EasyTrade foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://member.etfxi.com/Account/IndividualRegistration, about the company's legal and temporary regulatory information, the company's address Level 6, 360 Collins Street Melbourne, VIC 3000, Australia.
EasyTrade Forex Broker
Basic Information
Australia
2-5 years Suspicious Regulatory License Suspicious Scope of Business High potential riskCompany profile
Rating Index
Raw account
Standard account
Easytrade Forex Broker - Comprehensive Information Guide
1. Broker Overview
Easytrade is a trading name used by Easy Trade Markets Ltd, which is purportedly based in Australia. However, it has been reported that the broker is not regulated by any reputable financial authority, raising significant concerns regarding its legitimacy and safety. Easytrade was established in 2018, primarily targeting retail forex traders and providing access to a range of financial markets, including currency pairs, commodities, indices, and cryptocurrencies.
The company claims to offer a high-tech trading platform that serves as a gateway to the worlds top financial markets. However, the absence of a regulatory license means that it operates without the oversight typically required for such financial services, which is a significant red flag for potential clients.
Despite its claims of advanced technology and market access, the development history of Easytrade is marred by numerous complaints from users regarding withdrawal issues and account management problems. These complaints have led to a growing reputation of the broker as a potentially fraudulent entity.
The business model of Easytrade appears to focus on retail forex trading, with various account types aimed at attracting different levels of investors. However, the lack of a transparent operational framework and regulatory compliance raises questions about its practices and overall reliability.
2. Regulatory and Compliance Information
Easytrade operates without any valid regulatory licenses, which is a major concern for potential clients. The broker has been flagged by various regulatory bodies, including the UK Financial Conduct Authority (FCA) and the Bulgarian Financial Supervision Commission (FSC), for operating without authorization. According to the FCA, Easytrade is providing financial services in the UK without proper authorization, which means clients will not have access to the Financial Ombudsman Service or be protected by the Financial Services Compensation Scheme (FSCS).
The broker does not have a regulatory number, as it has not been registered with any recognized financial authority. This lack of oversight means that there are no guarantees regarding the safety of client funds or the integrity of the trading environment.
Furthermore, Easytrade does not have a clear policy regarding the segregation of client funds, which is a standard practice among regulated brokers to ensure that client deposits are kept separate from the broker's operational funds. The absence of a robust Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance framework further exacerbates the risks associated with trading with this broker.
3. Trading Products and Services
Easytrade provides a limited range of trading products, primarily focusing on forex and CFDs. The broker offers access to various currency pairs, including major, minor, and exotic pairs. However, the total number of forex pairs available for trading is not specified, which may limit trading opportunities for clients.
In addition to forex, Easytrade offers CFD products across several categories, including:
- Indices: Traders can speculate on various global indices.
- Commodities: This includes precious metals like gold and silver, as well as energy products such as oil.
- Cryptocurrencies: Easytrade claims to provide access to popular cryptocurrencies, although details on specific coins are not readily available.
The frequency of product updates and the introduction of new trading instruments appear to be inconsistent, which could hinder traders looking for diverse trading opportunities.
While Easytrade primarily targets retail clients, there is no mention of services tailored for institutional clients, white-label solutions, or asset management services, which are typically offered by more established brokers. This lack of comprehensive service offerings may limit the broker's appeal to a broader audience.
4. Trading Platforms and Technology
Easytrade supports the widely recognized MetaTrader 4 (MT4) trading platform, which is favored for its user-friendly interface and robust trading features. The platform offers advanced charting tools, technical analysis capabilities, and automated trading options through Expert Advisors (EAs). However, there are reports that the platform lacks some functionalities typically expected from MT4, such as comprehensive automated trading features.
Additionally, Easytrade claims to provide a web-based trading platform, though specifics about its features and usability are not extensively documented. The broker also offers mobile trading applications for iOS and Android devices, allowing traders to manage their accounts and execute trades on the go.
The execution model employed by Easytrade is unclear, with no specific details provided regarding whether it operates on an ECN, STP, or Market Making basis. The lack of transparency in this area raises concerns about potential conflicts of interest and the overall trading experience.
The technical infrastructure supporting Easytrade, including server locations and connectivity, is not disclosed, which may affect the reliability and speed of trade execution.
5. Account Types and Trading Conditions
Easytrade offers two main types of trading accounts: standard and raw accounts. Both account types require a minimum deposit of $250, which is relatively high compared to many other brokers in the industry.
- Standard Account: This account type typically features spreads starting from 1.0 pips and does not charge commissions.
- Raw Account: This account offers tighter spreads starting from 0.0 pips, but incurs a commission of $50 per lot traded.
Unfortunately, Easytrade does not provide a demo account option, which is a significant drawback for novice traders who wish to practice before committing real funds. Additionally, there are no Islamic or swap-free account options available for traders who adhere to Shariah principles.
The leverage offered by Easytrade is up to 1:500, which can amplify potential profits but also significantly increases the risk of substantial losses. This high leverage ratio is a common feature among unregulated brokers, which may expose traders to higher risks without the safety nets typically provided by regulated entities.
6. Fund Management
Easytrade supports a variety of deposit methods, including bank transfers, credit cards, and electronic wallets. However, the specifics regarding the minimum deposit requirements for different account types are limited, with a general minimum of $250 mentioned.
- Deposit Processing Time: The time taken for deposits to reflect in trading accounts is not clearly stated, leading to potential uncertainties for traders.
- Deposit Fees: There is no information available regarding any fees associated with deposits, which can impact overall trading costs.
Withdrawal methods and limitations are also not well-defined. Users have reported difficulties in processing withdrawals, often citing that after submitting a withdrawal request, access to their trading accounts is blocked. This has raised significant concerns about the broker's reliability and integrity.
The withdrawal processing time is also unclear, contributing to the overall negative perception of Easytrade's fund management practices. There are indications that withdrawal fees may apply, but specific details are not provided, which could further complicate the withdrawal process for clients.
7. Customer Support and Educational Resources
Easytrade offers customer support through various channels, including phone and email. However, the absence of live chat support is a notable limitation, especially for traders seeking immediate assistance. The support team can be reached at +61 3 8373 4800 or via email at support@etfxi.com.
The service hours and coverage across different time zones are not explicitly stated, which may affect the accessibility of support for international clients. Additionally, the languages supported by the customer service team are not specified, potentially limiting communication for non-English speaking traders.
In terms of educational resources, Easytrade appears to offer limited materials for traders. There is no mention of webinars, tutorials, or eBooks that can aid in the development of trading skills. Market analysis services, such as daily analysis, news updates, and research reports, are also not prominently featured, which could disadvantage traders looking for insights and guidance.
8. Regional Coverage and Restrictions
Easytrade primarily serves markets in Australia and Europe, but it has been reported that the broker does not accept clients from the United States. This restriction is common among many offshore brokers that operate without regulatory oversight in the U.S.
The specific regional offices of Easytrade are not disclosed, and the lack of transparency regarding its operational locations raises concerns about its legitimacy. Furthermore, the broker's association with various scam operations has led to warnings from regulatory bodies, advising potential clients to exercise caution.
In conclusion, while Easytrade presents itself as a modern trading platform, the overwhelming evidence of its unregulated status, numerous customer complaints, and lack of transparency suggest that it poses significant risks to potential investors. It is crucial for traders to conduct thorough research and consider regulated alternatives before engaging in trading activities with Easytrade.
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Latest Reviews
郭华芳
Philippines
In my short trading experience with easy trade, the service delivery is A-star, they make trading a nice experience & I look up to more promising days ahead.
37130
2023-03-02
FX2140794094
Thailand
Do not trade forex by unknown person as mine. Easytrade or Leom is fake broker. You will lose your money at all. I was approached by unknown girl name Angela at whatsapp last December 2021. Actually She pretended to be businesswoman who interest to invest in Hotel and not talking about Forex trading for the initial of conversation. After 2 weeks past, she gradually informed me for Forex trading that she would like me to learn and try to trade with her. She boast her portfolio over us.d 10.- million and gain every day. 2 days later, she persuade me again to make a trial transfer to easytrade through Thai name for us.d 100.-, she committed to return me if I did not get it to my port. Then I made a tranfer to Thai name account which be got it by easytrade platform. After that, I had been recommended by Angela to trade and gain some profit every day. She also introduce me to made a trial withdrawal us.d 100.- to convince me that I could withdraw my money any time. Then I made a trial as her suggestion, i could withdraw my money too. After I trade and gain us.d 30,000.- , I can't withdraw my money.Now easytrade changed their name to Leom market and start to decieve, defraud again. Do not waste time to communicate with fake broker before you would lost your money as mine.
Exposure
2022-04-13
Charlie 1844
Colombia
We started with TradeTech and continued with Easy Trades and they asked for a deposit of $350 which was paid first $250 and then $100 one after the other on the same day within minutes of each other. Below is a letter from Easy Trades after making the deposits. They are saying that they did not get the $100 deposit and want me to redeposit another $100. It's all a SCAM!!
Exposure
2024-04-15