Martin's Review of Easy Forex

Martin's Review of Easy Forex

With the emerging of Internet-based currency trading, more and more people become appealed and interested in this area. They are looking to explore the benefits of investing in foreign currency. They want to receive up-to-the-minute information on foreign currency exchange rates and interact with their invested fund first hand everywhere, anywhere.

Easy Forex has made the process of investing in foreign currency as simple as possible so that practically anyone can try their hand at it. You can easily fund your trading account since Easy Forex allows and encourages small investors to try their service as low as $25.

There are also tutorials to help you understand the trading process for those new to this form of investment. Forex people new to foreign exchange trading find this will be a good way to start. That's one reason why Easy Forex has quickly become one of the biggest players in the Internet-based currency trading market.

What is Easy Forex?

Easy Forex offers a proprietary trading platform providing 24/7 access to the Forex markets. The idea that stands behind Easy Forex is using the internet in order to give common traders the most advanced and competitive the ability to trade likes the "big dogs". They claimed that their revolutionary online trading platform is the first online Forex trading system that allows clients to deal Forex as a consumer product.

Easy Forex was founded by a group of bankers and Forex experts and offers Forex traders direct access to the global currency markets. The company opened its door for business in 1998.

The principals of Easy Forex are Ofer Komem (CEO), Zelig Shalgi (Active Director), Miki Ishai (COO), Joab Kirsch (CFO), Thomas Keane (Legal Advisor), Gadi Hadar (managing director of Asia Pacific), and Polyvios Polyviou (Internal Advisor).

Easy Forex is regulated by the Australian Securities & Investments Commission (AFS 246566) to provide worldwide financial services under the supervision of the EU financial commission through Cyprus. Their headquarters are located in Limassol, Cyprus. They also have international branches in Warsaw, Tel-Aviv, Switzerland, Sydney, Manila and they say that more are on the way.

Trading Platform

Unlike other players in the Internet-based currency trading market, Easy Forex didn't require you to download any annoying software as their online trading platform is web based. No matter what kind of operating systems you use, it is definitely no problem at all.

There are also Java charts supplied, with all the usual indicators, timescales, and drawing tools. These can be detached from the browser, letting you keep an eye on them at the same time as the trading screen itself. You can have up to four charts open at the same time, watching different currency pairs, or the same pair in different timeframes.

They also offer charts (Netdania software that has been modified--can see up to twelve tiled screen shots at a time), a daily "Forex Outlook" which consists of a market summary, economic data releases, upcoming economic releases and technical analysis. In addition, they offer currency rates, interest rates, financial calendar, and a Forex glossary at no additional cost.

Features

Easy Forex has managed to maintain its impressive position in the currency trading market by offering its customers the best options available. Web-based trading, no commission costs, live-real-time quotes and a stop loss guarantee are only a few of the things that Easy Forex presents to individuals looking to speculate on foreign currency. Easy Forex also offers the opportunity to invest in gold and silver in addition to foreign currency, further broadening its appeal to both seasoned and budding investors.

Basically, Easy Forex offers three different account types: (1) Mini account: $25 margin, 10 pip spread, (2) Gold account: $500 margin, 7 pip spread, and (3) Platinum account: $2500 margin, 5 pip spread via Internet, 3 pip spread via Dealing Room.

Easy Forex's products are day-trading, limit orders, forward, and optional. The day-trading zone allows a client to perform daily currency rate deals. The deals renew automatically, every night at 22:00 (GMT time), until the deal ends, and are charged with a daily rolling fee.

A limit order deal allows a client to reserve a day-trading deal, which is executed when and if the client's desired exchange rate exists in the market.

Easy Forex watches for the appearance of the client's pre-defined rate, during the period the client defined. If and when such a rate does appear in the market--a day-trading deal is reached.

According to their website, you will get the following unique features:

• Select the account type that suits your trading style or create your own custom account.

• Start trading immediately with a deposit as little as $25. Lowest margin ever.

• Freeze rate option. You can freeze the rate you wish to buy/ sell as the market is changing.

• No commissions and no bank charges on trading, depositing or withdrawing funds.

• Possibly the highest leverage in the industry.

• No download required - Unique web based platform. Including live streaming quotes.

• Guaranteed stop-loss rate

• Special terms for frequent traders

Easy Forex Pros

Simplicity and ease of use is the biggest advantage of Easy Forex. The sign up process at Easy Forex is indeed very quick; you just create an account, deposit some funds and then start trading as well as send off copies of your ID card to verify your identity. No need even, to provide any bank details.

The minimum deposit is only $25 while the minimum transaction size is 2,500. Easy Forex accepts deposits by credit card as well as American Express, wire transfers, and even PayPal. Add your credit card details to your account, and hey presto, you can send margin whenever you need it.

By not relying on computer software installed on your own computer, you may also simply login to your account from anywhere the Internet is available. Anyone who's had their fair share of setup problems and program glitches can appreciate this aspect of the service.

As they claim, you do not need to pay commissions for the deals you make. By using a competitive spread, the company eliminates the need for commissions by making its money through the spreads already figured into the currency rates. In the "day-trading" zone you may roll over your positions and then you pay a renewal fee.

Easy Forex doesn't collect Tax for any authority in and form or manner. The obligation to calculate and to pay taxes is the client's responsibility. Phone dealing is also available. After hour trading is available but the spread could be higher. Unfortunately all of these offers are not available to US residents.

Easy Forex Cons

Although of this sounds so great, caution should be advised. Making it easy to open and fund an account is a nice idea, and a welcome one. But on the other side, it makes it a little too easy to start losing money. Low deposits come without its drawbacks, as their spreads are high however frequent traders get narrower spreads.

Easy Forex also do not offer a free demo account arguing that with such a low minimum deposit they don't need to as free demo account doesn't always allow you to really practice your trades as you are never risking real money.

Another disadvantage of Easy Forex is that I thought the spread is too wide. Short or long positions any cross, it’s the same: you pay rollover. They seem too much after your money for my liking.

When there are not enough funds in your account to pay for the rolling fee, your card is also charged with the minimum possible amount from a credit card which is $3. This happens when all the money in your account is used by you as margin in open position.

Note also that if you deposit cash using a credit card they also require photocopies of the front and back of your credit card. At the present, the website's only method of withdrawal is the wire transfer form.

Concluding Remarks

Easy Forex is indeed for those starting out; it represents probably the quickest, simplest route to start trading. I have rated the very impressive Easy Forex platform as one of my best Forex broker. The platform is incredibly easy to use so you will not waste time or money trying to figure out how to make your trades.

Remember, Forex trading can be very profitable if you invest wisely, however, it can also be a risky and daunting prospect. Make sure you choose the right platform so that you can start enjoying the life of luxury as a professional currency trader.

I hope you enjoy trading with Easy Forex and will start making money with Easy Forex. If you decide to give it a try, please take a look at this link.