The Easy-Forex foreign exchange trading platform is browser-based, so there is no need to download software. The ability to trade very small amounts (as low as USD2,500) gives the inexperienced trader an opportunity to interact with the market with low levels of risk. For the first-time trader there is a tutorial to walk you through a trade.
All trades placed on Easy-Forex have a guaranteed stop. While this is great for limiting losses, it may not suite traders who want to manage trades themselves.
There is a reasonable range of currency pairs to trade, with all of the majors as well as the minors and some exotics. Gold and silver can also be traded. A custom watch list must first be set-up, as all trades are made from it.
One of the promoted features of the Easy-Forex platform is the 'freeze price' button. This allows the trader to hold a price for a few seconds to see if the trade moves in a favourable direction before locking the trade in. In effect, it serves to reduce the spread. Short-term momentum traders may find this tool useful.
In contrast to other trading platforms, Easy-Forex does not pay interest on open positions when long a base currency with a higher interest than the quote currency. This, together with the wide spreads, may make it a costly platform to use.
Colin Simpson is an active investor and has been trading shares for two years.
Easy-forex orders are placed using a web-based trading platform or by phone, so you need not purchase or download any software. You can log in from any internet-friendly computer.
I found the platform to be quite basic compared to other FX platforms. It was not intuitively very easy to use. However, I understand training in the use of the system is offered as a matter of course on the opening of an account.
The platform consists of a website that contains most standard features, including dealing screens, account and order information, news, and a charting function. Whilst most trading platforms enable at least some form of personalization of the screen layout and, more importantly, the ability to open multiple windows concurrently, this is limited on the Easy-Forex platform to the opening of a separate chart window.
As to the cost of doing business, Easy-Forex does not charge a platform or any account management fees. However, I found the spreads to be quite high for the products offered. I was advised that all fees are negotiable depending on volume of business.
Jon Melcoire is a full-time private trader of Australian and International Equities and Foreign Exchange.
Easy-Forex provides online FX spot, FX forwards and FX options trading through a clear and informative, easy to access website. The information offered is pertinent and clear, and will be of assistance to any FX trader. The site is easy to navigate, intuitive and the information is presented in logical sections with more detail available by drilling down through the structure.
I like being able to freeze the deal rate; credit card deposit (beware if you are not experienced, as losses accumulate easily); frequent traders' special rates; access to continous Reuters news; and continous updates of the major FX rates. Position tracking and management is really easy. It is great to see that one can monitor the progress of a trade by value and not just points. Account management is straightforward and removes the non-productive load from the trader.
The online charting tool allows for tracking in multiple time periods and provides access to the most popular technical trading studies.
I did not like not being able to set profit stops at trade entry time, and not being able to set stops by points rather than dollar value. Not being able to trade an instrument could be a major disadvantage for a technical trader. I prefer to be able to buy and sell against a pair (say USD/JPY) rather than enter the buy transaction in USD-JPY and sell in USD-JPY.
Tom Frutnik is an FX spot trader.
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The platform was designed by an award-winning user interface designer, and has been praised by many active traders at all levels for its intuitiveness.
The guaranteed stop loss in all market conditions and the 'freeze' rate functionality puts Easy-Forex in a competitive market position.
The 'freeze' rate function is unique to Easy-Forex. Before trade, acceptance rates can be frozen for up to three seconds. The 'freeze' rate function not only serves to reduce the spread, it also enable the trader to enter and exit technically superior trades as the market has ticket in their favor at the point that they accept.
Easy-Forex traders can fund and top up their trading account online with a credit card 24/7. This feature can protect a trader in a rapidly moving market.
Unlike other platforms, a trader can hedge his/her positions by being long and short in the same market at the same time.
It is free to register to the platform; there are no onerous red tape requirements. Registered users obtain full access to the platform including a live charting package, and daily and weekly market reports.
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