EZTrader was already in operation when the binary options trading industry was just taking off. Launched in 2008, this broker is arguably a pioneering brand but with the growing number of brokerage firms in the market, can they still keep up with the competition?
In order to open an account and start trading with EZTrader, a minimum deposit of $200 is required. This is lower than the $250 minimum deposit requirement that most brokers in the industry follow today.
Design and Layout
They have deviated from the standard layout and design which makes it a bit confusing to use. Their attempt to simplify the design was not really effective because it’s hard to get used to the controls since most traders are accustomed to the familiar website structure which this broker unfortunately doesn’t have.
This broker accepts credit cards, e-wallets and wire transfers for banking. Majority of the brokers today only support credit cards and wire transfer so generally EZTrader has a bit of an advantage. It would have been better though if they have added a few more options.
32% of brokers in the market today require a standard minimum trade size of $25 and this is the same requirement of EZTrader.
Traders can choose from a total 91 assets and this is a bit higher than the average total number in the market today which is 76. This increases the chances of making good profits although some of the hottest are still not listed.
EZTrader has its own proprietary trading platform which is really not that good. They belong to the 11.38% of brokers in the industry that have attempted to develop their own platforms but only a few of them have been successful in this field.
Quote accuracy is an always an important factor because it needs to be synchronized with the latest market prices. After making several tests with this platform I encountered a few discrepancies with the values that are showing from the real markets. The delays were mostly beyond the 20-minute benchmark which was a bit alarming.
People trade binary options for the money and for this reason they put a great deal of importance on the payout rate because this will measure the maximum potential returns out of a successful trade. EZTrader’s published highest payout rate is 81% but after checking all of their available assets, the maximum rate that I was able to find was just 72%. Aside from giving false promises, their actual payout is way lower than the 33% of brokers that are offering an average rate of 85%.
Withdrawal Processing Time
A lot of traders complain about their brokers causing a lot of delays in processing their withdrawal requests with some taking a few days while some can even go as beyond a month to accomplish this task. With EZTrader, withdrawals are processed with a waiting time of up to 7 days although some of their clients claim that it takes longer based on their comments.
Withdrawal Processing Time
No trader wants to have a broker that is not honest and trustworthy especially when inquiries are made about their bonuses. There are some brokers that are very transparent from the beginning but there are also others that find ways to avoid answering these types of inquiries.
EZTrader’s live chat was very slow as you can see in the screenshot above so I tried contacting them over the phone but the waiting time was unbearable while their response via email was not as fast as I expected it to be. Overall they were able to deliver the answers that I need but not in a quick and prompt way.
EZTrader belongs to the 41% of brokers that are already regulated by a trusted financial authority. Currently they have the license to operate from the Cyprus Securities and Exchange Commission or CySEC under the name of their company, WGM Services Limited. However, I did a background check and found out that their license had been suspended in the past.
In contrast to EZTrader’s regulatory status, they seem to be suffering from a lot of negative comments not only in major social networks but also on active online discussion boards. Majority of their clients were generally unhappy with their services particularly with the platform features and support quality. This definitely lowers down their credibility as a brand which is below the standards of what is required by most traders.
EZTrader may be considered as a pioneer binary options brand but they seem to have lost this status due to the subpar quality of their services and features. Over the years they have been easily beaten by much newer brokers with much better attributes.