Forex trading is integral to everyday trade among advanced traders. However, given the complexities around such a model, not every exchange you sign up with brings you a reliable experience.
However, if you’re a seasoned trader and have spent some time in the industry, we bet you’ve heard about the Easy Forex trading platform. The platform stands out as one of the unique exchanges where users can trade in up to 200+ markets without attracting any significant commissions to their trade.
But is Easy Forex the ideal platform for you?
Continue reading as we discover the different aspects of the platform and come to a conclusion on it. At the end of our comprehensive review, you’ll better understand all the different aspects of the platform and get the best idea to do it. Let’s get started.
Table of Contents
Pros & Cons Of Easy Forex Review
Easy Forex: At A Glance
| Headquarters | Cyprus |
| Founded | 2003, 19 years ago |
| Employee | 200-500 employee |
| Type | Private company |
| Industry | Investment and asset management |
| Revenue | Unknown/Non-applicable |
| Trading Platform | MT4, Easy Foreign Mobile platform |
| Services | Broker foreign exchange market. |
| Customer support | 24/7 support |
| Competitors | Unknown |
| Official website | https://www.easyforex.com.au/ |
Easy Forex: Company Overview
Easy Forex is a respected Forex broker with decades of experience. This platform has more than ten years of experience, which naturally points to its solid reputation and unwavering dependability. Easy Forex is a very reliable broker, and the majority of its present clients are devoted, consistent, and long-time traders.
While Easy Forex has offices worldwide, including Poland, the United Kingdom, Shanghai, and Australia, its main office is in Limassol, Cyprus. The fascinating thing about this broker is that, despite having its formal license from the Australian Financial Services (AFS) organization, it is primarily situated in Cyprus.
The Australian authority ASIC is in charge of policing the security of Easy Forex brokers. On the other hand, Easy Forex welcomes the additional EU-based regulation measures, namely data security, to offer an even more secure and dependable trading environment. Since 2010, Easy Forex has stopped allowing US customers; however, this hasn’t prevented people from wanting to use this site to trade. It’s also vital to note that Easy Forex offers excellent customer assistance, which helps to make the consumers feel at ease.
The platform offers effective communication channels like phone calls and emails. The audience is always given further assistance if they require more information or have questions because customer service specialists are available around-the-clock. Over 85% of the daytime trades are executed on the Easy Forex platform, and the spreads are completely fixed.
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Key Features Of The Platform
There are several aspects of Easy Forex that make it one of the best brokers in the industry. To give you a fair idea, here are the key features of Easy Forex that make the platform unique:
Deal Cancellation
The deal cancellation option is one of the unique features of the Easy Forex platform! Users signing up over the platform get access to canceling their trades until their expiry. For instance, if your said forex trade is about to end in a few hours, the Easy Forex platform allows you to cancel the trade until a given time.
This way, you can easily make the most of your trade and negate the losses by canceling them at the right time. In addition, this feature allows you to save the invested amount, saving you from losses in the forex market.
Access To 200+ Markets
Access to hundreds of different trading markets makes Easy Forex a unique trading platform for beginners and advanced traders alike. User’s signing up for the platform get access to over 200+ markets, with options to invest in trade, commodities, forex, indices, and vanilla options, among others.
With Easy Forex, investors get a gateway to exploring different global trading assets. This way, they’re better at diversifying their portfolios and making the most of their investments.
No Commission & Free Guaranteed Stop Loss
Another convenient option of Easy Forex is its no commission structure. As a result, users over the platform can make calls of any size without attracting commissions of any type. This feature makes Easy Forex a go-to option for beginner and advanced users as they can trade in any volume without losing a significant sum as a trading commission.
On the other hand, the free guaranteed stop loss allows advanced users to minimize their losses by stopping their trades at set limits. Once the traders have set their stop loss, this free feature sells off the position as soon as the ticker limit is reached.
Negative Balance Protection
Easy Forex is a platform that keeps the forex markets’ general volatility. This is why the platform has introduced some reforming features like the negative balance protection to ensure that traders of all types can make the most of their investments without facing many losses.
This unique feature puts off the trade once it has reached a negative balance (or the amount you’ve set at stop loss). This way, the protection provides a cushion for traders, helping them avoid significant losses while trading.
Great Account Selection Options
Depending on the type of account you open on the Easy Forex website, you have a choice of 100:1 or 500:1 leverage. In addition, you have the option of selecting between a standard account with a $25 minimum opening deposit and a small account, which is ideal for novices.
Easy Forex has a fantastic teaching center for beginner investors with free lessons and consideration-giving examples. Credit or debit cards, PayPal, and bank wire transfers are the last but not least options for payment.
Additional Features of Easy Market
Those mentioned above were some of the core features of the platform. However, that’s not all! There’s more to the Easy Forex platform, and we’ve discussed the additional features of this platform in the following section.
- Promotions & Bonuses: Easy-array forex’s significant bonuses and promotions are its most alluring feature. At least four incentives were being offered at the time of this review, making it advantageous and enjoyable to register an account with this broker. There is nothing better than a successful campaign to draw in new customers, and easy-forex has succeeded in doing so. The broker’s appeal is increased because numerous organizations govern it.
- Virtual Trading Machine: Visual Trading Machine, an online web trading tool that enables traders to trade from any computer, wherever they are, is made available to traders by Easy-Forex. The site offers cutting-edge tools; a real-time rates feed, one-click trading, a freezing rate, live market news, and other distinctive features. Once downloaded, the platform is entirely transposable.
- Compatible Mobile & Windows Application: Most mobile devices, including iPhones, Android phones, and smartphones, can be utilized with the easy-forex platform. The free app gives its users the advantages of trading with Easy Forex, such as tight fixed spread and guaranteed fills, and access to their open positions. It provides its users the rates for popular currencies such as goods and silver.
- MT4 (MetaTrader4) Platform Access: The MetaTrader4 platform used by easy-popular forex includes features including fixed spreads, the usage of Expert Advisors, hedging, and micro-lots starting at 0.01 lots, No Dealer intervention, fast Market Execution, and Trading Central
- Trader’s Education: Easy-forex offers traders a variety of instructional resources. Additionally, a free Forex guide ebook that is easily downloaded and contains fundamental general information on trading and advice and strategies for profitable Forex trading is available. These resources include training videos for both new and experienced traders. Besides, Easy Forex offers a free $10,000 demo forex trading account with no risk or obligation.
Considering both the core and additional features, it’s evident that Easy Forex excels as an all-around forex and commodities broker.
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Security Features Of Easy Forex
Easy Forex is regulated in many countries, but because local regulations differ, so do the available goods. For instance, CFDs are accessible to clients outside the United States but not U.S. clients.
Easy Forex is a registered FCM, RFED, and NFA member (#0339826) with the CFTC. Additionally, the UK’s Financial Conduct Authority (FCA #113942) has granted GAIN Capital UK Ltd. authorization and oversight. IIROC, ASIC, MAS, FSA, and CIMA are other international regulators of the company.
Suppose Easy Forex experiences financial difficulties; in such a situation, client funds are kept separate from the company’s cash to protect clients’ money. The Financial Services Compensation Scheme (FSCS), which offers clients in the UK and the EU additional asset protection up to a maximum of £85,000, is available. In Canada, the Canadian Investor Protection Form gives its Clients protection. Customers in the United States are less lucky because the business offers no supplementary insurance to protect their money.
For an additional fee, Easy Forex provides its U.K./E.U. clients with guaranteed stop losses are required by the ESMA regulations that took effect in 2018. Negative balance protection is also available.
In addition, the platform also aligns with the updated security measures like 2FA (two-factor authentication) and biometric authentication for its mobile application while protecting data using TripleDes, SHA256, and MD5 measures.
Fees Structure
Easy-forex accounts can be funded with credit cards or bank wires. To make a withdrawal, it is necessary to complete the online form. Twelve different currencies are accepted. The same procedures used for the deposit are also used to return funds.
Besides, here’s an overview of the fees charged over the Easy Forex platform.
Easy Forex Trading fees
The broker is an excellent choice even if you frequently trade because easy Forex trading fees are minimal.
| Benchmark fee | Easy Forex | |
| 1 | EURUSD | $5.9 |
| 2 | EURGBP | $7.1 |
Easy Forex Non-trading fees
For services that aren’t directly related to trading, non-trading fees are charged. At Easy Forex, some of these costs are substantial, while others are minimal, and certain services are free. The withdrawal fee, deposit fee, inactivity cost, and account fee are examples of typical non-trading expenses.
| Fees | Easy Forex | |
|---|---|---|
| 1 | Withdrawal Fees | $0 |
| 2 | Deposit Fees | $0 |
| 3 | Inactivity Fees | Yes |
| 4 | Account Fees | No |
Accounts Opening With Easy Forex
Opening an account with Easy Forex is a simple, all-digital process. Online registration only takes ten to fifteen minutes. However, it took two business days for our account to be validated, slightly longer than at other brokers.
To open an Easy Forex account, follow these four steps:
Step 1: Choose between using MetaTrader 4, a third-party trading platform, or Easy Forex’s proprietary trading platform.
Step 2: Once done, enter your financial and personal details.
Step 3: After the second step, respond to a few questions about your trading experience and knowledge of finance.
Step 4: Check your residency and identity. To prove your identification, you can upload a national ID card, a passport, or a driver’s license. As evidence of domicile, utility bills and bank statements are recognized.
Once you’ve followed all the steps, your account is ready to start forex trading!
Customer satisfaction
As per our review of the platform on several renowned websites, we found Easy Forex to be a well-known forex dealer. In addition, the business has a reputation for offering top trade consultancy services.
Besides, many forex traders have vouched for its reliable brokerage. Other reviews also complement Easy Forex’s excellent customer services and first-rate features to ensure you never miss a trade. As a result, even individuals with no prior experience with Easy Forex can benefit from it.
Similarly, there are some drawbacks to the platform too. For example, several customers complained about the platform’s mobile application. The concerns were around its complex structures.
Easy Forex Vs. Competition
Founded in 2003, Easy Forex is a provider of online trading services. Easy Forex assumes the role of a market maker, with offices and customer support centers in more than 160 countries worldwide. The platform currently has access to over 200 trading instruments with spreads as low as 0.0 pips and 24×5 customer support to improve the trading environment.
However, similar to the great features, the platform also complains about overall security. Therefore, if the platform doesn’t seem like a legit option, let’s compare its performance against one of the leading competitors, Pacific Union.
Easy Forex vs. Pacific Union
Both Easy Forex sits neck-to-neck in terms of their comparison. Not to forget, both platforms come with their own set of unique features. Here’s a detailed overview of the different aspects of comparison between the two platforms:
- Financial instruments: In Easy Forex, traders can choose to buy commodities like gas oil, Brent, WTI crude oil, natural gas, and heating oil. Besides, there are also several commodity pairs for energy, including HEO/USD, OIL/USD, and others.
On the contrary, Pacific Union offers various trading assets available on this brokerage platform, including FX currency pairings, indices, commodities, equities, and cryptocurrencies.
- Lowest Deposit: Easy Forex offers three different account types: Standard, Premium, and VIP. The Standard account has a $25 minimum deposit. It is possible to trade on a mobile device, a desktop computer, or online using demo accounts. Free personal trainers, a guaranteed stop loss, and other attributes like an actual account are available.
Whereas in Pacific Union, the minimum deposit amount is $50, and several convenient payment methods are available, including Bank Transfer, MasterCard, VISA, Neteller, Skrill, BTC/USDT AliPay, FasaPAY, and UnionPay. Besides, the processing timeframes differ based on the method.
iii. Consumer Assistance: The two main locations of the broker, in Limassol and Sydney, are where customers can call to speak with a representative of Easy Forex. The queries can be mailed to Easy Forex. Live chat is an option that is offered. Customers at Pacific Union can quickly contact customer service through live chat.
Looking at the different aspects, it’s evident that both platforms have their edge over each other. However, in terms of in-depth comparison, Easy Forex takes over Pacific Union in more than one instance, making it a clear winner.
Final Verdict
Should You Consider Using Easy Forex?
With several unique features, here are certain aspects where the Easy Forex stands out as a trading platform:
- Competitive Prices: Trading forex can be inexpensive (brokerage and commissions). There are no commissions because most forex brokers make money on the spreads between forex currencies. Because there are no additional brokerage fees to worry about, overhead costs are decreased.
- Multiple Trading Possibilities: The forex markets are open 24 hours a day, which becomes highly beneficial for the short-term trader who intends to trade for a very short period (for a few minutes or hours). Also, it is possible to trade whenever it is convenient for the traders.
- Access To Advanced Trading Tools: The Easy Forex platform holds many trading tools compared to other financial markets. Users signing over the platform can easily leverage features like guaranteed stop loss and negative balance protection to make the most of their trades.
- Low Investment Needs: Due to the small pips spreads, one may easily start trading forex with little initial capital. Without more money, trading in other markets (like equity, futures, or options) could not be possible.
Shortcomings Of Easy Forex
Similar to the pros, there are certain downsides to the Easy Forex platform. Here’s a list of the different aspects that add to the cons:
- High Leverage, High Risks: High leverage forex trading allows for numerous exposures to profit and loss based on the trading capital. Leverage on the forex market is 50:1, meaning that with just $1, one may open a position worth $50. Leverage allows a trader to make more money, but a loss is exacerbated.
- Lack Of Access: Numerous factors, chiefly international politics or economics, which can be challenging to research and draw trustworthy conclusions from, affect forex rates.
This brings us to the end of our review on the Easy Forex platform. The different aspects have to add to the users; it’s evident that several unique aspects of the platform make it a great option to get started. In addition, it is a great option for users of all types and experiences.
However, if high leverage and volatility don’t suit you, this might not be your platform. In such a situation, we suggest you look for another platform.
FAQs
Q1. How to trade Easy Forex?
Easy Forex is the largest market around the globe that uses leverages to simplify the process of trading. You can easily get started on the platform using your credit card and get started with over 200+ markets to diversify their platforms. However, given the volatility of the market, you can only lose the amount you initially agreed to risk, not more. Online signing up is quick and simple.
Q2. Why Do I Choose an Easy Forex Broker?
Easy Forex platform provides top advantages of trading in the market! Besides ranking on the top lists, this platform provides great trading tools and experience. You should choose an Easy Forex Broker for the following reasons: availability of a variety of platforms, a large selection of bonus types, an Education center for beginners with a good reputation, and excellent organization.
Q3. How can I trade more effectively?
Trading requires persistence and practice. The worst strategy for success is to go in without any training or preparation. Instead, make a low-risk entry using a platform that offers lots of training and direction. Studying markets and seeking advice from industry experts are the best ways to improve your trading.
Shrey Jain is a Chartered Accountant who holds a forte in creating informative content on niches like Finance, Blockchain, crypto, and Taxation. He is a contributor on Hackernoon and Publish0x, where the audience has highly appreciated his articles. In addition, his knowledge in the finance field has helped both beginners and experts gain valuable insights into the domains of Blockchain and finance.