Can You Trade Forex on Easy Easyequities With Equifax

EasyEquities review summary

EasyEquities is a South African stockbroker founded in 2014. EasyEquities is regulated by South Africa’s Financial Sector Conduct Authority (FSCA) and the Australian Securities and Investments Commission (ASIC). EasyEquities is part of the Purple Group, which is listed on the Johannesburg Stock Exchange.

EasyEquities is considered safe because it is regulated by the top-tier ASIC and its parent company is listed on an exchange.

Recommended for
long-term investors focusing on stocks and ETFs

You can
open an account at EasyEquities if you live in Indonesia. See the best alternative available in your country.

Double check
in our broker finder tool if EasyEquities is the right broker for you.

EasyEquities pros and cons

EasyEquities has low stock and ETF fees and charges no inactivity or withdrawal fees. Educational materials are varied and of high quality. Opening an account is easy and the process is fully digital.

On the negative side, there is no live chat and the phone support is slow and not helpful. Research tools are limited only to stock analyses and very basic charting tools. Lastly, there are only a handful of asset classes available, such as stocks or ETFs.

Pros Cons

Low trading fees and non-trading fees

Poor customer service

Excellent educational materials

Basic research tools

Easy and fully digital account opening

Limited product selection
EasyEquities main features and highlights
🗺️ Country of regulation South Africa, Australia
💰 Trading fees class Low
💰 Inactivity fee charged No
💰 Withdrawal fee amount $0
💰 Minimum deposit $0
🕖 Time to open an account >3 days
💳 Deposit with bank card Available
👛 Depositing with electronic wallet Not available
💱 Number of base currencies supported 3
🎮 Demo account provided Yes
🛍️ Products offered Stock, ETF, Bundles (pre-defined portfolios)

Our overall EasyEquities rating


EasyEquities review


Fees

EasyEquities has low South African stock and ETF fees, and there’s also no fee for inactivity or withdrawal. However, it charges a fee for credit/debit card deposit.

Pros Cons

Low trading fees

Deposit fee for credit/debit cards

Low non-trading fees

Low stock and ETF fees
EasyEquities fees snapshot
Assets Fee level Fee terms
US stock Low 0.25% per transaction
EURUSD Not available
Mutual fund Not available
Inactivity fee Low No inactivity fee

How we ranked fees

We ranked EasyEquities’s fee levels as low, average or high based on how they compare to those of all reviewed brokers.

First, let’s go over some basic terms related to broker fees. What you need to keep an eye on are trading fees and non-trading fees.

  • Trading fees occur when you trade. These can be commissions, spreads, financing rates and conversion fees.
  • Non-trading fees include charges not directly related to trading, like withdrawal fees or inactivity fees.

In the sections below, you will find the most relevant fees
of EasyEquities for each asset class. For example, in the case of stock investing the most important fees are commissions.

We also compared EasyEquities’s fees with those of two similar brokers we selected, Saxo Bank and Interactive Brokers. This selection is based on objective factors such as products offered, client profile, fee structure, etc. See a more detailed rundown of EasyEquities alternatives.

To have a clear overview of EasyEquities, let’s start with the trading fees.

EasyEquities trading fees

EasyEquities trading fees are low.
We also liked that the fee structure is transparent.

Stock fees and ETF fees

EasyEquities has
low stock and ETF fees. South African stock fees are lower than what is charged by its competitors, but US stock fees are not the most competitive on the market.

EasyEquities stock and ETF commission on a $2,000 trade
EasyEquities Saxo Bank Interactive Brokers
South African stock
$5.0


$6.7




US stock
$5.0


$10.0


$1.0

UK stock



$10.4


$7.8

German stock



$12.0


$4.8

In the table above, we calculated with the commissions only. However, there are
administration fees and taxes
that may be added on top of the commission you pay, so you should definitely consider these as well.

Commissions and administration fees depend on which market you trade on.

EasyEquities stock and ETF fees
South African market
Commission 0.25% of trade value
Securities Transfer Tax (STT) and Administration 0.25% of trade value
Settlement and Administration 0.075% of trade value
Investor Protection Levy (IPL) and Administration 0.0002% of trade value
US market
Commission 0.25% of trade value
Clearing Services & other administration charges 0.31% of trade value
Value-added Tax on Costs (VAT) 15% of trading costs
SEC / FINRA fees (only for sell transactions) 0.00218% / 0.0029% of trade value
Australian market
Commission 0.25% of trade value
Clearing Services & other administration charges 0.31% of trade value
Value-added Tax on Costs (VAT) 15% of trading costs

In addition to stocks and ETFs, you have the option to invest in
pre-defined portfolios, called
Bundles. Fees range between 0.5% and 1.5% of the trade value annually, depending on the type of bundle you invest in.

Non-trading fees

EasyEquities has
low non-trading fees. There are no account, inactivity or withdrawal fees.

There is also no deposit fee if you use a bank transfer. However, credit card transfers cost ZAR 1.60 + 2.3% of the deposited value. The credit card option is available only for ZAR-denominated accounts.

EasyEquities non-trading fees
EasyEquities Saxo Bank Interactive Brokers
Account fee
No


No


No

Inactivity fee
No


Yes


Yes

Deposit fee
$0


$0


$0

Withdrawal fee
$0


$0


$0
Read:  Best Forex Trading Expert Advisor With Over 50 Monthy Returns

Other non-trading fees charged by EasyEquities include currency conversion and account transfer fees:

  • Currency conversion fee (“EasyFX transfer fee”): charged when you convert your funds between ZAR/USD/AUD accounts. The cost is 2% above the mid-FX spot rate, which is considered quite high.
  • Fees for transferring your account to another broker: ZAR 150 for South African assets, $25 for US assets, and AUD 25 for Australian assets. These amounts are per asset – so for example if you hold Apple and Amazon shares in your account, you must pay 2 x $25 to transfer them out, regardless of how many shares you own of each.

Double check
in our broker finder tool if EasyEquities is the right broker for you.


EasyEquities review


Account opening

Account opening at EasyEquities is fully digital and requires no minimum deposit. However, verifying the account took more than a week for us.

Pros Cons

Fully digital

Slow account verification

No minimum deposit

Can you open an account?

Double check in our broker finder tool if EasyEquities is the right broker for you.

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EasyEquities accepts customers from all around the world.One notable exception is the US.

What is the minimum deposit at EasyEquities?

The required EasyEquities
minimum deposit is
$0
. This is great if you start investing with smaller amounts only.

Account types

EasyEquities offers
three account types
based on ownership:

  • Retail – owned by an individual
  • Kids – maintained on behalf of your children
  • Corporate – owned by a legal entity

If you are a South African resident, you can also open a tax-free savings account (TFSA).

How to open your account

Account opening at EasyEquities is
easy and fully online
. However, it took more than a week before our account was approved.

When you open an account with EasyEquities, you must follow these steps:

  1. Choose your country of citizenship and residence.
  2. Select the account type.
  3. Add some personal information (e.g. date of birth).
  4. Enter your residence address.
  5. Answer a few questions about your wealth and employment status.
  6. Verify your identity by uploading your passport, national ID or driver’s license. You need to also provide proof of residency, such as a bank statement.

During the verification process, we encountered a few minor issues. For example, you can upload only PNG files but not PDFs. Also, any documents you upload must be in color; black and white copies are not accepted.

EasyEquities review - Account opening


EasyEquities review


Deposit and withdrawal

EasyEquities offers free withdrawal, and ZAR account holders can use credit/debit cards for transactions. However, a fee is charged for depositing with a credit card.

Pros Cons

Free withdrawal

Fee charged for credit/debit card deposit

Credit/debit cards accepted for ZAR accounts

Electronic wallets not accepted

Account base currencies

At EasyEquities, you can choose from
3 base currencies: ZAR, USD and AUD. This selection lags behind that of the company’s closest competitors.

Base currencies at EasyEquities vs similar brokers
EasyEquities Saxo Bank Interactive Brokers
Number of base currencies
3

26

22

If you have a personal bank account in a currency other than
USD, ZAR or AUD, you will be charged a conversion fee.

A convenient way to save on currency conversion fees is by opening a multi-currency bank account at a digital bank.
These usually offer bank accounts in several currencies with great currency exchange rates, as well as free or cheap international bank transfers. Opening an account only takes a few minutes on your phone.

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Deposit fees and options

EasyEquities
bank transfer deposits are free of charge; this option is available for ZAR, USD and AUD accounts. You can also deposit by credit card if you have a ZAR-denominated account, but this costs ZAR 1.60 + 2.3% of the deposited value.

EasyEquities doesn’t accept electronic wallets for depositing money.

EasyEquities deposit options
EasyEquities Saxo Bank Interactive Brokers
Bank transfer

Yes

Yes

Yes

Credit/debit card

Yes

Yes

No

Electronic wallets

No

No

No

A bank transfer can take several business days, while payment with a credit/debit card is instant.

You can only deposit money from accounts that are in your name.

EasyEquities review - Deposit and withdrawal - Deposit

EasyEquities withdrawal fees and options

EasyEquities charges
no withdrawal fees. Similar to deposits, you can use bank transfer for all currencies, and credit/debit cards for ZAR accounts only. Electronic wallets are not accepted. Still, this selection of withdrawal options is at least as good as those offered by competing brokers.

EasyEquities withdrawal fees and options
EasyEquities Saxo Bank Interactive Brokers
Bank transfer

Yes

Yes

Yes

Credit/debit card

Yes

No

No

Electronic wallets

No

No

No

Withdrawal fee
$0


$0


$0

How long does it take to withdraw money from EasyEquities? We tested
bank transfer withdrawal
and it
took 2 business days.

You can only withdraw money to accounts that are in your name.

How do you withdraw money from EasyEquities?

If you want to withdraw money, here’s how you should proceed:

  • Log in to your account
  • Click ‘Menu’ and select ‘Withdrawal’
  • Enter the amount you wish to withdraw
  • Initiate withdrawal

Double check
in our broker finder tool if EasyEquities is the right broker for you.


EasyEquities review


Web trading platform

EasyEquities has a user-friendly web trading platform with clear fee reports and excellent search functions. However, there is no two-step login and customizability is limited.

Pros Cons

User-friendly

No two-step (safer) login

Clear fee report

Limited customizability (for charts, workspace)

Good search function

Limited order types
EasyEquities platforms to choose from
Trading platform Score Available
Web
3.3
stars
Yes
Mobile
4.1
stars
Yes
Desktop No

EasyEquities uses its
own web trading platform
rather than a third-party tool. The platform is available only in English.

Look and feel

The EasyEquities web trading platform is
user-friendly; it is easy to find all features.

On the negative side, the platform is not customizable. The size and positions of the tabs cannot be changed.

EasyEquities review - Web trading platform

Login and security

EasyEquities provides
only one-step login. Two-step authentication would be more secure.

Search functions

The web platform’s
search functions are good; you can easily find any asset you’re looking for.

To make things easy, there is a filtering tool that allows you to narrow down your search by investment type and category tags:

  • ‘Investment Type’ covers asset classes such as equities or ETFs.
  • ‘Category Tags’ filter for industries in the case of stocks and for risk profile in the case of ETFs.
EasyEquities review - Web trading platform - Filtering tool

You can of course also search manually. Just start typing the name of the company or asset and see relevant results appear. You can sort results alphabetically, toggle between various views, and display as many as 48 results on a single page.

EasyEquities review - Web trading platform - Search

Placing orders

You can use
only two order types:

  • Market
  • Limit
  • Stop

To get a better understanding of these terms, read our overview of order types.

There is also just
one order time limit
you can use: Good ’til canceled (GTC)

EasyEquities review - Web trading platform - Order panel

Alerts and notifications

You
can’t set price alerts or notifications
on the web platform. You can do it only through the EasyEquities mobile app and only for South African and Australian markets.

Portfolio and fee reports

EasyEquities has
clear portfolio and fee reports. You can access these reports by clicking ‘Account overview’. You can easily check the value of your portfolio and the costs you paid.

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EasyEquities review


Mobile trading platform

The EasyEquities mobile trading platform is user-friendly, has a good search function and offers price alerts. On the negative side, order types and login options are limited.

Pros Cons

User-friendly

No two-step (safer) login

Good search function

Limited order types

Price alerts

No Touch/Face ID login

As is the case with the web trading platform, EasyEquities offers its own in-house developed mobile trading platform. The app is available only in English.

Look and feel

The EasyEquities mobile trading platform is
user-friendly, making it easy to search and trade.

EasyEquities review - Mobile trading platform

Login and security

EasyEquities requires
only one-step login
for its mobile platform. Two-step authentication would provide an extra layer of security.

You also can’t log in using biometric authentication. Providing this feature would make the process more convenient.

Search functions

The mobile app’s search functions are good. They are the same as those on the web platform.

EasyEquities review - Mobile trading platform - Search

Placing orders

You can use the same order types as on the web trading platform.

EasyEquities review - Mobile trading platform - Order panel

Alerts and notifications

You can set alerts
on the EasyEquities mobile platform. However, this feature is available only for South African and Australian assets.

You can set up price alerts by selecting the asset you would like to invest in and click the bell icon in the top right corner.

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EasyEquities review


Desktop trading platform

EasyEquities does not offer a desktop trading platform.

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EasyEquities review


Markets and products

At EasyEquities, you can invest only in stocks, ETFs and some pre-defined portfolios. However, many other popular asset classes such as bonds or forex are missing.

EasyEquities asset classes
EasyEquities Saxo Bank Interactive Brokers
Stock

Yes

Yes

Yes

ETF

Yes

Yes

Yes

Forex

No

Yes

Yes

Fund

No

Yes

Yes

Bond

No

Yes

Yes

Options

No

Yes

Yes

Futures

No

Yes

Yes

CFD

No

Yes

Yes

Crypto

No

Yes

Yes

The selection offered by EasyEquities lags behind
competing brokers, both in terms of product types and the number of stock markets you can trade on.

Stocks and ETFs

EasyEquities’
stock and ETF selections are limited. It gives access to South African, US and Australian markets, but actually only a few stocks are available from US markets.

EasyEquities stock and ETF selection
EasyEquities Saxo Bank Interactive Brokers
Stock markets (#)
3

28

78
ETFs (#)
200

3,100

13,000

Fractional shares

EasyEquities offers the
possibility to invest in a fraction of a share
. For example, the price of a single Amazon stock is more than $3,000, which may be too high for many retail investors. Instead, here you can buy a fraction of an Amazon share, let’s say for $100.

If you accumulate fractional share positions in a specific stock and their value adds up to make one share, then the whole actual stock will be credited to you.

EasyEquities provides fractional shares as CFDs (contract for difference), but without providing any leverage/margin. In this case, EasyEquities (or its parent company, to be more precise) acts as a principal and not the exchange where the stock is listed. As a result,
there is also a counterparty risk when you hold fractional shares.

Bundles

EasyEquities allows you to invest in
pre-defined portfolios called Bundles. These are portfolios that track a variety of assets, for example there may be a portfolio that tracks the top cryptocurrencies. When you invest in these portfolios, you have to pay a management fee.

Double check
in our broker finder tool if EasyEquities is the right broker for you.


EasyEquities review


Research

EasyEquities has limited research tools. There are great analysis articles on its blog, but that’s about it, as the platform offers no fundamental data, trading tools/ideas or a news feed.

Pros Cons

Great analysis

Limited interactive charting

No/poor quality news flow

Trading ideas

EasyEquities doesn’t provide trading ideas, such as analyst recommendations to buy, hold or sell a specific stock.

Still, you can read great stock analyses on the EasyEquities blog.

EasyEquities review - Research - Analyses

Fundamental data

EasyEquities doesn’t provide fundamental data, such as annual reports.

Charting

EasyEquities has
poor charting tools. There are no indicators or trendlines you can use. All you can do is choose from 5 different time frames on the chart:

  • 1 month
  • 3 months
  • 6 months
  • 1 year
  • MAX
EasyEquities review - Research - Charting

News feed

When you click on a stock, you will see a link to Yahoo! Finance, but there is
no dedicated news flow
section on the platform itself.

Compare research pros and cons


EasyEquities review


Customer service

Customer service at EasyEquities could be improved. There is no live chat and the phone support had poor quality. As a plus, the email support gave fast and relevant answers.

Pros Cons

Great email support

No live chat

No 24/7 support

Low-quality phone support

You can contact EasyEquities via:

  • email
  • phone

The email support works well. We received fast and relevant answers.

EasyEquities phone support was slow and we received largely useless answers.

We missed live chat and 24/7 availability.

EasyEquities review - Customer Service

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EasyEquities review


Education

EasyEquities has great educational materials. You can use demo accounts, participate in webinars, watch educational videos and read quality texts.

Pros Cons

Demo account
None

Trading platform tutorial

Educational videos

Quality educational texts

At EasyEquities, you can learn in the following ways:

  • Demo account
  • Platform tutorial videos
  • General educational videos
  • Webinars
  • Quality educational articles
EasyEquities review - Education - Videos
EasyEquities review - Education - Academy

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EasyEquities review


Safety

EasyEquities is regulated by the top-tier ASIC, and its parent company is listed on the Johannesburg Stock Exchange. Among negatives, it offers no investor protection.

Pros Cons

Parent company listed on JSE

No investor protection

Regulated by the top-tier ASIC

Does not hold a banking license

Is EasyEquities regulated?

Yes, EasyEquities is the brand of First World Trader (Pty) Ltd in South Africa, which is a Financial Services Provider (FSP) authorized by South Africa’s Financial Sector Conduct Authority (FSCA).

In Australia, EasyEquities is a Corporate Authorised Representative (AR No. 1276104) of Sanlam Private Wealth Pty Ltd, which is regulated by the Australian Securities and Investments Commission (ASIC).

Is EasyEquities safe?

To be certain if a brokerage is safe, we highly advise that you check two facts:

  • how you are protected if something goes wrong
  • what the background of the broker is

How you are protected

EasyEquities operates through two legal entities. Neither of them provides any investor protection.

EasyEquities investor protection
Country of clients Protection amount Regulator Legal entity
South Africa No protection Financial Sector Conduct Authority (FSCA) First World Trader (Pty) Ltd
Rest of the world No protection Australian Securities and Investments Commission (ASIC)* EasyEquities Pty Ltd

*More specifically, EasyEquities Pty Ltd is a Corporate Authorised Representative (AR No. 1276104) of Sanlam Private Wealth Pty Ltd and Sanlam Private Wealth Pty is regulated by the ASIC.

Background

EasyEquities was established in 2014. The longer the track record a broker has, the more proof we have that it has successfully survived previous financial crises.

EasyEquities is
part of the Purple Group, which is
listed on the Johannesburg Stock Exchange.

Find your safe broker


EasyEquities review


Bottom line

EasyEquities is a solid South African stockbroker.

As a plus, its
stock and ETF fees are low. There is also no withdrawal or inactivity fee. The quality of educational materials and the account opening process is great.

On the negative side,
customer service is not very responsive,
especially as there is no live chat support. Research tools are rather basic, and the product selection is quite limited.

Feel free to try EasyEquities as there is no inactivity fee or minimum deposit for standard accounts.

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EasyEquities review


FAQ

Can You Trade Forex on Easy Easyequities With Equifax

Source: https://brokerchooser.com/broker-reviews/easyequities-review

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