In this Easymarkets review, you will find out if Easymarkets is really one of the best brokers.
EasyMarkets Review for Beginners and Trading Pros
The very first impression of this platform is negative. It has too many words of praise and fake rewards just to trick the users. Most of the information provided is fake. The site has been translated into four languages, but there is no localization for CIS. EasyMarkets is registered in Cyprus and has been operating since 2001. Over the years, the company has established itself as one of the potential Forex and CFD fake brokers. It has a very limited amount of trading options.
It might seem attractive that the service offers margin trading from $100 and instant credit card deposit, but there are many pitfalls that you should be aware of. This review will provide you with a full picture.
Signing Up at the Website
Registration requires entering email, password, and mobile phone number. Then, you should confirm the country in which you are a taxpayer. Registration is also possible via Google or Facebook, which saves time. To open a real account, you must provide documents confirming your identity and place of residence. We do not recommend doing so as this company may share your private data with third parties. It is not secure to store personal information at their service.
Deposit and Withdrawal Options
You can replenish your account using bank cards Visa, MasterCard, Maestro, etc. Electronic payment systems such as Webmoney, Neteller, and Skrill are also available, as well as online banking. However, this broker is not their official partner. Thus, the company is not held responsible with anything going on in your payment account. Replenishment in all options is possible without commission. It is possible to withdraw funds only to the account from which the deposit was made.
The current fees for withdrawal can be found on the broker's website. Please note that the processing of withdrawal requests takes 1-2 days and the withdrawal itself - from 3 to 10 days. Many customers share that they did not manage to get their withdrawals. Watch out! Do not hurry to deposit your money on this website.
Trading Terms and Conditions
The minimum amount to open an account is $100. The broker offers four types of accounts:
More than 200 financial instruments are offered for trading, including currency, CFDs, commodities, indices, options, and cryptocurrency. The leverage on the easyMarkets web platform is 1:200, and on the MT4 platform is 1:400.
Fixed spreads are available on all accounts, from 3 to 1 pip, depending on the type of account opened. Every trader has access to daily analytical materials. However, do not rely on the content they provide heavily. The thing is it does not always reflect the real picture. Emails come with fundamental and technical analysis separately.
The company offers two trading platforms, MT4 and its own easyMarkets Platform. To test their own trading platform, we opened a demo account. Keep in mind that a free demo account is available for 7 days and is unlimited after creating a real account.
EasyMarkets platform is available as a web and mobile application. The interface might seem pretty much simple and intuitive, built on the principle of binary options. Still, we would not trust the outdated, irrelevant analytical materials, news blocks, and trading sentiment indicators as they do not always correspond to the reality.
Among the shortcomings, in our opinion, we can admit the fixed expiration time of the order. Only three time periods are available: 1 hour, 3 hours and 6 hours. Such a fixation completely removes the possibility of scalping. On real accounts, there are no such restrictions.
Safety & Regulations
Founded in 2001 in Cyprus, the company is regulated by the Cyprus Commission CySEC - CIF # 079/07. The broker is also subject to the EU Financial Markets Directive, which is abbreviated as MiFID.
During this period, the company has attracted a large number of customers, but many of them left, recognizing this service as a fraudulent one. The Forex broker has not only earned a bad reputation due to the complex deposit system and delays in withdrawals.
The easyMarkets Group of Companies, through its subsidiaries, is licensed by the Cyprus Securities and Exchange Commission (Easy Forex Trading Ltd - CySEC, with the license number 079/07) and ASIC in Australia (Easy Markets Pty Ltd - AFS License No. 246566). The company insists that customer funds are segregated from easyMarkets funds and are held in segregated accounts with low credit risk global banks.
However, there is no two-factor authentication as an extra security measure. Therefore, the security of personal data and your funds depends on the complexity of the password, and it is not reliable at all.
Technical support works 24/5. You can contact the support service by email or through opening a ticket. You can contact the local staff via Viber, Facebook messenger, or online chat. To check the work of technical support, we opened a ticket with a question about two-factor authentication. We had to wait days long for a response. The live chat representative did not react at all. The answer was unclear and it sounded like the one suggested by the robot.
We have a really bad impression of the easyMarkets broker. It is a fraudulent broker with plenty of adverse comments from users. Though they offer a range of financial instruments, they are not totally safe and reliable. The local customer support is another great disadvantage. It does not provide fast and clear replies. The video manuals for traders are fine, but some of them are stolen from other brokers. All this puts easyMarkets among the worst brokers on the Forex market. If you are looking for a leading company in the binary options trading industry that guarantees convenience, transparency, and customer loyalty, then Easy Markets is not the right choice for you as it is just another scammer.