When choosing a Forex broker or platform, there are many different considerations to think about, and a lot of questions to ask each of them. Those raised in this chapter are presented as a guide you should use in your search for the right broker or platform for you. Please note that some of the answers below refer to the terms offered by the Easy-Forex Trading Platform.
- Personal forex account management
- Live training and one-on-one help
- Guaranteed Rates and Stop-Loss
- Margin trading with as little as US$25
- Freeze the currency rate you see
- No hidden costs
- Trading Security and Safety
- Full Transparency
There is a lot more to learn here for the complete forex trading eBook download it for free
Personal forex account management
Is anybody there? Are there real people behind the phone (or the e-mail box)? Do I have a one-on-one relationship with an individual who knows my account and is able to provide continuity of service online?
Expert team members are available to you at all times, anytime. Moreover, you have your own Account Service Manager working closely with you, while dealing room services are offered to you by expert Forex dealers. You may speak with us by phone, by e-mail, or over the advanced online CHAT system that we operate. Depending on your location, you can also visit one of our regional office to meet in person. Yes, its internet, but we are real, and we take it personally.
Live forex training and 1-on-1 help
Do they offer professional assistance and tools?
easyMarkets offers background information for the Forex market, a Guided-Tour, seminars, one-on-one training, CHAT, telephone support, as well as other assistance tools, including technical support. You are never left alone to trade without help, whenever you want it. Moreover, your personal Account Service Manager will guide you live on your first trading steps, to help you get acquainted with the Easy-Forex system, and will answer all of your technical questions.
Guaranteed Rates and Stop-Loss
Is it around or near the rate I set, or exactly on it?
easyMarkets guarantees your exact Stop-Loss rate by using the latest technologies. We are committed to the principle that you will never lose more than the margin risked by the Stop-Loss rate you choose.
The same principle holds true for any Take-Profit rate you set: your deal will close automatically on the exact Take-Profit rate you define.
Needless to say, you can change both Stop-Loss and Take-Profit rates at any time while a deal remains open.
Margin trading with as little as US$25
What is the lowest amount I can risk?
The Easy-Forex system enables you to trade with very small amounts if you wish: you can start using Easy-Forex with as little as $25. No bank (that we know of) offers such an opportunity. Starting to trade with such small amounts is the best way to get acquainted with the Forex marketplace. Demo accounts are useful to understand how the system functions but remember, you are unlikely to trade in the same way you would with your own real money, thus minimizing the value of such accounts as a learning tool. By trading, instead, with very small amounts of your money, you familiarize yourself with the system, and are free to increase your level and scope of activity at your own pace as your confidence and experience grow.
Freeze the currency rate you see
When I select a rate for a deal, can I “FREEZE” it for a few seconds before I make my final decision?
Unlike any other trading platform today, easyMarkets offers you the ability to freeze an exchange rate for a few seconds, regardless of rate movements. This means that the rate you see and freeze is the rate you get if you proceed with the deal. During a freeze, the Forex market could change, but you are guaranteed the rate you have frozen.
No hidden trade costs
Are all costs readily apparent? Am I charged commissions on trading? Am I charged commissions on withdrawals?
With easyMarkets, you pay no commissions for the deals you make. We act as a market maker, and makes our earnings from the spreads that are embedded in the currency rates. In the “Day-Trading” zone you may roll over your positions to the next day for a renewal fee. There are no charges for withdrawals or deposits. Moreover, Easy-Forex does not levy its side of bank costs onto the trader. easyMarkets performs withdrawal transactions at mid-rate value: when you want to take profits from a deal involving a currency other than your operating currency, easyMarkets converts at an average of the current high and low rates. Some platforms charge the high rate to generate an additional revenue stream.
Trading Security and Safety
What kind of safety and security measures are taken to protect my transactions?
easyMarkets treats the issues of data security, privacy, integrity and backup with the utmost attention and care. These criteria are achieved by:
- Ensuring authorized access only. easyMarkets uses two layers of top class
firewall: one at the server level and one at the application level;
- Using an advanced SSL by VeriSign for user authentication and data transfer;
- Separating the application servers (the servers that handle our clients’
online activity) from transactional information which is stored on a different
- Locating two different farm servers separately for data recovery,
integrity and replication. Data has to be synchronized in both locations, thus
cannot be tampered with. All the information on the servers is encrypted when
- The physical security of each server farm is very high. Armed guards are
on location 24 hours a day, and access to the premises is strictly forbidden
except for authorized personnel.
easyMarkets ensures that whatever happens: failure, disaster, etc., your transactions are intact, secure, and backed up.
May I generate detailed reports with the click of a button, as well as track all transactions performed in my Forex account, whenever I wish?
Yes. You may check the value of your position at any time, as well as see historical data (transactions and deals) with the click of a button. Moreover, you may generate “scenarios” (“what-if?”) with possible rates at your position, in order to see if you are in a gain or loss.