EasyMarkets Review 2023: Do Past Fines Spell Trouble?
easyMarkets, formerly Easy Forex, is an online CFD and forex broker. They first began offering financial services in 2003. The broker has two branches, one Australia and one Cypriot. They maintain licenses with both CySEC and ASIC to meet requirements in both countries.
Big Fine for easyMarkets
While they haven’t gotten into as much trouble with CySEC as a broker like ETFinance, easyMarkets has certainly had some trouble with the financial regulator. In 2009, the broker received a major fine from the regulator. They had to pay €45,000 in total due to numerous infractions. The biggest offenses were failing to meet record-keeping standards and their unfair withdrawal policies.
easyMarkets App and Trading Platforms
Traders who go with easyMarkets have several platform options. Of course, there’s the standard MetaTrader 4. The use of this platform is widespread among CFD and forex brokers, with many offering the platform as their sole option. Traders can also try the broker’s proprietary browser platform. This platform fails to meet the wealth of features that MetaTrader 4 offers. In addition to the browser platform, the broker offers the easyMarkets app to traders on the go. This pares down even more options, leaving traders without the tools they need.
Our easyMarkets review found their trading conditions to be competitive with other CySEC brokers. They have a good selection of assets between CFDs and forex. Furthermore, they actually have decent spreads. The EUR/USD pair hovers around 1 pip, which is generally what traders are looking for. The broker offers traders leverage up to 1:400 for Australian clients, but they are bound by the ESMA 1:30 limit for European clients.
easyMarkets has a low minimum deposit of $100, below the standard for most similar brokers. They also have a VIP account that requires a deposit of $5,000. Unfortunately, the broker’s good spreads are reserved for VIP account holders. Traders with a basic account have much worse prospects and would be better off elsewhere.
Make Sure You Get What Is Rightfully Yours
Traders might think they’re guaranteed to succeed with a regulated broker, but they could still be at risk. Corrective measures from regulators are commonplace, showing that the brokers can still break the rules. If you’re having trouble getting your funds back from a registered broker, you can contact us today to take your efforts to the next level and implement a chargeback.