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easyMarkets Broker Review
Previously known as Easy FX, easyMarkets is an online CFD and forex broker. In 2003, they started providing financial services.
Two branches of the broker exist: one in Australia and one in Cyprus. To comply with regulations in both countries, they keep their licenses with CySEC and ASIC.
Major Penalty for easyMarkets
While easyMarkets hasn’t had as many issues with CySEC as a broker like ETFinance, they have undoubtedly had some issues.
The broker was hit with a substantial fine by the regulator in 2009. In total, they were had to pay €45,000 due to various violations. The major transgressions were their unreasonable withdrawal policies and failing to adhere to record-keeping rules.
EasyMarkets Trading Platforms and App
If they choose easyMarkets, traders can choose from a variety of platforms. There is, of course, the conventional MetaTrader 4. CFD and FX brokers frequently use this platform, with many of them making it their only choice.
Also available to traders is the broker’s customized browser interface. The extensive feature set that MetaTrader 4 provides is not met by this platform.
The broker provides traders on the go with the easyMarkets app in addition to the internet platform. This further reduces the available possibilities, depriving traders of their necessary resources.
Conditions for Trading
In comparison to other CySEC brokers, our easyMarkets study found their trading conditions to be favorable. They offer a wide range of assets, including both CFDs and FX. Furthermore, their spreads are actually rather good.
The EUR/USD pair typically trades around or near 1 pip, which is what investors are looking for.
For Australian clients, the broker provides leverage up to 1:400; however, for European clients, they are restricted to the 1:30 limit set by ESMA.
easyMarkets Trading Account
The $100 minimum deposit required by easyMarkets is lower than the norm for other brokers in a similar industry. Additionally, they offer a VIP account that demands a $5,000 payment.
Unfortunately, VIP account holders are the only ones who can use the broker’s favorable spreads. The chances for traders with a basic account are significantly lower, and they would be better off elsewhere.
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