Note: EasyTrades official site - https://www.etfxi.com/ is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
General Information
What is EasyTrade？
EasyTrade is a brand owned by Easy Trade Markets Ltd, allegedly based in Australia. It implies the company needs an ASIC regulation for legal providing financial services. Once we have checked the Australian authority body registers, we found no EasyTrade broker.
In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on. At the end of the article, we will also briefly make a conclusion so that you can understand the broker's characteristics at a glance.
Pros & Cons
EasyTrade Alternative Brokers
There are many alternative brokers to EasyTrade depending on the specific needs and preferences of the trader. Some popular options include:
AETOS - a regulated broker with a wide range of trading instruments and competitive spreads, making it a potentially good choice for traders seeking a reliable trading experience.
LegacyFX - a regulated broker that offers a user-friendly trading platform, diverse asset selection, and educational resources, making it suitable for both novice and experienced traders.
TigerWit - a regulated broker known for its innovative social trading platform and competitive trading conditions, making it a recommended choice for traders interested in copy trading and a seamless trading experience.
Ultimately, the best broker for an individual trader will depend on their specific trading style, preferences, and needs.
Is EasyTrade Safe or Scam？
Based on the information provided, where EasyTrade does not hold any valid regulatory licenses and their website is currently unavailable, it raises significant concerns about the legitimacy and safety of the platform. Without proper regulation, there is a higher risk of potential scams or fraudulent activities. It is advisable to exercise caution and consider alternative regulated brokers with a transparent track record and proper licensing when engaging in financial trading.
Market Instruments
It seems that EasyTrade decided to focus on several assets instead of being all over the place. Clients can access only 3 markets, including Currency pairs, Commodities (Metals & Energies), and Indices. However, considering the lack of regulatory licenses and the unavailability of EasyTrade's website, it is crucial to approach the platform with caution and thoroughly research alternative regulated brokers that provide a wider range of market instruments.
Accounts
EasyTrade offers two types of trading accounts for investors: Standard and Raw. Both account types have a minimum deposit requirement of $250, allowing traders with different capital sizes to participate in the market.
However, EasyTrade does not provide a demo account option for traders to practice and familiarize themselves with the platform and trading conditions before committing real funds. Additionally, EasyTrade does not offer an Islamic/swap-free account for clients who follow Shariah principles.
Leverage
EasyTrade offers high leverage of up to 1:500, which allows traders to potentially amplify their profits. However, it is important to note that EasyTrade is an unregulated broker and the lack of regulation raises concerns about the safety and reliability of the offered leverage.
High leverage can significantly increase the risks involved in trading, and traders should exercise caution and fully understand the potential consequences before engaging in high-leverage trading. It is advisable to choose regulated brokers that adhere to strict financial standards and offer responsible leverage options to ensure the safety of funds and mitigate unnecessary risks.
Spreads & Commissions
EasyTrade offers competitive spreads for its clients. For the Standard account, the spread starts from 1.0 pips, which is relatively favorable for traders seeking a more cost-effective trading environment. On the other hand, the Raw account provides even tighter spreads starting from 0.0 pips, which can be beneficial for those who require a more precise pricing structure. As for commissions, Standard account has no commissions, the Raw account incurs a commission fee of $50 per lot traded.
Below is a comparison table about spreads and commissions charged by different brokers:
Please note that spreads and commissions may vary and it's always recommended to check with the brokers directly for the most up-to-date information.
Trading Platforms
Like most FX brokers, EasyTrade supports the industry standard, MetaTrader4. With MT4, traders can enjoy a user-friendly and feature-rich trading experience. The platform offers a comprehensive range of tools and resources to analyze the markets, execute trades, and manage positions effectively. MT4 is known for its advanced charting capabilities, customizable indicators, and a wide range of technical analysis tools.
Moreover, EasyTrade offers mobile versions of MT4 for both iOS and Android devices, allowing traders to access their accounts and trade on the go. This flexibility ensures that traders can stay connected to the markets and seize trading opportunities at any time and from anywhere.
Overall, EasyTrade's trading platforms are well-designed, user-friendly, and offer a range of advanced features suitable for both beginner and experienced traders. See the trading platform comparison table below:
Please note that this table is based on general information and it's advisable to visit the respective broker's websites for the most up-to-date and accurate information on their trading platforms.
Customer Service
EasyTrade provides customer service through various channels, including phone and email support. Clients can reach out to the company's support team by calling +61 3 8373 4800 or sending an email to support@etfxi.com. These contact options allow traders to seek assistance, ask questions, or address any concerns they may have regarding their trading experience.
Additionally, the company has a physical address located at Level 6, 360 Collins Street Melbourne, VIC 3000, Australia. This provides a sense of transparency and accessibility for clients who may prefer to communicate through traditional means.
Note: These pros and cons are subjective and may vary depending on the individual's experience with EasyTrade's customer service.
User Exposure on WikiFX
The number of the complaints received by WikiFX has reached 19 for this broker in the past 3 months. To sum up, traders listed EasyTrade login issues as one of the biggest problems they are facing. After they submit a withdrawal request, it happens that they can no longer access their trading accounts. Another big issue is that clients never see their deposits. In the end, we found EasyTrade is connected to one of the most famous Bulgarian boiler rooms, E&G Bulgaria. This same company operates several other scam brands, including Option888, XMarkets, and more. Please be aware of the risk and stay away!
Conclusion
Overall, the absence of valid regulatory licenses and the unavailability of their website raise concerns about its legitimacy and safety. It is crucial to exercise caution and conduct thorough research before engaging with EasyTrade or any similar platform. Consider exploring alternative regulated and reputable brokers that provide transparent information and offer a secure trading environment. Consulting with financial professionals is also advisable to make informed investment decisions.
Frequently Asked Questions (FAQs)
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