Forex platform review: Easy Forex

This is a new channel on this site and this is the first post to this channel. During my learning process I will most likely trying out a number of different trading platforms – both forex platforms, stock platforms and who knows, maybe something in addition as well. First platform I will review is Easy Forex. This will be the first one for the simple reason that due to circumstances I already have an account there and can tell you a bit about its positive and negative sides.

Overview
Easy forex is web based forex platform with 4 different account types and small minimum depost. Thus ideal for beginners.

Min Deposit
Minimum deposit is $25.

Spreads
Spreads depend on your account type.

Mini accounts – min deposit $25, spread 10 pips.
Gold account – min deposit $500, spread 7 pips.
Platinum accounts – min deposit $2500, spread 5pips.
Via dealing room – spread 3 pips.

Leverage
Not sure, but 1:100 or more.

Primary deposit option
Credit card

Plusses
They have great personal contact, usually they call you already in the beginning to ask if everything’s okay and such, if you have any questions or need any help. Their minimum deposit fee is just $25 thus ideal replacement for usual testing account. They also offer one-on-one training.

Their platform is web based, meaning no download required and you can access your your account and make trades at any time with any computer.

You can trade in your own language, 7 languages included (including English, Spanish, French, German, Russian).

You can make trades at fixed rate – after pressing the Freeze button you have couple of seconds to accept the rate without being afraid it will change.

Their platform includes financial calender and also country’s interest rates (both monthly and yearly).

There’s also a charts option available, charts have lots of indicators etc which you can add to them.

Minuses
While being web based might be good, from my perspective it’s rather negative at the same time. Web based usually means it’s slower and you can’t have multiple windows open that easily and windows that you can switch quickly. Their platform also relies on Internet Explorer which is never a good idea. Internet Explorer, as many of us have experienced, has its big flaws (meaning that often it might not work) and also become slow at times. Like couple of days ago when I made a trade, waited for hours and then the prices jumped – exactly at the time when my Internet Explorer didn’t respond anymore and I had to make a restart. Thus had to take a loss. I have also had problems with Internet Explorer and javascript – meaning that the prices don’t always show up in the their price feed. This, of course, can be caused just by me and the way I use my computer. But if it can happen to me, it can also happen to you and this is no good for serious traders.

Spreads aren’t good at all. Especially on mini accounts where the spread is a total killer – 10 pips. To change stop loss or take profit limits, you first need to make the trade and then change them both individually, no shortcut found.

While charts aren’t bad, they are done with Java technology and initial loading might take time. They also have a freaky (discouraging) notice on top of the charts – „The diagram and charts presented here are for illustration purposes only, and do not intend to replace the actual data.”

Conclusion
While web based technology is not good from my perspective (I always have my laptop with me anyhow) and the spreads aren’t good, there are two kinds of people who could find this platform useful.

1) People who travel around a lot, use different computers and trade in with big sums (meaning the spreads can go down to 3 pips)

2) People who are just trying out forex and don’t want to risk anything. For them $25 min with 10pip spread is good enough – just for testing their skills. And lately I have noticed that the spreads seem to be down to 8 pips, not sure.

Link: Easy Forex

How does it look?

PS: Should you have any questions or comments about this platform, leave a comment and I will try to answer you within 24 hours.

Forex platform review: Easy Forex

Forex trading systems