Forex Key > Forex Practice > Easy Forex
If you’re a beginner, Easy Forex comes first to mind for a Forex broker, and not just because the title with the word easy, it really is. Easy Forex founded in 2003, is well established internationally with offices around the world, while the main headquarters of the company are based in Cyprus (EU part).
All information in this review is by the official website of Easy Forex on the day this article was published. Check the official site for details if you’re making a financial decision confirmed.
Easy Forex is regulated by the Cyprus Securities and Exchange Commission (CySEC) in the EU, the Commodity Futures Trading Commission (CFTC) in the U.S., and the Australian Securities and Investment Commission (ASIC).
Easy Forex Review
The currency trading (FOREX) market is the largest and fastest growing market in the world. The daily turnover is more than 2.5 trillion U.S. dollars, which is 100 times greater than the NASDAQ daily turnover.
Markets are places to trade goods. The same goes with FOREX. The Forex goods (or goods) are the currencies of various countries. You buy Euro, paying with U.S. dollars, or you sell Japanese Yens for Canadian dollars.
This agency makes money in two ways – through the dissemination and a fee for transactions that transfer to another day. If your day trading in mind that the fee is charged at 22:00 GMT (make sure it on the official site, since it can be different at the time you read this), so depending on your local time zone, can interfere with your day trading session.
The fees may seem high, but having no interest or transaction, it is very reasonable.
Easy Forex account offers three types:
- Mini with $ 200 minimum initial deposit, $ 5000 minimum deal size and $ 25 minimum margin at risk.
- Gold with $ 500 minimum initial deposit, $ 50,000 minimum deal size and $ 250 minimum margin at risk.
- Platinum with $ 5000 minimum initial deposit, $ 250,000 minimum deal size and $ 1250 minimum margin at risk.
- VIP with $ 10.00 initial minimum deposit, $ 500,000 minimum deal size and $ 2500 minimum margin at risk.
How To Get Started Trading Forex?
Besides the different borders, the accounts offer different levels of services, including SMS alerts, technical analysis signals and personal dealer (not available in Mini-Plan), professional charting package (available in Platinum plan and up), and even custom Technical Analysis Reports are available for VIP account.
Easy Forex Trading PlatformUnlike most brokers, Easy Forex trading try really easy with their easy to use and beginner friendly web-based platform to make. It is simple and convenient, but it also means you cannot use the popular MetaTrader platform, which is bad news for Forex robot users – the most you can do is use your Expert Advisor software as signals and manually opening trades over at Easy Forex.
Giving up on live trading MT4 might be worth, though, especially if you’re a beginner. Opening account of this agent is very easy and you can trade within minutes. The registration process is a simple process in two stages – all it takes is for your personal and account information, answer a few questions about the amount of your income and finally check your e-mail address. Once you’ve opened your account, you can deposit funds via credit card and start trading.
Optional are PayPal and bank wire deposit methods available. A word of caution here, be careful when you use your credit card to fund your account – for improper trading lose your entire account, your credit card automatically charged as a margin call. Even though you have a real mess of it that happens, it could secure a bank transfer or PayPal account to enjoy the maximum control over your money, if that is a concern for you use.
A trading simulation is available, which works as a demo account for you to test the water. Simple graphics available to the market to watch and you can place orders with Stop Loss and Take Profit, and Forward and Limit orders through a simple form. The process of opening a position is a two step process, because you first order with a predetermined stop loss place, and you can put the stop loss order to adapt to change and take your profits. The Trade Controller tool gives you a visual tool to set or modify stop loss and take profits by calculating the potential profit scenarios. This is a nice feature to have.
How to Trade Forex?
You select the two currencies with which you want to make a Forex deal. You determine the volume (the amount of the deal). You deposit the margin (collateral needed to facilitate the deal. Usually – only a very small part of the whole deal, say 1% or 1:100).
This allows you to either change the terms, or accept it as is, or even regret the whole idea. The freeze function is a unique service by Easy-Forex.
When your Forex deal is running (you hold an open position), you can check the status and control scenarios online, whenever you want. You can change some terms in the deal, or close (and the cash flows of the profits, if any, or minimize any loss). Moreover, Easy-Forex can provide a take-profit, that the deal will close automatically for you, when and if this rate occurs in the market.
The open orders are well presented and easy to manage. Total trade certificates are also available for your account.
Easy Forex Viewer in a very interesting feature is the Inside Viewer, which provides information about what other Easy Forex traders do. The information consists of three indicators – popularity, direction and structure for your chosen currency pair. The popularity shows the fraction of the activity of the couple in the market throughout the agency (in other words, those few is the most traded), while the direction indicates which direction the traders today in general. The structure gives the average rate, stop-loss and takes profits. These pieces of information can provide very helpful to the market days of the vote and determine how it changes throughout the day.
Among other tools available in Easy Forex platform, there is a calendar of key economic events, live quotes, Forex news and analysis reports, videos, tutorials and so on.
Easy Forex is a familiar and easy to use a broker, the platform is as simple as it is and if you want to start Forex trading now, you can do that by opening an account within minutes without tedious paperwork and waiting.
And finally, remember that Forex trading is risky, so before the start of trading with a real account, studying and understanding and never risk what you cannot afford to lose.
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