Official Site: https://www.easymarkets.com
Demo: Open Demo Account
Regulated By: ASIC, CySEC
Foundation Year: 2001
Headquarters: Ajeltake Road, Trust Company Complex, MH 96960, Ajeltake Island, Majuro
Min Deposit: $25
Max Leverage: 1:400
Publicly Traded: No
Deposit Options: Credit Card, Neteller, Skrill, Webmoney, Wire Transfer
Withdrawal Options: Credit Card, Neteller, Skrill, Webmoney, Wire Transfer
Tradable Assets: Currencies, Commodities, Indices, Crypto, Futures, Options
Trading Platforms: easy Markets Platform, MT4
Commission on Trades: No
Fixed spreads: Yes
Trading Desk Type: Market Maker
OS Compatibility: Desktop platform (Windows), Web platform
Mobile trading: Android, iOS
Accepts Us Clients: No
The online trading landscape was much different at the start of the millennium than it is today. Back in 2001, when easyMarkets was founded, trading was pretty much a lavish activity reserved for wealthy individuals or institutions. This brokerage was one of the first to start transforming the market environment into something that would be more attractive to average people. Their idea was that anyone should be able to access online trading, and with an initial deposit starting with $25, that could be funded with a credit card, they certainly succeeded in changing the mindset of ambitious individuals.
Now it is nearly 20 years later, and in this easyMarkets review, we attempted to find out whether this pioneer of the field manages to hold up today. With competitive brokerages opening up every month, has easyMarkets done enough to maintain trader interest, or is this veteran way past its prime? We went in-depth to discover everything it has to offer, starting with its dedicated web platform, the safety of funds, and its limited range of instruments.
EasyMarkets is luckily very beginner-friendly when it comes to choosing your preferred account type. They offer several accounts based on opening balance, spreads, trading platforms, and other criteria. There is a cap for leverage on every account – 1:400 for international clients and 1:30 for EU clients. Spreads are fixed across the board. There have been numerous debates on whether that is a good thing. However, easyMarkets like many others feel it is a much safer offer regardless of market liquidity. Furthermore, all account holders are assigned their own personal account manager. To get a better idea of what each account type holds, here is a quick breakdown:
- There is a Demo account for all traders. This should be a must-stop for new traders who are just starting out. It is great for testing the environment and development of strategies. The demo account includes $10,000 of virtual funds.
- Standard account: This will be the starting point for most traders. You will need an opening balance of just $100 to start trading. EUR/USD currency pair has fixed spread at 3 pips.
- Premium account: You will need $1,000 to open it. Benchmark EURUSD spread is 2.5 pips. The minimum transaction varies based on your platform of choice. Size is 0.5 lot on the web and mobile app, but 0.05 lot on the MT4 platform.
- VIP account: On the higher end, this account type will require a deposit of at least $2. The EUR/USD spread is 1.8 pips.
- Super VIP account: Top of the range for expert investors. The opening deposit amount is $50,000. The benchmark for EUR/USD spread is as low as 1.2 pips. There is no strict limit on the minimum transaction volume as it is negotiable.
This part of the easyMarkets review will focus on the platforms and tools on offer, and luckily, there is plenty of good things to mention. easyMarkets has developed its own proprietary HTML5 web-based platform. For those traders looking for a more familiar experience, there is always the true-and-tested MetaTrader4 (MT4).
Trading experience is altogether nice, but there is something to be said about the list of features. While no doubt the platform is easy to navigate and isn’t cluttered with unnecessary data, it feels too light. Standout features include favorites list, charts, news, and a sentiment indicator. Beyond that, there is very little to grab onto. This clean and simplified approach is all good and well for beginners who want to keep it simple and just focus on trading, but I’m afraid it does very little to satisfy the needs of those more demanding traders.
There are two tools that are quite unique, and you won’t find in other brokerages. They are dealCancellation and Freeze Rate. The former allows you a small window of time to undo your recent trade and to take back your potential losses. The former grants you the ability to “freeze” a quite for several seconds. Both tools, as useful as they seem, do not come free of charge, as you will have to pay a small fee to enjoy these benefits. Finally, there is another beginner-friendly feature that offers guaranteed stop-loss orders for free. This is a big deal since most brokerages include this option but charge a handsome amount for it.
EasyMarkets has plenty of assets for traders to choose from. However, your experience will vary depending on where you live. Asset availability will be different based on your country of residence. With the best possible conditions, you can look forward to trading the following:
- Currency pairs
- Social trading
Deposit & Withdrawal
When it comes to deposits, easyMarkets uses many online banking payment solutions. Before you make any deposit, of course, your account will have to be verified. You will be required to submit proof of address and proof of identity. If you choose to select a credit card to fund your account, you will have to submit even more documentation.
Traders can also select bank transfers for refiling their accounts, but this comes with its drawbacks. In practice, it can take up to 5 working days to transfer your money. The important thing to note is that there are no commissions fees for funding your account using this method.
There are even more non-traditional ways to fund your account, including SOFORT, Bpay, Giropay, and eWallets like Neteller, Webmoney, Skrill, iDEAL, and Fasapay.
As far as withdrawals go, there is also plenty of options to choose, although, you need to select the same method as you did with the initial deposit. The minimum amount for withdrawal is $50. One of the biggest pluses is that there are currently no withdrawal fees, which makes it very attractive for traders around the globe. On the downside, the amount of time it takes to recover your money is definitely more than the industry average.
In the conclusion of our easyMarkets Review, we must commend this established trader with almost two decades of experience under its belt. It is a brokerage that welcomes beginners with its simplicity and smooth trading experience.
Most importantly, it’s regulated by several financial watchdogs around the world. This is respectable for many reasons – all the clients get to trade with peace of mind knowing their funds are safe, and easyMarkets shows that it is willing to operate in a very transparent manner.
Like we mentioned before, there is a huge point of debate when it comes to the platform. While easy to navigate and understand, there are just too many features absent from it that will no doubt turn away most advanced users. Limited range of instruments and a fairly long withdrawal time still remain the biggest flaws when it comes to easyMarkets. If you are new to this game or are willing to overlook those, then they could very well become your next brokerage.