easyMarkets Deal Cancellation Review

What Is dealCancellation?

dealCancellation (which easyMarkets words dealCancellation) allows forex traders to undo a trade within 60 minutes of placing an order. This means that if a trade is moving in the wrong direction leading to a loss, the trader can undo the trade avoiding the loss.

The feature can’t be subsequently enabled after a trade is made. The 60 minute countdown will only occur if the feature is selected when a buy or sell order based on a non-confirmed price level enters the market is triggered. At that time, the countdown clock will begin to tick.

The feature was developed by ORE, which is easyMarkets platform provider. This means that the feature only works on the easyMarkets platform, not the MetaTrader 4 platform (also called the MT4 platform)that the forex broker also offers.

Markets Available With dealCancellation

easyMarkets dealCancellation is primarily designed for currency markets.

Additional markets though are available for day trading in gold, silver and oil. The trade must have the easyMarkets dealCancellation icon displayed on the trading ticket if the feature can be applied to the deal.

Key factors that may decide is dealCancellation recent market volatility and popularity of the trade. This means exotic currencies will rarely be available using this feature.

EasyMarkets dealCancellation Strengths

The easyMarkets dealCancellation review found the following five key strengths:

1. It provides the ability to undo a losing trade within 60 minutes
2. If your stop-loss is reached within the period, the trade is automatically undone
3. It can be applied to selected currencies, gold, silver and even oil trading
4. It works well with easyMarkets 200:1 leverage as a ‘safety-net’ . Note: Only available outside Europe, the UK and Australia
5. Traders don’t need to use the feature on all trades

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EasyMarkets dealCancellation Weaknesses

The same easyMarkets dealCancellation review found the following key weaknesses:

1. It is not available for traders using the MetaTrader 4 Platform
2. Only a limited number of currency pairings offer dealCancellation
3. You can’t add the feature to any open trade
4. It leads to additional trading costs set by market volatility
5. It doesn’t apply to Expert Advisors (EAs) – Automatic Trading

Conclusion

All traders, new and experienced alike, know the nervous physical sensation that precedes every trade, especially when there is a high-risk level. Even those who have traded extensively over the long term feel this sensation. It is actually a valuable genetic survival trait. Those with many trades behind them do not experience this primal fear as intensely, but it never really goes away entirely. Having the safety net feature of easyMarkets dealCancellation has two primary benefits, but it is not meant to encourage reckless disregard for the risk of speculative trading of financial instruments of any kind.

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The easyMarkets dealCancellation review wants to point out this feature not only helps traders to minimise the inherent intimidation factor of the markets, which is the primary benefit but it also, by reassuring the trader that trading is not life-threatening, assists in invoking an atmosphere where trading decisions are made from a less emotional, more objective perspective. View our detailed comparison of easyMarkets vs IG Markets here.