They have become one of the biggest online currency trading brokers present on the internet and mainly target the retail trading market. They offer tools and resources that are vital to all traders, from complete novices to professional traders. Their currency trading platform is easy to use and doesn’t require a large learning curve. They offer unparalleled support and the whole company is geared towards constantly providing innovative solutions for their customers to maximize their trading advantages.
The company claims to be both casual and approachable while also showing a high degree of discipline and professionalism. While they strive to maximize the profits of their customers with a wide range of resources, at the same time they pride themselves on their transparency and honesty, which is why they make a point of explaining that while Forex doesn’t have to be difficult it is a tough game to play.
Easy Forex feels that Forex should be just what their name implies, namely easy. They do their best to guarantee that currency training is accessible to every trader, not only large institutions but individuals as well. They feel Forex should be anything but boring which is why they strive to bring the excitement of Forex to retail traders. What Does Easy Forex Offer?
Easy Forex offers a wide range of features that are beneficial for all trading styles and levels. Registrants can opt for various account types that suit their trading style, or they can open a customized account, depending on their requirements.
The entry barrier is reasonably low with the minimum deposit for new accounts being $200. The minimum transaction size is $5,000. Besides a wide range of currencies, traders can also deal in a few commodities, namely gold, silver and oil.
Easy Forex also offers a range of proprietary tools to aid traders in market and trade analysis, such as the Visual Trading Machine, the Trade Controller, the Inside Viewer and the Trade Simulator. The Visual Trading Machine is, in fact, the name of the trading platform that is web based meaning that one can trade anywhere at any time without the need to download software.
The Inside Viewer provides an internal snapshot of what other Easy-Forex traders are trading, including the most popular currencies at any given time. The Trade Controller is a graphic instrument, similar to a dial, that allows traders to simulate various profit scenarios. The Trade Simulator, as the name suggests, allows users to simulate different trade scenarios without any risk or obligation.
Easy Forex provides comprehensive market news and analysis which can also be delivered by email or directly to a mobile through a SMS alert service. They provide newsletters with daily and weekly market outlooks and analysis. They also offer live news related to the currency markets as well as real-time feeds from news services such as Reuters.
Easy Forex charges no commissions on trades as they derive their revenues from the difference between bid and ask price, also known as a spread. Spreads start at 2 pips for the most liquid currency pairs but this varies according to account types. For example, for a VIP account that requires a minimum deposit of $10,000, the spread for EUR/USD is 2 pips, while the mini-account has a spread of 4 pips on the same pair. However, it should be noted that the spreads are fixed and do not fluctuate with market conditions.
Easy Forex: Advantages
A unique service Easy Forex provides for all its customers is a personal account manager because, despite the fact that they provide online trading software, they feel that nothing can substitute personal service. Account Service Managers work closely with traders either via phone or other online communication systems or in person at their regional offices.
Frequent traders can register for VIP accounts and they get extra benefits such as a dedicated Personal Dealer. Not only will the dealer provide mentoring, but also top notch market insight as well as exclusive, customized technical and fundamental analysis. VIP account holders can use the services of the Dealing Room 24 hours a day, during market hours.
Additionally, unlike other online brokers, Easy Forex provides one-on-one training for all account holders as an introduction to Forex trading. They also offer seminars, chat, telephone and technical support. Traders are constantly provided support for whatever they may need. The broker also offers a completely free yet highly comprehensive introductory guide to the world of currency trading.
While they offer up to 1:200 leverage, they do attempt to make traders aware of the fact that large leverage can be both an advantage as well as a drawback. The higher the leverage the more one will lose on a single trade, which is why they suggest that traders do not invest funds they cannot afford to lose.
The registrations process is painless and quick. Traders can deposit funds via credit card, Western Union or direct bank transfer. Deposits via credit card are processed immediately meaning that one can start trading practically the second they authorize the transaction.
Easy Forex: Disadvantages
Easy Forex claims to offer speedy trade execution but there have been some complaints that there is a slight delay. However, not everyone experienced this lag time which could mean that the fault may not lie with the broker.
One disadvantage that might be difficult to overlook, though, is the fact that the spreads are relatively high, especially for mini and standard accounts. A 4 pip spread for the EUR/USD is rather large, especially considering that there are brokers who offer 2 or less.
However, despite these issues, Easy Forex is still considered to be one of the largest and most reliable online Forex brokers. This is an ideal broker for those just getting their feet wet with Forex, due to the large number of training materials available, as well as for more experienced traders due to the variety of market related resources and tools provided.
Read the Easy Forex review on Forex Peace Army.