It’s hard to deny the appeal of working with a binary options broker that will soon be celebrating one full decade in business. Given both the strength of the competition and the growing demands/expectations of traders at all levels, it is actually quite difficult these days for newcomers to the brokerage market to remain in business for even one year. Given the fact that EZTrader made its first appearance in 2008 and is still going strong, you can’t help but think they must be doing something right.
Still, any experienced trader will tell you that all the pedigree and exposure in the world does not necessarily mean there’s anything to write home about, when you get down to business. In the case of EZTrader, this longstanding broker is the property of WGM Services Ltd. and has a bunch of sister-sites all over the web. They aren’t currently CySEC licensed, but have indicated that they are in the process of obtaining licensing, so this is something we can look past for the time being. But as far as the rest of the package goes, what exactly is it about EZTrader that keeps traders coming back for more?
Platform and Payouts
Well, the most immediately noticeable thing about the EZTrader platform is the way in which it represents a slight deviation from the norm. Not to such an extent that it’s spectacularly unique or unfamiliar, but they’ve nonetheless clearly made the effort to deliver something distinguishable from rival platforms. In terms of whether or not this is a good thing is purely a matter of personal opinion. We really enjoyed working with EZTrader, but for those who prefer the standard SpotOption setup, it might take a little getting used to. As for the trading types available, Sell Options, Long-Dated, standard Up/Down trades and 60-second options represent the four trading types on offer. Interestingly, it wasn’t until relatively recently that hugely popular 60-second trades were made available by EZTrader – one key customer complaints that has now been fully addressed.
As unfamiliar as it might be at first, the single-window platform used by EZTrader is actually highly intuitive and becomes second nature to work with in no time. It features live-streaming data from Reuters, daily and weekly market reviews freely available for all traders and there’s also a pretty outstanding blog, managed directly by the EZTrader team.
One of the most appealing things about the advertised package is the potential for taking home a pretty astonishing 95% maximum payout. Impressive indeed, but to be perfectly honest you are far more likely to achieve returns in the region of 75% to 85% as a realistic maximum. Still more than adequate and in line with industry averages, but we’re not entirely sure it’s a good thing to push payouts as high as 95% which are extremely rare to say the least. Still, this is another slight oversight we can overlook, given the way in which EZTrader also offers its customers a refund deal, which in the case of out of the money trades means receiving back between 0% and 15% of the amount you traded – determined in accordance with the specifics of the trade itself.
Accounts and Bonus Offers
Always a point of contention among traders, EZTrader differs itself from most brokers by offering just a single account type with a minimum deposit of $300. Critics often argue that this means very little scope, flexibility and provision of perks for those looking to deposit and trade with much higher sums of cash. However, advocates of this model – including ourselves – believe that this is a great way of ensuring that all traders at all levels are treated exactly the same and provided the same high level of customer service. It’s all a matter of personal opinion – we’ll leave it up to you to decide.
At the time of our review, EZTrader wasn’t pulling any punches when it came to the bonus offers available exclusively for new customers. We understand that these offers are changing all the time, but when we gave them our own inspection there was a 40% bonus offer available for deposits of at least $500, 50% for anyone depositing more than $1,000 and 60% for deposits of $6,000 and up. In all instances however, the fact that a minimum 40X trading volume turnover applies before being able to access the funds themselves or any profits earned renders this particular bonus offer largely null and void.
But at the same time, it’s not as if binary options brokers in general are in the habit of giving away money free of charge!
While it’s true to say that the EZTrader platform as a whole may not be the most sophisticated on the market, there are a couple of solid features that make it stand out. For example, anyone painfully aware of the fact that they are heading for disaster with any given trade may use the “SellOption” feature. This basically means the option of selling the contract back to EZTrader for a small return – anything being better than losing everything. In addition, there is a useful signal generator called Ultimate4Trading, which allows customers to link their accounts with signal providers for the purposes of automated trading. Of course, as for whether automated trading of any kind is a good idea…well, let’s just say it’s another subject that divides the market right down the middle.
Though not currently open for business, EZTrader will shortly be launching a new feature called EZ Experts, which will serve as the platform’s first social trading feature. Long story short, those wishing to do so will be able to monitor and replicate the actions of successful traders, in order to give themselves the best possibility of likewise replicating their success.
Demo Account and Minimum Trades
To be honest, it’s extremely disappointing to see a binary options broker as seasoned and successful as EZTrader failing to offer any kind of demo account whatsoever. As it stands, they don’t even make a demo account available to those who sign up and meet the minimum deposit requirements. Instead, it’s a case of trading with real money or not at all. As such, while the minimum trading amount is set at a relatively reasonable $25, this still may be a little too much for those who are just getting started. But at the same time, those just getting started may be better off with a broker like IQ Option, where demo accounts are freely available and the minimum required deposit to sign up for a new account is just $10.
On the plus side, EZTrader provides customers with access to a wide variety of genuinely outstanding learning resources and tools, which include comprehensive trading guides, video courses, eBooks to download, tutorials, extensive FAQ sections, glossaries and so on. In fact, if they were to simply bolster things with a demo account in one form or another, EZTrader really would be a great starting point for newcomers.
Customer Service and Mobile Trading
EZTrader certainly doesn’t mess about when it comes to customer service, offering support in a wide variety of languages via multiple national-rate telephone numbers with a team of that is available on a 24/7 basis. As already mentioned, this is a fully licensed and regulated broker which operates a dedicated complaints centre and makes it clear as to the kinds of risks that apply with these kinds of trading activities. Honesty and integrity seems to represent a real cornerstone of the EZTrader package.
Last up, anyone looking for the total mobile trading experience will probably find it impossible to improve on what’s available at EZTrader. Across both Android and iOS devices alike, the mobile platform delivers the same comprehensive experience as its desktop counterpart, operating with extraordinary smoothness and reliability at all times.
The list of reasons to give EZTrader a go is extensive to say the least, with the superbly powerful platform itself standing out as a real winner. The customer service team is nothing short of exemplary, the mobile experience is as good as it gets and we genuinely liked the unique features EZTrader offers its customers. The archive of learning resources is also highly impressive.
As for what could stand to be improved, it really is about time EZTrader introduced a demo accounts of some sort and we found the terms and conditions attached to the introductory bonus offers prohibitively steep.
One inescapable downside about EZTrader is that if you are new to binary options trading and don’t wish to hand over a sizeable sum of cash before checking out what’s on offer, you might be better off elsewhere. Nevertheless, if you already know what you are doing and are looking for a platform that ticks all the right boxes in spades, EZTrader will not disappoint.
Just be careful when it comes to those bonus offers, is our advice!