Easy-Forex™ Trading Platform is a foreign exchange dealing room, offering its services over the internet and by phone. The main part of its income is generated from the spreads (the difference between BUY and SELL).
Forex trading onboard this platform is an "off-exchange" (OTC) trading, and does not involve actual spot delivery of currencies.
Please note: it is recommended that you check with our GLOSSARY, which provides further explanations to many of the terms appearing below.
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Charge / comments
Deposit fee
None. Please note that, as for wire transfers, Easy-Forex™ does not charge fees, however - your bank may charge such fees.
Withdrawal (and profit-taking) fee
None.
Please note that, as for wire transfers, Easy-Forex™ does not charge fees, however - your bank may charge such fees.
Trader's account exchange rates
No spreads, Converting at mid-rate.
Tax deduction
US regulations require that a Back-Up Withholding Tax, at a rate of 28%, must be deducted at source, unless the trader files a W9 form (traders are strongly advised to sign and submit the W9 Easy-Forex™. Form is available under "Forms", see the link at the bottom of the page).
Options(*)
No commission. Premium only.
Renewal fee
Renewal fee varies between 0.015% and 0.030%, according to tailor-made terms and according to internet / phone trading. Zero on "Islamic" accounts.
Spreads
In general, Easy-Forex™ basic spread policy on major currency pairs is:
Mini accounts (min. deal USD2,500 / min. deposit $100): 7 pips.
Please note that spreads may vary, under certain market conditions and/or each trader's tailor-made account terms.
However, the actual spread is presented before the trader when he/she opens a deal.
Spreads on Forward(*) points
None. Based on mid-rate, no extra charge for interest spreads.
"Islamic accounts" - "Sharia Law"
Offering accounts with spreads only, no renewal fee. .
Bank charges on transactions
None. Not charging the trader per Easy-Forex™ bank costs. Please note that, as for wire transfers, Easy-Forex™ does not charge fees, however - your bank may charge such fees.
Freeze rate / accept or regret
At no charge. Trader may select the current rate and "freeze" it for a few seconds, before approving the deal.
Limit orders (auto-capturing of rates reserved by trader)
At no charge.
Accurate Stop-Loss and rates
At no charge. Rate implemented precisely as defined by trader. Note that Easy-Forex™ makes any and all efforts to execute the rates precisely, when it is able to doing so, unless market conditions prevent delivering the rate selected.
Security Deposit
In compliance with NFA regulations, Easy Forex requires clients to have funds on deposit in their accounts at all times in an amount equal to at least 1% of the face value of all open positions. This means that before you can open a new deal the following conditions must be met:
Your free balance + open deal margins (including the new deal) must be greater, or equal to, at least 1% of the face value of ALL open deals (including the new deal).
The 1% security deposit is only with respect to the British pound, the Swiss franc, the Canadian dollar, the Japanese yen, the Euro, the Australian dollar, the New Zealand dollar, the Swedish krona, the Norwegian krone, and the Danish krone. All other currencies require a 4% security deposit.
(*) Not offered in the US.
Please note that Forex trading (OTC Trading) involves substantial risk of loss,
and may not be suitable for everyone.
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