Easy-Forex – Scam or Not?
Easy-Forex is one of the larger Forex broker and its vision is to make FX trading as simple as possible for slightly intermediates and intermediate traders.
There’s a pretty famous dispute between an unsatisfied trader and Easy-Forex. The trader created a website to make others aware of ” Easy-Forex scam”. This can happen to every broker because every broker has traders that think the broker scams and if one of them wants to create a website there’s nothing you can do. Well, Easy-Forex thought there’s something they could do. A user at Forexpeacearmy (FPA) was linking to this website and Easy-Forex wanted them to take down the link. The made FPA responsible for this and threatened to sue them. This is a pretty stupid step by Easy-Forex and it doesn’t make them look good in this spot.
But let’s stick with the facts. Easy-Forex is regulated by IFSC which is a pretty good sign and not the case with Plus500 for example. Forexrealm doesn’t categorize Easy-Forex as scam but the experiences are pretty mixed (which is the case with every single broker).
Some traders have not been happy with the Easy-Forex trading platform and losts were refunded and the initial deposit went back to the origins. This is pretty good and makes Easy-Forex look reliable. You can’t find this service with every other broker out there. There were also cases where a stop loss did not work and the broker made a refund. But it is a bit strange that spreads vary a lot. Other brokers are more constant when it comes to spreads.
Some traders don’t like the Easy-Forex support. These are some negative experiences but it’s not close to scam. Overall you can say that there are no reasons to call Easy-Forex a scam. Although there are some traders that don’t recommend Easy-Forex but that’s the case with ever single FX broker. If you pay too much attention to individual traders that call a broker a scam you can’t trade Forex anywhere. You have to go with the majority and it says that this broker is not a scam.
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If i continue to trade with Easymarkets i will find myself starving and bankrupt. These people EF Worldwide Just won’t stop debiting my bank acc daily even when i am not trading. They claim i am opening illegal positions.
I registered with vix500 it started well first few withdrawals came through with no delays so I deposited more money. I haven’t heard from them in a while now, I have a lot in this account. At this point i’ve hired a refund professional to recover my money. (a friend of mine used this method to get her money back)
Average broker with average trading conditions and offshore registration. A lot of bonuses mean that it’s a market maker, which have a conflict of interest with you. So I advise you to choose true ECN brokers and use all benefits of trading at real market. If you don’t know how to choose the best broker for you, add me to skype – vovkfx, I am ready to share my experience.
optionbot.net this is a scam. So don’t even try to open it. I’ve tried for 2 months now to withdraw my money and they keep postponing me and lying to my face. My broker George lyed about the conditions they had. He was just screaming at me to deposit more and more and more, threatening me, and when I stopped depositing he wouldn’t call me anymore. Now I’m broke. I don’t want to hear about them ever!!!!
I like the dealCancellation it is easyyou just click on the green tick to turn it on. Price depends on what trade you making like high volatile ones or popular ones is more expensive but still a lot cheaper than losing all your money. You got 60 minutes to use it but you pay anyway so you might as well use it once you activate. I use it for a lot of my trades now because it is cheap and saves me a lot- its a kind of an insurancealso you can add with stoploss if you still worried.
Is easyMarkets making false claims of being regulated?
easy-forex is in the process of rebranding as easyMarkets in the hope it will attract clients to the fading brand. However, in their marketing literature they appear to be misleading their clients on a number of important areas. easyMarkets claims they are a ‘CySEC and ASIC regulated brokerage’. The claim of regulation is obviously intended to alleviate the fear that clients and potential clients may have of entrusting their money to the company. This is, therefore, a powerful claim to make and may influence thousands of clients to feel they are safe to deposit their money with easyMarkets or easy-forex. Therefore, it is important to explore the accuracy of this claim.
To establish the truth behind the claims, we have to examine the structure of the group of companies. ‘easyMarkets’ and ‘easy-forex’ are not themselves the names of companies but are purely trading names. The group of companies are connected yet sufficiently separated to provide a number of advantages over its clients. The parent company is ‘Blue Capital Markets Ltd’. This company is registered in Cyprus and provides the services for the other companies in the group, such as sales and back office staff. Easy Forex Trading Ltd is the company that contracts with all the clients from entities (countries) regulated by the Cyprus Securities and Exchange Commission (CySEC) and is registered in Cyprus. Easy Forex Pty is the company that contracts with all clients that are regulated by the Australian Securities Investments Commission (ASIC) and is registered in Australia. However, there is another company that contracts with all the remaining clients, the vast majority of clients. The name of this company is EF Worldwide Ltd. This company is registered in the offshore tax haven of the Marshall Islands and, as a result, is not covered by any regulator.
The CySEC regulated company Easy Forex Trading Ltd exclusively handles clients from European countries. That means that no clients who are resident in countries outside Europe have the protection of CySEC regulation if they trade with easyMarkets or easy-forex. The ASIC regulated company Easy Forex Pty exclusively handles clients from Australia. That means that no clients who are resident outside Australia have the protection of ASIC regulation if they trade with easyMarkets or easy-forex. Therefore, all clients who are resident outside Europe and Australia have no protection from any form of regulation. This applies to the vast majority of the clients of easyMarkets and easy-forex who happen to be from China and the Middle East. If you are trading with easyMarkets or easy-forex and you live in China or the Middle East, you are trading without any form of regulatory protection.
easyMarkets and easy-forex operate separate websites for separate regions, each of which contains subtle differences. Clients in Europe will see a different website than clients in China and the Middle East. When a client registers an account on the Chinese and Arabic websites, they agree the terms and conditions of a contract with the unregulated company registered in the Marshall Islands, EF Worldwide Ltd, and not the CySEC regulated company Easy Forex Trading Ltd. This system has been constructed specifically to minimise the potential issues generated by regulation and is contrary to the interests of its clients in China and the Middle East. This information is contained within the contract, which is called the ‘Client Agreement’, on the website. However, many clients will not read the detail of the contract and will have otherwise read articles that they have been exposed to that make claims like ‘CySEC and ASIC regulated brokerage easyMarkets …launched a new feature on its trading platform…to better help manage risk.’ Clients will believe that they are protected by CySEC when they are not. They are deliberately being mislead.
The potential implications of this system are severe. The regulators provide safeguards for the protection of clients’ money and ensures the company’s operating practices are fair, which are not obligations without regulation. That means, for example, the company does not have to hold client’s funds separately to its other capital and they could, in theory, use the money to fund other aspects of the company, such as staff and other operating costs, a practice that is strictly forbidden for CySEC regulated clients. If the company were to be declared bankrupt, clients from China and the Middle East could lose their money. Additionally, if a client were to feel they were cheated in some way, there is no regulator to ensure a complaint is dealt with properly. It is purely a matter for the company what action, if any, they take to resolve any complaint from a Chinese or Middle Eastern Client.
easyMarkets and easy-forex are operating a façade where they create the illusion of one single brand but, in reality, clients are treated very differently depending on the country in which they live. It would appear that they want everyone to believe they are protected by regulators who are watching over their conduct in order that clients feel confident to deposit their money. However, their claims are inaccurate. An accurate statement should, instead, read ‘Brokerage easyMarkets, registered by CySEC in Europe and ASIC in Australia but not regulated outside these areas …launched a new feature on its trading platform.’
easyMarkets and easy-forex may claim that they will follow the practices of the regulator for all clients. However, if you are a client from China or the Middle East, would you really feel confident depositing your money knowing that it is not protected.
They are the only ones with the insurance tool dealCancellation and this has been really great for my trading. Even if you pay 50 to use it you will save hundreds by being able to cancel a losing trade. I think they are a more established broker so safer option.
Signed up in easyMarkets to try the new cancel deal tool and recommend it. It is quite expensive but saved me over 500$$$ on my trade so worth it.
What do you mean by that cancel deal tool is expensive?
It seems to good to be true to cancel a deal that has against you within an hour? A trade is a trade you cant back in time and say oh I wish i had not done that so lets not.
fix spreads, nicepeople and long time in businesbad points takes time to check my docand no welcome bonusdepend what you want but I give 4 stars
i have been trading with EASY-FOREX since 2012 but have had no issues with them until recently my recent encounter which was due to my own fault. if one could rate them a million times, then i would done so without blinking…
SCAM ALERT, Easy Forex Debited my account with 1475 USD giving me a reason that I have been involved in unauthorized trading activity. as long as I have not requested for a withdrawal I was a very good trader and my account manager Nicolas contact me normally. Now Nicolas cannot answer my question. I would suggest everyone who trading with easy forex check easy forex withdrawal system. SCAM WARNING NOTE EASY FOREX AND EASY MARKETS ARE ONE COMPANY USING TWO NAMES.
i have open a no deposit $25 bonus account with easy forex and made profit only $40 in 9 trade they block my account and saying you abuse bonus
I had a lot of respect for these guys, but they don’t teach beginners like they say,I learned as I went along.I have just yesterday been refunded AND TERMINATED.This is typical of companies who are always ‘right’.If you stick to your guns they do this, saying ‘the relationship isn’t very good.Recently I had a loss of $375 they said I had made a 1p1p trade, prior to this my trading history was a maximum of only a single trade of 0.005, showing this was an aberration.They insisted I had made the trade, if so, it could only have occurred because of my not having been able to place a new order, for about 45 mins.I then right clicked to open up a trade which was either pending or had transitioned to being opened to active.I tried to close it, but somehow it must have not closed.Subsequently,about 6pm I came back to check my many trades as I knew I needed to close some if losses were blowing out because of markets volatility,I notice3d a huge account balance discrepancy, then checked emails from easyforex found some issues and contacted Cyprus.They said it automatically closes to do with 30% equity or something similar.I said there is still over $400 in the account, and what he said didn’t make sense,as, I had many more trades in losing territory and later, I applied stop losses on most trades of more than a hundred digits, as 100 is minimum allowed, when the Boston bombs went off all of those positions closed because of about 3 Yen points creating a vertical slide of markets.Anyway, they said maybe I had done this $375 losing trade when connection was off, you can’t because connection has to be on to make any trades.If I had not been terminated, I would think they are good brokers in the main.I notice other customers of other brokers have complained of getting hit with the 1 full lot issue too, now, I compare, and am wondering more as to whether my trade was manipulated.I gradually got my balance up to A$849.50 from $250.I have noticed with comments on forex forums that you start to see the house wins against you when you start making money.Coincidence? I’ll let readers be the judge.I assure you, I never knowingly made a big trade like this!!!
Maybe you know one sole broker who’s name is Andy Shearman. He is famous with his 20 years practice as a Wallstreet broker. Many times he has send invitation emails about his Forex Money Map system /FXMM/, which predicts currency market’s movements. Finally I decided to buy his product FXMM, because he sells it at annual discount price of USD 500. I received the product, but I couldn’t run it, because the pop up window asked for a password, which I never received. I have sent an email to his support office / in fact it was not his support, using by him as outsource /. The file, which they sent me, directed me to a link in which I was obliged to pay USD 199 for monthly subscription.I was very surprised, because I have already paid for annual subscription at the discount price of USD 500. Many times I emailed to Andy Shearman and his brokerage company asking him for refund, but the answer was “you have received the password and you can log on”, which was absolutely fake. My advise to FOREX traders is to stay away from such scamers like Andy Shearman.
Easy Forex is good but recently I traded using Forex Control web platform and it allows you to start trading with as low as USD 500. They provide complete guidance and training to new comers and for experienced traders they open up the opportunities to earn more profits. Forex Control provides best charts and analysis for all NSE, BSE , indices in Nifty and FX. They charge no commissions and provide 24/7 online support. Their registration process is simple and quick… Register, deposit the amount and start trading at http://www.forexcontrol.com.