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Traders Are Now Welcome to Trade Options at Easy-Forex

Cyprus-based company easy-forex is usually not among the brokers you hear about every day. In fact, I myself found out about it just recently. Still, this doesn't mean it has nothing interesting to offer to the inquisitive trader's mind. In fact, the broker has just made a new addition to its web-based platform, the Web Trader – options trading.

 

Forex exchange options are, basically, a contract allowing the holder the right to sell or buy a currency pair at a set price, known as “strike price”, at a specific date (“exercise date”). A contract to sell is known as a “put option”, whereas a contract to buy is a “call option”. The coolest part is that, while the holder has the right to buy or sell when the time comes, they have absolutely no obligation to do so. This means that even if the market goes against the trader, they can choose not to execute the option. In this case, their only loss will be the “premium” - money initially paid to purchase the contract.

 

Options at easy-forex are still in a beta version, but have already gained plenty of interest. After playing around with the platform for a bit, I have only one thing to say: simple, simple, simple. The platform is so completely easy to use, I was able to place my first trade in a matter of seconds. As soon as I logged in, it asked me what my trading level was. I grudgingly admitted I knew nothing of options, so I was given this lovely green view:

 

 

 

Obviously, you'd have to be completely clueless not to get what you need to do in order to trade – select the pair you like, click on the type of option you want... and that's it! Of course, if you're not as much of an options neanderthal as I am, you can create your own trade where you can also choose a custom expiry date and set a trading amount. There is no way you could get lost, since you have these big, bright green arrows pointing you where you need to click. Still, if that's not enough, there is an “educate” button which switches on a detailed trading manual (with shiny, colorful pictures, yay!). In the words of easy-forex's own David Gledhill: “The interface is great, from new trading options to the advanced section of the platform, the easy-forex platform adapts perfectly to your skill level and responds accordingly. It is easy to trade and the outcomes are displayed clearly so you are aware of all the possible outcomes before you enter a trade.”

 

Another cool thing I just have to mention is the “strategies marketplace” portion of the platform. Traders have the ability to build strategies containing a number of options and then share them in the “marketplace”. Rookies, on the other hand, can see what others are doing, pick a strategy they like and copy it by the click of a single button.

 

The problem is, I still don't like the trading conditions easy-forex is offering me. It's all fun and games while I play around with my demo account and click stuff at random. But when I reviewed their offering of live accounts, I stopped dead in my tracks. The lowest spreads on offer start from 1.8 pips and are available to VIP accounts, which demand a minimum first deposit of $20,000 and a minimum deal size of 100K. Since I just don't have that kind of money, I turned my attention to the Standard account, which asks for no minimum deposit and the minimum deal size is a mere 5K. Well, yes, but the spreads start from 3 pips! Sorry guys, that's just not for me! There are plenty of other brokers that offer options trading out there, like 4xp, GFT or Saxo Bank.

 

 

About Easy-Forex

 

Since 2003, easy-forex has been revolutionizing currency trading in over 150 countries.

 

A pioneer in developing Forex as a consumer product, easy-forex continues to lead with customized technology and personal service tailored to all levels of traders.

 

With one easy-forex account, traders can trade currencies and commodities using their web, desktop or mobile platforms. Personalized FX training programs, Dealing Room specialists, rewarding Introducing Broker programs and innovative Institutional Partner offerings are just some of the reasons why thousands of traders choose us every year.

 

Licensed in Australia, EU and USA, easy-forex has multiple offices around the world, from London to Sydney.

 

TAGS: easy-forex  options  options trading  forex  forex options  trading platform 

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