A growing number of individuals are exploring the benefits of investing in foreign currency. That's one reason why Easy-Forex.com has quickly become one of the biggest players in the Internet-based currency trading market. Individuals no longer need to be reliant on brokers or banks to complete transactions like these. Now even those at home can receive up-to-the-minute information on foreign currency exchange rates and interact with their invested fund first hand. It's a bold new area for those speculators looking for more immediate results from their investments and many people feel comfortable in the degree of stability found in the world of foreign currency exchange.
Investing in foreign currency can be lucrative, which is one reason why this area of finance has become so appealing to so many people. Easy Forex has made the process of investing in foreign currency as simple as possible so that practically anyone can try their hand at it. You can easily fund your Easy Forex trading account since the company allows and encourages small investors to try their service. You can even use your credit card to start your venture into currency trading. What's more, there are actually tutorials to help you understand the trading process for those new to this form of investment.
There is no annoying software to deal with when using Easy-Forex.com. Anyone who's had their fair share of setup problems and program glitches can appreciate this aspect of the service. By not relying on computer software installed on your own computer, Easy Forex can offer you its currency trading service anytime and anywhere. All you need to do is simply login to your account from anywhere the Internet is available. There are also no commissions for trades. By using a competitive spread, the company eliminates the need for commissions by making its money through the spreads already figured into the currency rates.
Easy Forex has managed to maintain its impressive position in the currency trading market by offering its customers the best options available. Web-based trading, no commission costs, live-real-time quotes and a stop loss guarantee are only a few of the things that Easy Forex presents to individuals looking to speculate on foreign currency. Easy Forex also offers the opportunity to invest in gold and silver in addition to foreign currency, further broadening its appeal to both seasoned and budding investors.
With Easy-ForexT you get the following unique features:
Easy-Forex offers a proprietary trading platform providing 24/7 access to the forex markets. The company opened its door for business in 1998. The idea that stands behind easy forex is using the internet in order to give common traders the most advanced and competitive the ability to trade like the "big ones".
Easy-Forex is regulated by the Australian Securities & Investments Commission (AFS 246566) to provide worldwide financial services under the supervision of the EU financial commission through Cyprus.
The Principals of Easy-Forex:
Ofer Komem - CEO, Zelig Shalgi Active Director, Miki Ishai -CEO (of whom I explained earlier in the interview). Also there are Joab Kirsch - CFO of the Easy-Forex group, Thomas Keane - Legal Advisor, Gadi Hadar - managing director (Asia Pacific) and Polyvios Polyviou - Internal Advisor.
Offices
Their headquarters are located in Limassol, Cyprus and they have international branches in Warsaw, Tel-Aviv, Switzerland, Sydney, Manila and they say that more are on the way.
Easy-Forex's products
Easy-Forex's products are: day trading, limit orders, forward and optional.
The DAY-TRADING zone allows a client to perform daily currency rate deals.
The deals renew automatically, every night at 22:00 (GMT time), until the deal ends, and are charged with a daily rolling fee.
Limit: A LIMIT order deal allows a client to reserve a DAY TRADING deal, which is executed when and if the client's desired exchange rate exists in the market.
Easy-Forex watches for the appearance of the client's pre-defined rate, during the period the client defined. If and when such a rate does appear in the market - a DAY TRADING deal is reached.
Easy forex offers: 24-hr commission-free trading in 14+ currency pairs, Web-based trading platform requires no download or installation, Guaranteed fills on stops and limits up to $2M, Free access to charting, news, and research, 24-hour customer support via phone and email, deposits accepted in multiple currencies, credit Card depositing facilities, straight forward with drawl procedures.
What instruments are available to trade at Easy Forex?
See before + the trading tools they offer are charts (netdania software that has been modified----can see up to twelve tiled screen shots at a time --- worth a look), a daily "Forex Outlook" which consists of a market summary, economic data releases, upcoming economic releases and technical analysis. In addition, they offer Currency rates, Interest rates, financial calendar and a Forex glossary.
Commissions
Easy-Forex claims that you do not pay commissions for the deals you make. Easy-Forex acts as a market maker, and makes its earnings from the spreads that are embedded in the currency rates (no commissions huh!!?). In the "Day trading" zone you may roll over your positions and then you pay a renewal fee.
Deposits
The minimum deposit is only $25 while the minimum transaction size is 2,500. Easy Forex accepts deposits by credit card as well as American Express, PayPal and wire transfers.
After-Hours Trading
After hour trading is available but the spread could be higher.
Phone Dealing
Phone dealing is available.
Taxes
Easy Forex doesn't collect Tax for any authority in and form or manner. The obligation to calculate and to pay taxes is the client's responsibility.
Other Sites using the Easy-Forex platform
www.speedforex.com claims to give advanced services to traders.
Restrictions
Not available to US residents.
Advantages
Simplicity and Ease of Use.
Disadvantages
Wide Spreads (they seem too much after your money for my liking).
What happens should Easy-Forex face financial difficulties?
Given the low account account deposit requirement I went ahead and opened an account at easy-forex.com using my credit card with $50 dollars and I did some trades. I set a stop-loss using my entire account balance so I had null left in the account. After 22.00 GMT I had to pay a fee for rolling over of 2.28. I thought that would appear my account with -2.28....but no they went ahead and charged my credit card without my permission for the balance!
The broker said
When there are not enough funds in your account to pay for the rolling fee, your card is charged with the minimum possible amount from a credit card which is $3. This happens when all the money in your account is used by you as margin in open position.
Note also that if you deposit cash using a credit card they also require photocopies of the front & back of your credit card and that the website's only method of withdrawal is the wire transfer form.
There are three different Account Types - Mini Account: $25 Margin, 10 pip Spread.The spread is too wide. Short or long positions any cross its the same: you pay rollover!
Personally I'm dubious of any company that has a 'price freeze' option and that guarantees stops in all market conditions. You know what they say about things that appear too good to be true.
Forex Trading is a zero sum game, meaning that if you make money then someone else loses that exact amount of money... And just as likely, when you lose money someone else makes that exact amount of money. This wouldn't be too terrible except that you are also paying for the priviledge to possibly gain/lose money.
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