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easyMarkets

easyMarkets Review
Trader's rating 5
Editor's rating 3

Trading Accounts

  

Account type   Minimum deposit  Minimum trade size Maximum leverage Spreads
Standard $100 0.05 1:400 3 pips*
VIP $5000 0.1 1:400 1 pip

 

*Those Standard account holders who deposit $250 or more, get VIP spreads.

 

easyMarkets offers its clients two trading accounts to choose from, available on two platforms – the good old MetaTrader 4 and the broker’s proprietary web-based platform. Both account types offer commission-free trading, fixed spreads and leverage up to 1:400. Micro lots are available for trade only to Standard account holders.

 

There are a number of features available solely to VIP account holders, such as Personal Market Analyst, Loyalty Rebates, Express Withdrawals, Free trading signals, Free Breaking news, SMS Alerts, etc.

 

If you don’t need such extras or simply don’t want to invest 5 thousand bucks, you can get VIP spreads on your Standard account by depositing $250.

 

Islamic (swap-free) accounts compliant with the Sharia law are also available to clients who don’t want to earn interest for religious reasons.

 

The Company. Security of Funds

 

Company

Country

Regulation

Easy Forex Trading Ltd.

Cyprus

CySEC

EasyMarkets PTY Ltd.

Australia

ASIC

 

easyMarkets (previously Easy-Forex) is the trading name of Easy Forex Trading Ltd. – a Cyprus-based brokerage, established back in 2003. It provides its services in over 160 countries worldwide, offering trading in 175 products ranging from currencies, CFDs on indices commodities, metals and Bitcoin, as well as options and forward contracts. 

 

Easy Forex Trading Ltd, doing business as easyMarkets, is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC, license No 079/07), and its Australian subsidiary - EasyMarkets PTY Ltd. - is authorized and regulated by the Australian Securities and Investment Commission (ASIC).


CySEC applies certain rules to license holders, one of them being the requirement such firms to hold a minimum capital in order to conduct their business operations legitimately. The Commission requires Cyprus-based forex brokers to hold at least €730 000. As regulation of financial services providers usually involves such a requirement, Australian brokers are obliged to hold a minimum of $1,000,000 by ASIC.


Furthermore, the Cypriot financial watchdog applies a compensation scheme as additional guarantee to clients’ funds. All CySEC-regulated companies are members of the Investor Compensation Fund, the compensation fund of last resort for customers of authorized financial services firms. If the Company becomes insolvent or ceases trading, it is able to pay compensation to its covered clients, amounting to a maximum of 20,000 EUR.


Unlike many other EU-based brokers, Australian ones are not covered by any compensation scheme.

 

Focus on client protection 

 

 

 

 

easyMarkets is a broker that places a special focus on client protection. Apart from offering tight fixed spreads, which do not widen during news releases, easyMarkets is one of the few brokers that provide Negative Balance Protection. This means that you can never lose more funds than you have deposited, even though you are trading on margin.

 

Besides, it allows forex traders to cancel losing trades via its state-of-the-art feature dealCancellation, available on its in-house platform.

 

Trading Conditions

  

Minimum initial deposit

In order to open an account with easyMarkets, one has to deposit at least $100, which is a reasonable and competitive minimum initial deposit.

 

Spreads & Commissions

This broker offers fixed spreads, which allows traders to predetermine their costs. What is more, no commission fees are charged, as the broker generates revenues through the bid-ask spread paid by traders on each transaction.

 

Although fixed spreads generally tend to be wider that variable ones, this is not the case with easyMarkets – their spreads amount to 1 pips on EUR/USD and are accessible with a deposit of $250. In comparison, Exness and Plus500 (also regulated by CySEC) offer fixed spreads amounting to 2 pips for this currency pair.

 

Leverage

The maximum leverage level offered by this broker is 1:400, which is considered comparatively high, as CySEC has recently proposed the default leverage provided by brokers to be 1:50. The reason for such leverage limitations is that higher leverage involves higher risk of heavy losses. Nonetheless, many Cyprus-based brokers offer high leverage levels: XM – up to 1:888, FXTM – up to 1:500.

 

Trading Platforms

 

Clients of easyMarkets may choose from the broker’s proprietary web-based platform and the popular Metatrader 4 (MT4).

 

easyMarkets’ in-house platform offers advanced charts, live market news, technical analysis and sentiment all in one screen, one click trading (from the Market Explorer).

 

What is more, platform users get free Guaranteed stop loss and dealCancellation option, which are indeed two great risk management tools.

 

 

easyMarkets’ in-house web platform. Click to enlarge

 

 

In addition, easyMarkets offers the powerful MT4, allowing traders to fully automate their operations by choosing from a wide range of Expert Advisors (EA) and let the program do all the work. This is one of the reasons this platform to be preferred by most traders. Besides, it offers a number of useful technical indicators, extensive back-testing and advanced charting package, which includes the option to trade straight from the chart. Here is a list of more forex brokers offering MT4 platform.

 

Bonuses & Promotions

By the time of writing this review, there are two promotions offered (effective until March 31, 2016)

-        - First deposit bonus on initial deposit ranging from 30% to 50% (up to $2 000);

-         - Refer-a-friend bonus from $25 to $500 for new clients who deposit at least $250. 

 

Methods of Payment

 

easyMarkets offers a variety of payment methods, including credit cards (Visa, Mastercard, Maestro, Visa electron), bank transfer and e-wallet systems, such as, Skrill, Neteller, WebMoney, SoFortüberweisung, American Express, Giropay, Ideal and UnionPay.

 

For withdrawals to credit/debit cards and eWallets there is no minimum withdrawal amount. For withdrawals to bank accounts, a minimum amount of USD 50 is required. All deposits and withdrawals with easyMarkets are commission-free.

 

Conclusion

 

easyMarkets is a well-regulated broker that offers trading in wide range of financial products products worldwide through both its proprietary platforms and the industry’s standard MT4. This is a broker that places a special focus on client protection. To sum up the above, here are the advantages and drawbacks with regards to this broker: 

  

 

Pros

Cons

Well-regulated

No significant disadvantages

Tight fixed spreads, no commission fees

 

Variety of trading platforms offered, MT4 available

 

Negative balance protection, option to cancel losing trades

 

Promotions available

 

 

Headquarters: P.O.Box 53742, Limassol 3317
 

Country: Cyprus

 

Regulated by: CySEC – License Number 079/07

Binance

Binance Review
Trader's rating 1.8
Editor's rating 4

Trading Accounts

Account type Minimum deposit Leverage Fee
Standard Undisclosed Not available 0.10%

 

Binance is a crypto currency exchange, focused mainly on the Chinese market. Of course, you could still use it, if you are based elsewhere.

 

The company, security of funds

 

Company Country Regulation
Binance China N/A

 

Binance is a relatively new Chinese company, created by experienced professionals in the cryptocurrency space. The most recognizable name behind this project is that of Changpeng Zhao, former CTO at OKCoin.

 

Binance was created after attracting funds via an ICO (Initial Coin Offering – creating a new digital asset, backed by the project). The BNB tokens can now be traded on the exchange, or used as a method of paying your trading fees, which will reduce them by 50%. Additionally a small portion of the coin has to be paid to the company to cast your vote in the community poll, which determines which altcoin will be added to the exchange next.

 

That being said, whenever a new coin is added, Binance holds some kind of promotional distribution to existing clients. Usually it involves tracking the biggest holders of the new asset and rewarding them with extra coins. While these can not be taken as a guaranteed means of attaining more altcoins, they do raise attention towards the new tradign product.

 

Given its brief history, it is not surprising that Binance has not yet been hacked. That being said, the most obvious issue with this exchange is the fact it operates in China. Given the recent moves by the local authorities, it wouldn’t be surprising to see them register in a different country.

 

The English user reviews on Binance, while few, are fairly positive. Again, we must reiterate this is still a very new company, at the time of writing of this review.

 

Trading conditions

 

Trading instruments (cryptocurrencies)

Binance offers a substantial number of coins, which are traded mostly against Bitcoin and Ethereum. On the other side the two major coins are also paird with USDT (US Dollar Tether a digital asset, backed by US dollars, which aims to keep a 1:1 price ratio). The list of coins available at Bitnancie includes, but is not limited to (especially since new ones are added frequently): BTC, ETH, LTC, BCC, OMG, IOTA, ICN, MCO, SALT, KNC, CTRm SNLS, FUN, BQX, XVG, ZRX and BQX.

 

Minimum initial deposit

Binance does not provide information on the minimum deposit amount. As we cover mostly forex brokers, we are used to companies stating this information openly. The need for a minimum deposit level is associated with the legal costs of opening an account, which may exceed the potential commissions you will make with a broker, if you are trading too small. That being said several companies don’t have a required minimum, like the FCA-regulated industry leaders at IG

 

Leverage

Margin trading is not available at Binance. For those of you who are not familiar with the trading world – this is a system which allows you to trade with more money than you actually have in your account. Your balance is then used as a guarantee to maintain your position open. As an example, forex brokers require very little in collateral, in order to maintain massive positions. The so called leverage ratios can go as high as 1:500 or more. For instance, XM offers 1:888 in leverage.

 

That being said the cryptocurrency space is a lot more volatile, hence the need for lower ratios. Exchanges and forex brokers alike, rarely offer more than 1:20 in leverage.

 

Fees

The fee structure at Binance is simple to understand, but more importantly very competitive in the current environment. There is a flat 0.10% fee on all trading. Other exchanges often separate clients based on their trading volume and the way they enter/exit a transaction (traders who provide liquidity to the exchange usually get some benefits).

On the other hand forex brokers incorporate the costs of trading in the spread. While comparing them is a bit like comparing apples to oranges, we have made a side-by-side review of both services here.

 

Trading platform

 

Binance’s trading platform is web-based. Furthermore it offers two distinct trading layouts, a more simple one and a “Pro” version. Visually it reminds us a lot of the platform provided by Bitstamp. Here is how the “standard platform” looks:

 

 

The order book is placed on the left and more interestingly is arranged vertically. While being a bit avant-garde, this is by no means unique. The tape is on the bottom right, with a news feed placed directly above it. Overall, the presentation seems enjoyable. The “Pro” version, on the other hand looks like this:

 

 

This reminds us a lot of Bitstamp’s platform. The positioning of the order book and tape is a bit more convenient, with them being grouped up. The charting package also seems a bit more sophisticated, but it’s not even close to the forex industry standard which we have grown accustomed to, MetaTrader4 (MT4)

 

Methods of payment

 

Binance is one of the exchanges which doesn't accepts fiat currency payments and focuses only on the digital side of things. Clients can deposit and withdraw the coins supported at the exchange.

 

Conclusion

 

Binance is a cryptocurrency exchange, created by a former key member of OKCoin. While the company mostly focuses on the Chinese market, everybody is welcome. That being said, they do not accept fiat money deposits. The amount of coins available for trading is relatively high and still growing, but there are other exchanges offering the more exotic ones. The major issue we have with Binance is that the project hasn’t been around long enough to actually prove itself. Here are the pros and cons of this exchange:

 

Pros  Cons
Founded by industry veterans New company
Some altcoins included  Based in China (may have issues with regulators)
More assets being added constantly Does not accept (fiat) money transfers
Competitive commissions  
Relatively nice trading platform  

 

Forex
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