easyMarkets Broker Review

FSC Regulation: Indian traders will be trading under the subsidiary, EF Worldwide, regulated by the British Virgin Islands FSC.  The FSC’s rules are somewhat relaxed compared to those of regulators in the EU and the UK, and Indian traders will not be as well-protected as their European counterparts.

Safety features: Despite the comparatively weak regulatory oversight, easyMarkets segregates all client funds at top-tier banks worldwide. This segregation of client funds ensures that only clients have access to these funds and that they cannot be used in company operations.  easyMarkets also provides traders with negative balance protection, ensuring they cannot lose more than the balance of their trading accounts.  

easyMarkets is frequently audited by its regulators and uses these opportunities to identify areas of potential risk in its operations, ensuring constant improvement of internal processes. 

The account opening process at easyMarkets is fast, hassle-free, and fully digital.

All Indian residents are eligible to open an account at easyMarkets as long as they meet the minimum deposit requirements.

The account-opening process is quick, and accounts are usually ready for trading within a few hours.  easyMarkets offers Corporate and Individual accounts, but we will focus on opening an Individual account:

1. Prospective traders will have to click on the “Sign Up” button at the top of the page, where they will be directed to register an account with an email address and a password.
2. Traders can choose between opening a demo or a live account.
3. On choosing the live account option, traders will be directed to fill in their personal details and select the account type that suits them.  Thereafter, they will have to submit the Know Your Customer (KYC) documentation:
   1. easyMarkets requires proof of identification (including a current passport, ID card, or driver’s licence.
   2. Proof of address, such as a utility bill or bank statement that is less than six months old.
4. The account will be ready for trading once documentation has been verified, which usually takes a couple of hours.
5. We advise you to read easyMarkets’ risk disclosure, customer agreement, and terms of business before you start trading. 

Overall, easyMarkets’ account opening process is efficient and hassle-free, and all documents can be uploaded digitally.

easyMarkets’ Accounts have higher trading fees than other similar brokers, but unlike other brokers, most of easyMarkets’ accounts have fixed spreads, which makes it easier for traders to calculate trading costs.

Account Trading Costs:

We opened and tested a variety of easyMarkets’ many trading accounts:

Demo Account

For new registrations, the demo is unlimited and will never expire. Demo accounts are suitable for beginners but also for testing easyMarkets’ in-house trading platform.  Demo accounts come loaded with 10,000 USD in virtual funds, which can be topped up.  

easyMarkets Web/App and TradingView VIP Account

The minimum deposit for this account is 10,000 USD, putting it out of the reach of most traders.  Spreads are fixed at 0.8 pips (EUR/USD), which is lower than other similar brokers, and no commissions are charged for Forex trading.  VIP account holders also have access to same-day deposits and withdrawals. 

easyMarkets Web/App and TradingView Premium Account

This account has a minimum deposit of 2000 USD, making it accessible to most traders. Spreads are fixed at 1.5 pips (EUR/USD), which is wider than the industry average, but no commissions are charged for Forex trading.

easyMarkets Web/App and TradingView Standard Account

This account has a minimum deposit of 25 USD, making it accessible to most traders. Spreads are fixed at 1.8 pips (EUR/USD), which is wider than the industry average, but no commissions are charged for Forex trading.

MT4 VIP Account

The MT4 VIP Account has a minimum deposit of 10,000 USD, and spreads are fixed at 0.7 pips (EUR/USD), making it one of the lowest-cost accounts in the industry. However, because this account is only available on MT4, traders may experience slippage on this account, and the Guaranteed Stop Loss tool is unavailable.

MT4 Premium Account

The MT4 Premium Account has a minimum deposit of 2000 USD, and spreads are fixed at 1.2 pips (EUR/USD), which is average for the industry. However, because this account is only available on MT4, traders may experience slippage on this account, and the Guaranteed Stop Loss tool is unavailable.

MT4 Standard Account

The MT4 Standard Account has a minimum deposit of 25 USD, and spreads are fixed at 1.7 pips (EUR/USD), which is average for the industry. However, because this account is only available on MT4, traders may experience slippage on this account, and the Guaranteed Stop Loss tool is unavailable.

MT5 Account

The MT5 Account is, as the name suggests, only available on MT5. This is the only account with variable spreads, which means that spreads fluctuate with market volume and volatility. As published on the website, spreads start at 0.3 pips (EUR/USD), which is very tight, and there are no commissions for Forex trading. Like the MT4 VIP Account, there may be slippage, and the Guaranteed Stop Loss tool is unavailable.

A well-regulated CFD provider, easyMarkets ensures that all Anti-Money Laundering rules and regulations are followed. As such, all non-profit funds are returned to the original deposit source. No matter your deposit method, the withdrawal of all profits must be made by bank transfer to a bank account in your name.

Trading Account Currencies: easyMarkets offers trading in 19 base currencies, including EUR, CAD, CZK, JPY, NZD, SGD, CHF, MXN, GBP, AUD, PLN, TRY, CNY, HKD, NOK, SEK, ZAR, and Bitcoin-based accounts (BTC), a much broader range than other similar brokers.  However, because it does not offer accounts denominated in INR, Indian traders will have to pay currency conversion fees on both deposits and withdrawals. 

Non-Trading Fees: easyMarkets does not charge any deposit or withdrawal fees, but it charges an inactivity fee of 25 USD after 12 months of account dormancy.  If the account remains dormant, a fee of 25 USD will be charged every six months.  Thereafter, accounts with a zero-free balance will be closed.  These inactivity fees are around the industry average. 

Deposits and Withdrawals: easyMarkets offers many deposit and withdrawal methods, bank wire transfers, credit and debit cards, Skrill, and Neteller, and several regional-only options.  All deposit and withdrawal methods are commission-free. 

See below for a complete list of payment options and withdrawal times:

easyMarkets Platform

The easyMarkets mobile app has more features than the standard MT4 and MT5 equivalents. It is intuitive, powerful, and simplified, making it suitable for beginner traders.  While the user interface looks modern and clean, it doesn’t support automated trading or allow the introduction of third-party plugins, which many traders find helpful. However, additional trading features that set easyMarkets apart from its competition, like dealCancellation, Freeze Rate, and Inside Viewer are only available on this platform.

Additional features like zero slippage, fixed spreads, and trading charts are also available free of charge through easyMarkets’ in-house platform, and traders can choose between all the financial instruments on offer.

TradingView

TradingView is free of charge for traders who open a live account.  It is an excellent tool for researching, charting, and screening any instrument.  Additional features of easyMarkets’ TradingView tool include:

• 50+ intelligent charting tools
• Over 100,000 custom user-built indicators and scripts
• Synchronised layout for multiple charts

Traders should note that TradingView is only available on easyMarkets’ trading platform.

One drawback for traders that choose easyMarkets’ proprietary platform, is that Forex traders are charged higher costs in the form of wider spreads, but using the easyMarkets’ platform is the only way to access all the products and services on offer.   

MT4 and MT5

The easyMarkets’ MT4 and MT5 apps allow traders to work from anywhere, although there is slightly limited functionality compared to the desktop versions of the platforms, with reduced timeframes and fewer charting options.  However, traders will still have access to analytics with technical indicators, graphical objects, a full set of trading orders, and functionality to close and modify existing orders.

Trading Platforms Comparison:

easyMarkets supports MT4 and MT5 and the mobile suite of the MetaTrader tools, along with its proprietary platform, developed in-house.  The easyMarkets platform comes with a set of unique risk management tools that are not available on MT4 or MT5.  

MT4 and MT5

Developed by Metaquotes, MT4 and MT5 are still considered the most popular and customisable trading platforms in the industry. Although the platforms’ interfaces are dated, they are still widely recognised for their fast execution speeds, a wide range of charting tools, algorithmic trading, and customisability.  The benefit of easyMarkets offering third-party platforms such as MT4 and MT5 is that traders can take their own customised versions of the platform with them should they migrate to another broker. 

However, using MT4 and MT5, traders may experience slippage, but negative balance protection is guaranteed.  Traders can also only choose between 80 financial instruments, including currencies, metals, commodities, indices, and cryptocurrencies.

easyMarkets’ Platform and TradingView

For traders who wish to trade from a browser, easyMarkets’ web-based platform is offered. We really liked that the platform integrates directly with TradingView. Like the mobile trading application, the easyMarkets’ platform is user-friendly, fast, easy to navigate, and comes standard with all additional trading features offered on easyMarkets’ mobile platform.  

One of easyMarkets’ unique selling points is the number of innovative tools it offers.  Having been the first broker to offer negative balance protection, easyMarkets now offers a number of helpful risk management tools, but these are only available on its in-house platform. 

The easyMarkets platform offers the following tools:

• dealCancellation – unique to easyMarkets, this tool allows clients to cancel an order within six hours of making a trade.  Traders are charged a fee for using this service, based on the market volatility of the instrument being traded.
• Freeze Rate – another unique tool, Freeze Rate allows you to freeze a price you see for a few seconds. This tool is especially useful in volatile markets.
• Inside Viewer – this tool shows people what percentage of traders are buying or selling a specific instrument. A relatively standard tool now, this was the first of its kind when it launched in 2009.
• easyTrade – In 2018, easyMarkets launched its latest trading innovation – easyTrade. This simplified platform allows easyMarkets clients to trade without margin requirements, high leverage and features zero spreads. It also simplifies trading to just three steps – choose your maximum risk and the duration of your trade, and decide whether the rate will go up or down. Simplified trading allows novice traders to trade without distractions or extra functions. Experienced traders benefit from the ability to place a trade quickly when markets move and use easyTrade as an effective hedging tool.  Traders should note that easyTrade is only available on 20 financial instruments.

Overall, easyMarkets offers a relatively limited suite of trading tools compared to its large international competitors, but it provides excellent risk management and technical analysis tools.

Trading Tools Overview:

easyMarkets also provides a standard assortment of market analysis products, but only the blog section is curated by in-house analysts.  easyMarkets also provides Trading Charts, which offer very little insight, a list of live currency rates, and a basic Economic Calendar. 

On the whole, the research section lacks substance compared to other large international brokers.

Support is offered 24/5 via email, live chat, messenger services, and telephone in various languages. We found the customer support responsive and polite. We contacted them at all times of the day, and they were able to answer our questions to our satisfaction.