EasyForex Australia division is a Cyprus based company with a global presence in over 160 countries. They partner with The Royal Bank Of Scotland (based in the UK) and UBS (based in Switzerland) for their liquidity and have strong market share when it comes to forex globally. They have an Australian subsidiary in York Street, Sydney and operate in Australia under ABN 73 107 184 510
In our EasyForex review we found that the company offer leverage of 400:1. Unfortunately the best forex brokers all offer 500:1 leverage which is a key stumbling block and the main reason why we at Compare Forex Brokers branded them the 4th best forex broker. There are however key advantages of choosing EasyForex especially in the area of fees and their trading platform which are all explained in depth below.
As a global player, the EasyForex trading platform has a lot of language options from English to Chinese to Russian. It has a web trading platform which means you don’t need to download any software which is useful when travelling. Most traders though use TradeDesk™ and for advanced traders their MT4 platform. There is also a mobile site and iPhone app as well for those who don’t have access to a computer.
In our Easy Forex review we found they boast a fast, straightforward registration process and offer all mainstream payment methods making first-time deposits relatively pain free. Withdrawing money is a bit more difficult due to local regulations which require differing forms of ID initially. However, once overcoming this the first time round withdrawals become more simple.
While Easy Forex does aim to cater for those new to forex, their terminology is standard in the industry which can be daunting for a new investor so some training is still recommended. The education material on the site (videos, ebooks etc) is useful but there is better education out there. Once an account is initially setup an account manager normally calls within days to help with getting your first few trades out of the way and can be contacted in future. This shows how they are not just targeting experienced traders but those new to the industry as well. This customer service element of their business is why we place them in our ‘top 5’ best forex broker comparison.
Easy Forex Review of Accounts Available
When a person opens a trading account with Easy Forex there are a few options available. generally, these accounts relate to the level of risk the broker wants to use. The lowest level of risk is associated with the standard account where margins start at $25 and then work up to premium and finally VIP. The pips are also determined by these account types with standard having a significantly higher level than VIP. The table below best compares each of these accounts and highlights why they are market leaders and 4th in our best forex broker table.
Its important to note that our EasyForex review of fees shows they were the lowest since they charge no additional commission outside of the pips except for a rolling over fee if you hold a position over a set period (a day generally).
Most Australian traders will consider the payment options available with EasyForex as quite adequate. Our EasyForex review found the usual direct debit (between Australian bank accounts) payment method available. Traders can also deposit funds by credit card, debit card and Skrill (formerly moneybookers).
The minimum deposit s $25 with the broker and minimum trade size is 5,000
Other Easy Forex Review Insights
A key advantage of EasyForex is the ease of use when it comes to adjusting to market trends through the ‘my position’ section of the site. Here trades can be monitored and adjusted.
Their SMS and e-mail alerts are very helpful with all trades logged and send automatically for record keeping which is also helped by the activity section.
Some great features also include video feeds which show market analysis by market international, daily outlooks, technical analysis by trading central and even a live feed to Reuter’s world news. There are also calendars and similar resource to alter forex traders to significant events that impact currency pairs including economic data.
Overall, our EasyForex review found that the company is great for beginner traders and those looking for a low fee account. Their 400:1 leverage though won’t be enough to satisfy a high leverage forex trader and will lead most to consider Go Markets or similar brokers shown on our high leverage forex comparison table. At the end of the day, we placed them 4th in our best forex broker comparison which is still a fantastic result.
About This Easy Forex Review
Compare Forex Brokers was created in order to make it easier for traders to select a broker that is right for them. Obviously every individual trader’s circumstances are different from the next. We understand this and therefore have tried to compile comparison tables based on a wide range of trader backgrounds and experience levels. If the information above is not exactly what you were after, feel free to browse how countless other FX broker reviews, we’re confident you’ll find the right match quickly.
Easy Forex is one of the worlds largest fx brokers ranking consistently as one of the best forex brokers based on spreads, commissions, leverage and more.
Reviewed by Noam Korbl