Easy Forex

Overview

For traders who are on the move, and can't take their computer with them, Easy Forex may provide an answer. Unlike many of the other Forex brokers, Easy Forex have decided to offer a browser based interface, which means you can access it from any computer that is connected to the Internet. Headquartered in Cyprus, Easy Forex is regulated by the Australian Securities and Investments Commission.

The trades are commission free, with the fees coming out of the spreads which seemed a little higher than most brokers. There is also a charge to renew each deal overnight. You can deposit funds with your credit card or even with PayPal, and Easy Forex require a minimal deposit to start trading. Shortly after opening a demo account, we received a telephone call to follow up. You can either characterize this as being helpful or as aggressive marketing.

Opening an Account

Opening a demo account with Easy Forex is indeed easy. After a few details, you are greeted with a screen like this, which allows you to choose your trading platform. We used the web based platform. When you log in to the account, you have a choice of 19 languages.

Easy Forex also have an extensive educational library, which is shown in the screenshot below. They seem to be aimed at the beginner to Forex.

Basic Trading

The website is easy to navigate, and Easy Forex has a guaranteed stop and a freeze price function, which is unique to them and prevents any market fluctuations for 3 seconds. This means you can freeze the price and see if the rate moves closer before taking the trade, effectively lowering the spread. This compensates to some extent for the spreads being higher than most other brokers.

Although the operation is obvious, we didn't really like the interface compared with what you see with software packages. However, we could see the Freeze Rate being a useful adjunct, which no doubt compensates for any lag in refreshing the browser, and have not come across that idea before.

It is nice to see the profit and loss expressed in money terms, not just in pips, and a convenient Close button beside each order. Each trade you have made is always clearly shown.

Pros v. Cons

• √ Easy to use.
• √ No commissions.
• √ Can be used from any Internet connected computer.
• x High spreads
• x Daily renewal fee

Summary

• Price: Free.
• Ease-of-use: 4/5.
• Value for money: 4/5