Originally EasyForex, easyMarkets is an ASIC and CySEC regulated forex broker with 200+ CFDs instruments and 64 currency pairs, exclusive risk management tools, strong customer support and the choice of the MT4 andeasyMarkets forex trading platform.
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Our easyMarkets review updated in June 2019 found the provider was the best beginner forex based on five key strengths:
The overall rating is based on review by our experts
dealCancellation (sometimes called Deal Cancellation) is a feature unique to easyMarkets. The feature allows a trader to cancel a trade within 60 minutes of taking their position to avoid trading losses.
To access this feature you need to be using the easyMarkets platform, not the MetaTrader 4 platform which easyMarkets also offers. When taking your position, you must activate dealCancellation as shown on the screenshot below. When you do this, a small premium in the form of a slightly wider spread will be charged.
Once a trade is made, a countdown clock shows how much time is left for the trade to be cancelled without realising a loss using this feature. If a stop-loss is also reached within 60 minutes and dealCancellation is active, no trading loss will be realised.
Overall, the process for dealCancellation is:
The feature is perfect for those new to forex trading, those who like to trade during turbulent periods (eg rate decisions) or those looking to manage the risks of currency trading.
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easyMarkets are the only forex broker to offer Guaranteed stops and Guaranteed negative balance protection for all trades. (to have guaranteed stops you must be using easyMarkets trading platform, it is not available with MT4)
When forex trading, one type of ‘safety mechanism’ is guaranteed stop-loss. This risk management feature is recommended to those new to forex and CFDs trading. This is a major reason during our easyMarkets review vs Plus500 we recommended the broker for new & intermediate traders.
A guaranteed stop means that you can set the maximum amount you are willing to lose in a single trade and the broker will ‘guarantee’ you will not lose more than this amount.
Guaranteed stops provide a ‘safety net’ in extreme situations when currency movements can be dramatic. While all brokers offer ‘stop-loss’ orders, most are not guaranteed. No guarantee means you may experience slippage. The broker will try to exit you at your stop loss, but if they can’t exit you, you bear the loss.
As leverage exposes all traders to high risk when forex trading, a ‘guaranteed stop’ at least provides peace of mind in that you will know the maximum you can lose on a trade. Easy Forex (now easyMarkets broker) is of the few forex brokers offering this feature.
easyMarkets (formally Easy Forex) includes guaranteed negative balance protection for all their clients. This risk management feature means your account balance will not go negative. If your account goes below the brokers’ margin requirements, then they will seek to exit you from trades, if they cannot exit you before your account goes below zero, the broker will reset your account back to zero and bear the cost.
Guaranteed negative balance provides peace of mind as volatile economic events are known to lead to large losses for traders without protection.
easyMarkets charges no commissions on any trades. It also offers fixed spreads which are relatively unique in the online broker market.
The fixed spreads are based on the type of account chosen which is determined by the deposit:
Clients in the UK and Europe:
Clients Outside the UK and Europe:
It’s worth noting that leverage is the difference the broker offers varies by the regulator that applies to the relevant territory.
If you are in the UK or Europe, then you be able to access leverage of 30:1 for major currency pairs and 20:1 for minor currency pairs. This is because easyMarkets are regulated by the Cyprus Securities Exchange Commission (CySEC) for this region.
CySEC have low leverage because they want to protect retail clients as leverage can increase the risk of losing money. Low leverage means less money will be lost if forex movements are unfavourable. The flip side is, leverage be very profitable if currency movement go in your favour.
Clients from anywhere else in the world will have a leverage of 200:1 if using easyMarkets platform and 400:1 if using the MetaTrader 4 platform. This because easyMarkets must conform to the regulation set by the Australian Securities and Investments Commission (ASIC).
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 with a forex provider who advertises one rate they will buy the currency off you and another rate they will sell it to you. The difference between these rates is one of the ways that when forex trading that the brokers make money. easyMarkets are market makers, like with the example with an exchange at the airport with the provider who sets their own rates, easyMarkets are your counterparty with each trade. This means you are buying and selling with their liquidity.
Fixed spreads mean 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 whose fees will vary depending on the market. Variable spreads such as offered by Pepperstone, IC Market and Axi can be lower compared to easyMarkets as the spreads are raw. This means the spread is determined by liquidity pool without intervention from dealing desk.
Another positive aspect found when completing the easyMarkets review was that there are no charge or any fees on withdrawal requests. easyMarkets also accommodates many payment options including most major credit cards, EFT and Skrill.
Our easyMarkets review found that customer service and training were the two key strengths of the forex broker.
When it comes to customer support, three of the four accounts offer a personal account manager. It is advised that a premium account be considered if you want regular customer service to assist with your day-to-day forex trading.
As the table above highlighted, two of the most popular contact methods are the phone and live chat. Live chat is not offered by all the forex broker and is ideal for short questions relating to traders.
Live chat is complemented by Viber and even Facebook messenger. The key is that these communication channels including live chat are available to all forex accounts offered by easyMarkets.
Based on this, it’s strongly recommended to open a premium account as it ensures you receive lower spreads and better customer 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:
This easyMarkets review focused on their own trading platform. easyMarkets also offer MetaTrader 4 (the most popular forex trading platform) but features unique to this forex broker are not offered.
Only with easyMarkets platform a trader can:
MetaTrader 4 has some great features such as Expert Advisors (EAs) which utilise automation and but if you interested in this platform than another forex broker is recommended.
Overall, easyMarkets platform is easy to use, doesn’t require a download and is ideal for new to currency trading.
easyMarkets is recommended for two types of traders only:
If you’re an advanced or expert forex trader and looking for features such as Expert Advisors (EAs) then easyMarkets may not be suitable for your needs.
While comparing easyMarkets reviews from several trading-related websites, we found that people generally regard their easyMarkets 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 $200, 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 easyMarkets review because like other brokers compared on this site including IG Markets, they have an AFSL. This means that deposits are segregated to a separate account, there are training standards and 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.
Leverage is a critical element for any forex trader, particularly experienced traders, due to small movements in currency markets over time. Based on this, leverage is critical, and easyMarkets offers one of the higher levels in Australia at 400:1.
It should be noted that the broker (easyMarkets) 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 you’re 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 increase 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.
easyMarkets holds all funds in a segregated bank account ‘Bankwest’. This is owned by the CBA (Commonwealth Bank of Australia) providing stability to the bank account and allowing for fast transfers.
The easyMarkets minimum deposit varies by the account chosen. The lowest minimum amount relates to the standard account, which is $200AUD. The largest minimum amount relates to the super VIP, which is $50,000. The incentive to choose an account with a higher minimum deposit is lower fixed spreads and a personal account manager.
The easyMarkets minimum withdrawal account is $50USD to bank accounts. Other withdrawal methods to eWallets or credit/debit cards have no minimum withdrawal amounts. There are no easyMarkets fees on any deposits and withdrawals, although some vendors may charge their own fees, which are worth investigating.
As the table on the right shows, there are a number of deposit and withdrawal methods including:
With no fees applicable to any of these methods, the key factors of which method comes down to convenience for the forex trader and the deposit processing times that vary considerably.
This forex broker comparison for easyMarkets was updated in 2021 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 aims 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.
Justin Grossbard has been investing for the past 20 years and writing for the past 10. He co-founded Compare Forex Brokers in 2014 after working with the foreign exchange trading industry for several years. He also founded a number of FinTech and digital startups including Innovate Online and SMS Comparison. Justin holds a Masters Degree and an Honours in Commerce from Monash University. He and his wife Paula live in Melbourne, Australia with his son and Siberian cat. In his spare time, he watches Australian Rules Football and invests on global markets.