easyMarkets is an online broker that first started operating in 2001 under the Easy-Forex name. It rebranded in 2016 stating that the main reason for the name change was to reflect its expanded product catalogue. The firm started offering options trading in addition to the existing CFD and FX products. The platform is currently regulated in Australia and Cyprus and offers over 300 tradeable instruments to its clients.
This review explores the core aspects of the products offered by the company, how it stands out among its peers and areas where it could improve its offerings. This objective analysis of their services allows us to determine if you should use the broker’s services for your trading activities.
WHAT CAN YOU TRADE AT EASYMARKETS?
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On the Forex side of things, there are over 130 currency pairs that you can trade, which include the major and minor currency pairs as well as many exotic pairs. You can also check their comparison tables to see how they stack up against their competitors.
The company started out offering FX pairs and this has been their major focus over the years, which is clearly evident in the wide selection of products offered under this category. Their FX product suite is far more superior to those offered by their competitors and this bodes well for traders who are solely focused on the FX space.
You can utilise the 1:30 maximum leverage offered on FX pairs, but be careful since leverage is a two-edged sword that can multiply your profits and losses. Other bonus features include deal cancellation, negative balance protection, and free guaranteed stop-loss orders among others.
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You get a wide range of different types of CFDs, including shares of the most popular companies globally, which you can easily trade without owning the actual shares. There are also CFDs for precious metals, commodities and indices. These CFDs have great features such as negative balance protection, free guaranteed stop-loss orders, and no slippage. You also get access to market analysis and information on the CFDs instantly on the trading platform.
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Traders can access a significant collection of exotic assets, which are mainly cryptocurrencies and options. You can trade the three major cryptocurrencies, which are Bitcoin, Ethereum, and Ripple. You do not need to own a wallet or deal with complicated cryptocurrency security keys as you can easily trade them from your account, just like the FX pairs. All trades are quickly filled immediately you submit them online.
What did our traders think after reviewing the key criteria?
We found the fees charged to be quite good with options trading fees being lower than the industry average. However, you will be charged a rollover fee for any open positions past 22:00 GMT each day. You will also pay a fee whenever you cancel executed trades, and the fee varies depending on the current market volatility.
You will be dealing with fixed spreads, but they will vary depending on whether you are using the web platform or MetaTrader 4.
There are fees charged on withdrawals with bank wire transfers attracting fees ranging from £30 to £50. The e-wallet deposit and withdrawal options offered charges fees ranging from £1 to £1.5 of the transacted amounts. All withdrawal fees are charged by third-parties as the broker charges no levies on such transactions.
Best of all, there are no commissions charged on CFD or Forex trades, which is extremely rare in this day and age. This makes it an ideal fit for those who are trading these markets.
There are a number of account types to choose from depending on your level of experience as a trader and your initial deposit. There is a demo account for beginner traders who are just getting started and want to familiarise themselves with the nuances of trading. You can also use the demo account to test new strategies, and trading approaches without risking any real money.
The standard account has the lowest minimum deposit required of £100, which is quite fair. The premium account is the second tier and requires a minimum deposit of £1,000, but does not allow you to make trades over the phone.
Traders can get a VIP account with a deposit of £2,500, which is very low compared to the majority of its peers who require a much higher minimum deposit. The account offers tighter spreads and more technical analysis tools. You even get direct access to market analysis who will talk you through the latest technical and macroeconomic analysis. You can also make trades via the phone if you have this account.
The highest tier offers a Super VIP account, which has the same benefits as the VIP account but requires a £10,000 minimum deposit. You also get access to custom spreads and negotiable transaction sizes.
You have a choice of four trading platforms with the easyMarkets web trading interface offering a simple way to trade the markets accompanied by some nice-to-have features. You get no slippage, guaranteed stop-loss orders, and fixed spreads when you trade online. There is also the option of quickly cancelling a trade in case you made a mistake. The options trading function also offers a unique insiders look that allows you to see what trades are being made by other traders.
You could also download the mobile app for both Android and iOS devices, which work pretty well if you have a decent internet connection. It is intuitive to use and carries over many of the tools that you can access when trading from a computer. You get access to live trading charts, the options inside view, market explorer and trade notifications. There are also multiple research and analysis tools on offer.
The trading interface is extremely easy to use as it has a very clean design with a simple yet effective colour scheme. There are not too many menu options, so you can quickly find what you are looking for without having to deal with a lot of clutter.
As you scroll down the one-pager home page, you can see how many trades have been placed through the platform, as well as reviews from other traders, and a list of awards that the broker has won over the years. The websites loading speed is quite fast regardless of whether you are accessing it via a mobile device or a desktop.
You get high-quality customer service when using the company as you can reach their support team through multiple channels. You can chat with the customer service team live via Facebook messenger, WhatsApp, Vier and through the live chat function on the website. The chat function supports several languages.
They also provide email support as well as phone support in addition to the various social media channels. You can even send them a fax.
Email replies take the longest to get to you, hence, you should use the other channels if you want faster responses. A major drawback is that the customer support team is not available 24/7, which has a negative impact on their response times. You can only contact them during a 14-hour window and they are unavailable over the weekend.
There are several deposit options that you can use to add funds to your trading account. The most popular option is to use a credit or debit card. The major card issuers are catered for include Visa, MasterCard, American Express and FCB. There is no fee charged on deposits and there is no minimum withdrawal amount.
You can also add funds via bank transfer, which is an option available to people in over 160 countries. Your bank will likely charge you a fee for making a wire transfer. Generally, for international transfers, the funds will be processed in 5-7 business days, while a local transfer takes between 1 and 3 business days. You also have to withdraw at least £50 every time you use this method.
There are also several e-wallet options to choose from, such as Neteller, Skrill, iDEAL and GiroPay. Usually, these options will see your funds process into your account almost immediately. There are often withdrawal fees charged by the given third-party provider.
Currently, there are no bonus offers for both new and existing clients. Sometimes there is a welcome bonus on your first deposit, where they match it to some degree.
There is a wide variety of resources on offer such as an extensive education centre that allows you to develop your trading skills, especially if you are a complete beginner. You also have access to live webinars, ebooks and videos on the more advanced trading topics. In terms of research options, you have the latest market news, trading charts, and the financial calendar to help plan your trading activities.
One of its standout features is the deal cancellation function, which is not very common in the industry, as it allows you to make changes to any trade you made in the past hour. While there is a small fee attached to this feature, it certainly can be used to reverse potentially costly mistakes.
Regulation & Deposit Protection
Currently, the firm is licensed by the Cyprus Securities and Exchange Commission (CySEC) and the Australian Securities and Investment Commission (ASIC). Its European operations are covered under the Easy Forex Trading Ltd company, which holds the CySEC license. In Australia, it operates as the Easy Markets Pty Ltd, which holds the ASIC license.
Client funds are kept segregated accounts at different banks, which means that in case of insolvency, client funds cannot be accessed by creditors. The funds are held at leading global banks. The firm also maintains adequate liquid capital in order to service all client withdrawal requests and has implemented multiple risk management systems.
The website is quite secure as it used SSL-encryption to protect client data. There are also thorough Know Your Customer (KYC) checks applied to all clients who sign up for a live trading account.
The broker has received numerous awards over the years, which showcase the quality of its offering in specific areas.
Some of its more recent awards include:
- Best Forex Broker 2019 – The Forex Expo Dubai
- Most Innovative Broker 2018 – World Finance Markets Awards
- Best APAC Region Broker 2018 – ADVFN International Financial Awards
- Most Transparent Broker 2017 – Forex Awards
- Best Forex Service Provider 2017 – FX World
The company has won a total of 37 international awards during its 18 years of operation, which is an impressive feat given the massive number of brokers operating today.
Absolutely. easyMarkets is the trading name of Easy Forex Trading Limited, a subsidiary of the Blue Capital Markets Group. The CFD broker is
- Authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC).
- Authorised and regulated by the Australian Securities and Investments Commission (ASIC).
According to easyMarkets, all client funds are in segregated accounts and ring-fenced from its creditors. Besides, easyMarkets employs SSL-encryption to secure client data and is a member of the Investor Compensation Fund (ICF).