Easy Forex is an online Forex broker that aims to do exactly what the name of the website implies – offer an easy entry into online forex and daytrading. The site is a relatively new one, but has grown rapidly, enabling many people to explore the4X market. The company is based in Israel.
Min deposit: $25
Max leverage: 200
Pip spread: 3-5 for common pairs
Easy-Forex offers web trading options including the industry-standard Meta Trader 4, as well as TradeDesk and ZuluTrade. The site also offers trading facilities for iPhone and BlackBerry, putting it ahead of many of its rivals.
Joining Easy Forex is free, and you are not obligated to trade after joining. You can sign up for a demo account which will give you $100,000 of virtual money to practice with. Sadly, the demo account offers only 30 days of trading. A permanent demo account would be a more tempting offer for those who want to experiment and compare platforms long term.
Easy Forex provides its members with a lot of information, including articles, training videos, a glossary, and an e-book. If you are a new online 4X or daytrading then you may find the free information offered on this site to be a strong motivator for checking it out.
Over the past few months, forex brokers have fallen under scrutiny from governments and lobbying groups in several different countries, following a report which indicated that the majority of novice forex traders lost all of their budgeted trading money within less than a year of trading. The good news for beginning traders is that Easy Forex handles itself quite responsibly, offering novice traders plenty of information about how the site works, how Easy Forex themselves makes money, and the risks that traders may face if they use too much leverage on their accounts. Of course, Easy Forex can’t pick out the trades for their customers, so there’s always some risk of a trader making bad decisions, but at least traders will be going in with their eyes open, and armed with enough information to get off to a good start.
Easy Forex Features
Easy-Forex has a lower starting point than many of the other online FX sites. You don’t need to have a lot of money to get started – in fact, Easy Forex allows you to trade with as little as $25. The site has low margins, but a comparatively high spread to other sites.
Deposit methods range from credit card to Paypal, giving you lots of freedom.
You can freeze the rate that you are willing to buy/sell at to protect yourself from rapid market changes.
As with other sites, there is no commission, and no extra fees – the spread is where you pay, so you won’t get any nasty surprises.
What Easy Forex seems to be lacking in compared to some other FX sites is special offers and bonuses. Instead, this online forex broker places its emphasis on learning forex, customer support, and forex research and analysis facilities. If you’re interested in 4X fundamental analysis, or 4X technical analysis, then you may well find that Easy Forex is a good starting point for your currency trading.
The site has limited trading hours for regular customers, wit extended hours for Gold and Silver traders. You can check your account at any time, but depending on your account type, dealing may be limited to specific times.
The trading platform
The online currency trading platform offered by Easy Forex does not require any time-consuming downloads or complicated installations. Most people, using modern browsers, can just visit and get started right away.
If you have used online 4X platforms in the past then the basic functionality of Easy Forex platform should be familiar to you, although it can be a little quirky and sluggish at times.
The site recently expanded their offerings by making an iPhone application available. This app has most of the important features that a trader would want to be able to access on the move. To date, there is no dedicated app for any of the other popular mobile platforms, however, the web client will run in most browsers, so could be used by people with powerful Android or Windows Mobile devices. Hopefully, if the iPhone app becomes popular, they will make versions available for other devices. Android, in particular, has a significant market share in the mobile space, and Windows phones are popular with many businesses, which may make it worthwhile for them to invest development time in to that platform.
The option of TradeDesk and MT4 with Easy Forex in addition to the web client means that traders of all levels of experience can enjoy trading online. TradeDesks modular format means that it can be hard to get used to, but once you’ve got things working the way you like them, it’s easy to fall in love with it as a trading platform.
Easy Forex makes it easy to get started in the online 4X market, however as you gain experience in online currency trading and daytrading you may decide that you need a more sophisticated platform with more flexibility for positions and a lower spread.
Easy Forex has been criticised by many online currency traders for offering big spreads. Some traders have found that the trading platforms offered by Easy Forex.com are laggy and somewhat difficult to use, although this is something that is all down to personal preference. Most of the complaints seem to have been made in 2009, and the performance of the site seems good at the time of writing, so it could be that they have fixed the issue.
The customer service has a good reputation, however it is hard to get past the spreads. If the spread is too high, then your profits will be greatly reduced, and for most people the aim of forex is to make money. This makes it hard to recommend the site to experienced traders. Perhaps novices who need a little hand-holding in the early stages can benefit from the site’s articles, and the customer service, but once you have a stronger understanding of online forex, a broker that charges less would be much more appealing.
The 4X market is not regulated by one central governing body. This means that currency trading can be a risky proposition if you do not practice due-diligence before you deposit.
Easy Forex is a broker that has customers in 150 countries. It is licensed in Australia, the EU, and the USA, and offers trading options for a number of commodities and currencies. The site has a manifesto which dictates that they aim to make currencytrading easier and more transparent. Customer service is a priority for them.
As with all sites, before you choose to invest money in Easy Forex, you should think carefully and research the current status of the site to ensure that your money is safe, and that you can trade in confidence.
Areas of Activity
Easy-Forex is a registered firm, and has garnered full-fledged regulation in European Union, Australia and USA. It has a sophisticated trading platform and plays the card well through segregated accounts and thorough annual auditing of annual trades. It is only debarred in those countries where speculators need to be regulated by the countries’ financial commission (e.g. – Hong Kong). The company is based in Israel, while the premier corresponding address for grievances are in Marshall Islands.