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EasyTrade Review - is it scam or safe?

EasyTrade Review - is easytrade.biz scam or good forex broker?

RATING: 1 / 3 REVIEWS EasyTrade
EasyTrade is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


 

Trading Accounts and Conditions

 

Trading account Min. deposit Max. leverage Spread
Basic $250 1:400  

 

EasyTrade presents itself as a forex and CFD broker that offers as many as 5 account types. However, its website fails to mention any trading specifics and differences between those accounts, other than the on-deposit bonus.

 

 

Read the full review in which we outlined both the strong and weak sides of this broker, although we generally would not recommend it. Also, careful not to confuse EasyTrade with major forex brokerage easyMarkets.

 

 

EasyTrade Advantages

 

Leverage up to 1:400

While a leverage up to 1:400 may actually be a negative for unexperienced traders, some professional ones like having the ability to use high leverage ratios like this. It gives them the opportunity to open much larger trades, while depositing small sums. 

 

Plethora of markets covered

EasyTrade’s offer is very broad in terms of assets available for trade. It provides many major, minor, and exotic currency pairs, as well as a plethora of CFDs. The latter group includes indices, commodities, precious metals, stocks, as well as cryptocurrencies.

 

Yet, if you are keen on trading cryptos like Bitcoin, it would be better to do that on a regulated exchange or with a forex brokers that is reliable and licensed.

 

 

>> Regulated forex brokers offering Bitcoin trades <<

 

 

EasyTrade Disadvantages

 

Not licensed, regulatory warning against it

The corporate information on EasyTrade’s website is a bit confusing, but it seems that the broker operates out of Estonia. At the bottom of its homepage it is present the name of Tsattleia Trade OU, while the terms and conditions mention Grau International OU.  Both companies are with registered addresses in Talinn, Estonia, nut are not licensed by the local Financial Supervision Authority, which is in charge of forex and CFD providers.

 

Furthermore, EasyTrade was blacklisted by the Bulgarian Financial Supervision Commission and the broker’s page was even included in the list of 40 websites, access to which was blocked by a court order. The reason for the authorities’ actions is that these websites are offering forex, CFD and binary options in the country without being authorized.

 

No MetaTrader4 supported

EasyTrade uses a web based trading platform, which is overly simplified and lacks lots of features, supported by well-known platforms like the MetaTrader4 (MT4). For example, this platform has no technical analysis indicators, nor the automated trading option via EAs. Here is a preview:

 

 

Click on the image to view full size.

 

Here you may check our list of brokers, offering MetaTrader4.

 

 

>> Find the best MT4 Brokers <<

 

 

High spreads

When we logged into EasyTrade’s platform, we saw that the spread on EUR/USD is fixed at 4 pips, which is at least two times higher than what most brokers offer. For futher information, you can compare the spreads provided by some of the top-rated forex brokers, in real-time.

 

 

>> Spread comparison page <<

 

 

Unusual extra fees apply

EasyTrade also has a series of unusual fees, which are not in line with the general practice on the market. A withdrawal fee of 0.5% is charged on all other withdrawals. In the event that this percentage equals an amount of $30 or below, the trader will be charged a standard $30 withdrawal fee. There is also a monthly maintenance fee of 7.50 (USD, GBP, EUR), and a Profit Clearance Fee:

 

 

Click on the image to view full size.

 

 

Conclusion

 

Overall, EasyTrade’s offer is not that attractive. It provides trading in wide range of financial instruments with high leverage, but the cost of trading are very high, both in terms of spreads and additional fees. What is worse, the broker is not properly regulated and might be a scam.

 

Financial regulation is a key factor when choosing or evaluating forex brokers. An unregulated company is not obliged to meet any technical, ethical or financial requirements. In fact, such brokers can simply accept deposits, without providing access to any financial markets. There are all kinds of scammers in the trading world, so you’d better not risk losing everything to fraudsters.

 

Our best advice is to invest only with reputable well-regulated brokers. Below, you may find a list of companies, licensed to provide forex and CFD trading in the UK.

 

 

>> Trade safely with a FCA-regulated broker <<

 

 

To sum up our review on EasyTrade:

 

Pros Cons
High leverage Not regulated
Multiple CFDs No MetaTrader
  High spreads
  Extra fees
 
Latest news about EasyTrade
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Traders` reviews for EasyTrade

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Please help

I have put 2000 pounds in this account and no one responding to my emails and the number on website is not responding i borrowed money from bank to put in account as I was given so high hopes please if any one help me to recover my money

hassan 06/18/2019

Robbed by frauds

It’s a complete fraud.
You are just feeding the company with your money
Easy trade are just a bunch of crooks.

Daniel Goldstein 05/26/2019

scammers - withdrawal request ignored

I have 350 pounds in my trading account my outlook email disappeared so I contacted easytrade biz but they have ignored 40 emails I cant login also when I could I tried to withdraw some but they ignored my request dodgy dennis Nielsen avoid this man at all costs tries to get u to bung 5k in trades a right character

robert farrer 02/07/2019
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