The role of a financial service provider is to offer quality services and push trading standards of investors. However, some concentrate on building wealth, keeping emotions of traders at the side. They trap investors through their misleading websites. One such broker is EasyMarket. It is better to stay away with these firms. We will cover each point in this EasyMarkets review 2021.
About EasyMarkets
EasyMarkets came into existence in 2001. It is a relatively old firm offering trading services in limited countries. Thus, excluding countries like the United States of America, Afghanistan, Iran, Israel, Syria and several others. The broker’s official website has poor UX/UI and contains many financial words that both novice and seasoned traders find hard to understand. Overall, the broker has made the entire system complex.
Is EasyMarkets Scam or safe?
The broker has not revealed anything about the regulation on the official website. Neither it is mentioned licence number nor uploaded any regulation certificate. The financial and legal information is not publicly disclosed. Thus, the activities of the broker seem to be suspicious. Those firms which do not carry licence from legitimate authorities fall in the list of scam. Do not risk your money with such firms.
Along with the money, your personal and traditional details are not safe with the broker. It does not offer advanced safeguard tools, robust encryption, firewall and SSL layer protection. Which further provides us with another strong reason to not opt for the firm.
Types of trading accounts
The broker facilitates trading though just three account types standard, VIP and Premium. We do not find any difference in their features and services offered. The fees associated with each type is also high. Further, there is no information about the retail trading accounts such as gold, silver and platinum. The following points reflect the brief information about each account type.
1) VIP account
- Limited trading services
- Poor leverage
- Extremely high minimum deposit $10,000
- No customer support on weekends
- Restricted tradable products and market
- Conventional trading platforms
2) Premium account
- Poor leverage
- Limited trading services
- Extremely high minimum deposit $2,000
- High and variable spreads
- Conventional trading platforms
- Restricted tradable products and market
3) Standard account
- High and variable spreads
- Conventional trading platforms
- Restricted tradable products and market
- Limited trading services
- No guaranteed stop loss
- No slippage
Official website
It has been 20 long years in the financial market still EasyMarket has not paid heed on its official website. It seems like the content of the website has not been upgraded over the years. When you look into the trading account section, you will find the minimum deposit for VIP and premium is written as $10.000 and $2.000 respectively instead of $10,000 and $2,000. There can be two chief reasons for this: the firm has not upgraded its content or is trying to trap traders by showing this fake and low number.
Is the broker global?
No, the firm does not offer its services in some of the largest and vital economies such as United States of America, Iran, Israel, Syria, North Korea, Afghanistan, Yemen, Somalia, Sudan, Iraq, British Columbia, South Sudan, Manitoba, Ontario, Guinea Bissau, Equatorial Guinea, Venezuela, Turkmenistan, Republic of Congo (Brazzaville), Libya, Chad, Democratic Republic of Congo, Quebec, Haiti, Burundi, Cuba and Cambodia.
Being one of the oldest firms we don’t understand why it has not expanded its market reach. We can only think of two reasons. First, the broker is inefficient and lacks tools and techniques for expansion. Second, there are some serious legal issues with the firm’s trading policies due to which these countries are not allowing it.
Trading platform
The entire world has switched to MT 4 successor, i.e. MT 5 and the broker is still providing services through conventional and outdated MT 4. Moreover, the provided platforms are of the low package as they lack many basic and vital features. Sometimes they also fail to provide precise results about market shifts which lead to massive losses.
Tradable products and markets
The broker offers limited markets for trading, and the options available in each type are also restricted.
- The broker offers only one minor or major for trading in the forex market.
- The options available in stocks are really less.
- Only 10 to 12 shares are available.
- For cryptocurrency trading, you will get limited options such as ripple, ethereum and bitcoin.
This list seems very disappointing and blocks all the ways to diversify the traders’ trading portfolio. Thus, making them vulnerable to financial risk.
Fees, spreads and commission
The broker website says that it does not charge a commission on trading. However, we get to know by investigating and reading customer reviews that charges for CFDs and forex trading are extremely high. The spreads are variable and high. It goes as high as 5pips on many assets.
Also, the broker charges for inactivity, holding overnight positions and withdrawal. Thus, it is not at all affordable to work with EasyMarkets.
Deposit and withdrawal
The process of deposit and withdrawal of funds with the broker is hectic and takes much time. It takes about three to five business days for the withdrawal request to proceed. The fees associated with withdrawal are also high and depend on the payment method chosen. Moreover, the payment methods available are sparse and not globally used.
Research tools
Research tools are vital in trading as they guide traders for precise entry points, exit points and futures market shifts. The available options with the firm are pretty conventional. The broker has just offered news and calendar lacking some vital ones such as pivot calculator and Fibonacci.
Educational resources
Education is the base of trading. Experts recommend building a strong trading foundation before starting your financial market journey. Unfortunately, the educational resources available are not up to the mark and require many changes in terms of content.
Customer support service
The customer support service of the broker is inefficient in providing a quick and relevant response. The live chat option is to show off as it remains offline many times. The repose time to receive a call and revert mail is also elongated.
Why should you not opt for EasyMarkets?
1) Conventional trading platforms
2) Not well-regulated
3) Limited tradable assets
4) Poor customer support
5) Serious issues with the official website
6) High fees
The Bottom Line
EasyMarkets has been operating since 2001, but it has not upgraded many things in terms of services, platform, customer support and official website. Also, the firm is not well-regulated and hence is equivalent to scam. So, think before investing. You can go with reliable firms like T1markets, Global TradeATF, PrimeFin, Brokereo, ETFinance.
Frequently asked questions
Is EasyMarkets safe?
No, it is not safe as the broker has not revealed anything about regulation and license.
What are the cons of EasyMarkets?
1) Conventional trading platforms
2) Not well-regulated
3) Limited tradable assets
4) Poor customer support
5) Serious issues with the official website
6) High fees
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