easy forex review

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Important Facts 

  • About the Company: easy forex is the trading name of Easy Forex Trading Ltd.
  • Founded: In 2003.
  • Payment Options: Credit and Debit Cards, Moneybookers, Wire Transfer.
  • Platforms: Web Trader, MetaTrader 4, Trade Desk and easy-forex on Mobile.
  • Accounts available in: In a wide range of base currencies.
  • Regulation: In Europe easy forex is regulated by CySEC and in Australia by ASIC.
  • Social Trading: N/A
  • Support Options: Email, Live Chat and Phone.

Platform(s)

easy forex offers a decent range of platforms to potential customers. Firstly, there is the TradeDesk platform which I believe is only available to customers of easyforex and is a pretty impressive little platform allowing traders to easily open and close platforms with ease. The TradeDesk platform can also be used to undertake charting. However easy forex also offer the ever popular MetaTrader 4 platform which I imagine will be what the majority of traders end up opting for, the MetaTrader 4 platform from easy forex functions just as one would expect it to. There is also a Web Trader allowing you to trade when you don’t have access to a computer with the easy forex TradeDesk or MetaTrader software installed, the Web Trader is quite basic but perfectly functional. There is also support for mobile devices however currently the mobile platform is only available for those using either iPhones or Windows mobiles, which means those using Android can’t use easyforex’s mobile platform. Overall, easyforex offers a decent range of platforms and most tradrs should feel happy trading with one of the available platforms.

Trading Conditions 

  • Leverage: Up to 1:200. 
  • Scalping: Allowed.
  • Expert Advisors: Allowed.
  • Hedging: Allowed
  • Trailing Stops: Yes.
  • Spreads: Fixed, 3 pips EUR/USD standard account, 2.5 pips premium account and 1.8 pips with a VIP account.

The trading conditions at easy forex are pretty reasonable, with easyforex offering its customers a significant amount of leverage as well as allowing both scalping and the unlimited use of Expert Advisors. The main problem I can see traders having with the trading conditions at easyforex is that the spreads are quite wide. With a standard account the spread on the EUR/USD is 3 pips, while the spread on the GBP/USD is 4 pips. These spreads are pretty wide for major currency pairings and you can find tighter spreads on offer with other brokerages. easyforex offer tighter spreads to those who have premium or VIP accounts, however the majority of new traders are unlikely to be depositing such significant sums. The wide spreads are probably the main thing that would put me off trading with easyforex.

Instruments 

  • Number of Currency Pairings: 43 currency pairings including a number of exotic pairings.
  • Other instruments: Gold, Silver, Oil and other energy commodities.

easyforex offers a smaller range of currency pairings than a number of other brokerages, who often offer around 50 different pairings. However there are not really any significant pairings missing so most currency traders are going to be able to find all the different pairings they want to trade. In addition to currency pairings easy forex also offers a number of other instruments allowing customers to trade precious metals as well as a selection of energy commodities. While this is hardly a comprehensive range of instruments it does offer some variation to those trading with easy forex.

Customer Support

  • Contact Methods: Phone, Email and Livechat. 
  • Telephone Numbers: Polish, Cypriot and English phone numbers.
  • Support Available In: Arabic, Chinese, English, French, German, Greek, Hebrew, Polish, Russian and Spanish.

Customer support at easyforex is pretty decent. All my experiences with customer service representatives at easyforex have been pleasant enough and I imagine that the representatives from the company would do their best to resolve any problems their clients were experiencing. Support is also available in a variety of different languages which will be useful for those who do not speak English as their first language.

Regulation 

  • Regulated: By CySEC in Europe and by ASIC in Australia. 
  • MiFID Regulated: Yes, can readily accept clients from throughout the European Union.
  • Accepts US Traders: No.
  • Regulatory Record: A number of fines against the company made by CySEC.

easy forex is primarily regulated in Cyprus by CySEC which means that it is part of MiFID allowing it operate and accept clients from throughout the European Union. However easy forex’s relationship with the regulators hasn’t always been brilliant, back in 2009 easyforex were fined a total of 45,000 Euros for committing a number of different regulatory breaches some of them rather serious.  easyforex were then fined a total of 10,000 Euros in 2010, for producing and distributing misleading marketing information which didn’t properly make clear the risks involved in Foreign exchange trading. During this time the company was also embroiled in legal proceedings filed by five clients from Israel who made allegations of serious fraud.  In the last couple of years things have been much quieter for easyforex on the regulatory front, with no fines or disciplinary action being launched against the company since late 2010. It would thus appear that easyforex has successfully brought itself fully in line with both CySEC and ASIC regulation.

Overall

The regulatory fines of the past may raise some doubts in some individuals minds, however I am satisfied that easyforex is now obeying the financial regulations set out by both ASIC and CySEC meaning their is no real reason for concern. Where the easyforex offering really falls down is that the brokerage is not as competitive on spreads as it needs to be when their are brokerages out there offering tighter fixed spreads.

What did you think of easy forex review? If you have had any experience with easyforex please feel free to share in the comments.

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