Despite being fairly new, the foreign exchange, or forex, market is the fastest growing market in the world. Forex has the largest daily trading volumes of any financial trading instrument. The daily turnover volume is approximately $4 trillion US dollars for forex trading. If you were to take the daily trading volume of all of the stocks traded in the United States, you would need to multiply that by 30 to equal the volume of forex trading done every day.
Due to this wild popularity of forex trading, the market has attracted a lot of entrepreneurial brokers. There are hundreds of online forex brokers battling it out for market share. Some of them use shady tactics to try to get money out of you. Other brokers genuinely want to help their clients build wealth. The honest ones teach you the tricks of the trade and provide you with trading strategies and investing data.
With years of experience trading forex using a vast array of brokers, I am able to spot great forex brokers when I see them. To help you weed through all of the online forex businesses and figure out what is best for you, I am going to review them. In this entry, I take a closer look at easy-forex to see if they are worthwhile.
In over 150 countries, easy-forex has been changing the game in the currency trading industry since 2003. Tailored to traders of all levels, easy-forex continues to lead with personal service and customized technology as a pioneer in developing forex for consumers. Using their desktop, mobile, or web platforms, traders can trade commodities and currencies with one easy-forex account.
easy-forex was developed by a group of foreign exchange experts and bankers. Establishing a forex trading platform that is easy for customers of all levels to use was their main goal. With liquidity providers being the Royal Bank of Scotland and Switzerland’s UBS, easy-forex is in the position of a market maker broker.
Thousands of traders choose easy-forex every year for reasons like their rewarding Introducing Broker programs, personalized forex training programs, and dealing room specialists. In Cyprus, easy-forex is licensed by the Cyprus Securities and Exchange Commission. In Australia, they are licensed by the Australian Securities and Investments Commission. The company is headquartered in Cyprus, but they also have forex trading rooms, customer support centers, and offices all around the globe from Sydney to London.
easy-forex was among the first to support a no download platform offering its traders proprietary software. Plus, it is available in Russian, Bahasan, Spanish, Greek, Chinese, English, German, Italian, Vietnamese, French, Polish, and Arabic. If easy-forex’s proprietary TradeDesk does not interest you, they also offer the industry standard MetaTrader 4.
Top Features of easy-forex
First, I will give you a rundown of easy-forex’s general trading features:
- They provide quotes on all of the most popular currencies
- The minimum transaction size is 5,000 USD
- They offer special term accounts, mini accounts, and various scope accounts
- You can use 100 percent of funds for leverage, no extra collateral
- You can upload account online
- Non-currency forex products offered are silver, oil, gold, and other commodities
- There is a 25 USD minimum initial deposit
- Dependent on your regional restrictions and account type, there are a variety of leverage ratios up to 1:200
easy-forex has a tremendous online social media presence. You can participate in market reports, competitions, and conversations with easy-forex’s Facebook group, the largest forex group on Facebook with over 100,000 likes. You can also be part of their professional LinkedIn group or become one of their fifteen thousand plus Twitter followers and get market tweets directly from the dealing room.
The sign up process involves two basic steps. It is really easy. And, all you need is $25. easy-forex offers one of the quickest and easiest ways to open an account, and there are many payment options, including online credit card.
One on one training is available in your native language is provided to you by a personal Account Service Manager if you are new to trading. From a Personal Dealer, more experienced traders get professional market insights and great service.
Generally, when you hear about zero or one pip spreads, it is too good to be true. easy-forex does change their spreads based on the market. In other words, they offer fixed spreads. There are no commissions on withdrawals or deposits, all you pay are rolling fees and spreads. On easy-forex’s TradeDesk platform and web platform, there are no margin calls or requirements.
easy-forex offers comprehensive online video education courses that benefit advanced traders and novices alike. Plus, you can get a free $100,000 demo account that gives you access to all of the trading services and platforms allowing you to sharpen your trading skills before taking any risks. They also provide a no obligation Trade Simulator.
With the web trading platform, you can trade anywhere in the world from any computer. You get 24 hours per day, seven days a week secure access to your account using this multilingual platform. In addition to MetaTrader 4 and TradingDesk, they also have an app for the iPhone that allows you to close deals, access market outlooks, inside viewer, currency rates, cancel limit orders, securely log in to your account statement, check out the financial calendar, and see the latest charts.
In addition to their demo account, which gives you $100,000 of play money to get an almost real trading experience, easy-forex has three other mail account types. With varying spreads and benefits, easy-forex provides you with a range of trading accounts. You can choose the account that is best for you with the help of a personalized service manager. Below, I will break down each of the main three accounts for you.
You can get a Standard Account with a minimum deposit of $25. The fixed spreads start at three pips, and minimum deal sizes are 5,000. With the Standard Account, you get technical analysis reports, trade on all platforms, guaranteed stops, access to all education tools, free text market rate alerts, live chat support, and a personal account manager.
You can get a Premium Account with a minimum initial deposit of $2,000. The minimum deal size is bumped up to 50,000, but the fixed spreads start at two and a half pips. In addition to the benefits offered with the Standard Account, you also get free breaking news text alerts, 24 hours a day five days a week dealing room telephone trading, market update calls or emails, optional loyalty rebates, and personal market analyst support.
The top of the line account offered by easy-forex is the VIP Account. You can get this for an initial deposit of $20,000. As far as benefits go, VIP Accounts are essentially identical to Premium Accounts. The big different is in the fixed spreads. With the VIP Account, the spreads start at 1.8 pips. There is also a minimum deal size of 100,000.
The Downsides of Using easy-forex
I did not experience any major issues using easy-forex. Getting started was incredibly easy, and the user interfaces for the each of the platforms was fairly straightforward. I did think the fixed spreads were a bit steep for the Standard Account. But, for the Premium and VIP Accounts, the spreads are definitely fair.
I took to the forex discussion forums to see if there was any buzz about easy-forex. Everything I found was positive. I even checked out their social media pages and users did not seem to have any complaints.
easy-forex Customer Support
easy-forex has a comprehensive list of ways to contact them. There is live chat, phone, email, social media, fax, and snail mail. Many of these options are available 24 hours a day, seven days a week. Unfortunately, they only offer international numbers in Australia and Cyprus for phone support, but there are plenty of easier ways to get in touch with a customer service representative.
I tested out the live chat late on a Friday night. After typing a “hello,” I was greeted by an account manager within a few seconds. easy-forex’s account managers know their stuff! They guy I talked to was able to give me tips and also refer to me in detailed analyses backing up his strategy suggestions. I liked that he was not condescending and seemed to really want to teach.
With many online forex brokers out there fighting for your money, easy-forex is a breath of fresh air. They clearly want you to succeed in your forex dealings and offer you the tools to do so. Their iPhone app is the best forex trading app I have used. It has endless options to keep me updated on the go. I like that there is a large social media presence, so you can interact with other traders who use easy-forex. Overall, I would strongly recommend easy-forex to any traders who have a little bit of money to play with since you get the most benefits with the Premium and VIP Accounts.