easyMarkets review: Is This Broker Safe & Legit?
This comprehensive easyMarkets review delves into the broker’s safety, features, and overall performance. Founded in 2001, easyMarkets is regulated in one tier-1 and one tier-2 jurisdiction, positioning it as an average-risk broker for forex and CFD trading.
easyMarkets is primarily known for its user-friendly, proprietary web-based platform, which includes beginner-friendly features like dealCancellation and Freeze Rate. However, our easyMarkets review notes some drawbacks, such as a limited selection of 256 tradable instruments, a lack of extensive forex market research tools, and a mediocre mobile application.
While easyMarkets offers free guaranteed stop-loss orders (GSLO), we do not recommend their MetaTrader 4 (MT4) offering. The MT4 desktop version lacks market headlines, and the browser-based version is unavailable.
easyMarkets Safety: Is it a Trustworthy Broker?
In terms of easyMarkets safety, the broker holds an average-risk rating with a Trust Score of 84 out of 99. easyMarkets is not publicly traded and does not operate a bank. It is authorized by one tier-1 regulator, one tier-2 regulator, and one tier-3 regulator.
The tier-1 regulator overseeing easyMarkets is the Australian Securities & Investment Commission (ASIC). This multi-jurisdictional regulation contributes to the positive easyMarkets review regarding its reliability.
- Year Founded: 2001
- Publicly Traded (Listed): No
- Bank: No
- Tier-1 Licenses: 1
- Tier-2 Licenses: 1
- Tier-3 Licenses: 1
easyMarkets Fees and Account Types
Our easyMarkets review of commissions and fees reveals three main account types, each with varying trading costs. Spreads are fixed across its web platform, MetaTrader 4 (MT4), and a VIP account.
The most competitive pricing is found on the VIP account, requiring a $2,500 deposit ($100 for EU and UK residents), and the web platform account, which requires a $250 deposit. Both offer fixed spreads of 0.9 pips on the EUR/USD.
easyMarkets Investment Offerings
easyMarkets offers a range of investment products, primarily focusing on easyMarkets CFD trading. Cryptocurrency trading is available via CFDs, but not through direct ownership of the underlying asset.
Please note: Crypto CFDs are not available to retail traders from any broker’s UK entity, nor to UK residents.
- Forex Trading (Spot or CFDs): Yes
- Tradeable Symbols (Total): 199
- Forex Pairs (Total): 62
- U.S. Stock Trading (Non CFD): No
- Int’l Stock Trading (Non CFD): No
- Social Trading / Copy Trading: Yes
- Cryptocurrency (Physical): No
easyMarkets Platform and Tools
The easyMarkets platform offering includes its proprietary HTML5 web-based platform and MetaTrader 4 (MT4). The proprietary platform is lauded for its clean, simple design, making it easy to navigate for beginners.
Beyond standard features like watchlists, news, charts, and sentiment indicators, the easyMarkets platform is relatively light on advanced tools. However, its simplicity helps traders focus on their activities.
Unique Trading Tools
Two distinctive tools offered on the easyMarkets platform are dealCancellation and Freeze Rate. For a small fee, dealCancellation allows users to undo a trade within a specified period (up to six hours), reclaiming potential losses.
The Freeze Rate button enables traders to “freeze” a quote for three seconds. While these tools appear attractive, they are designed to be profitable for easyMarkets, as highlighted in this easyMarkets review.
Conclusion
This easyMarkets review finds it to be an average-risk easyMarkets forex broker, suitable for beginners due to its user-friendly platform and unique features like dealCancellation and Freeze Rate. While its MT4 offering has limitations and the research tools are not extensive, the broker’s regulatory framework provides a good level of easyMarkets safety.
For traders prioritizing simplicity and essential easyMarkets CFD trading functionalities, easyMarkets presents a viable option. However, more experienced traders might seek a broker with a broader range of instruments and advanced analytical tools.
