EasyMarkets is considered to be among the top 10 forex brokers in South Africa. We will review this broker for our readers. Our review will focus on the broker’s history, reputation, regulation, leverage rates, deposit/trading limits, and customer support.
EasyMarkets South Africa – History
EasyMarkets is one of the oldest running brokers in South Africa. The broker was established in 2001. It started with the name “Easy-Forex” and changed it to EasyMarkets later.
Let’s review EasyMarkets South Africa. Our review will help our readers understand this broker.
Regulation
Regulation is the most critical parameter about a broker. There are tons of brokers offering their services in the market. There is no reason whatsoever to trade with an unregulated broker.
A regulated broker is safe to trade with. The authorities keep your funds safe. You can ask for a refund in case you’re being frauded. You can also ask for your fund’s restoration if the broker goes bankrupt.
CySEC and ASIC regulate EasyMarkets South Africa. Both of these authorities are very reputable. Hence, we can confidently say that EasyMarkets is safe to trade with for our traders.
No Local Regulation
FSCA does not regulate the broker. FSCA is the South African government’s department to control and monitor financial companies. FSCA is a local authority. Hence traders are more comfortable dealing with them. FSCA is based in South Africa, and you can visit their office or give them a call to file a complaint against EasyMarkets.
CySEC, however, is a better regulation authority. Their regulatory parameters are strict. FSCA is known to give leeway to some popular brokers. Although, such is not the case with CySEC and ASIC.
Locally based
EasyMarkets is based in South Africa, Johannesburg. If you want to go to court against a broker, local courts are familiar to deal with. You are not a stranger to the justice process.
Minimum Deposit
The minimum amount of money that a trader can deposit with EasyMarkets is 25 USD. It is an average deposit amount. Most premium brokers need around 100 USD. The sub-standard or beginner targeted brokers usually require less than 10 USD.
Minimum Trading limit
The minimum trading limit with EasyMarkets is 20 USD. Traders can’t open or close trades less than 20 USD. Considering the moderate minimum deposit limit, EasyMarkets’ trading limit makes sense.
Leverage
The leverage rates with EasyMarkets are capped at 1:400. These rates are moderate. Higher leverage rates are attractive for new traders who don’t intend to invest more than 5 USD. However, with a 20 USD trading limit, 1:400 is a reasonable leverage rate.
Spreads
EasyMarkets’ spread rates are average according to the market standards. The lowest spread rate is 0.9 pips for EUR/USD.
Platform
EasyMarkets operate on the MT4 trading platform. MT4 is an industry-standard platform. It is widely used for its secure user connection service and robust features. MT5 is a successor to MT4. However, most brokers have not transitioned to MT5 yet.
Customer support
EasyMarkets has an average support system. The support agents are helpful. Although, it is a 24/5 support.
Conclusion
EasyMarkets South Africa is a standard broker. It is a good option for all kinds of traders. The broker has reasonable customer satisfaction rates, and we didn’t encounter any problems while trading with EasyMarkets.
