easyMarkets Review South Africa – Unbiased Pros & Cons Revealed ( 2020 )

easyMarkets Review

easyMarkets Review
 

WHAT IS EASYMARKETS?

 

According to research in South Africa EASYMARKETS was founded as a Forex broker in 2001 as Easy-Forex. In 2016, the brokerage introduced CFD trading and re-branded to EASYMARKETS.

EASYMARKETS appears to be a solid brokerage and a dominant player in the industry.

 

SAFE OR SCAM?

 

One of the best benchmarks to measure the safety of a broker like EASYMARKETS, is to establish which regulating authorities are watchdogs over its actions.

EASYMARKETS is owned by Easy Forex Trading LTD and is authorised and regulated by the Cyprus Securities & Exchange Commission (CySEC) since 2007.

EASYMARKETS is also compliant to MiFID II under the Financial Instruments Directive 2014/65/EU. Clients’ funds are segregated from corporate funds and EASYMARKETS participates in the Investor Compensation Fund (CIF) with a maximum coverage of €20,000 in the event of a default. Negative balance protection and a guaranteed stop loss are also available for clients.

Easy Markets Pty LTD is further authorised and regulated by the Australian Securities and Investments Commission (ASIC) and part of the Blue Capital Markets Group.

 

EASYMARKETS REVIEW OF PRO AND CONS

 

PROS CONS
1.      Fixed spreads, no slippage and no commissions. 1.      High spreads compared to other brokers.
2.      Up to 50% first deposit bonus to welcome new traders. 2.      No cent account, VPS and forex calculators.
3.      Innovative trading platform with innovative features. 3.      No services to clients from USA and over 20 other countries.
4.      Responsive and professional client support


LEVERAGE

 

Leverage is a facility that enables you to get a much larger exposure to the market you are trading than the amount you deposited to open the trade. Leveraged products, such as forex trading, magnify your potential profit – but also increase your potential loss.

Leverage amount is expressed as a ratio, for instance 50:1, 100:1, or 500:1. Assuming that you have $1,000 in your trading account and you trade ticket sizes of 500,000 USD/JPY, your leverage will equate 500:1.

Margin is the amount of collateral to cover any credit risks that may arise during your trading operations. It is expressed as the percentage of position size (e.g. 5% or 1%), and you have to have funds in your trading account to ensure sufficient margin.

For example, on a 1% margin a position of $1,000,000 will require a deposit of $10,000. The margin level in a trading account needs to be equal or more than 100% to be able to open new trades, otherwise your trading account will be fully hedged.

EASYMARKETS offers a maximum leverage ratio of 1:400.

 

ACCOUNTS

 

A forex account at EASYMARKETS is a trading account that you will hold and that will work similarly to your bank account, but with the difference that it is primarily issued with the purpose of trading on currencies.

Forex Islamic accounts are also known as swap-free accounts as they imply no swap or rollover interest on overnight positions, which is against Islamic faith.

Often, the number and type of accounts that a trader can open with a broker company differs depending on the country in which it operates and the regulation authorities under whose jurisdiction it falls.

EASYMARKETS offers the following types of accounts:

 

VIP Account

 

Minimum deposit for this account is 10 000 USD and leverage op up to 1:200 (Web/App) or 1:400 (MT4) is allowed.

 

Premium Account

 

Minimum deposit for this account is 2 000 USD and leverage op up to 1:200 (Web/App) or 1:400 (MT4) is allowed.

 

Standard Account

 

Minimum deposit for this account is 100 USD and leverage op up to 1:200 (Web/App) or 1:400 (MT4) is allowed.

No commissions or account fees or deposit/withdrawal fees are charged on any of the accounts.

EASYMARKETS Group of Companies does not provide services for residents of regions including the United States of America, Israel, Iran, Syria, Afghanistan, North Korea, Somalia, Yemen, Iraq, Sudan, South Sudan, British Columbia, Ontario, Manitoba, Equatorial Guinea, Guinea Bissau, Turkmenistan, Venezuela, Angola, Libya, Republic of Congo (Brazzaville), Democratic Republic of Congo, Chad, Haiti, Quebec, Cambodia and Burundi.

 

MARKET INSTRUMENTS

 

The most popular market instruments available from most brokers for trading include:

 

Forex

 

Forex trading describes the currency exchange market which refers to the global, decentralised marketplace where individuals, companies and financial institutions exchange currencies for one another at floating rates.

 

Commodities

 

Commodity markets offer many investment opportunities for traders. Soft commodities have been traded for centuries and plays a major role in portfolio diversification and risk management. Investing in contract-based tradable goods is a reliable way to mitigate risk during times of economic uncertainty.

 

Indices

 

Equity, or stock indices, are actual stock market indexes which measure the value of a specific section of a stock market. They can represent a specific stock market or a specific set of the largest companies of a nation.

 

Precious metals

 

The trading of gold and other precious metals, along with crude oil, copper or petroleum, are hard commodities that play a major role in the commodities market and are contract-based tradable goods.

 

Energy

 

The typical feature of energy prices is high volatility due to the influence of political and environmental factors, supply and demand, extreme weather conditions and global economic growth.

EASYMARKETS offers more than 200 assets across six investment classes, specifically Forex, metals and commodities, equity CFDs, index CFDs, and cryptocurrencies.

Its overall asset selection for pure Forex traders is exceptional, and commodities and metals are presented thoroughly, but equity and index CFDs are fairly limited, with only three cryptocurrencies available.

 

FEES

 

Cost depends on different factors, like spread and margins, and EASYMARKETS clients may also experience different fee structures according to their country or place of residence.

The spread of a currency pair is the difference between the bid and the ask rate. A pip represents the smallest increment that an exchange rate can move.

Margin is the amount of money required in your account in order to open a position. Margin is calculated based on the current price of the base currency against USD, the size (volume) of the position and the leverage applied to your trading account.

EASYMARKETS derives the bulk of its income from clients’ losses. It also charges substantial spreads across assets. Deposits and withdrawals are however free of charge.

 

Read the ITRADER Review here

 

DEPOSIT AND WITHDRAWAL

 

Accounts usually requires a certain minimum initial deposit, which can be paid in several ways. Withdrawals can usually be done with the same ways, but sometimes differ.

EASYMARKETS deposits and withdrawals are free of charge, but third-party fees may be applicable. Traders have a wide choice between options to fund accounts or make withdrawals. The processing times are listed between instantaneously and five business days, and the name on the EASYMARKETS account and the payment processor must be the same.

 

The following methods can be used:

 

Bank Wire, VISA, MasterCard, American Express, AstroPay, BPAY, FasaPay, Giropay, iDEAL, JCB, Local Bank Transfers, Maestro, Neteller, Skrill, SOFORT, UnionPay, WebMoney, WeChatPay.

The following currencies can be used:

Euro (EUR)

Canadian Dollar (CAD)

Czech Koruna (CZK)

Japanese Yen (JPY)

New Zealand Dollar (NZD)

U.S. Dollar (USD)

Singapore Dollar (SGD)

Swiss Franc (CHF)

British Pound (GBP)

Mexican Peso (MXN)

Australian Dollar (AUD)

Polish Zloty (PLN)

Turkish Lira (TRY)

Chinese Yuan (CNY)

Hong Kong Dollar (HKD)

Norwegian Krone (NOK)

Swedish Krona (SEK)

South African Rand (ZAR)

 

TRADING PLATFORMS

 

The forex trading platform provided by EASYMARKETS to its clients is in essence the software to carry out their trades. Some brokers provide only one, others quite a few platforms.

A multi-asset trading platform is one that allows clients to trade forex as well as other asset classes. The decision about which platform to choose will usually depend on what a client would like to trade.

EASYMARKETS provides the MT4 trading platform to traders and has also created their own proprietary webtrader.

Two of the core features marketed by EASYMARKETS, Deal Cancellation and Freeze Rate, are exclusively granted in this platform. The webtrader also comes with a hidden cost to traders in the form of higher spreads.

The MT4 trading platform is provided as the basic version only but remains the best choice available at EASYMARKETS.

 

HOW TO OPEN AN ACCOUNT

 

Similarly to a bank, to register a forex trading account with EASYMARKETS for the first time, you will be required to go through a basic “know your customer” process, which will allow EASYMARKETS to ascertain that your submitted details and ensure the safety of your funds and account details.

With EASYMARKETS new accounts are opened online, and the process is short and easy. Traders must first prove their e-mail address and create a password or connect through their Google or Facebook account.

The Client Agreement (which is provided on the sign-up page), then requires from traders to verify their account as mandated by regulatory requirements. This can be done by submitting a copy of the trader’s ID and proof of residency document.

 

CUSTOMER SUPPORT

 

Potential traders need to make sure the broker company they chose will offer sufficient support whenever they need it.

In the case of EASYMARKETS customers can reach the support team on various chat channels, email, phone and web forms. The client support desk operates on a 24/5 basis and supports many different languages.

 

EDUCATION

 

Before starting to trade, potential clients of EASYMARKETS should avail themselves of all possible information and trading skills needed to be successful in the world of forex and commodity trading.

EASYMARKETS offers an educational segment with valuable content aimed at new traders, including videos with a solid introduction to the Forex market.

Traders can download eBooks, which offers little more than an FAQ section. The educational segment has potential but can be improved.

 

RESEARCH

 

To be able to trade with confidence, traders should do as much as possible research about this kind of speculative trading before commencing, but also preceding every daring deal to ensure that they don’t lose money unnecessarily and trade as profitable as possible.

With EASYMARKETS they have access to a dedicated division for research, which is divided into different sections. A collection of videos and written content is also available, as well as a market news section, trading charts, live currency rates, and a financial calendar.

 

AWARDS

 

2019

Best Forex Broker – The Forex Expo – Dubai

2018

Best APAC Region Broker – ADVFN International Financial Awards

Most Innovative Broker – World Finance Markets Awards

2017

Most Transparent Broker – Forex-Awards

Best Forex Service Provider – FXWord China

Best Trusted by Investors – JRJ China

Best Trading Platform – FX Empire

Dobra Marka 2017 Poland – Dobra Marka

2016

Best Trading Platform Poland – Global Banking & Finance Awards

Best Trading Platform UK – Global Banking & Finance Awards

Excellent Trading Platform – JRJ.com

Golden Consumer Award – Laur Konsumenta

2008-2015

Best Partner Program Europe 2015 – Global Banking & Finance Review Awards

Annual Innovative Products & Services – people.cn

Best Broker 2013 – CIOTEXPO

Best Broker of the Year – The 3rd China International Online Trading Expo

Best Dealing Room – MENA Forex Awards 2013

Best Forex Broker 2013 Poland – Global Financial Market Awards 2013

Best Forex Customer Services Provider 2013 – 12th Mena Forex Awards

Smart Investor Blue Ribbon Awards – AFR

Best FX trading platform 2013 – Nanjing expo

Best Innovative Forex Platform – COTS

Best New Product – www.51credit.com

Best Professional Forex Investment Platform – 2013 Money Fair

Forex Company that Most Trusted by Clients – JRJ.com

Best Customer Service – London Investor Show FOREX Awards 2012

Best Forex Broker – eastmoney.com

Best Forex Education – UK Forex Awards 2012

Best FX broker 2012 – East Money

Best FX broker 2012 – Guangzhou Financial Expo

Best FX Platform – London Investor Show FOREX Awards 2012

Best FX Retail Broker – London Investor Show FOREX Awards 2012

Best FX services Provider – China Financial Awards

Best FX Training Provider – London Investor Show FOREX Awards 2012

Best Online Broker, Eastern Europe – World Finance Awards 2012

The Fast 50 Business Award Winners – Fast Money

Best FxNews and Analysis Provider – AG Arabcom Group

Best Retail FX provider 2010 – AG Arabcom Group

 

CONCLUSION

 

EASYMARKETS can be described as a solid brokerage and boasts impressive operational statistics.

EASYMARKETS’ trading conditions don’t however compete well with some other leading Forex brokers with spreads on the high side.

EASYMARKETS does charge traders for using its proprietary trading platform through higher spreads than those in the broker’s MT4 platform.

The MT4 platform features a a basic version only; instead of providing traders with required third-part plugins to unlock the platform’s full potential.

 

Read the Juno Markets Review here

 

DISCLAIMER

 

EASYMARKETS warns potential customers that Forex and CFDs trading always carries a high risk and may not be suitable for all investors.

Before deciding to trade with EASYMARKETS, potential traders are advised to carefully consider their investment objectives, financial situation, needs and level of experience before investing money they cannot afford to lose.

EASYMARKETS warns that margin trading involves the potential for profit as well as the risk of loss and that movements in the price of foreign exchange and commodities are very unpredictable, hence EASYMARKETS cannot guarantee a maximum loss that a trader may suffer, according to research in South Africa.

 

Frequently Asked Questions

 

What is EasyMarkets Overall Review Rating?

8/10

What is the minimum deposit to start trading on EasyMarkets?

VIP Account – 10 000 USD,  Premium Account – 2 000 USD

Standard Account – 100 USD

Is EasyMarkets safe and secure?

Yes, 100 %

Does EasyMarkets offer a demo account?

Yes.

Is EasyMarkets legitimate?

Yes, it is.

 

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