easyMarkets cryptocurrency trading – February 2020 review
Trade bitcoin CFDs directly from your easyMarkets trading account.
Details
| Cryptocurrencies Listed | BTC, ETH, XRP |
|---|---|
| Payment Methods | Credit card, Debit card, Electronic Funds Transfer, Neteller, SOFORT, Skrill, iDeal, WeChatPay, Giropay, China Union Pay & more |
| Supported Fiat Currencies | USD |
| Trading Platforms |
MetaTrader 4
easyMarkets platform |
| Minimum Deposit | 0.25 BTC, 1000 XRP, or 1 ETH |
| Leverage | XRP: 1:10, ETH: 1:10, BTC: 1:20 |
Pros
- Access to bitcoin through CFDs
- Wide range of deposit methods
- No commissions
- Fixed spreads for greater pricing transparency
- 24/5 customer support and handy online educational resources
- Ability to trade using MT4 and all its in-built trading tools
Cons
- BTC/USD pairing only
- Minimum deposit US$100 required to start trading
What is easyMarkets?
easyMarkets is an online brokerage firm that offers trading products and services to customers in more than 160 currencies. In addition to bitcoin CFDs, easyMarkets users can trade the following:
- 136 spot forex pairs
- 48 forex forwards
- 57 currencies crossed with metals
- CFDs on spot metals, indices, energy commodities and agricultural commodities
- 58 vanilla options forex pairs
easyMarkets also offers 24/5 customer service to its users and doesn’t charge any commissions or hidden fees.
Which cryptocurrencies can I trade?
At the time of writing (January 2018), you can only gain exposure to one cryptocurrency, bitcoin, through the easyMarkets trading platform. Launched in late 2017, the bitcoin CFD allows you to trade bitcoin against the US dollar.
Rather than actually owning bitcoin, the bitcoin CFD allows you to predict the price movement of the underlying asset.
Available countries
Headquartered in Limassol, Cyprus, easyMarkets offers its products to traders in more than 160 countries around the world, including Australia. It even has an office in York Street, Sydney.
However, there are some countries where the broker does not offer its services, including the USA, Israel and Syria.
Contact easyMarkets for a full list of supported countries.
Which payment methods are accepted?
You can deposit funds into your easyMarkets trading account using the following payment methods:
- Bank transfer
- Credit card
- Debit card
- Digital wallet (eg, Skrill or Neteller)
There is no commission charged on deposits.
How much will it cost me to use easyMarkets?
While easyMarkets does not charge any commissions on deposits or trades, you’ll need to be aware of the spread that applies to your CFD trades. This spread and other key CFD specifics are outlined in the table below:
| Instrument | Spreads from | 1 Contract | PIP value | Minimum contract | Maximum leverage |
|---|---|---|---|---|---|
| BTC/USD | US$90 | 1 bitcoin | US$0.01 | 0.25 bitcoin | 1:10 |
You should also be aware that on the easyMarkets web platform, deals that are still open attract a daily rolling fee at 10:00pm GMT. This is charged seven days a week. On the MetaTrader 4 (MT4) platform, a daily rolling fee on open deals is charged at midnight GMT. This is charged five days a week, but on Wednesday you are charged three times (to cover weekend costs).
How fast will my funds be available?
The time it takes for your currency to be available in your wallet varies by the payment method used, as outlined in the table below:
| Deposit method | Processing time |
|---|---|
| Mastercard | Instant |
| Visa | Instant |
| American Express | Instant |
| WeChat Pay | Instant |
| SoFortüberweisung | 2 hours |
| Giropay | 2 hours |
| iDeal | Instant |
| Maestro | Instant |
| JCB | Instant |
| China UnionPay | Instant |
| Skrill | 1 working day |
| Neteller | Instant |
| WebMoney | 1 working day |
| Local bank transfer | 3-5 working days |
| International bank transfer | 5-7 working days |
Are there any transfer limits?
You’ll need a minimum deposit of US$100 in order to start trading bitcoin CFDs. The initial deposit when establishing an account via credit card is limited to US$1,000.
There is no minimum limit for withdrawals to digital wallets and credit or debit cards. However, a minimum amount of US$50 is required for withdrawals to bank accounts.
Is easyMarkets legitimate?
easyMarkets is a well-established platform that’s been offering its brokerage services to traders since 2001. It’s licensed by the Cyprus Securities and Exchange Commission and is authorised to provide services in Australia by the Australian Securities and Investments Commission.
easyMarkets keeps all client monies separate from its own operating funds in segregated accounts. The company also says it maintains sufficient liquid capital to cover all client deposits, potential fluctuations in its own currency positions and outstanding expenses.
Customer support
If you ever need help with your account or a specific transaction, easyMarkets offers 24/5 customer support. You can contact the company via the following:
- Live chat
- Phone
It also offers an online Learn Centre that features how-to guides, webinars, training videos and FAQs to help you learn more about trading CFDs and forex.
Pros and cons
Pros
- Access to bitcoin through CFDs
- Wide range of deposit methods
- No commissions
- Fixed spreads for greater pricing transparency
- 24/5 customer support and handy online educational resources
- Ability to trade using MT4 and all its in-built trading tools
Cons
- Only offers access to bitcoin
- BTC/USD pairing only
- Minimum of US$100 required to start trading
Next steps
To get started trading bitcoin CFDs with easyMarkets, you can click the green “Go to site” link on this page and sign up for a trading account. It’s free to sign up by providing your name, country of residence and contact details, while you also have the option of opening a demo account to try out the platform’s features without risking any of your own funds.
