Important Information
- Regulatory Authority: Regulated by CySec of Cyprus
- Instruments: Wide range of Currency Pairs and Limited number of Commodities
- Features: Support of MT4 and mobile based trading, as well as offering low minimum deposit accounts.
- Leverage: 1:50, 1:100, 1:200 depending on the type of account
- Minimum Deposit: $25 for a Mini Account and $10,000 for the top VIP account.
The Platform
Easyforex offers a number of different options in terms of the platform for those who wish to trade at the site. For starters the offer web trading allowing you to log and trade from any computer which has the internet. While the web trader is perfectly functional and will allow one to implement trades easily and quickly it hasn’t got some of the functions offered by the other easyforex platforms. Alternatively, one can download easyforex’s TradeDesk software which will allow you to trade all the instruments offered by easyforex. With the TradeDesk software you get an increased number of features including improved charting and technical analysis and the TradeDesk software is pretty reasonable. However what the majority of serious traders will be interested in is the easyforex Metatrader 4 platform which is pretty much the standard affair one would expect from Metatrader 4. Thankfully Expert Advisors are acceptable for usage on the easyforex platform and easyforex customers can test their Expert Advisors on up to 20 years of data. A nice added feature is the fact that easyforex offers mobile trading platforms for Windows Phone’s, iphone’s and Blackberry phones. However rather disappointingly there is no platform available for my many Android users out there.
Special Features
There doesn’t seem to be much to set easyforex apart from its competitors when it comes to special features. easyforex offer all the standard educational information you would expect from a Forex provider, which is really what you would expect as they wish to attract as many clients as possible. Having a minimum deposit of $25 is quite nice as it allows it more people to try trading out, however people are unlikely to be successful trading with such limited funds.
Spreads
The Spreads on offer at easyforex aren’t particularly impressive even on the instruments where they are the most competitive with the tightest spreads being 3-4 pips. With the spread British Pound/Swiss Franc spread being a gigantic 11 pips when using a Mini account. However I have still seen worse spread offerings out there, though I do have to say that on some instruments some of the spreads on offer at easyforex preclude the possibility of making any serious money. However these tend to be on exotic currency pairings which many individuals may not wish to trade anyway. I would recommend that you check out the spreads before opening account to see whether they are competitive when it comes to the particular instruments you wish to trade.
Customer Service
This is one of the areas where a lot of criticism has been sent the way of easyforex. There have been many accusations of poor customer relations and unprofessional attitude towards their customers this is something that easyforex obviously deny. Citing the fact that customers are assigned account managers who they can personally call about their problems, etc. However this is pretty much a standard affair. There have also been complaints about a lack of transparency as many have asserted that the company is primarily based in Israel while only operating a virtual office in Cyprus where the company is officially registered. These claims have rocked the confidence of many who have or thought about trading with easyforex.
Regulation
easyforex has somewhat an infamous history when it comes to regulation. In 2009 easyforex were fined a total of 45,000 euros. easyforex had failed to comply with (the oft thought lax) CySec regulation on a various number of points including manipulating the companies capital requirements, no information vetting clients experience, no records of transactions, no record of a particular clients funds and non immediate deposit of client funds. All of this is pretty serious stuff and it appears to me that they were somewhat lucky to keep their licence. Then in 2010 easyforex was fined a further 10,000 euros this time for producing misleading marketing information which did not properly state the risks of Forex trading. There has also been a number of investigations in Israel into fraud regarding easyforex in 2010 five customers launched a 500 million shekel law suit against the owners of easyforex. However, easyforex is still regulated by CySec and is now at least hopefully conforming fully to the regulations set out by CySec.
Overall, I would be highly cautious about depositing any serious money with easyforex due to the fact I don’t feel I would be getting the best deal when it came to spreads and due to the fact that easyforex has a questionable regulatory history.
