Easy Forex Review: Best Market Maker Broker?

In this Easy Forex review, we will take a long hard look at the brokerage services offered by this popular broker.

Easy Forex Review: Can You Trust Easy Forex?

Let’s look at the fine print first. When you are considering signing up with a broker, your first task must be to check how long they have been established and whether they hold membership of any regulatory bodies. Easy Forex pass this test.

Most of my information comes from the company’s website. I have checked up on some information independently. But of course, changes may occur without notice and you should always do your due diligence before investing anything with any financial service.

Easy Forex is an international broker with several separate websites depending where you are based: USA, UK, Australia or ‘rest of the world’. They have offices in 9 countries but you do not have to live in one of those countries to sign up with them. They accept applications from traders in 150 different countries.

The company operates as a foreign exchange ‘market maker’. They have been in business since 2003, a good stint for an online broker.

The company’s registered address is in Cyprus, which is a member of the EU. Since they have offices elsewhere too, they are members of regulatory bodies in several different countries. This is a very important point when it comes to credibility. Membership of regulatory bodies generally means that your money is safer.

Easy Forex is registered with the CCFC and NFA in the USA, and with the Cyprus Securities & Exchange Commission to cover the EU. They also hold an Australian Financial Services Licence with the Australian Securities & Investments Commission. So they are a well established international broker.

Because of the high level of regulation in countries like the US and EU with strict financial services legislation, Easy Forex requires proof of identity before you can withdraw. It is good that they take these things seriously. However, if you don’t deal with this at once it can lead to delays when you want to withdraw money. So get the paperwork sorted as soon as you sign up.

Easy Forex Review: Tools And Services

All of the major currency pairs are offered here. Easy Forex also allows trading on a small number of commodities such as oil and gold. Currency pairs and commodities can vary depending on where you live, so check out the website for details.

Tools include the usual range of charts plus a financial calendar showing upcoming economic indicators, interest rates and currency rates, Reuters news feed, and SMS alerts for certain events. You can also see what other traders are doing on the platform, not as individuals but collectively. This means that you can see which are the popular pairs, whether most traders are taking long or short positions, etc.

There is also a demo trading system called the Trade Simulator. This allows you to familiarize yourself with the platform and test systems. The platform may take some getting used to. Be sure to spend some time in the Trade Simulator before going live.

Besides that, they offer training on technical analysis through webinars, videos and in some cases, live one-on-one training.

Easy Forex Review: Minimum Account Balance

Easy Forex offers four account types:

Mini: $200 initial deposit, $5,000 minimum position size
Gold: $500 initial deposit, $50,000 minimum position size
Platinum: $5,000 initial deposit, $250,000 minimum position size
VIP: $10,000 initial deposit, $500,000 minimum position size

The exact figures may vary depending where you live.

This is a very flexible range of packates. The mini account caters for beginners who intend to take their trading seriously. Some brokers will let you start with even less but be wary of that. Sometimes a bad broker will try to hook in clients by offering small starting balances. Anyway there is very little money to be made with a tiny account (less than $100). It is better to trade in demo with a good broker until you are ready to open an account of a reasonable size.

Easy Forex Review: Costs

When it comes to costs, you know where you are with Easy Forex make their money through the spread. There are no maintenance fees and no fees on deposits or withdrawals. Current spreads are displayed on the website.

Spreads are fairly high but this is not necessarily a bad thing. It can mean that the spread may genuinely be their source of income so they have no need to trade against you as some market makers do.

Rather than charging interest, Easy Forex charge a fee on day trading deals that are held over to the next day. Avoid this by not opening trades right before midnight in their time zone (GMT +2).

Easy Forex Review: User Feedback

I collected user feedback from across the internet and it is very positive for a broker with a high number of beginners among the customer base. Easy Forex are praised especially for their helpful and friendly customer service, which is very different from many other brokers at this level.

One or two clients have been unpleasantly surprised to receive margin calls charged on their credit cards. Margin calls are less common in forex than in stock trading but they can happen. Beginners are often not prepared for this.

You can prevent unexpected credit card charges if you deposit your funds by bank wire transfer. Of course you may still have liability for a margin call and you should be using stop losses anyway to ensure that a losing trade will not even come close to threatening your whole balance, but we can all make mistakes and sometimes with small accounts people take more of a risk. Using wire transfer will avoid surprises.

Bank wire transfer takes longer of course. Three to four days is the norm. But it means that nothing can be charged without you approving it.

Easy Forex Review: Summary

Easy Forex is a well established, well regulated forex market maker with a wide range of services. There is good feedback from current users. It is a good choice for day traders, especially for beginners or those looking to move from another mini forex account broker.

I can highly recommend Easy Forex as a good market maker broker on the basis of this Easy Forex review.

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Filed under: Forex Brokers • Forex Reviews