easyMarkets CFD Trading Platform

easyMarkets operates as a contract for difference (CFD) trading platform, offering a range of trading products including forex, commodities, precious metals, and cryptocurrencies. CFDs enable traders to speculate on assets without owning the underlying asset, providing the flexibility to apply leverage and take short positions, which is a unique advantage in the cryptocurrency trading landscape.

Cryptocurrency Products

easyMarkets offers a limited selection of three cryptocurrency products: Bitcoin, Ethereum, and Ripple. While this is fewer than what some competitors provide, these cryptocurrencies are among the largest by market capitalization. The products are priced against the USD and allow traders to apply leverage at a ratio of 1:2, which is lower than the leverage offered by many competitors.

However, one drawback is that the cryptocurrency products are not available for trading 24/7 like some other platforms. Trading hours for these products are from 11 pm on Sunday to 9 pm on Friday GMT. Although the spreads are narrower compared to other platforms, there are specific fees associated with holding positions overnight.

Overnight Fees and Account Tiers

For positions held overnight, traders are subject to financing fees. These fees are charged at 10 pm daily on the web platform and at midnight on MetaTrader, five days a week. Notably, on Friday nights, the overnight fees for cryptocurrencies are tripled, which can be a disadvantage for those intending to hold long-term positions.

easyMarkets offers four types of accounts, each with varying fees. Lower-tier accounts often incur higher fees, making it essential to carefully choose the account type that aligns with your trading preferences. However, finding specific fee information on the website can be challenging.