EzyFx Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this EzyFx Review.
EzyFx offers its clients as many as 6 account types, which can be divided into two groups: commission-free with fixed spreads and second group of accounts variable spreads, where commission fees apply. All accounts provide access to the renown MetaTrader 4 (MT4).
Keep in mind, however, that EAs, hedging and swap-free trading are not available on Basic & Classic accounts. Also, the broker has set some restrictions on scalping – EzyFx says it reserves the rights to cancel any profits that made within 2 minutes.
A fixed spread of 3 pips on EUR/USD is a high value, as most fixed-spread brokers offer 2 pips for this pair, and some, like easyMarkets, even less. Unfortunately, trading costs on the second group of accounts are also high – if we add the commission of $7 to 1 pips spread, overall costs amount to around 1.7 pips on EUR/USD per standard lot (roundtrip). Some brokers offer spread below 1 pips for this pair, and charge no commission fees – IG, for example. What is more, IG is a leading global broker regulated by reputable financial authorities, while EzyFx is registered offshore.
The Company. Security of Funds
A newly-launched forex broker that seems to target mainly Asian investors, EzyFx offers trading in forex and CFDs on the industry’s standard MetaTrader 4 platform. The company behind the brand, EZYFX Limited, is licensed by the Vanuatu Financial Services Commission as a Dealer in Securities.
Vanuatu is an offshore zone with the usual tax benefits for companies (no income tax, no capital gains tax nor inheritance tax). The minimum capital forex brokerages are required to hold is just $2000. As is the case with offshore zones, there aren’t any strict rules for licensed companies and little focus is placed on client protection.
That is why we advise traders to avoid offshore brokers as a general rule and to invest with a forex broker licensed in Cyprus or in Australia instead.
Like most brokers, EzyFx supports the popular MetaTrader 4 (MT4), offered as desktop, web and mobile versions.
This professional, fully-featured software provides traders with everything they need: ease of use, fast order execution, a variety of technical analysis indicators, advanced charting package, back-testing options and the ability to create and to use Expert Advisors (EA) for automatization of trades.
EzyFx also supports FX Junction – an online social and trading network that enables users to communicate, share trading strategies, follow and copy the trades of other members. It gives the ability to link Forex trading accounts from any broker utilizing the MetaTrader 4 platform.
Besides, EzyFx offers various promotions, such as 40% bonus on first deposit, 60% Bonus on each subsequent deposit and more.
Methods of Payment
EzyFx offers its clients the following payment methods: bank wire transfer, credit/debit card, and e-wallets Skrill, Neteller and Perfect Money.
EzyFx Review Conclusion
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