As the Kenya Forex Firm always does, I am delighted to be bringing you information about forex trading that you won’t find anywhere else on the internet.
Today, I will be reviewing one of the forex brokerage firms that is spending a fortune in Adwords advertising and in paying forex affiliates to get their word out there.
If you have not been living under a rock for the past few months, you might have heard of Easy Forex. What you might not have heard is whether all the hype about the brokerage firm is for real or there are skeletons hiding deep in the closet waiting to swallow you and your credit card in one single swoop.
So, in this review of Easy Forex brokers, I will be giving you the inner details about the forex broker who follows you everywhere like a shadow.
Who/What is Easy Forex
Easy Forex is a forex brokerage firm that is based in Cyprus, Greece (honestly, stop looking for a forex broker in Kenya. We do not have them in Kenya. The Central Bank of Kenya even considers it illegal to trade forex in Kenya!)
Easy-Forex has been in operation for the past 11 years, having started operations in 2003.
In my opinion (after thorough research and reading reviews from other forex traders) Easy-Forex is a well-rounded forex brokerage firm that is well suited for beginner traders.
The trading platforms supported by Easy Forex include Desktop MT4 trading, Mobile Platform Trading and Web Interface. If you are in Kenya, and you own a strong Android Phone, iPhone or tablet, there is not reason why you should not invest in forex trading now.
Minimum Operating Balance
One of the excuses that I get from my Kenyan friends is that they cannot afford the capital to start trading forex. Of course, many of them do not take the opportunity to research and find brokers who do not require substantial deposits to operate an account.
While many brokers require a minimum operating balance of $200, Easy-Forex has a minimum deposit requirement of a mere $25 (about 2500/= Kenya shillings). Now, tell me what is that if it is not cheap.
On top of that, Easy Forex offers 20% bonus on all deposits that you make up to $2000. I have heard that forex brokers who offer bonuses are scammers but I have been operating with such a broker and I am yet to have any issues trading or withdrawing my profits.
To get your 20% bonus deposit, click on this link when you are opening your account.
How to Fund Your Account
With Easy Forex, you can use your Visa or MasterCard Branded ATM Card (from whichever bank) to deposit the money into your account. Alternatively, if you already use online payment gateways, you can deposit funds via Web Money, Skrill or Neteller.
Note that the mode of funding you use will be the same mode through which you will receive payments. I therefore recommend that you use your ATM card or Skrill to fund your account.
Leverage is what makes forex trading so lucrative yet so risky. With leverage, you can control trades worth thousands of dollars with minimal deposits in your account.
Easy Forex offers a maximum leverage of 1:400. That means if you deposit the minimum $25, you can control trades worth $10,000 (24 multiplied by 400). Your profits will be likewise magnified. So will be your losses.
Caution: If you are new to forex trading, I do not advise you to use such a high leverage. Start with a leverage of 1:10 or no leverage at all. This way, there is very little chance that your account will be wiped clean by a trade gone sour.
It is also important that you learn the basics of risk management and risk/reward ratio before you start using high leverage on your account.
Easy Forex Demo Account
A demo forex account is invaluable in your entire career as a forex trader. Unlike what many traders assume, demo accounts are not limited to newbies.
Whenever I learn of a new forex trading strategy or I want to test the viability of a new technical indicator, I use my demo account to simulate the real trade.
Easy Forex offers a demo account loaded with virtual (fake money) which you can use to practice and learn forex trading.
The only shortcomings with the Easy Forex demo account is that it is limited to 30 days only. There is however a cool way to lengthen the life of your demo account.
Open a demo account here.