- Online Brokers
- Forex Trading
In 2001, easyMarkets was founded, instantly becoming a disruptive force in online forex trading. Originally, the company was known as easy-forex - but in 2016, the company rebranded to more accurately reflect their full range of tradable assets. They claim to have offered the first ever web based platform - introducing the forex industry to revolutionary ideas like negative balance protection and credit card funding.
Almost 20 years later and the broker now serves over 100,000 clients, offering 200 instruments to trade including 115 currency pairs comprising of majors, minors and exotics. In 2017, the broker dipped into the cryptocurrency market - offering trades on Bitcoin and further expanding their tradable cryptocurrency asset portfolio several months later. Headquartered in Cyprus, the broker are regulated by CySEC and currently have offices in Asian territories as well as Poland.
The company was founded on a simple premise; to make forex trading available to everyone - not just the mega wealthy or banks. In our easyMarkets review, we’ll find out if they succeeded in their original mission - dissecting the platform and checking out what spreads you can expect.
Spreads and Fees
Before we jump into the various account on offer with easyMarkets - it’s important to point out that this broker only offers fixed spreads. While this does protect you from market volatility (which could be good for new traders), you won’t be able to benefit from healthy market conditions which can typically result in lower floating spreads.
The spreads themselves are dependant on which account type you choose; the standard account for example offers a spread of 3 pips on the EUR/USD, which would be considered high compared to some other forex accounts. But on a positive note, this account requires the lowest minimum deposit to get started - making it a good choice for investors looking to dip their toes in.
The next tier up is the premium forex account and for a larger deposit, you get even lower spreads, access to your very own personal account manager and market updates via SMS notification. Next we have the VIP tier, which doubles the deposit once again but gives you even tighter spreads at 1.8 pips on the EUR/USD. This account tier also lets you use the 24 hours a day phone service.
Finally, we have the Super VIP tier which offers an incredibly low spread of 1 pip on the EUR/USD. This account also comes with the most premium support package and all the benefits of the previous accounts. No matter which account you choose, you will be able to maximise your trading with 1:200 leverage, zero commissions on trades and no fees on your account.
easyMarkets offers two platform choices to traders - their own proprietary platform and MetaTrader 4. The MT4 software is one of the most widely used platforms in the world, giving traders access to a wide variety of trading tools. In terms of how the MT4 platform differs from other brokers - it doesn’t really; if you have ever used it before you will likely know what to expect. However, use the software with this broker and you will get access to their award winning support.
As for the proprietary platform; this software really does live up the Easy Markets name - offering traders a simple yet highly effective trading platform to access the markets. In terms of customisation, there’s not much that can be tweaked here; you can create favourite lists and select the instrument you wish to trade, making them the primary focus of the trading ticket. From here you can view and analyse various charts, see market sentiments and execute orders. At the foot of the platform, you will find several research tools including a market news stream and a financial calendar. There’s also the option to instantly switch over to a demo account, which is a useful feature if you are looking to try out strategies or find out the potential results of a trade.
More advanced users who prefer to have access to all of their charts in plain view or for users that prefer to customise their dashboard, then the propriertary platform may not be a good choice. Instead we would recommend sticking to MetaTrader 4.
The easyMarkets mobile trading app is available in two forms; their own proprietary application or via the MetaTrader 4 mobile application. All of these trading apps are available on the various app stores. The broker’s own software mimics the web platform in terms of aesthetics and functionality. This is a simple yet effective application, allowing mobile traders to place orders on the go. For deeper technical analysis, you can also annotate charts with a number of technical indicators - but the MT4 application is superior in this department.
From the trading platform you can access a range of free research tools including a market sentiment indicator (called Inside Viewer), the previously mentioned economic calendar and regular market updates. Live account holders can also view trading signals thanks to Trading Central. That’s not the only resources available to traders who choose an easyMarkets forex account; you will also find a number of useful links on the website including a trade simulator and a list of live currency rates.
Education wise, this broker stands out with what they call the learn centre; you can view a range of getting started video guides, free webinars, download eBooks or check out even more useful content in their knowledge base. Ideal for beginners and those looking to brush up their skills, the education centre is a valuable resource.
Easy Markets offers a comprehensive range of depositing options - including debit/credit card, bank transfers and multiple e-wallet options. You can even deposit via American Express, which is a rare commodity. Most deposits are processed instantly, but a bank transfer can take up to 5 days. As a bonus, all deposits are free from bank fees.
From the main website, you can find numerous resources for support and options to access the customer service team. Live chat is available around the site at all times - while all account types can also receive help via phone. For more premium account, there are also 24 hour hotlines for more dynamic support when you need it.
easyMarkets offering is summed up by their brand name. And that is certainly good for traders starting out - but for more advanced traders, we would recommend sticking to the MetaTrader 4 platform should you sign up. With competitive spreads on all accounts and a range of trading tools available, easyMarkets just might be an easy choice.