Easy Forex (now called Easy Markets) is one of the world’s oldest currency forex brokers established in 2003 with the following key features:
- Deal Cancellation (unique to Easy Forex)
- Fixed spreads
- Guaranteed Stops
- Personalised service and training
- MetaTrader 4 as their Forex Platform
1) What Is Deal Cancellation?
Deal Cancellation is a new feature to Easy Markets allowing traders (on selected traders) to undo a losing forex trade within the first hour. This means that if a trader is either making a loss (or their position is closed automatically through a stop-loss trigger) in the first 60 minutes, the trade can be undone. This ensure no loss (outside of brokerage) is incurred.
Deal cancellation doesn’t only apply to forex trading but also can be applied to gold, oil and silver trading as well. It should be noted that the trader much select the ‘Deal Cancellation’ icon when first making the trade (the icon won’t appear if it’s not available). There are additional brokerage costs when the option is selected.
Overall, Deal cancellation is ideal to those new to forex trading and potential losses that can be incurred of those looking to limit their exposure to the market. With Easy Markets offering one of the highest leverage levels worldwide (400:1), this tool in combination with guaranteed stops discussed below are the best Australian forex broker features.
2) Why Is Easy Forex Regarded The Best For Spreads/Fees?
Easy Forex are one of the few forex brokers that offers fixed spreads.
Most Australian Forex Brokers quote spreads ‘starting’ from low numbers but these fluctuate with the market and in volatile conditions can increase exponentially. This can provide an Australian forex trader with uncertainty of the fees they are getting charged when making a transaction. The ability to trader through Easy Forex on the other hand means you know what the fees are and there are no commissions. Easy Forex spreads start at 1.8 pips for the AUD/USD pairing.
The exact fixed spread depends on the account you select which is mostly impacted by your initial first deposit. A modest deposit of $2,000 will already reduce your pips through a premium account as shown below.
3) Why Do Guaranteed Stops Offered By Easy Forex Matter?
A common negative term in the Australian forex trading world is slippage. This is when you place an order but the actual price you receive is lower then expected due to currency movements in the time between when you placed the order and when the order was executed.
For Australian forex traders slippage is a huge concern due to the significant distance data needs to travel to reach New York (Wall Street). In turbulent markets even if you have a general ‘stop loss’ which specifies the most you are willing to lose in a trade, the actual amount you could lose may exceed this amount.
Easy Forex though are one of the few Australian forex broker firms that offer guaranteed stops.
The way this works is that once you place a guaranteed stop loss order you can’t lose more than that amount in the trade. This is guaranteed even in extreme volatile markets providing peace of mind for Australian Forex Traders.
4) Customer Service Levels Offered By Easy Forex
Easy Forex is a favourite for beginner and intermediate Australian forex traders. One of the chief reasons for this is their personalised service with every forex trader receiving a dedicated Account Services Manager.
The account managers not only provide help with learning the Easy Forex interface and forex platform but they also provide one-on-one training. They also provide training on their website from ebooks, articles to videos. Finally, they provide webinars, seminars and are even often at expos to help further educate their forex traders in Australia face-to-face.
In terms of customer satisfaction, Easy Forex reviews stand at 4 stars out of 5 in regards to ease of use and their call centre which offers assistance 24 hours a day, 5 days a week via phone, e-mail or live chat. Several Easy forex reviews ratings on third party sites shows the strength of the broker for beginner traders.
EasyMarkets reviews are also quite glowing of the company. For instance on TrustPilot a reputable 3rd party review site when searching EasyMarkets review the broker scores 8.9/10. This is only from 44 reviews but the company has only been operating under their new brand name for a little while.
5) What Forex Leverage Levels Are Offered By Easy Forex?
Easy Forex offer the second highest leverage by the mainstream Australian forex brokers at 400:1.
At 400:1 it allows an Australian Forex Trader to effectively trader with 400 times their deposit magnifying any profit or loss from small currency movements. For example, a $300 deposit could lead to $120,000 being traded on currency markets and a movement of just 0.1% would lead to a profit or loss of $120. That may not sound like much on the surface but for this trade that would result in a profit or loss of 40%.
Higher leverage increases therefore risks which is why for beginner/intermediate brokers it makes sense to combine with guaranteed stops to limit your risk profile.
What Forex Trading Platform Is Offered?
There are two desktop and two mobile platforms offered by Easy Forex. The most popular one globally is MT4 (MetaTrader 4).
Apart from that it also offers MT4 trading platform which is rated as one of the best as per market standards. Our Easy Forex review of their web interface was also positive offering one of the best trading experiences explaining the platforms popularity.
There is no need to download any applications or software to commence trading; all that’s required is a working PC with a decent internet connection. The trading platform is compatible across all versions of Windows and Mac based operating systems. In addition to the above, Easy Forex offers trading platforms for executing trades on mobile devices like iPhone, iPad and Android which makes them of the the leading Australian forex brokers in this area.
Bonus and Special Promotion Easy Forex offers
Easy Forex consistently offer numerous types of bonuses and special offers to traders. Up until March 31 2017 they offered traders a 50% bonus up to $2,000 when users registered and deposited money in their trading accounts for the first time. This offer has now expired and in its place the broker now offers a Share & Earn promotion the details of which can be seen below:
The broker also provides a $300 risk free trade to prospective clients. Apart from this, Easy provides indemnity cover up to $200 in the event of any unsuccessful trade. It is important that traders visit the official Easy Forex (EasyMarkets) website from time to time to keep themselves abreast of the latest offers available.
Easy Forex: Deposits and Withdrawals at Glance
Upon quick Easy Forex review, all payment procedures available with Easy Forex are fast and 100% secure. One can complete a transaction in 3 simple steps taking no more than 5 minutes to complete the procedure. For deposits and withdrawals, the broker provides numerous payment services like electric wire transfer, PayPal, Neteller, Liberty Reserve, American Express, MasterCard, Visa and debit cards.
It is important to note that the same payment method must be used for deposit as well as withdrawal. The broker does not charge any sort of fees or other commissions on withdrawal.
Easy Forex Regulation
In Australia traders can generally feel safe selecting a broker that is nationally regulated. This is because Australian regulated brokers have strict guidelines and all financial service providers in Australia must be registered with them. If you are one such trader in search of a nationally regulated broker, then you should pay close attention to Easy Forex.
Our Easy Forex Review found the Australian forex broker was the best choice for beginner or intermediate forex traders. This is due to their risk reduction features such as fixed spreads and guaranteed stops, strong customer service and training and the broker offering a solid forex platform including MetaTrader 4. If your an advanced forex trader you should review our Australian forex broker comparison table with some other options such as Pepperstone not offering risk reduction features but instead offering lower spreads and faster execution speeds. The company was also found to have one of the highest leverage rates of 400:1 but their pips and fees are not that of the leading Australian forex brokers. Their outstanding customer service and regulatory track record makes them one worth considering, especially for experienced traders.
Open a trade account with Easy Forex and take advantage of all the services one of the worlds largest and most reliable Forex providers have to offer.
About Compare Forex Brokers
The authors of Compare Forex Brokers created comparison tables based on different needs of forex traders from leverage, fees to regulation. This Australian forex brokers comparison focused on finding those brokers regulated nationally and compare them based on standard features. If you find anything out-of-date including this Easy Forex review (the last update was the 31/01/2017) or something inaccurate please notify the owners of this site through the contact us box. As these reviews were done independently of the providers the information should be used as a guide only and full product disclosure statements should be read when visiting their sites. Changes to all of our forex broker comparison tables will be made promptly.