BROKER REVIEW

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GENERAL INFORMATION

Broker Name:

easyMarkets

Broker Type:

Forex

Country

The Marshall Islands

Operating since year:

2001

Regulation:

ASIC, CySEC

Address:

Ajeltake Road, Trust Company Complex, MH 96960, Ajeltake Island, Majuro

Broker status:

Regulated

CUSTOMER SERVICE

Phone:

 +181 930 710 00 +357 25 828 899

Languages:

German, English, Japanese, Chinese

Availability:

 24/5

TRADING

Trading platforms:

easyMarkets Platform, MT4

Trading platform Time zone:

GMT

Demo account:

YES

Mobile trading:

Android, iOS

Web-based trading:

YES

Bonuses:

YES

Other trading instruments:

YES

ACCOUNT

Minimum deposit ($):

$25

Maximal leverage:

1:400

Spread:

YES

Scalping allowed:

YES

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GENERAL INFORMATION

EasyMarets is an established broker, nearing its second decade of operation. It was founded in 2001 and has been providing trading services since then. It’s an official sponsor of Real Betis Balompié and doesn’t hesitate to show it on their landing page.

The broker is based in The Marshall Islands. The firm’s address is Ajeltake Road, Trust Company Complex, MH 96960, Ajeltake Island, Majuro.

The experience easyMarkets possess, together with the high-profile sponsorship they tout would make one think that they’re a good, reliable choice. However, it seems like there’s something suspicious going on beneath the surface. Many users online seem to be severely dissatisfied with the service they received and have thrown some serious accusations at the broker.

The reports cover somewhat of a wide array of topics, starting from denied bonuses and complaining about high spreads, to malicious behavior like closing accounts and denying payouts. Accusations like those are taken quite seriously, but let’s put them aside for the moment and focus on what the broker does well.

The upsides of using easyMarkets are:

• A LARGE NUMBER OF TRADING INSTRUMENTS

The service provider didn’t slack on making many different assets available. Namely, with over 60 currencies, and over 50 CFDs, you’re certain to find your preferred method of trading at easyMarkets. Traders that enjoy variance are also sure to be satisfied.

• AN EXTENSIVE LEARNING DATABASE

While many websites provide some tools to improve your trading skill, few go as far as easyMarkets. They organize courses, have a complete glossary, a list of free eBooks, and a self-made knowledge base. Since nobody trades perfectly, both beginners and seasoned traders can improve by using the function.

• GOOD OPTIONS FOR DEPOSITING AND WITHDRAWING FUNDS

The website lets you deposit and withdraw your money via different cards and e-wallets. None of the methods include any additional fees, and a lot of them process instantly. They even included country-exclusive payment methods for China, Egypt, Indonesia, and others.

FUNDS TRADING AND SECURITY

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EasyMarkets is double-regulated by the ASIC and CySEC, two reputable licensers, which usually would be a sign of near-complete trustworthiness. However, easyMarkets seems to have slipped through the cracks and gotten away with some shady behavior.

Users across many different review websites have written about the experience they’ve had with the broker. The negative reports are consistent through many years, and quite detailed to boot. Users spoke out about delayed payments, account closures, and many other ways for the broker to deny them payments. There were even more severe accusations of price fixing, but there’s no way to confirm or deny those.

As many traders are aware, reputation is one of the key components to choosing a broker that suits them. It’s only natural, after all, not to want to invest your money when there’s a chance someone will simply decide to keep them. The negative reviews of easyMarkets left us quite skeptical, and to solidify that doubt, there was also a false positive review issue surrounding the broker.

While it isn’t 100% certain that easyMarkets will scam you, the chance certainly exists. As such, we can’t recommend investing your money and using their services.

TRADING ACCOUNTS

The trading account options that easyMarkets provide are severely underwhelming. There are only three types of live accounts, and their specifications aren’t the best. Furthermore, all three types of accounts provide a worse experience on mobile, which was a needless downgrade in user experience. The spreads they provide aren’t competitive at all, besides for perhaps the desktop version of their VIP account, which is barely passable.

To add to that, there’s no budget option, as the cheapest, standard account will set you back $100. At least they’ve done the bare minimum and allowed demo accounts, which will let you test out the service before you commit any actual money to it

Here are the three live account types easyMarkets offer, and some of their specifications:

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• STANDARD


Minimun transaction size:: 0.05 lot (web/app), 0.01 lot (MT4)


Minimum deposit: $100 (all options)


EUR/USD Spread: 2.0 pips (web/app), 1.9 pips (MT4)

 

Maximum leverage: 1:200 (web/app), 1:400 (MT4)

 

• PREMIUM


Minimun transaction size:: 0.5 lot (web/app), 0.01 lot (MT4)


Minimum deposit: $2000 (all options)


EUR/USD Spread: 1.5 pips (web/app), 1.4 pips (MT4)


Maximum leverage: 1:200 (web/app), 1:400 (MT4)

 

• VIP


Minimun transaction size:: 1 lot (web/app – negotiable), 0.01 lot (MT4)


Minimum deposit: $10000 (all options)


EUR/USD Spread: 1.2 pips (web/app), 0.9 pips (MT4)


Maximum leverage: 1:200 (web/app), 1:400 (MT4)

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As you can see, the experience becomes significantly better as you move up account-wise. However, the differences between MT4 and the web/app platforms are drastic. Unless you plan using MetaTrader4 exclusively, easyMarkets doesn’t provide a service that can be even called decent.

TRADING CONDITIONS

The trading conditions at easyMarkets don’t do anything to stand out from the sea of competition out there. One thing the broker has going for them is the wide selection of trading products, and better ones can easily be found elsewhere. One more commendable detail is that the broker went to great lengths to ensure their learning experience was top-notch. The negatives, however, are numerous, and the positives simply fade in comparison.

The scamming accusations are enough for us to say that the other trading conditions aren’t even worth looking at. However, some people still, for some reason, might want to try their luck with the broker, so we’ll go over even more reasons why you shouldn’t.

First off, the leverages are poor, with 400:1 being passable, but the 200:1 they provide on web/app being laughable. The spreads are also quite bad, with many competitors providing a significantly better offer. Although not a factor for many, the website seems like more of an ad for Real Betis Balompié than an actual service provider and is a sore to look at.

Additionally, the accounts are just horrid, $100 for the simplest type of account, and $2000 for the one after that is just nonsensical when you look at what today’s competition is offering. You can’t tailor your experience towards your needs, and even when you look at what the $2000 premium account offers, it’s not great at all.

EasyMarkets just ask for too much and offer almost nothing in return, on top of their security issues. With how cut-throat competition is in the online brokerage world, it’s easy to find a cheaper alternative that’ll provide a more quality experience.

TRADING PLATFORM

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The broker provided two platforms for their service, MetaTrader4, and the platform they developed themselves called easyMarkets platform. To be honest, MetaTrader4 is the only one worth talking about here, as the other platforms are crippled by the fact that easyMarkets decided to provide much worse conditions when using them.

MT4, however, is a platform that anyone in the forex world has come across. It’s by far the most used platform, and many prefer it due to its intuitive interface, which makes learning and using it a simple task. However, the usefulness of the app isn’t limited to newbies, as there’s a ton of analytical tools those with more experience under their belt can use to make their trades more successful.

As we already mentioned, there’s also a mobile app that you can download from the Apple App or Google Play online stores, but it’s severely limited and thus offers a much worse experience than MT4.

EASYMARKETS’ TRADING PRODUCTS

One commendable trait about the broker is the fact that they did ensure there was a large variety of trading products their users could buy and sell. Here’s a short summary of what they offer:

• Over sixty currencies and currency pairs – Most of the commonly-traded global currencies can be found on easyMarkets. As such, most people will have no trouble finding the currency they wish to buy or sell.

• Spot energies – Oil and natural gas are only some of the spot energies that you’ll be able to trade for at easyMarkets.

• Spot commodities – The broker offers many different kinds of commodities, including but not limited to Gold, Silver, and other precious metals.

• Spot shares – easyMarkets allows you to buy and sell shares from both giant and less known firms using their client.

• Digital currencies – Cryptocurrencies are available to trade at easyMarkets, but the selection is somewhat limited compared to its other services. However, popular choices, such as BTC and ETH, are present.

CUSTOMER SERVICE

EasyMarkets has 24/5 support using the usual methods of email, phone lines, and live chat. A nice function they added is reaching them via the most popular online messaging apps such as Facebook Messanger, Viber, and What’s App. The support options are accessible via a bubble that hovers in the lower right part of your screen on a desktop, so they are easy to spot and utilize.

English phone number: +181 930 710 00 +357 25 828 899

Email: [email protected]

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CONCLUSION

EasyMarkets provide services that are way below the quality you’d expect for the funds they’re asking for. Besides the satisfactory learning database, and wide array of trading assets, there’s nothing that’d make you want to stick around.

However, there are more than enough reasons to turn your back on the provider. The bad account types, the poor leverage, the needless favoring of one platform over others, and overall poor experience is enough for us to be certain that there are much better alternatives. And then, on top of all of that come the security issues.

Many brokers have their fair share of problems, especially in their initial years. EasyMarkets, however, are a nearly twenty-year-old establishment. When you look at the severity and consistency of their transgressions, it becomes apparent that they have no intention of correcting their ways and would rather make a quick profit by scamming their customers.

If it needs to be said, we do not recommend using any of easyMarkets’ services, and firmly believe you should find a broker that actually values your time and money.

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