The Cypriot company Easy Forex Trading Limited is one of the pioneers in online trading and now easyMarkets is its trading name. This broker is licensed by the Cyprus Securities & Exchange Commission (CySEC).
The company offers more than 300 trading instruments including currency pairs, commodities and indices.
Clients can trade with MetaTrader 4, one of the most popular trading platforms available in the industry as well as its own platform called easyMarkets. EasyMarkets platform provides some nice features such as one click trading, advanced charts, news, analysis and sentiment. Perhaps the most interesting property of the platform is called dealCancellation. If it’s turned on, the client can cancel the deal within one hour. This sounds good but keep in mind it is not for free. In the shown example, the costs for protecting the loss of GBP260 for 60 minutes are more than GBP56, or around 22%.
Advanced traders could appreciate such features, but beginners may opt for some easy-to-use platform.
There are three types accounts:
- Standard (minimum deposit of USD100 and spreads starting from 3 pips);
- Standard 1 pip (minimum deposit of USD250 and spreads as low as 1 pip);
- VIP account (minimum deposit of USD2,500, spreads starting from 1 pip and access to free trading signals, SMS market updates, express withdrawals and higher leverage).
Although the company claims to offer fixed spreads, no slippage and guaranteed stop loss orders, the legal section on the website shows that market orders are not re-quoted but can be either executed with predefined by the client price range, or rejected if the actual price is out of this range. The company guarantees only the execution of the stop loss orders but not the price. The Risk Disclaimer warns that due to increase in volatility, orders may be subject to slippage and spreads may be widened.
There is negative balance protection. The platforms close all open positions, if a margin call occurs (the equity falls below 30% of the necessary margin). The company is a market maker, which could lead to potential conflicts of interests with customers.
There are two sections on the website called Educational Centre and Trading Tools containing some helpful videos, eBooks, glossary and articles.