The forex market is where currencies are exchanged, making it the largest financial market, with trillions traded daily. It’s the most liquid and expansive in the financial realm. Today, we are going to review a broker from Cyprus called easyMarkets.
easyMarket was established in 2001, pioneered negative balance protection and guaranteed stop-loss in Forex. Their user-friendly platform, integrated with TradingView, and support for MT4 and MT5 attract novice and experienced traders alike.
Let’s explore the broker more with this review.
| 🏛️ REGULATED BY | ASIC, B.V.I FSC, FSA-Seychelles, CySEC |
| 📍 HEADQUARTERS | Cyprus |
| 📅 FOUNDED IN | 2001 |
| 💰 MINIMUM DEPOSIT | $25 |
| 💱MINIMUM SPREAD | 0.01 |
| 💻 PLATFORMS | MT4, MT5, Trade on easyMarkets web/app, TradingView |
| 💴INSTRUMENTS | Commodities, Forex, Cryptocurrencies, Metals, Stock CFDs, Indices, |
| 📊 ISLAMIC ACCOUNT | Yes |
| 📊 DEMO ACCOUNT | Yes |
| 💳 DEPOSIT METHODS | Bank Wire, VISA, MasterCard, American Express, BPAY, Neteller, Skrill, FasaPay, Giropay, iDEAL, JCB, Local Bank Transfers, Maestro, UnionPay, WebMoney. |
| 💳 WITHDRAWAL METHODS | Bank Wire, WebMoney, WeChatPay, VISA, MasterCard, American Express, AstroPay, JCB, Local Bank Transfers, BPAY, FasaPay, Giropay, iDEAL, Maestro, Neteller, Skrill, SOFORT, UnionPay, |
| 🌐 COUNTRIES NOT ACCEPTED FOR TRADE | United States of America, Israel, British Columbia, Manitoba, Quebec, Ontario and Afghanistan, Belarus, Burundi, Cambodia, Cayman Islands, Chad, Libya, Mozambique, Myanmar, Comoros, Congo, Cuba, the Democratic Republic of the Congo, Equatorial Guinea, Eritrea, Fiji, Guinea, Guinea-Bissau, Haiti, Iran, Iraq, Laos, Panama, Russian Federation, Somalia, South Sudan, Sudan, Syria, Trinidad and Tobago, Turkmenistan, Vanuatu, Venezuela, and Yemen, North Korea, Palau |
easyMarkets Is Regulated By
Although not regulated by the Central Bank of Nigeria (CBN), easyMarkets operates under various regulatory frameworks:
- EF Worldwide Ltd is registered in the British Virgin Islands and holds licence number SIBA/L/20/1135 from the BVI Financial Services Commission.
- In Cyprus, Easy Forex Trading Ltd is authorized and regulated by CySEC under licence number 079/07.
- In Australia, Easy Markets Pty Ltd adheres to regulations by ASIC under AFSL number 246566.
- The European Securities and Markets Authority (ESMA) has recognized their full compliance, endorsing them as a secure option for investors within the European Union while maintaining stable and organized markets.
easyMarkets Is Recommended For
While catering well to beginners with its educational resources, the absence of comprehensive market research may leave advanced traders seeking external analysis. The versatility of account types and advanced software features proves advantageous, making it a worthy choice for both novice and experienced traders.
Accounts Offered By easyMarkets
Accounts offered by easyMarkets are based on the platforms traders are trading in. The spreads, leverage and minimum deposit, are set accordingly. WebTrader/ Mobile App
| ACCOUNTS | VIP | PREMIUM | STANDARD |
| SPREADS FROM | From 0.01 | From 0.01 | From 0.01 |
| MINIMUM TRANSACTION SIZE FROM | 0.01 | 0.01 | 0.01 |
| MAXIMUM LEVERAGE | 1:200 | 1:200 | 1:200 |
| MINIMUM DEPOSIT | $10,000 | $2000 | $25 |
| COMMISSION | 0 | 0 | 0 |
| CUSTOMER SUPPORT THROUGH PHONE | Yes | Yes | Yes |
| CUSTOMER SUPPORT THROUGH 24/5 LIVE CHAT | Yes | No | No |
MetaTrader4
Accounts dealing with MetaTrader4:
| ACCOUNT TYPES | VIP | PREMIUM | STANDARD |
| SPREADS FROM | 0.03 | 0.04 | 0.05 |
| MINIMUM TRANSACTION SIZE FROM | 0.01 | 0.01 | 0.01 |
| MAXIMUM LEVERAGE | 1:400 | 1:400 | 1:400 |
| MINIMUM DEPOSIT | $10,000 | $2000 | $25 |
| COMMISSION | 0 | 0 | 0 |
| CUSTOMER SUPPORT THROUGH PHONE | Yes | Yes | Yes |
| CUSTOMER SUPPORT THROUGH 24/5 LIVE CHAT | Yes | Yes | Yes |
MetaTrader5
MetaTrader5 does not distinguish between different account types, and here, spreads are fixed, unlike in MetaTrader 4 and WebTrading. The maximum leverage offered here is 1:2000, with upto-the-mark customer support through phone and live chat 24*5.
Mobile Application
The mobile application of easyMarkets is available on both Android and IOS.
- The entirety of the online platform’s functionalities
- Incorporated analytical instruments
- Utilization of dealCancellation and access to Inside Viewer.
μBTC Account
- Traders can make the most of their Bitcoin beyond an exchange by utilizing their account, enabling seamless deposit, withdrawal, and trading.
- No need to convert to fiat currencies – Bitcoin remains untouched, shielding traders from price fluctuations and exchange fees.
- Access 275+ instruments via the trader’s μBTC account, spanning currencies, cryptocurrencies, commodities, metals, shares, and indices.
- Traders can trade effortlessly across various platforms: easyMarkets web and app, TradingView, MT4, and MT5.
- Benefit from innovative trading tools like spread-free trading, no margin requirements, undoing losing trades, freezing live rates, and more.
- Traders can enjoy negative balance protection, guaranteed stop-loss, and take-profit features to secure their accounts during market movements.
How To Open an Account on easyMarkets
STEP 1: Visit the “easyMarket Website” and click on the “SignUp” located in the top right corner of the website.
STEP 2: Complete the short registration form while creating a strong password for your account.
STEP 3: Confirm your Country of Residence.
STEP 4: The account opening process has been completed, and now you can deposit your funds for trading.
Pros And Cons Of easyMarkets
Alike other traders, easyMarkets has both pros and cons in the basket, from a range of assets to limited account options.
| PROS | CONS |
| Regulated by multiple highly reliable authorities | Limited Account Options |
| Offers a wide range of assets | Cent account not available |
| Several platforms are offered, such as WebTrader, Mobile App, MT4, MT5. | High spreads as compared to other brokers |
| No Commissions charged | |
| Negative Balance Protection | |
| Multiple Account Base Currencies |
Deposits and Withdrawals
With easyMarkets, funding and withdrawing from the account incur no fees. The broker provides diverse options for deposit and withdrawal, encompassing bank transfers, credit/debit cards, online cards, and a range of eWallets.
Credit/Debit Cards
| Method | Countries | Deposit Processing Time | Fees |
| Visa | All countries | Instant | Free |
| Maestro | Europe only | Instant | Free |
| Master Card | Europe Only | Instant | Free |
| AstroPay | All countries excluding EU and Australia | Instant | Free |
Online Banking
| Method | Countries | Deposit Processing Time | Fees |
| Local Bank Transfer | As outlined by Ingenico, EU countries are subject to their specifications. The processor retains the authority to add or remove countries as deemed necessary. | 3-5 working days | Free |
| Local Bank Transfer | LATAM, Africa, Malaysia,
India, Indonesia, Vietnam, Thailand, |
Upto 24 hours | Free |
| BPay | APAC only | 1 working day | Free |
| Pix | Brazil only | Upto 24 hours | Free |
eWallet
| Method | Countries | Deposit Processing Time | Fees |
| Netteler | Various Countries | Instant | Free |
| Skrill | Various Countries | Instant | Free |
| FasaPay | Indonesia only | One working day | Free |
| SticPay | All countries excluding Europe and APAC | One working day | Free |
| WebMoney | All countries excluding Europe and APAC | One working day | Free |
| BitWallet | Japan only | One working day | Free |
| Perfect Money | All countries excluding Europe, Australia and Singapore | One working day | Free |
Bank Wire Transfer
| Union Pay | China only | 1-2 working only | Free |
Fees and Commission
easyMarkets applies a rollover or overnight fee on positions held beyond a day, which can be reviewed directly on the platform. Each instrument has distinct terms for overnight positions, resulting in either a fee or a refund.
| ACCOUNT TYPES | SPREAD | COMMISSION |
| VIP | $1 | NO |
| PREMIUM | $0.8 | NO |
| STANDARD | $1.6 | NO |
Bonuses and Promotions
easyMarkets provides three promotional offers: a first deposit bonus, a partnership program, and a refer-a-friend bonus.
Reliability and Security
easyMarkets is a reliable broker which offers several instruments to trade in, with the assurance of the safety of funds as it is regulated by several regulated authorities such as FSA, FSC etc.
The broker is dedicated to delivering transparent, reliable, and regulated financial services.
This involves segregating client funds, participating in insolvency protection schemes, and maintaining stringent operational standards that undergo regular audits tailored to specific obligations.
User Experience
The broker claims to be an official partner of Real Madrid Football Club on the website. The user experience dealing with the broker has been positive overall. People clarify that the broker is not a scammer and identifies as a trusted broker. The overall score of the broker is 7.5/10.
Customer Support
easyMarkets offers reliable and easily accessible customer support through multiple channels, including Live Chat, email, and phone. However, customer support is not available on weekends. The overall customer support experience at easyMarkets is rated as Excellent, achieving a testing-based score of 8.6 out of 10.
Live Chat
Email: [email protected]
Social Networking: WhatsApp, FaceBook
Address: Trinity Chambers, PO Box 4301, Road Town, Tortola
| PROS | CONS |
| Several ways to contact support | Not multilingual, only English Language supported |
| Support from qualified support executives | 24*5 customer support only |
Conclusion
In summation, easyMarkets emerges as a reputable non-dealing desk market maker, offering a diverse Forex portfolio coupled with unique risk management tools. Its user-friendly in-house platform seamlessly integrates with TradingView, MT4, and MT5, appealing to traders of varying skill levels.
Despite minor drawbacks, easyMarkets stands as a transparent and longstanding brokerage, characterized by fair trading conditions. While some areas like spreads and trading costs could be more competitive, easyMarkets’ commitment to security and regulation, along with its continually evolving features, positions it as a promising contender in the market.
FAQs
Is easyMarkets a reliable broker?
easyMarkets holds a low-risk status, attaining an impressive Trust Score of 89 out of 100. The brokerage is under ASIC regulation and offers a maximum leverage of 1:400, presenting a secure trading environment. Additionally, easyMarkets provides a selection of 3 distinct trading accounts.
Who leads easyMarkets as the CEO?
Nikos Antoniades serves as the Chief Executive Officer at easyMarkets.
What is the required initial deposit for easyMarkets?
To initiate a real trading account on easyMarkets, a minimum deposit of $100 or R1520 is necessary.
What is the withdrawal timeframe for Easymarkets?
Withdrawal requests are handled promptly, typically within one business day (24 hours). However, the actual duration for your funds to arrive in your account can vary between 3 to 10 business days, influenced by factors such as the funds’ destination and your bank’s processing timelines.
What is the minimum withdrawal permitted from easyMarkets?
When withdrawing to bank accounts, a minimum of USD 50 is needed.
What does it mean to be an FCA regulated broker?
A broker under FCA regulation is required to segregate client funds from its own operational funds, ensuring trader safety. This involves maintaining a separate bank account for business funds, completely distinct from clients’ accounts.
