easyMarkets are a contract for difference (CFDs) that offer traders products in forex, commodities, precious metals, and cryptocurrencies. CFDs enable traders to speculate on an asset without actually owning the underlying asset. CFDs allow traders to apply large amounts of leverage and also to take short positions. This is a benefit as most cryptocurrency trading services do not enable traders to take short positions.
easyMarkets offer three cryptocurrency products which are far fewer than competitors offer. The three products are for Bitcoin, Ethereum, and Ripple which have been the three largest cap cryptocurrencies for all of 2018. The products are priced against USD. Traders can apply leverage of 1:2. This is less than most competitors where some offer up to 1:30 leverage. The products are also not available 24/7 as most competitor products are. The products are open to trading from 11 pm on Sunday to 9 pm on Friday GMT. Spreads are smaller than most competitors.
For positions which are open overnight, a financing fee will be charged. On the web platform, the fee is charged seven days a week at 10 pm and on MetaTrader, the fee is charged five days a week at midnight. Overnight fees are threefold for cryptocurrencies on Friday nights which is disadvantageous for traders wanting to hold long-term positions. The fee will vary based on the type of account a user opens. There are four types of accounts and the higher tiers which avail of lower fees require higher initial deposits. The lower tier accounts are charged hefty fees. Fees are difficult to find on the website