Easy Forex Review
Editor Rating:
(click the button below the post to submit your own rating)
Broker Type: Market Maker
Regulation: NFA, CFTC, ASIC, EU CySEC
Established: 2003
Headquarter: St. Martins, Guernsey
Forex broker reviewed: Easy Forex
Easy forex has been providing Forex services since 2003 in more than 150 countries. It’s a licensed broker in USA, Cyprus, and Australia. I have to admit that these days, it’s seldom to see a broker regulated by more than 1 or 2 financial authorities. Being regulated by NFA also means that Easy Forex is one of a handful regulated offshore brokers that could accept US clients.
Pros and cons
Pros
1. Freeze rate option is available while trading.
2. There is no commission or fee on withdrawing and deposits.
3. Knowledgeable and responsive customer services
4. Spread can be negotiated if you’re an active trader
5. Regulated by multiple financial authorities in various major countries
6. Personal account manager to assist you.
Cons
1. You can withdraw your funds only via wire transfer which is quite time consuming, takes 3 to 5 business days usually.
2. EA, Scalping, and hedging are not allowed.
3. A bit high spread in mini and gold account
Easy Forex Review – Salient Features
Spread
Easy Forex offers fixed spread to its all traders irrespective of their account type. The spread for EURUSD is 3 pips which is the standard in the industry. However, the spread is 4 pips for Gold and Mini account types, which I consider a bit too high.
Leverage
Normal leverage ratio offered is 1:50 while the maximum leverage offered is 1:200, which is quite good. However, they also offer more than 1:200 leverage to their customers depending on their account types.
Commission and Fee
There is no commission charged on deposits and withdrawals, whereas they do charge some rolling and dormant account fee.
Minimum deposit requirement
The minimum deposit required for mini account type is $25 where as other account types have higher deposit requirements which can creep up to $10,000 for VIP accounts.
Strategies (Hedging, Scalping, Forex robot, swap-free Islamic Account)
Easy Forex do not allow hedging and scalping strategies neither they allow forex robots. However, they do offer Islamic account. Trailing stop is allowed.
Trading platforms
Easy Forex has two trading platforms, MT4 and TradeDesk. Both these trading platforms need to be downloaded from their website. Furthermore, they also offer web trading services where account can be accessed through internet. Iphone and Windows mobile can also be used for the purpose of trading.
Citizenship
There are no restrictions at all and Easy Forex accepts traders from all the countries, including US citizens. Easy Forex is currently providing its services in more than 150 countries.
Instruments
Besides currencies, Easy Forex also offers services for trading in metals and oil.
Execution
Easy Forex offers market execution however they do offer instant execution as well with the name of “One-click-trading”. In any case, their execution is pretty quick without any delays.
Easy Forex Review – Conclusion
Easy Forex is a good and reliable forex broker which is operating worldwide quite successfully since a long time. Their wide acceptability, no-fee withdrawal and deposit, and fast execution make it a good option for everyone. The only drawback which is worth mentioning is their high spread on lower level account; if you’re a scalper and can’t afford to open VIP or Platinum account, I suggest you look somewhere else for less deposit with better spread. Otherwise, Easy Forex is a good option for traders all over the world.
