In 2016 easyMarkets (Formally known as Easy Forex) introduced dealcancellation.
Read about our 2021 easyMarkets dealCancellation review below.
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easyMarkets is a forex broker that focuses on those new forex trading or is looking to minimise their risks when currency trading.
To assist these traders, several features are on offer including:
A unique feature that was added two years ago was easyMarkets dealCancellation (often termed deal cancellation by traders) which is explained below.
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.
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.
The easyMarkets dealCancellation review found the following five key strengths:
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The same easyMarkets dealCancellation review found the following key weaknesses:
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.
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.
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.