For a broker to be of use and be well-managed, it has to offer utter dedication with good quality services. This is not the case with EasyMarkets. We do not think they are anything like the tagline they go with: “simply honest”. We do not see any honesty or transparency with the functioning of the broker. In this review, we will discuss various aspects that make EasyMarkets a poor choice for traders and investors.
EasyMarkets Scam or Safe?
There are various risks associated with EasyMarkets. The broker does not trade publicly, and it does not hold any banking license. Moreover, the regulation is not clearly specified on the website.
EasyMarkets does not include any security software and features in its operations to keep the clients’ data and personal information safe and secure.
All these factors make it a high-risk broker. We would advise our traders to think twice before going with the broker.
Account Types
The account types offered by EasyMarkets have minimal disparity and differential points among them. All three accounts (standard, premium, and VIP) tend to offer similar services.
The minimum deposit for VIP accounts is as high as 10,000 dollars, making it inaccessible to many traders and beginners. Whereas, the minimum deposit for premium and the standard account is 2000 and 100 dollars respectively. Moreover, the services offered in this account are not up to the mark. There are other brokers like HFTrading, ETFinance that offer better services at way lesser minimum deposits.
The spreads are high and vary according to the account type chosen.
The accounts are categorised on the basis of trading platforms; MT4 and a web trading platform which do not really make sense. Instead, the account types should be divided between the differential services and purposes they serve. It is also 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.
Trading platform
The broker offers trading through WebTrader and MT4 trading platforms. The web-based platform is quite basic and does not include many crucial features and functions. We do not understand why the broker is banking on the old and outdated technology of MT4 when many brokers have moved to a more advanced trading platform called MT5.
The mobile application of EasyMarkets is quite abrupt and problematic. There is no structure and tabs are placed onto each other without any purpose. New traders and beginners may find it really difficult to get accustomed to the platforms’ functioning and interface.
Instruments and products for trading
Limited instruments and trading products are available with EasyMarkets. One more thing that came to our attention is that the range in each category of instruments is sparse and restricted too. For example, in forex trading, only one major/minor currency pair is available for trade. Only ten to fifteen company shares are available for trade with the broker. In cryptocurrency, the trade is limited to Ripple, Bitcoin, and Ethereum.
Clearly, the numbers we mentioned above are dissatisfactory and unacceptable. One can miss out on many profitable trading opportunities and will not be able to diversify his or her portfolio decently.
Commission and spreads
The commissions are extremely high with CFDs as well as forex traders. Trading costs vary according to the account one has chosen. The spreads are higher than the standard charges and can go up to 5 pips on many securities. Looking at the overall cost, we can say that EasyMarkets is quite expensive to pursue trade with.
Deposit and withdrawal
Pretty sparse and conventional methods of depositing and withdrawing the funds are available with the broker. Moreover, there are high fees associated with the withdrawal of funds.
The withdrawal of funds can take up to days. Many brokers can facilitate millions of withdrawal transactions within a day. We do not understand what is stopping EasyMarkets. We do not think you would be able to withdraw funds quickly in case of an emergency with this broker.
Research and market analysis
For research and market analysis, limited and conventional tools like calendar and news are available. Many crucial tools, Fibonacci or pivot calculators are absent. Research and analytical tools are an essential part of trading to determine precise entry and exit points of trading positions.
Education
For educational purposes, restricted and limited material is available. The material available needs some serious up-gradation. Education and knowledge about various market scenarios are crucial for new as well as experienced traders.
Customer service
The customer service and support is nothing like what the broker claims on its website. The responses to calls are extremely elongated, emails are never answered, and live chat feature seldom works.
Conclusion
EasyMarkets has been in the market for more than 20 years, but still, it has not been able to step up its game to match the advancing technology of the trading world. While many other brokers like HFTrading, ETFinance, PrimeFin provide better services and swift functionality with average deposits, why go with a broker that is half dedicated? We would recommend you to think twice before investing with EasyMarkets.
