EasyMarkets Broker Review For Africa In 2024

🏛️ Based in	Limassol, Cyprus
⚖️ Regulation	CySEC, FSA
💰 Minimum Deposit	$5
💳 Deposit Options	VISA, MasterCard, Bank Wire, Skrill, Neteller, or Webmoney.
💳 Withdrawal Options	VISA, MasterCard, Bank Wire, Skrill, Neteller, or Webmoney.
📌Open an account	Start Trading with easyMarkets

Our Opinion About easyMarkets

easyMarkets has established itself as a noteworthy player in the forex trading landscape, offering services that cater to the unique needs of African traders. With a history spanning over two decades, easyMarkets brings a wealth of experience to the table, which is particularly valuable in the dynamic African forex markets.

For African traders, easyMarkets presents an attractive package combining competitive trading conditions, a user-friendly platform, and a range of educational resources. The broker’s low minimum deposit requirement of just $5 (equivalent to a small amount in most African currencies) makes it accessible to many African traders, including those new to the forex market.

One of the standout features of easyMarkets is its commitment to transparency. The broker offers fixed spreads and no slippage on its proprietary platform, which can be particularly beneficial for African traders who may be concerned about unexpected costs or price movements during volatile market conditions.

easyMarkets also provides a suite of risk management tools, including the unique dealCancellation feature, which allows traders to cancel a losing trade within a certain timeframe for a small fee. This can be especially useful for African traders who are still developing their trading strategies and want an extra layer of protection against market volatility.

Regulation in Africa

For African traders, it’s crucial to understand the regulatory framework under which easyMarkets operates. easyMarkets serves African clients through its subsidiary, EF Worldwide, which is regulated by the Financial Services Commission (FSC) of the British Virgin Islands.

While the FSC regulation provides a level of oversight, it’s important for African traders to understand that this regulatory body may not offer the same level of protection as more stringent regulators like the UK’s Financial Conduct Authority (FCA) or the Cyprus Securities and Exchange Commission (CySEC).

However, easyMarkets compensates for this by implementing robust internal policies for client fund protection across all its subsidiaries, including those serving African traders. These measures include:

1. Segregation of client funds from the company’s operational accounts
2. Negative balance protection, ensuring that traders cannot lose more than their account balance
3. Regular audits and financial reports to maintain transparency

While easyMarkets is not directly regulated by individual African countries’ financial authorities, the broker adheres to international standards of operation. African traders should conduct their due diligence and understand the implications of trading with a broker regulated by an offshore entity.

easyMarkets Forex Broker Review: Legit or Scam?

easyMarkets has established itself as a legitimate forex broker, evidenced by its two-decade-long presence in the industry, FSC regulation, transparent operations, and positive user feedback from African traders. The broker’s industry recognition, including awards like “Most Trusted Broker 2022,” and implementation of advanced security measures further bolster its credibility. However, while these factors suggest reliability, African traders are advised to conduct their own due diligence and start with a small deposit to personally evaluate the broker’s services before making substantial commitments.

easyMarkets Trading Instruments

easyMarkets offers a diverse range of trading instruments, catering to the varied interests of African traders:

1. Forex: Over 100 currency pairs, including major, minor, and exotic pairs. This extensive selection allows African traders to diversify their forex portfolios beyond just major currencies.
2. Cryptocurrencies: 6 major cryptocurrencies including Bitcoin, Ethereum, and Litecoin. This is particularly relevant for African traders, given the growing interest in cryptocurrencies across the continent.
3. Commodities: 12 commodity CFDs including gold, silver, oil, and agricultural products. These instruments can be especially interesting for African traders looking to hedge against currency fluctuations.
4. Indices: 15 global index CFDs, providing exposure to major markets worldwide.
5. Stocks: 50 CFDs on shares of major US, European, and Australian companies.
6. Precious Metals: 19 precious metal CFDs, offering opportunities beyond traditional gold and silver trading.

This wide array of instruments allows African traders to diversify their portfolios and take advantage of various market conditions. It’s particularly beneficial for those looking to expand beyond forex into other financial markets.

easyMarkets Account Types

easyMarkets offers three main account types, each catering to different levels of trading experience and capital. Here’s a breakdown of these accounts, with a focus on their relevance to African traders:

Standard Account

• Minimum Deposit: $25 (a relatively low amount in most African currencies)
• Spreads: From 1.8 pips (WebTrader) or 1.7 pips (MT4)
• Commissions: No commission
• Leverage: Up to 1:500
• Ideal for: Beginner African traders or those with limited capital

The Standard Account is an excellent starting point for many African traders. Its low minimum deposit makes it accessible, while the absence of commissions simplifies cost calculations. The high leverage can be attractive but should be used cautiously, especially by beginners.

Premium Account

• Minimum Deposit: $2,000
• Spreads: From 1.5 pips (WebTrader) or 1.2 pips (MT4)
• Commissions: No commission
• Leverage: Up to 1:500
• Ideal for: Intermediate African traders with more capital and experience

The Premium Account offers tighter spreads, which can be beneficial for African traders who engage in high-volume trading or scalping strategies. The higher minimum deposit reflects the more advanced nature of this account.

VIP Account

• Minimum Deposit: $10,000
• Spreads: From 0.8 pips (WebTrader) or 0.7 pips (MT4)
• Commissions: No commission
• Leverage: Up to 1:500
• Ideal for: Experienced African traders with significant capital

The VIP Account provides the tightest spreads, making it suitable for high-volume traders and those employing sophisticated strategies. While the high minimum deposit may be out of reach for many African traders, it can be an excellent option for professional traders or those managing substantial portfolios.

Each account type is available on both the proprietary easyMarkets WebTrader platform and the popular MetaTrader 4 (MT4) platform, giving African traders flexibility in their choice of trading interface.

Trading Tools

easyMarkets provides several unique trading tools that can be particularly beneficial for African traders:

1. dealCancellation: This innovative tool allows traders to cancel a losing trade within a specified timeframe for a small fee. For African traders who are still honing their strategies or trading in volatile market conditions, this can provide an extra layer of risk management.
2. Freeze Rate: This tool allows traders to freeze the price they see for a few seconds, giving them time to place a trade without worrying about sudden price movements. This can be especially useful during news releases or other high-volatility periods.
3. easyTrade: This feature allows traders to set a fixed amount they’re willing to risk on a trade, simplifying risk management. It’s particularly useful for African traders who are cautious about their exposure in each trade.
4. Technical Analysis Tools: easyMarkets provides a range of technical indicators and charting tools, allowing African traders to perform in-depth market analysis.
5. Economic Calendar: This tool keeps traders informed about upcoming economic events that could impact the markets, which is crucial for African traders dealing with international currency pairs.

These tools, combined with the educational resources provided by easyMarkets, can significantly enhance the trading experience for African traders at all levels of expertise.

easyMarkets Leverage, Spread and Commissions

easyMarkets offers competitive trading conditions that can be attractive to African traders:

Leverage: easyMarkets provides leverage up to 1:500 across all account types. While this high leverage can amplify profits, it also increases risk. African traders should use leverage cautiously and understand its implications.

Spreads: The spreads vary depending on the account type:

• Standard Account: From 1.8 pips (WebTrader) or 1.7 pips (MT4)
• Premium Account: From 1.5 pips (WebTrader) or 1.2 pips (MT4)
• VIP Account: From 0.8 pips (WebTrader) or 0.7 pips (MT4)

These spreads are competitive, especially for the Premium and VIP accounts, which can be beneficial for high-volume African traders.

Commissions: easyMarkets operates on a no-commission model across all account types. This can simplify cost calculations for African traders, as all trading costs are incorporated into the spread.

easyMarkets Trading Platforms

easyMarkets offers two main trading platforms, catering to different preferences of African traders:

easyMarkets WebTrader

This is easyMarkets’ proprietary web-based platform. Its features include:

• User-friendly interface suitable for beginners
• Access to all easyMarkets’ unique tools like dealCancellation and Freeze Rate
• No download required, accessible from any device with an internet connection
• Real-time charts and technical analysis tools

MetaTrader 4 (MT4)

MT4 is a popular third-party platform known for its advanced charting capabilities and automated trading features. Benefits include:

• Advanced charting tools and indicators
• Support for Expert Advisors (EAs) for automated trading
• Large community of users and resources
• Available as a desktop application, web platform, and mobile app

Both platforms are available to African traders across all account types, allowing them to choose based on their trading style and technical requirements.

easyMarkets Deposits and Withdrawals

easyMarkets offers a variety of deposit and withdrawal methods that cater to African traders:

easyMarkets Registration – How To Open A Trading Account

Opening an account with easyMarkets is a straightforward process for African traders:

1. Visit the easyMarkets website and click on “Open Account” or “Start Trading”.
2. Fill in the registration form with your personal details.
3. Choose your account type (Standard, Premium, or VIP).
4. Verify your identity by providing necessary documents (typically a government-issued ID and proof of address).
5. Fund your account using one of the available deposit methods.
6. Start trading.

The verification process is typically quick, but it may take longer in some cases depending on the clarity of the documents provided. African traders should ensure they have clear, up-to-date documents ready to expedite this process.

easyMarkets Bonuses and Promotions

easyMarkets occasionally offers bonuses and promotions that can be beneficial for African traders. However, these offers can vary over time and may not be available in all regions. Some types of promotions that have been offered in the past include:

It’s important for African traders to carefully read the terms and conditions of any bonus or promotion. Some may come with trading volume requirements or other conditions that need to be met before any profits can be withdrawn.

Educational Resources

• eBooks: Covering various trading topics from basics to advanced strategies
• Video Tutorials: Step-by-step guides on using the platform and understanding market dynamics
• Webinars: Live and recorded sessions with market experts
• Trading Courses: Structured learning paths for traders at different levels
• Economic Calendar: Keeps traders informed about important economic events
• Daily Market Analysis: Professional insights into market trends and potential trading opportunities
• Technical Analysis Tools: A wide range of indicators and charting tools available on both WebTrader and MT4 platforms

These resources can help African traders, from beginners to experts, enhance their trading knowledge and stay informed about market developments.

easyMarkets Customer Support

easyMarkets offers multi-lingual customer support, which can be beneficial for African traders:

• 24/5 Support: Available via live chat, email, and phone
• Multiple Languages: Support is offered in various languages, though availability may vary
• FAQ Section: Comprehensive answers to common questions
• Personal Account Managers: Available for VIP account holders

The availability of support in multiple languages can be particularly helpful for African traders who may prefer to communicate in languages other than English. However, African traders should check the specific language options available in their region.

Our Verdict

easyMarkets presents a solid option for African traders looking for a reliable forex and CFD broker. Its strengths lie in its user-friendly platforms, innovative tools like dealCancellation, and a wide range of educational resources. The low minimum deposit for the Standard account makes it accessible to many African traders.

However, African traders should be aware of the regulatory situation. While easyMarkets is regulated by the FSC, this may not provide the same level of protection as regulators in major financial centers. Additionally, while the high leverage of up to 1:500 can be attractive, it also comes with increased risk.

Overall, easyMarkets could be a good choice for African traders who value educational resources, innovative trading tools, and a user-friendly platform. As always, we recommend that traders start with a small deposit, make use of the educational resources, and thoroughly understand the risks involved in forex trading.

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