easyMarkets Trading Platform Review
In the world of online trading, investors have many options. This can make choosing the right service provider extremely difficult and time consuming. Luckily, there are two ways you can weed out 95% of brokers before selecting the right one. These “filters,” as I like to call them, are the length of time the broker has been in the market and whether or not they’re regulated. So before you consider a broker’s bells and whistles, ask whether or not the company has been in business for at least ten years and is regulated by a financial regulatory agency. At this point, I won’t even consider reviewing or trying a broker that doesn’t fit that criteria.
easyMarkets: An Introduction
easyMarkets may seem like a debutant in the world of online retail trading, but it was actually one of the first brokers to open up the retail market in 2003 under the brand name easy-forex. It is regulated by the Cyprus Securities and Exchange Commission (CySEC) and its license is passported to all EU member states, and in Australia by ASIC. The company’s regulatory status and staying power in a market with extremely high turnover make it a very strong candidate for this review and for any trader looking to narrow down their selection of brokers.
Below we assess what easyMarkets has to offer along four important components: markets and trading platform, education and training, transparency and customer support.
Markets and Trading Platform
easyMarkets offers a customized web trading platform and the off-the shelf trading platform powered by MetaTrader4. In this sense, easyMarkets gives traders exactly what they want. The platforms are available 24 hours a day, 7 days a week, which is what you’d expect from any top-notch broker.
In terms of securities, the platform offers more than 300 markets accessible in real-time via desktop, tablet or smartphone. Whether you’re a new trader or an experienced investor, there’s something here for everyone. This includes access to forex, commodities, indices, metals, CFDs and vanilla options (the latter two are worth further explanation).
Unlike most brokers, easyMarkets has expanded its offerings of CFDs and vanilla options, which are ideal for new and inexperienced traders looking for a simple way to get started. easyMarkets offers a vast array of vanilla options, which are instruments that give traders the right, but not the obligation, to buy or sell a financial security at a predetermined price and within a given time frame. CFDs – cash-settled contracts for a security – are another great way for traders to access commodities such as energy, precious metals and agriculture.
Education and Training
Most investors who open up an online trading account are novices without much experience in the market. A broker’s ability to help its clients says a lot about its commitment to seeing traders succeed (or at least giving them the tools for success). easyMarkets’ Learn Centre provides an end-to-end training platform that answers questions from as basic as, “What is a pip?” to more complex like, “How do I assess the volatility of an asset?”
The Learn Centre offers a vast array of eBooks, FAQs and descriptions of economic indicators that can keep even the most seasoned investor busy. Simply put, it’s the most complete training resource offered by any retail broker.
It’s also worth mentioning that easyMarkets recently launched forex.info, which is quickly becoming one of the most popular (free) market news and analysis blogs for everything finance. In terms of educational resources, very few can compete with easyMarkets.
Transparency and Security of Funds
We mentioned at the outset that regulation and longevity in the market are two of the most important considerations for choosing an online broker. Over the course of 13 years, easyMarkets has paid out millions of dollars not just in trading profit, but in commission fees for its vast network of Introducing Brokers and affiliates (we mention the latter groups to demonstrate that the company appears to be very well established and well capitalized). Deposit options are quick and simple, giving traders the option of funding their account through credit card, debit card, eWallets, bank transfers and various other means.
easyMarkets also doesn’t charge fees for deposits or withdrawals. Processing times are usually instant for Neteller and can take up to only 2 hours (during business hours) in the case of Skrill. Webmoney and local deposits can take anywhere from 3-5 working days, whereas international deposits may take as many as 7 days. The great thing about easyMarkets is it tells you exactly what you can expect with deposit and withdrawals right on its website.
easyMarkets had clients in over 160 countries. To keep them all happy, this requires a global workforce available around the clock and in multiple languages. easyMarkets currently offers customer support services in English, Polish, Arabic, Mandarin, Spanish, Italian and a host of other languages. One of the tricks I use for determining how responsive a broker is to its customers is by glossing over its Careers page at least once a week. Take a look at the type of talent easyMarkets is currently hiring. It includes Mandarin/Hindi/French/Spanish speaking customer support reps, in addition to client relationship managers, product managers and web developers.
It’s not enough for a company to say it offers great customer service. It needs to back up its claim by recruiting people who can actually do the job. The Careers page is a great way to start.
The Live Chat option on the website is also responsive from Sunday 20:00 GMT through Friday 21:00 GMT. If you happen to need support at any other time, you can simply fill out a ticket and expect an email or phone call in a few hours.
In a market that’s in a constant state of evolution and change, traders should seek out brokers that have a demonstrated track record of stability and sound customer service. easyMarkets is one of very few that actually fits these criteria. An advanced trading platform, access to over 300 markets and worldwide customer support are icing on the cake.
Source:: easyMarkets Trading Platform Review