EasyMarkets Broker Review
- Commissions & Fees
- Investment Offerings
- Trading Platforms
- Customer Service
- Education and Research
As any stock trader will tell you, a good broker can make all the difference. EasyMarkets is a long standing forex broker with a wide product range that has many traders interested. Read our review to find out if EasyMarkets is the right broker for you.
easyMarkets was founded in 2001 as easyForex. This makes them one of the longest serving brokers within the retail forex sector offering online services. The broker is regulated internationally by both ASIC, and CySEC.
As of 2016, the broker rebranded from easyForex to easyMarkets. During the course of this rebranding, they also expanded their product range beyond only forex trading, and now offer an extensive range of more than 200 trading instruments.
EasyMarkets Account Opening
easyMarkets offers a range of account options to suit each trader. These all feature commission-free trading, and fixed spreads. Traders can choose between Standard, Premium, VIP, and Super VIP accounts with easyMarkets.
The major variable when it comes to the different account types is the spreads. The broker uses EUR/USD as its own example. The spread on this market with a standard account is 3 pips. With a Super VIP account, this can be as low as 1.2 pips.
The minimum deposit required to open a standard account with easyMarkets, is $200 AUD. This increases substantially for the different account types. Premium, VIP, and Super VIP accounts can be opened for minimum deposits of $3,000 AUD, $10,000 AUD, and $50,000 AUD respectively.
Availability and Ease of Opening
Accounts with easyMarkets are available to the residents of most countries, though there are a few notable exceptions. These include residents of USA, Canada, and Colombia.
Opening an easyMarkets demo account could not be easier. Through inputting just your email address and telephone number, you are directed immediately to the broker’s proprietary trading platform where you can begin engaging in fully realistic demo trades.
Registering a live account with easyMarkets can be done with similar ease, although you will have to complete a more in-depth financial and personal profile, and also upload your personal identification and residence documents. This is a relatively painless and convenient experience thanks to the technology provided.
As expected, being involved specifically in forex trading markets for so many years prior to 2016, the broker brings an extensive range of forex trading markets to the table. These pairs number close to 100, which is typically more than most other brokers of any size in the industry.
Since becoming easyMarkets in 2016, the company has greatly expanded their range of trading products. This now includes offerings in metals, commodities, and indices. They have also started to break into the cryptocurrency CFD market. easyMarkets now offer trading in Bitcoin, Ethereum, and Ripple pairs with the US Dollar and a very generous leverage of up to 1:50.
Commissions and Fees
easyMarkets operates on a commission-free basis across all of the account choices. This effectively means that the cost is entirely built into the fixed spreads which the broker offers. These fixed spreads vary considerable depending upon account choice, with their basic EUR/USD spread of 3 pips for a standard user, starting from 1.2 pips for a Super VIP user. Either way, considering the large deposit requirements, these spreads can be considered as slightly expensive in terms of what is available from competing major brokers.
In terms of non-trading fees, the company does not charge any deposit or withdrawal fees to their traders. They do however charge an inactivity fee which is applied after 12 consecutive months of no trading activity. This fee is $25. If the account remains inactive, this fee is then charges every six month thereafter. Rollover fees are also applicable at various rates as is standard with all brokers.
EasyMarkets Platforms and Tools
easyMarkets offers two primary types of trading platform. In desktop format they avail of the ever-steady MT4, and they have their own proprietary easyMarkets platform available in both web and mobile formats.
Web Trading Platform
Focusing on their own platform, it is very clear from the outset that the broker wants to encapsulate the name and style of the company in the platform. That means the platform is both visually appealing in its HTML5 format, and very user-friendly.
Traders are immediately greeted with an easy to follow layout. This features all of the current markets to the left side, the traders selected market chart to the right, and the various ordering options in the center. Signals service, a financial calendar, and live market news are also featured in easy to access tabs.
There are various ordering and trade options available, from easyTrade which allows the trader to preset almost every requirement of the trade with ease, to day trading, and future trading options are also available.
Ultimately, the platform is laid out in such a way as to make trading very appealing, accessible, and simple to understand. This is something which it has achieved successfully.
There are a variety of technical indicators and tools available, 51 in all. This is an impressive number for a proprietary platform, a factor which is certain to be appreciated by more experienced and higher volume traders.
Mobile Trading Platform
The mobile trading platform is very similar to the web-based platform. Again it is proprietary and featuring the same high levels of intuitiveness, in a more compact form. Visually the mobile trading platform is very attractive, and it packs all of the same features without losing any of their effectiveness. This includes dealCancellation, live news, market sentiment, and as wide-ranging selection of indicators than you are likely to see in any mobile platform.
The easyMarkets mobile platform again succeeds in being attractive, user-friendly, compact, and powerful. These are attributes which will appeal to all levels and types of trader.
Having been involved in the industry for as long as any other broker out there, easyMarkets is a reliable proposition for those traders who value experience and trust within the sector. One of the stand out point which the broker brings, is the sheer number of markets they offer for trading. This is particularly true with the vast number of forex pairings offered.
The proprietary trading platform offered through easyMarkets has a number of unique features which some traders may be attracted to. One of the most innovative of these features is DealCancellation. This feature allows you a 60 minute window in which you can cancel a losing trade, for a fee. For those who may be unsure of a certain trade, this could prove to be just the correct enticement they require.
Customer support is offered through a range of options, all of which have been very responsive and positively reviewed by a number of other users. These options include telephone support, as well as email, web-based live chat, and some unique social media contact methods including via Facebook Messenger, and Viber.
These options are available on a 24/5 basis during market hours, and have been fast to respond with information which has been both relevant and correct.
Naturally, this is a key area where any major broker is expected to perform to the highest of standards. In the case of easyMarkets, trustworthiness is almost unquestionable. They are overseen by some of the most respected regulatory bodies in the form of CySEC, and ASIC. As well as having an impeccable compliance record, they have also been involved in the sector for almost two decades.
During this tenure in the industry, they have continued to grow, updating their model, and remaining compliant, and collecting numerous industry accolades along the way. This includes the 2017 title of, “Most Transparent Broker”, at the Forex Awards.
Moving forward, traders should have little doubt about the high levels of transparency and trust which exist within the broker.
easyMarkets is a broker which has been around the industry for almost as long as the industry itself has been operational online. This level of pioneering presence is something which can only continue if a broker is both transparent and open to the needs of their traders. These are two areas within which this broker has been successful. Whilst they may be considered slightly expensive, they counterbalance that with an easy to use proprietary platform, extremely unique features which are useful to traders, and above all, a highly compliant environment which promoted both clarity and further learning.
These elements ensured the presence of easyMarkets in the industry for more than 18 years, and it is those same positive attributes that attract both new and experienced traders in today’s market. This should see easyMarkets remain towards the head of the market for some years to come.
- A longstanding and heavily trusted reputation which is backed by regulatory oversight from two of the most respected bodies in the sector.
- The broker’s proprietary platform is very user-friendly, and with highly innovative and unique features such as FreezeRate, and dealCancellation which add a sense of ease to the trader.
- A very extensive range of markets are available, particularly within forex pairs.
- There are a wide range of educational resources made available by the broker. These include a selection of videos and live webinars.
- The minimum deposit is very high for anything more than the standard account type. This may be prohibitive to any trader who wishes to avail of lower spreads.
- The trading costs in terms of spreads are quite expensive when compared with other brokers of a similar stature.
- easyMarkets offer no webtrader version of MT4. There is also no live new source available within their desktop version of Metatrader.