyMarkets Review CySEC License

easyMarkets is regulated by both CySEC in Europe and ASIC in the Asian Pacific Region. easyMarkets keeps its clients' funds segregated bank accounts with top-tier, low-risk banks in compliance with their regulators' provisions.

At the time of writing this review, easyMarkets has over 142,5 thousand active traders and has traded almost 3 trillion USD in volume, with over 56,3 million orders executed.

PROS

Well regulated and licensed by CySEC and ASIC.

Decent selection of platforms and simple, easy-to use proprietary platform.

Very efficient and helpful client support that is multilingual and available on a 24/5 basis.

CONS

Expensive – high spreads compared to industry peers.

Not enough educational and research material.

Confusing website - account types are not explained clearly.

Our Rating

  • Platforms

    0%
  • Tradable Assets

    0%
  • Spreads

    0%
  • Trader Education

    0%
  • Customer Service

    0%

Trading Accounts

Opening an account with easyMarkets is quite straightforward and something we were impressed with during our easyMarkets review process. The broker follows standard KYC procedures that require clients to submit identity verification documents (ID or passport) and provide a proof of address (utility bill). easyMarkets offers various accounts based on jurisdiction. Under ASIC's regulation, easyMarkets offers three account types:

easyMarkets Review Account Types

Standard Account

The Standard account of easyMarkets has a minimum deposit of 200 AUD. It is available through MT4, easyMarkets' proprietary platform, or its mobile application. The minimum transaction size is 0.01 lot if you are using MT4 and 0.05 on the proprietary platform. Spreads are fixed:

  • 1.9 pips for the EUR/USD pair (MT4), 2 pips for the EUR/USD pair (proprietary platform)
  • 2.2 pips for the AUD/USD pair (MT4), 2.5 pips for the AUD/USD pair (proprietary platform)
  • 0.05 pips for the WTI USD (MT4), 0.06 pips for the WTI USD (proprietary platform)
  • 0.55 pips for the XAU USD (MT4), 0.60 pips for the XAU USD (proprietary platform)

Maximum leverage for clients using the MT4 platform is 1:400, while for those using the proprietary platform, the max leverage is 1:200. The broker does not charge commission; it profits purely from the spreads. There are no account fees or deposit/withdrawal fees, either.

With this type of account, you have access to customer support and 24/5 phone and live chat trading. Premium accounts also offer negative balance protection.

Traders using the Standard account will receive daily emails on Fundamental analysis and technical analysis, as well as indicators from Trading Central.

Premium Account

The Premium account of easyMarkets has a minimum deposit of 3000 AUD. It is available through MT4, easyMarkets' proprietary platform, or its mobile application. The minimum transaction size is 0.01 lot if you are using MT4 and 0.5 on the proprietary platform. Spreads are fixed:

  • 1.4 pips for the EUR/USD pair (MT4), 1.5 pips for the EUR/USD pair (proprietary platform)
  • 2 pips for the AUD/USD pair (MT4), 2.3 pips for the AUD/USD pair (proprietary platform)
  • 0.04 pips for the WTI USD (MT4), 0.05 pips for the WTI USD (proprietary platform)
  • 0.50 pips for the XAU USD (MT4), 0.55 pips for the XAU USD (proprietary platform)

Maximum leverage for clients using the MT4 platform is 1:400, while for those using the proprietary platform, the max leverage is 1:200. The broker does not charge commission; it profits purely from the spreads. There are no account fees or deposit/withdrawal fees, either.

With this type of account, you have access to customer support and 24/5 phone and live chat trading. Premium accounts also offer negative balance protection.

Traders using the Premium account on the proprietary platform will have access to a personal account manager who will provide them information on market trends, economic events, and investing strategies as well as SMS notifications bout the market. Just like in the Standard account, they will receive daily emails on Fundamental analysis and technical analysis, as well as indicators from Trading Central.

The Premium account on the proprietary platform also offers no slippage, guaranteed stop loss, and negative balance protection.

VIP Account

The VIP account of easyMarkets has a minimum deposit of 10,000 AUD. It is available through MT4, easyMarkets' proprietary platform, or its mobile application. The minimum transaction size is 1 or 0.01 lot if you are using MT4 and 1 lot on the proprietary platform, although the latter is negotiable. Spreads are fixed:

  • 0.9 pips for the EUR/USD pair (MT4), 1.2 pips for the EUR/USD pair (proprietary platform)
  • 1.2 pips for the AUD/USD pair (MT4), 1.5 pips for the AUD/USD pair (proprietary platform)
  • 0.03 pips for the WTI USD (MT4), 0.04 pips for the WTI USD (proprietary platform)
  • 0.45 pips for the XAU USD (MT4), 0.50 pips for the XAU USD (proprietary platform)

Maximum leverage for clients using the MT4 platform is 1:400, while for those using the proprietary platform, the max leverage is 1:200. The broker does not charge commission; it profits purely from the spreads. There are no account fees or deposit/withdrawal fees, either.

With this type of account, you have access to customer support as well as 24/5 phone and live chat trading. Premium accounts also offer negative balance protection.

Traders using the VIP account platform will have access to a personal account manager who will provide them information on market trends, economic events, and investing strategies as well as SMS notifications about the market. Just like in the Premium account, they will receive daily emails on Fundamental analysis and technical analysis, as well as indicators from Trading Central. The VIP account offers no slippage, guaranteed stop loss, and negative balance protection.

VIP Account - CySEC

Under CySEC's regulation, easyMarkets offers just one account type:

The VIP account of easyMarkets has a minimum deposit of 100 EUR. It is available through MT4, easyMarkets' proprietary platform, or its mobile application. The minimum transaction size is 0.01 lot if you are using MT4 and 0.05 lot on the proprietary platform. Spreads are fixed:

  • 0.9 pips for the EUR/USD pair (MT4), 1 pip for the EUR/USD pair (proprietary platform)
  • 1.3 pips for the GBP/USD pair (MT4), 1.7 pips for the GBP/USD pair (proprietary platform)
  • 1.0 pips for the USD/JPY pair (MT4), 1.5 pips for the USD/JPY pair (proprietary platform)
  • 0.03 pips for the WTI USD (MT4), 0.04 pips for the WTI USD (proprietary platform)
  • 0.45 pips for the XAU USD (MT4), 0.50 pips for the XAU USD (proprietary platform)

The maximum leverage for clients using the VIP account is 1:30. The broker does not charge commission; it profits purely from the spreads. There are no account fees or deposit/withdrawal fees, either.

With this type of account, you have access to customer support as well as 24/5 phone and live chat trading. VIP accounts also offer negative balance protection.

Traders using the VIP account platform will have access to a personal account manager who will provide them information on market trends, economic events, and investing strategies as well as SMS notifications about the market. In addition to this, they will receive daily emails on Fundamental analysis and technical analysis, as well as indicators from Trading Central.

The VIP account offers no slippage, guaranteed stop loss, and negative balance protection.

Pro Accounts

Clients can also opt to open a professional account, which offers clients higher leverage (up to 1:400 for currency pairs). In order to be eligible for this kind of account, traders must meet at least two of the following three requirements:

  1. They must have executed transactions, of a significant size, on the relevant market at an average frequency of 10 per quarter over the previous four quarters.
  2. Their financial portfolio must include deposits/assets that exceed €500,000.
  3. They have worked in the financial sector for at least one year in a professional position, which requires knowledge of the transactions or services.

easyMarkets Restrictions

easyMarkets does not accept clients from the following countries: United States of America, Israel, Iran, Syria, Afghanistan, North Korea, Somalia, Yemen, Iraq, Sudan, South Sudan, British Columbia, Ontario, Manitoba, Equatorial Guinea, Guinea Bissau, Turkmenistan, Venezuela, Angola, Libya, Republic of Congo (Brazzaville), Democratic Republic of Congo, Chad, Haiti, Quebec, Cambodia, and Burundi.

Account Opening Currencies

All accounts can be opened in the following currencies:

  • Euro (EUR)
  • Canadian Dollar (CAD)
  • Czech Koruna (CZK)
  • Japanese Yen (JPY)
  • New Zealand Dollar (NZD)
  • U.S. Dollar (USD)
  • Singapore Dollar (SGD)
  • Swiss Franc (CHF)
  • British Pound (GBP)
  • Mexican Peso (MXN)
  • Australian Dollar (AUD)
  • Polish Zloty (PLN)
  • Turkish Lira (TRY)
  • Chinese Yuan (CNY)
  • Hong Kong Dollar (HKD)
  • Norwegian Krone (NOK)
  • Swedish Krona (SEK)
  • South African Rand (ZAR)

Trading Conditions and Client Fund Protection

easyMarkets offers transparent pricing and excellent trading conditions. The broker offers commission-free trading and integrates their fee into the spread. easyMarkets' spreads are fixed, below are some examples:

EUR/USD: From 0.9 pips

GBP/USD: From 1.3 pips

USD/JPY: From 1 pip

AUD/USD: From 1.2 pips

NZD/USD: From 2.3 pips

Oil/USD: From 3 pips

GAS/USD: From 50 pips

BRT/USD: From 3 pips

SOY/USD: From 200 pips

SGR/USD: From 6 pips

SPI/USD: From 0.5 pips

DOW/USD: From 3 pips

NDQ/USD: From 1.5 pips

FTS/GBP: From 2.2 pips

DAX/EUR: From 1.8 pips

XAU/USD: From 45 pips

XAU/EUR: From 50 pips

XAG//EUR: From 300 pips

XPT/USD: From 250 pips

CPR/USD: From 40 pips

EUR/USD: From 0.0005 pips

GBP/USD: From 0.0006 pips

USD/JPY: From 0.05 pips

AUD/USD: From 0.0005 pips 

USD/CHF: 0.0005 pips

BTC/USD: From $35 

XRP/USD: From $0.0035

ETH/USD: From $2

AMZ/USD: From 0.2 pips

APL/USD: From 0.3 pips

NFX/USD: From 0.2 pips

VSA/USD: From 0.2 pips

TSL/USD: From 1 pip

Deposit & Withdrawal Methods

Online banking

  • SOFORT, available in Germany, Austria, Belgium, Netherlands, United Kingdom; processing time is up to 24 hours
  • Giropay available only in Germany; processing time is up to 2 hours
  • iDeal available only in the Netherlands; processing time is instant
  • Ingenico: available for EU countries and Malaysia, processing time is 3-5 working days for EU countries and 24 hours for Malaysia
  • WebMoney: available to all countries except those in Europe and the Asia Pacific, processing time is 1 working day
  • BPay, available only for Asian Pacific countries and processing time is 1 working day

Credit/debit cards:

You can use Visa, Visa Electron, Mastercard, Maestro, American Express, JCB, or Astropay to deposit or withdraw funds. Processing time is instant.

eWallets: 

  • Netteller, available in select countries, processing time is instant
  • Skrill, available in select countries, processing time is instant
  • fasapay, available only in Indonesia, processing time 1 working day
  • Local Deposits available in select countries, processing time is up to 7 days
  • Sticpay is are available for all countries, excluding those in Europe and the Asia Pacific, processing time is 1 working day.

You can also transfer money via bank wire at easyMarkets. The broker also offers Union Pay and WeChatPay to their China-based clients, and processing is between 1-2 days.

Withdrawals take between 3-10 business days, depending on what method you choose. There is no minimum withdrawal for credit cards, debit cards, and eWallets, but should you choose to withdraw to a bank account, the minimum amount is $50.

easyMarkets values the security of their client's funds. The broker is regulated by CySEC and ASIC. They offer the below measures to keep clients' funds safe:

Fund segregation – client funds are kept separate from company funds. So should the broker go bankrupt, client funds cannot be used to repay creditors.

Top-tier Banks – easyMarkets uses low credit risk, global banks.

Capital Adequacy: easyMarkets maintains significant liquid capital to ensure all their client deposits, fluctuations as well as outstanding expenses can be covered.

Negative Balance protection – FX markets are known to be highly volatile. Negative balance protects your account from going below zero. Even if margin calls and stop outs fail, you will still not be obligated to pay back the negative balance.

No Slippage: When markets are very active and volatile, an asset's price can fluctuate extensively in just a few seconds, slippage happens when software lags and creates unintended losses – easyMarkets' proprietary platform features zero slippage.

Guaranteed Stop Loss: A trading tool that stops runaway losses. While many brokers offer this tool, not all of them guarantee stop loss, and not all offer the tool for free.

Deal Cancellation: This tool allows traders to undo trades when the markets are moving against them.

Trading Platforms and Financial Instruments

easyMarkets offer CFDs on various financial instruments across seven asset classes, such as:

  • Cryptocurrencies: Cryptocurrencies are a popular investment option for traders due to their decentralized and volatile nature. easyMarkets offers Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) for trading against the USD. Unfortunately, the broker does not offer newer cryptocurrencies like DASH, TRON, and IOTA.
  • Forex: The FX market is the biggest financial market in the world and works 24 hours a day, 5 days a week. easyMarkets offers plenty of currency pairs for forex trading. There are major, minor, and exotic pairs available.
  • Precious metals: easyMarkets offers hard commodities like Gold, Silver, Palladium, Platinum, and Copper.
  • Indices: These are baskets of shares that usually combine shares of large, profitable public companies. easyMarkets offers indices like US 500, US Tech, UK 100, EU Stocks 50, Hong Kong 50, etc.
  • Shares: easyMarkets offers stock of the world's most popular companies like such as Facebook, Apple, Netflix, Coco-Cola, AT&T, Chevron, and more. The broker offers shares from over 50 companies.
  • Commodities: easyMarkets offers soft commodities like wheat, corn, soybeans, cotton, coffee, sugar and cocoa, and energies like WTI Crude Oil, Brent Oil, Heating Oil, Gas Oil, and Natural Gas.
easyMarkets Review Trading Platforms

easyMarkets two platforms to their clients, one of which is the popular MetaTrader 4 (MT4). MT4 was developed by the fintech company MetaQuotes and is highly customizable. It offers plenty of support it traders, such as analytical tools, technical indicators, and charting tools. The platform is available as downloadable software on most platforms, on mobile (iOS and Android) and on browser. With easyMarkets' MT4, you have access to the following features:

  • Automated trading/ Expert Advisors (EAs)
  • Various account base currencies.
  • Custom or predesigned templates to choose from
  • One Button Trades
  • Day trading
  • Micro Lots
  • 50% Stop Out. 70% margin call level
  • MulitTerminal access

easyMarkets has also developed it's dedicated proprietary platform. The platform was developed to allow clients to access their accounts easily, from a browser or the mobile app. The platform has a simple and easy-to-use interface as well as a variety (80+) of technical charts, chat overlays, and analytical tools. It also offers clients the following features:

  • dealCancellation: You cancel a deal in 1, 3 or 6 hours if markets move against you
  • Guaranteed Stop-Loss
  • One Button Trades
  • Day Trading
  • Vanilla Options (a tool to hedge against volatility)
  • Integrated news and charts
  • No slippage
  • Micro Lots
  • 50% Stop Out. 70% margin call
  • Automated trading/ Expert Advisors (EAs)
  • MultiTerminal access
  • Custom or predesigned templates to choose from

easyMarkets allows you to trade using four different methods: day trading, forward deals, pending order, and easyTrade. easyTrade is a tool that allows traders to set their risk limit and can set the trade time duration and decide whether to go up or down.

easyMarkets also has two popular tools: Freeze Rate, which allows traders to freeze the price you see for a few seconds before trading and deal cancellation.

Educational Tools and Customer Support

Readers of OnlineFinancialReviews will know we place a lot of emphasis on the education resources brokers offer their traders. Our easyMarkets review wouldn't be complete without a loot the resources on offer with this highly rated CySEC broker.

easyMarkets has an extensive trading library to help traders learn about analysis, trading strategies, trading psychology, and risk management.

easyMarkets has a trading academy, which is completely free to all their clients and teaches traders of all levels on the following topics:

  • Intro to Financial Trading
  • Technical Analysis
  • Fundamental Analysis
  • When To Enter & Exit Trades
  • How To Manage Risk
  • Trading Psychology
  • Margin Leverage Swap
  • Trading Forex, Indices, Commodities
  • Trading Metals, Crypto & Shares

The broker also has an informative section called 'Discover Series' comprising six videos that explore trading fundamentals, history, and terminology. In addition to this, easyMarkets offers ten downloadable ebooks on forex trading and a section called 'Knowledge Base' where traders can learn about platforms and analysis. easyMarkets also has a detailed FAQ section and a forex glossary. easyMarkets has a blog that is regularly updated. It features articles on technical analysis, market insights, etc. and an economic calendar that shows all the important financial events of the year.

easyMarkets' customer support is multilingual can be reached through various methods and is available on a 24/5 basis. Clients can reach customer support via email, chat, phone, and social media. Chat support is very helpful and available almost instantaneously.

easyMarkets Review Conclusion

easyMarkets is a well-known broker with a long track record, which is why it has maintained a positive relationship with retail traders around the world. It offers sophisticated trading tools, transparent fees, great educational tools, and excellent customer support. It is definitely a broker worth considering regardless of your trading level and experience.

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