For a broker and financial service provider to be useful and well-managed, it must work with high efforts to provide quality services and swift functionality to its clients. Sadly, that is not the case with EasyMarkets. The broker does not stand to its name of being straightforward and honest. Let us read into the review to know if it is worth trading with the brokerage firm.
EasyMarkets is a broker with a minimum deposit of 100 dollars, that is high. The spreads and commission charged by the broker are a bit higher than the standard charges. The broker deals in instruments like Forex, Shares, Commodities, CFDs, Metals, Indices with limited assets. There is no auto trading, or social trading available with the broker and securities are not publicly traded. One cannot access the trading signals when dealing with it. The broker is regulated by Cyprus Securities and exchange commission and Australian Securities and Investment Commission.
EasyMarkets: Scam or not?
We cannot say that EasyMarkets is a high-risk broker, but it is an average risk broker. The broker does not trade publicly. The broker is regulated by one tier 1 regulator (Australian Securities and Investment Commission), one tier 2 regulator. It is not regulated by any tier 3 regulator. moreover, these regulations are not specified on the website. We would say that it is not safe to trade with EasyMarkets.
EasyMarkets offers three different kinds of accounts for its clients:
- Standard Account
- Premium Account
- VIP Account
- The minimum deposit for the VIP account is as high as 10,000 US dollars. Whereas, the minimum deposit for premium and the standard account is 2000 and 100 dollars respectively.
- The spreads vary according to the account chosen by the trader or the investor.
- The maximum leverage for all the accounts goes up to 1:400.
Standard Account: EUR/USD spread of 3 pips
Premium Account: EUR/USD spread of 2.5 pips
VIP Account: EUR/USD spread of 1.8 pips
- The accounts are bifurcated on the basis of two platforms: web trading platform and MT4.
- The whole categorisation of accounts does not make much sense because there is significantly less disparity between the services offered.
- Also, it is very confusing and ambiguous when you look and try to figure out the accounts on the website. Therefore, it does not care about making functionality easy and smooth for its users and potential customers.
EasyMarkets renders a choice to its users between two kinds of platforms: Web-based HTML 5 trading platform and MetaTrader 4 trading platform.
The web-based platform seems to be very basic and does not enclosure many essential features and services that are necessary for trading. MetaTrader4 offers better advantages over the web-based trading platform, but it not as advanced as MEtaTrader5. Why rely on some old, passed technology when you can move ahead.
At the same time, mobile applications of EasyMarkets are really hard and challenging to decipher. There are multiple tabs without any structure, placed one after the other. This makes the whole trading experience cumbersome and irritable for the users.
Products and instruments for trading
Limited instruments are available for trading with EasyMarkets. One thing that we noticed is that there are significantly fewer securities available within each category of instrument. For forex trade, only one pair of major/minor currency is available to trade. Only 10-15 company shares are available with the broker. With cryptocurrency, one can only facilitate trade in Bitcoin, Ripple, or Ethereum.
The account opening process of EasyMarkets is very confusing and ambiguous. When you click on the “sign up” tab on the website of EasyMarkets, a pop page opens p, that asks for nothing but your phone number, email address, and tell you to create a password. Nothing is specified about what comes next.
The website asks you to tick a checkbox that tells you to agree to the terms and conditions, but nothing else is mentioned. This might lead to hesitation among potential users as they are not sure how the process will pan out further. It would have been better if the broker had mentioned the steps involved top open the account with some clarity and transparency.
Commissions, spreads, and fees
Commission percentage seem to be average when it comes to forex trade and painfully high with CFDs. Trading cost varies depending on the account chosen by the trader.
The spreads seem to be more than the standard charges. So, we think trading with EasyMarkets is pretty expensive.
Deposit and Withdrawal
There are very limited options offered for deposit and withdrawal with the broker. most of the choices are outdated and conventional.
Research and market analysis
For research purposes and market analysis, limited tools like financial calendar trading charts, and market news are available. Many advanced tools and material are absent from the website.
For educational purposes, sparse tools are available with EasyMarkets. No blogs, webinars, or VOD are available for users to look up to.
One can contact EasyMarkets via the following methods:
The delay in replies and trouble in troubleshooting take on the nerves of a trader.
Why not trade with EasyMarkets
- A minimum deposit of 100 dollars is available on just standard account. Other accounts relate to high minimum deposits.
- Limited educational and research tools available
- The broker does not provide services in many major countries like the USA, Israel, Iran, Iraq, and Canada.
- Does not have VPS and forex calculators
- High commissions and spreads
- Challenging and challenging to grasp user interface
- No MT5 trading platform
- Few securities or asset withing each category of instrument.
The final verdict of EasyMarkets
EasyMarkets has been in the market for more than 20 years, but we still think it has not stepped up much when it comes to services and functionalities. The whole interface of the website, mobile applications seems pretty off guarded and unstructured. Moreover, new traders can find it very difficult if they go with EasyMarkets because there are minimal educational and research tools available with the broker.
While many brokers like HFTrading, ETFinance, PrimeFin provide better services and swift functionality with average deposits, whey go with a broker that is half dedicated. We would recommend you to think twice before investing with EasyMarkets.
Be the first to leave a review.