Compare Forex Brokers
  • Forex Brokers
    • Australia Forex Brokers
    • UK Forex Brokers
    • South Africa Forex Brokers
    • Singapore Forex Brokers
    • Dubai Forex Brokers
    • Nigeria Forex Brokers
    • Lowest Spread Brokers
  • Best Forex Trading Platforms
    • For Beginners
    • For MetaTrader 4
    • For MetaTrader 5
    • For cTrader
    • For CFD Trading
  • Trading Guide
  • Broker Reviews
    • Pepperstone Review
    • IC Markets Review
    • ThinkMarkets Review
    • Markets.com Review
    • CMC Markets
    • Plus500 Review
    • eToro Review
    • IG Markets Review
Home » Forex Broker Reviews » easyMarkets Review » easyMarkets dealCancellation Review

easyMarkets Deal Cancellation Review

In 2016 easyMarkets (Formally known as Easy Forex) introduced dealcancellation.

Read about our 2021 easyMarkets dealCancellation review below.

Justin Grossbard
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.

Updated: 30/03/2021

What Changed?

Each month we update average spreads data published by the brokers the retail brokers lose %

Fact checked Fact Checked

We double-check broker fee details each month which is made possible through partner paid advertising. Learn more this here.
easyMarkets Review

Introducing easyMarkets dealCancellation Feature

easyMarkets is a forex broker that focuses on those new forex trading or are looking to minimise their risks when currency trading.

To assist these traders, several features are on offer including:

  1. Minimum Balance Protection (so traders can’t lose more than their deposit)
  2. Guaranteed stops (to avoid slippage on trades)
  3. Fixed spreads (to provide certainty of trading fees)

A unique feature that was added two years ago was easyMarkets dealCancellation (often termed deal cancellation by traders) which is explained below.

Skip ahead

  • What Is Deal Cancellation?
  • dealCancellation Markets
  • Strengths Of dealCancellation
  • Weaknesses Of dealCancellation
  • Conclusion

Deal Cancellation Allows You To Reverse TradesWhat 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 Deal Cancellation Review 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

Open a demo account >>Visit easyMarkets>>

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.

Open a demo account >>Visit easyMarkets>>

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.

About the author: Justin Grossbard

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.

CompareeasyMarkets To The FX Brokers Below:

easyMarkets Forex Trading Features

💻 Forex Platform:EasyMarkets Platform
🏢Office LocationAustralia
📅 Founded2001
⭐ Reviews: 9.7 - 295 Reviews
↔ Trade Protection: Negative Balance Protection
🖥 Spreads:Fixed Spreads
📡 Analysis:Free SMS alerts
💰 Minimum Deposit:$200
📊 Crypto: Bitcoin, Ethereum, Ripple
  • Australia
  • UK
  • South Africa
  • Singapore
  • Privacy Policy
  • About Us
  • Contact Us
  • Terms & Conditions

The leading forex broker comparison site, Compare Forex Brokers Pty Ltd is an Authorised Representative of Guildfords Funds Management Pty Ltd Australian Financial Services Licence No. 471379 (A/R No. 001274082). Copyright 2021 and all rights reserved. Trading Forex and CFDs with leverage poses significant risk of loss to your capital.

Back to top

We use cookies to ensure you get the best experience on our website. By continuing to browse you accept our use of cookies.

Accept More information

Chat now

Loading...

LiveChat Spinner