There are a number of account types that you can choose from at EasyMarkets. Here is more information on all of them.
The demo account with any broker is a great place to get started. Here you will have the freedom to trade with virtual currency which means no risk, but in an account which functions just like a live one. It is the perfect place to learn as a trader and there is no obligation to deposit any real money after trading.
The EasyMarkets demo account is unlimited so you never have to close it, and it is really easy to open. All you will need is a verifiable email address, and a password. Then you are all set.
EasyMarkets Standard Account
The EasyMarkets Standard account is a very popular choice for traders with the broker. This account type, as with others, can be opened with a minimum deposit as low as $25 and a spread on forex that always remains competitive. This spread starts from only 1pip.
When trading on this type of EasyMarkets Standard account, you will encounter no slippage thanks to the fast execution, and all trading on this account type is done through the convenient webtrader.
EasyMarkets MT4 Account
The EasyMarkets MT4 account is another very popular choice for traders with the broker. This is particularly true if you want to use the MT4 desktop platform as this is how trading is facilitated on this account, with webtrader unavailable.
Again with this type of account, the minimum deposit remains at a very competitive $25 only, so it is very easy to get started. Slippage can occur with this account type though it is rare. You should note that this also does not provide traders with a guaranteed stop loss. With that said, trading costs and spreads remain very competitive and it is a top account choice for many.
EasyMarkets VIP Account
An EasyMarkets VIP account offers many great benefits including a reduced spread on forex trading at the broker. The spread with this type of account starts at 0.9 pips with a free guaranteed stop loss available. The minimum deposit required here is also kept quite low and accessible. With this VIP account it is also possible for you to upgrade your account type directly from an MT4 account too whenever you wish.
EasyMarkets Islamic Account
You will be glad to note that an Islamic account is available for traders at EasyMarkets. These accounts do not charge any swap-fees and so, they are fully compliant with Shariah law. EasyMarkets also do not charge any additional fees on these accounts, though if you keep a position open for more than 14 days, they may apply an extra fee in place of the swap fee.
If you are interested in learning more about these account types, then you can always check out our article on the best swap free brokers for more information.
EasyMarkets Professional Account
The final EasyMarkets account type available is the professional account. This is available to UK and EU traders only, though in order to be eligible, you must meet two of the following requirements.
- Have completed an average of 10 transactions of significant size per quarter in the past year
- Own a financial instrument portfolio of over €500,000 in value (in your bank or trading account)
- Be in possession of relevant experience in the financial services sector
If you do meet these requirements then you will have access to a number of additional benefits including a leverage of as much as 400:1 on forex, no slippage, a free guaranteed stop loss, and access to your own personal analysts and account manager. On top of this, you will still retain negative balance protection.
Account Base Currency
There is a huge list of EasyMarkets base currencies available to choose from. A list of 18 are available in total. This includes the following more common base currencies of, EUR (Euro), GBP (British Pound), USD (US Dollar), AUD (Australian Dollar), CAD (Canadian Dollar), CHF (Swiss Franc), SGD (Singapore Dollar), JPY (Japanese Yen), and ZAR (South African Rand). Also included are a range of less common base currencies like MXN (Mexican Peso), TRY (Turkish Lira), CZK (Czech Koruna), NZD (New Zealand Dollar), CNY (Chinese Yuan), HKD (Hong Kong Dollar), NOK (Norwegian Krone), SEK (Swedish Krona), and the PLN (Polish Zloty).
Overall it is a huge range of choice which can greatly help you avoid any conversion fees that can happen when your base currency does not match that of your deposit or withdrawal method currency.
Focusing on the deposit aspect of EasyMarkets we will look at the minimum deposit required, and the range of deposit methods available as well as any fees you may encounter along the way.
EasyMarkets Minimum deposit
The EasyMarkets minimum deposit for every account is $25. This also includes the VIP accounts which can ensure you more benefits than the Standard and MT4 account types.
With EasyMarkets, one of the key strengths you will find is the huge selection of deposit methods that are facilitated by the broker. Some of these may not be available in certain areas of the world but the entire selection includes the following.
Wire transfer is available, as is deposit by credit/debit card through Visa, MasterCard, Maestro, JCB, AMEX, and AstroPay. You can use online banking through Sofort, Giropay, iDeal, Malay local bank transfer, Webmoney, and BPay. eWallet deposit methods are also catered for through Neteller, Skrill, and Fasapay.
If you are in China, both Webmoney and WeChat Pay can be used to fund your account. Typically, the funding process takes about 24 hours for most methods though it could vary depending on your choice.
EasyMarket deposits are typically free of any fees. The only exceptions here are if you deposit a currency that is not supported as a base currency, then you will have to pay a conversion fee. Similarly if you use a wire transfer, your bank may charge a fee.
Here is the lowdown when it comes to EasyMarkets withdrawal methods and what is available.
When it comes to the broker withdrawal methods available, these are typically the same as all of the deposit methods we just mentioned. So wire transfers, credit/debit cards, a huge range of online payments and eWallets are available to withdraw funds. Withdrawals from EasyMarkets typically take around 2 business days.
Generally, EasyMarkets withdrawals are all fee-free.
Spreads & Commissions
EasyMarkets is one of the few major brokers who offer fixed spreads to traders. This is great if you want to get a picture of exactly how much your trades will cost. The fixed spread on a standard account starts from 1 pip, or form 0.9 pips if you are trading on an MT4 account. This can be greatly lowered if you apply for a VIP account.
Here is a look at some example spreads from the most traded assets with the broker.
- EUR/USD – 1pip
- SPX500 – 0.5 pips
- Gold – 75 pips
- BTC/USD – 35$
Another great feature offered by EasyMarkets is the ability to freeze the rate. This can freeze the price of an asset at a certain point which can allow you to open a position at a great price. For example, in a volatile market, if the price suddenly drops, you can use this feature to freeze the price low to allow you to buy in before it recovers.
Here are a couple of other fees which you may encounter when trading at EasyMarkets.
An overnight fee is common among all brokers in the industry and is charged on virtually every asset at EasyMarkets since they are a CFDs provider. This is the fee incurred for holding a position overnight which is charged at the closing time of the market. Since the fee depends on the asset at the market at that time, you can check your trading platform to confirm the fee for that particular time.
EasyMarkets do not charge any inactivity fee. This is a nice bonus since the fee is charged by many brokers in the industry.