Our Easy Markets review found them to be the best Australian forex broker for beginner forex trading based on their:
- Fixed low spreads & no commissions
- 24-7 customer service (tailored for beginners)
- High leverage available of up to 400:1
- Guaranteed Stop Losses
- All New Deal Cancellation
Why Is Easy Markets The Leader When It Comes To Fees?
Easy Markets charges no commissions on any trades. It also offers fixed spreads unlike most Australian forex brokers as shown below.
What does fixed spreads mean?
Spreads are the difference between a buy and sell rate on any trade. It’s similar to the situation at the airport when you try to exchange your currency and there is one rate they will buy the currency off you and another rate they will sell it to you. The difference between these rates are one of the ways that when forex trading in Australia the brokers make money.
Fixed spreads means that you will always know what the difference is between the buy and sell rate for currency pairings (eg AUD/USD). The provides certainty that you know the fees of every transaction unlike most other brokers who’s fees will vary depending on the market. Below shows the three different accounts offered to forex traders Australia and the fixed spread starting prices depending on the currency pairing.
What Training & Support Is Available?
Our Easy Markets review found that support and training were the two key strengths of the forex broker.
When it comes to support, all three accounts offer a personal account manager which provide help and training over the phone. Those who make a first deposit of over $2,000 also can more personalised training and a market analyst. Based on this it’s strongly recommended to open a premium account as it ensure you receive lower spreads and better service and only requires a larger minimum deposit (which you don’t actually have to trade)
When it comes to online training there is a plethora of options including:
– Online videos
– An online community
– Articles & News
– Online Simulators
Leverage Easy Markets Review
Leverage is a critical element for any forex trader due to small movements in currency markets over time. Based on this, leverage is critical and Easy Markets offers one of the higher levels in Australia at 400:1
It should be noted that the broker (Easy Forex) previously offered different leverage options so it’s worth closely monitoring the leverage available at any one time. Leverage will amplify any movements within currency markets which are generally modest. This means that small movements can lead to big gains or losses. Risk therefore is the central outcome of leverage so understanding your level of forex trading knowledge and risk appetite is critical when factoring in this variable.
Why Does Forex Leverage Matter?
Leverage allows Australian forex trading with a multiple of their deposit. So at the maximum 400:1 level you can trade 400x your deposit or the amount your willing to trade on a currency pairing. An example of a $1,000 deposits at 400:1 means the forex trader is effectively trading $400,000 on currency markets. If during a forex trading Australia session a pairing then moves 0.1% a profit or loss of $400 will be recorded. This may not sound significant but it’s in fact 40% of the initial amount traded. This means that leverage will increase the profits of smart trading but also increases the risks and ability to lose large sums. Due to this increase in risk profile traders should understand the risks and consider risk reduction strategies that some forex brokers offer such as guaranteed stops discussed next.
What Protective Measures Does Easy Markets Offers?
1) Guaranteed Stops
When forex trading a ‘safety mechanism’ is guaranteed stops and they are recommended to those new to forex. This was a key reason that during our EasyMarkets review the broker was recommended to new & intermediate traders.
A guaranteed stop means that you can set the maximum amount you are willing to lose in a single trade. This provides a ‘safety net’ in extreme situations when currency movements can be dramatic. While all brokers offer ‘stop-loss’ orders, most are not guaranteed. This means that in volatile markets you may execute a trade based on a stop-loss amount but the actual amount lose is higher. This is termed ‘slippage’.
As leverage exposes all traders to high risk when forex trading in Australia a ‘guaranteed stop’ at least provides peace of mind that you know the maximum you will lose on a trade. Easy Forex (now EasyMarkets broker) is of the few forex brokers offering this feature.
2) Negative Balance Protection
EasyMarkets broker (formally EasyForex) ensures forex traders don’t lose more than their deposit through their negative balance protection. This works by trading out traders when they get close to reaching a zero balance (no deposit). If in extreme events, this can’t occur, the forex broker will incur any additional losses. This provides peace of mind as there are stories of high volatile events leading traders to lose more than their deposit from forex brokers that don’t offer negative balance protection.
Easy Markets Bonus Offer
Easy Markets provides numerous bonuses and runs several promotion policies from time to time for its customers. It offers access to a free demo account with an annual maintenance fee of just $25. Upon opening a trading account, the broker provides a 50% bonus of the initial deposit up to $2,000.
Another positive aspect found when completing the Easy Markets review was that there are no charge or any fees on withdrawal requests. Easy Markets also accommodates many payment options including most major credit cards, EFT and Skrill.
The Easy Markets Trading Platform
While comparing the trading platform to create this Easy Markets review, our experts found it extremely easy to use. Users can trade Forex from any PC in any part of the world, hassle free! You don’t need to download any software to your PC. All that is required is a decent computer with a working internet connection.
Easy Markets offers personalised platform layouts depending on trading styles and market scenarios. Easy Markets also make trading from a smartphone possible as the broker has an app that can be installed on iPhone and Android allowing you to instantly access and trade the market when you’re not at your computer. You can also trade CFDs and other financial products.
Features like Deal Cancellation, trade forward deals and price filled at requested value (no slippage) are only available through the EasyMarkets platform. For those looking for advanced features like Expert Advisors (EAs) and features such as scalping and hedging should consider MT4 which is also offered. EAs allow automated tools and scripts. Forex traders can therefore trade without without been in contact with a computer through EAs.
What People Say About Easy Markets
While comparing Easy Markets reviews from several trading related websites, we found that people generally regard their Easy Markets experience as positive. The EasyMarkets review analysis found that most forex trading Australia individuals praised the adoption of fixed spreads as they are competitive and affordable. People also like the MT4 trading platform and its ease of use for new traders. Trading accounts can be set up with as little as $25 which comparatively is extremely affordable. Customers also are quite fond of the multitude of payment options and fast payouts citing very few issues or difficulties.
It’s also worth pointing out that we made this Easy Markets review because like other brokers compared on this site they have an AFSL. This means that deposits are segregated to a separate account, there are training standards and the requirements for external auditing. It’s strongly recommended that all Forex Trading Australia be done through an Australian regulated broker to avoid Forex scams that occur internationally. Forex scams are attributed to non-regulated forex brokers
Our EasyMarkets Review Conclusion
Overall, Easy Markets offers the best value for beginner forex traders due to their low fees which are fixed and high customer service/training levels. The broker also offers high leverage level combined with guaranteed stops, critical to managing risk when currency trading. Finally, their generous bonus offer for joining provides incentive to try the bonus to make sure it’s suitable for your needs.
Background to Easy Markets Trading Australia Comparison
This forex broker comparison for Easy Markets was updated on the 16/01/2017 by a panel of Forex trading Australia experts who have considerable experience with the Forex market. The easy markets review came from this forex comparison chart focusing on low fees which factored in pips and fixed vs variable models. All the information above and on our forex broker comparison tables are based on data found on the listed broker’s official website forex scams. This information is compiled manually and if you happen to come across any type of inaccuracy or misinterpretation of information please let us know; this is likely due to human error. From time to time brokers update information such as fees and bonuses. Our forex trading Australia team aim to update these frequently so we are always relevant to users. However, it is for this reason that the information included in our comparison tables be considered for indicative purposes only.