Easy Forex Review

EasyForex is the forex brand of EF Worlwide Ltd, a forex and financial services firm that operates in Cyprus and Australia. EasyForex started operations in 2007 and has been steadily expanding its operations ever since.

TRADING PLATFORMS

EasyForex provides basically two types of trading platform applications:

1)      Desktop Apps

2)      Mobile Apps

Desktop Apps

The following platfoms make up the FxPro desktop trading applications suite:

1)      EasyForex Visual Trading™ web trading platform.

2)      EasyForex MT4 client.

3)      EasyForex TradeDesk™ customizable trading platform.

EasyForex Webtrader

Visual Trading™ is EasyForex’s web trading application. It is entirely web-based and is only compatible with Internet Explorer 8. It is not compatible with Google Chrome. It should also be used on computers with a recommended RAM of 1GB and with broadband internet speeds for maximum performance. Traders can use the EasyForex Trade Simulator to get a feel of how to use this web-based platform. With this platform, traders can use certain features such as the TradeController™ to control parameters on open positions and an SMS Alert service that alerts the trader to when events like trade executions are performed. Traders must first fill an online form on the broker’s website before they are sent their login details and a link to the web-based platform.

EasyForex MT4 Client

The MT4 platform is available on EasyForex. For smooth operation of this platform, traders are advised to use computers with a minimum RAM of 1GB. Using lower RAM computers will lead to platform freezes and loss of function.

EasyForex TradeDesk™ Platform

This is a downloadable platform that features a customizable trading environment for trading, chart analysis and accessing market information. The trader is presented with a catalogue of applications that the trader can put together to create his own layout for controlling the trade environment. What does this mean?

For layouts, the trader can choose between several trading platform layout formats and download the layout of his choice. The trader can choose the one-click-with-multiple-charts format, or choose the InsideViewer™ format, the TradeController™ layout, etc. Traders can also choose which applications they can download. Traders can choose to download charts, the deal tester, deal tracker or any other application and add to the platform.

This software requires Microsoft.NET Framework 3.5 SP1 application to run correctly. It also requires RAM of between 1GB and 2GB as well as broadband internet connection for smooth operation of the platform.

 

Mobile Apps

Mobile trading is possible on the EasyForex platform. Currently, only the mobile apps for the iPhone and Blackberry devices are available for use.

EasyForex for the iPhone

The EasyForex application for the iPhone is available from the iTunes store on http://itunes.apple.com/us/app/easy-forex/id348823316?mt=8. It comes with a number of features such as instant market tweets from the EasyForex dealing room straight to the trader’s phone. Full charting options are available and traders can also get access to the Inside Viewer market insight tool that tells the trader the depth of the market and bias for a certain currency.

EasyForex for the Blackberry

This application is available from the Blackberry App World or from Easyforex.com’s servers. The application supports devices that run on OS 5. Traders also have access to market insight via Inside Viewer, full charting capability, a financial calendar and other tools for technical analysis.

 

 

EasyForex MT4 for Mobile

There is also the mobile version of the MT4 platform that is different from the smartphone applications described above. This mobile MT4 version can be traded on Windows mobile phones, on PDA devices and on the iPhone. The Windows version boasts of a trading arsenal of up to 30 technical indicators, full charting capability and financial news delivery. Only versions Windows Pocket PC version 2002 and higher and Windows Mobile 2003 and higher versions of the operating system can support the Windows MT4 platform. You will need to send an email to windowsmobile@easy-forex.com to be able to open a Windows mobile platform and create an account as well.

OPENING AN ACCOUNT

There are four forex account types to choose from:

1)      Mini account: Minimum account opening of $25

2)      Gold account: Minimum account opening of $500

3)      Platinum account: Minimum account opening of $5000

4)      VIP account: Minimum account opening of $10,000.

Opening an account will require filling an online account opening form and submitting evidence that proves identity and place of residence such as an international passport, drivers’ license or national ID card + a utility bill/bank statement/credit card statement.

The online account opening form is located on this webpage: https://secure.easy-forex.com/int/en/registerjoin.aspx.

TRADING CONDITIONS

MT4 Trading

The MT4 environment on EasyForex is a dealing desk environment. The trading conditions on EasyForex MT4 are as follows:

Commission: MT4 forex trading with EasyForex is commission-free.  The only cost that traders incur comes from the spreads. Dormant accounts also incur a $25 maintenance fee.

Trading Hours: EasyForex platforms are open for trading 24 hours a day, 5 days a week from 0700hrs Sydney Time on Monday (2100hrs GMT) to 0700hrs Sydney on Friday. Gold and silver are open for trading from 2215hrs GMT with peak activity at 0000hrs GMT and 1730GMT Monday to Friday. Add one hour to these times during winter to accommodate Daylight Savings Time changes. Crude oil and natural gas are open for trading from Monday to Friday at 0200hrs to 2100hrs London time.

Number of Traded Assets: Traders can trade up to 25 currency pairs. Traders can also trade gold, silver and crude oil.

Spreads: Spreads are fixed, but differ according to account type. VIP account holders pay the lowest spreads and these start from 3 pips. Mini account holders pay the highest spreads and these start from 4 pips. Spreads for commodities are much higher.

Leverage and Margin: Leverage is flexible and ranges from 1:50 to 1:200.

Trade Size: The minimum trade contract size on EasyForex are 0.05 lots for Mini accounts, 0.5 lots for Gold accounts, 2.5 lots for Platinum accounts and 5 lots for VIP accounts. There is no limit to the maximum contract size that can be traded.

Trading with MT4

Order Placement and Execution: Two kinds of orders can be placed on MT4; instant orders and pending orders.

An instant order (market order) is used to buy or sell the currency pair at the current price displayed on the MT4 platform. If prices have moved after the order is placed, a re-quote will occur and traders have to approve if they are willing to re-send the order at the new price or to allow the order to be rejected.

There are four pending orders on the EasyForex MT4 platform. These are Buy Limit, Sell Limit, Buy Stop and Sell Stop. Stop losses, trailing stops and take profit orders can only be set at least 10 pips from entry price.

FUNDING AND WITHDRAWALS

The following banking methods are available for traders to fund and withdraw from their trading accounts:

1)      Credit/Debit cards: Cards accepted are VISA and MasterCard. Deposits are processed within 1 hour and withdrawals within 2 working days. For first time withdrawals, traders must supply a copy of the card with the 3-digit security code and card statement for verification.

2)      Bank wire: Usually takes 3-5 working days to arrive into FxPro’s account for onward transfer to trader’s account. Withdrawals take the same time as well.

 

REGULATION/LICENSING

EasyForex has two regulatory licenses:

1)      CySEC: Registration No. 079/07.

2)      ASIC: Regulated by the Australian Securities and Investment Commission (ASIC) with license no. 246566.