easyMarkets Review

DealCancellation – Cancel Trades In 1 to 6 Hours

dealCancellation (sometimes called Deal Cancellation) is a feature unique to easyMarkets.
The feature allows a trader to cancel a trade to avoid a trading cost within:

• 1 hour
• 3 Hours
• 6 Hours

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 the period and dealCancellation is active, no trading loss will be realised.

Overall, the process for dealCancellation is:

1. Opt for dealCancellation on a trade
2. Cancel the trade within the period set if it’s making a loss
3. Have your original funds returned minus fees

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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Standard Risk Management Tools

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 the easyMarkets trading platform, it is not available with MT4 or MT5)

i) Guaranteed Stops

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.

ii) Guaranteed Negative Balance Protection

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.

The Fees And Spreads Charged By easyMarkets

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:

• $200 Deposit = Standard Account
• $3,000 Deposit = Premium
• $10,000 Deposit = VIP

Leverage

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 has 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 goes in your favour.

Clients from anywhere else in the world will have a leverage of 200:1 if using the easyMarkets platform and 400:1 if using the MetaTrader 4 platform. This is because easyMarkets must conform to the regulation set by the Australian Securities and Investments Commission (ASIC).

What 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 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 those 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 the liquidity pool without intervention from the dealing desk.

Payment Options

Another positive aspect found when completing the easyMarkets review was that there are no charges or any fees on withdrawal requests. easyMarkets also accommodates many payment options including most major credit cards, EFT and Skrill.

Customer Service And Forex Training Available With easyMarkets

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 phone and live chat. Live chat is not offered by all the forex brokers 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:

• An online community
• eBooks
• Seminars
• Articles & News
• Online Simulators

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The easyMarkets Forex Trading Platforms

This easyMarkets review focused on their own trading platform. easyMarkets also offer MetaTrader 4 (the most popular forex trading platform), MetaTrader 5 and TradingView but features unique to this forex broker are not offered.

Only with the easyMarkets platform a trader can:

• Activate dealCancellation
• Avoid Slippage
• Freeze Rate
• Easy Trade
• Guaranteed Stop-Orders / Take Profit
• Trade all FX and CFD products
• Trade forward deals

MT4 and MT5 have some great features such as Expert Advisors (EAs) which utilise automation and but if you are interested in this platform then another forex broker is recommended.

Overall, the easyMarkets platform is easy to use, doesn’t require a download and is ideal for new to currency trading.

Our Overall easyMarkets Review

easyMarkets is recommended for two types of traders only:

• Those new to forex trading
• Those looking to reduce their trading risks

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.

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