In this Easy-Forex review, we will check out the brokerage services offered by this popular Europe-based broker.
Easy-Forex Review: Can You Trust Easy-Forex?
I am going to look at the fine print first because when you are considering signing up with a broker, your first task must be to check how long they have been established and whether they hold membership of any regulatory bodies. Most of my information comes from the company's website but I have checked up on some information independently. However, changes may occur without notice and you should always do your due diligence before investing with any financial service.
Easy-Forex is an international broker. They have separate websites for traders in USA, UK, Australia and rest of the world. They have been in business since 2003 and have offices in 9 countries including the USA, UK and Australia. The company operates as a foreign exchange 'market maker' offering trading services to residents in over 150 countries.
The company's registered address is in Cyprus, which is a member of the EU, but since they have offices elsewhere too, they are regulated in several different countries. This is a very important point when it comes to credibility and it means that your money is safer.
Easy-Forex is registered with the CCFC and NFA in the USA, the Cyprus Securities & Exchange Commission to cover the EU, and they hold an Australian Financial Services Licence with the Australian Securities & Investments Commission. So this is a well established international broker.
Because of the high level of regulation in countries like the US and EU with strict financial services legislation, they do require proof of identity before you can withdraw. It is a point in their favor that they take these things seriously. But to avoid delays when you want your money, get the paperwork sorted out as soon as you sign up.
Easy-Forex Review: Tools And Services
All major currency pairs are offered. In addition Easy-Forex allows trading on a small number of commodities such as oil and gold. Currency pairs and commodities can vary depending on your region, so check out the website for what is provided in your area.
Tools include the usual range of charts, a financial calendar showing upcoming economic indicators, Reuters news feed, interest rates and currency rates, plus SMS alerts for certain events. As well as viewing your own account, you can also broadly see what other traders are doing on the platform: which are the popular pairs, whether most traders are taking long or short positions, etc.
There is also a demo trading system, called the Trade Simulator, so that you can familiarize yourself with the platform and test systems. The platform may take some getting used to if you are switching from another broker who uses MT4. This is very different. Be sure to spend some time in the Trade Simulator before going live.
In addition they offer training in technical analysis via webinars, videos and live one-on-one training.
Easy-Forex Review: Minimum Account Balance
Easy-Forex offers four types of account:
Mini: $200 initial deposit, $5,000 minimum position size
Gold: $500 initial deposit, $50,000 minimum position size
Platinum: $5,000 initial deposit, $250,000 minimum position size
VIP: $10,000 initial deposit, $500,000 minimum position size
These figures may vary depending on your location.
This is a reasonable minimum account size, catering for beginners who intend to take their trading seriously. Some brokers will let you start with even less but be wary because sometimes a bad broker will try to hook in clients by offering small starting balances. It is better to trade in demo with a good broker until you are ready to open an account of a reasonable size.
Easy-Forex Review: Costs
Easy-Forex make their money through the spread, with no maintenance fees and no fees on deposits or withdrawals. Current spreads are displayed on the website. Spreads are fairly high but this indicates that the spread may genuinely be their source of income so they have no need to trade against you as some market makers do.
Rather than charging interest, they charge a fee on day trading deals that are held over to the next day. Avoid this by not opening trades right before midnight in their time zone (GMT +2).
Easy-Forex Review: User Feedback
We have checked user feedback across the internet and it is very positive for a broker with a high number of beginners among the customer base. Easy-Forex are praised especially for their helpful and friendly customer service, which sets them above many comparable brokers.
One or two users have been unpleasantly surprised to receive margin calls on their credit cards. Margin calls are less common in forex than in stock trading but they can happen and beginners are often not prepared for this. You can prevent unexpected charges if you deposit your funds by bank wire transfer.
Bank wire transfer takes longer of course, three to four days is the norm, but you will always be in a position of approving any future payments. Of course you may still have liability for a margin call and you should be using stop losses anyway to ensure that a losing trade will not even come close to threatening your whole balance, but we can all make mistakes and sometimes with small accounts this is difficult. Using wire transfer will avoid surprises.
Easy-Forex Review: Summary
This is a well established and regulated forex market maker with a wide range of services and good feedback from current users. A good choice for day traders, especially for beginners or those looking to move from another mini forex account broker. I can highly recommend Easy-Forex as a good market maker broker on the basis of this Easy-Forex review.
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