EZTrader Review

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?

Advantages
1. Regulated by a financial authority
Disadvantages
1. Actual payout rate is lower than what’s published
2. Proprietary platform is not impressive
3. Brand reputation is subpar
4. Slow support

 

Read the Bottom Line!

 

(4/5)

Minimum Deposit

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.

EZTrader minimum deposit

 

Minimum Deposit

EZTrader ($200)
anyoption ($200)
BDSwiss ($100)
24option ($250)
Finpari ($250)
TopOption ($100)

 

(4/5)

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.

EZTrader platform design

(4/5)

Banking Methods

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.

(3/5)

Minimum Trade

32% of brokers in the market today require a standard minimum trade size of $25 and this is the same requirement of EZTrader.

 

Minimum Trade

EZTrader ($25)
anyoption ($25)
BDSwiss ($5)
24option ($24)
Finpari ($1)
TopOption ($5)

 

(4/5)

Available Assets

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 assets

 

Available Assets

EZTrader (91)
anyoption (97)
BDSwiss (68)
24option (104)
Finpari (151)
TopOption (180+)

 

(8/10)

Trading Platform

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.

EZTrader platform

(6/10)

Quotes

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.

(8/10)

Payout Rate

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%.

EZTrader payout rate

 

Payout Rate

EZTrader (81%)
anyoption (75%)
BDSwiss (85%)
24option (88%)
Finpari (90%)
TopOption (85%)

 

(9/10)

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.

EZTrader withdrawal processing time

 

Withdrawal Processing Time

EZTrader (Up to 7 days)
anyoption (Up to 7 days)
BDSwiss (Up to 7 days)
24option (Up to 3 days)
Finpari (1 day)
TopOption (Up to 7 days)

 

(4/10)

Customer Service

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 customer service

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.

(10/10)

Regulation

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.

EZTrader regulation

(7/15)

Brand Reputation

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.

Our verdict (67/100)

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.

We highly advise that you register with a more established binary options broker such as 24option for a more rewarding and secured trading experience.
Read 24option Review! ►

15 Responses

  1. Frederik Lyndon
    Frederik Lyndon at |

    This was my first binary broker but over the years their service has become worse. I can vouch for the inaccuracy of the the market prices that are showing on the interface and I’ve lost a lot of trades because of this. I hope this will serve as a warning for those who are planning to sign-up with EZtrader.

  2. M Poulsen
    M Poulsen at |

    My experience with Eztrader was so-so. Made around 100$ but when I tried to withdraw, was only able to get a portion of it.

  3. Isaac Dry
    Isaac Dry at |

    I have to disagree. There is nothing wrong with EZTrader. Yes there is no touch or range option available but they make up for it with the large amount of stock options and together with the market reviews you can trade profitably. Plenty of market information available and that’s important for me.

  4. Nick W.
    Nick W. at |

    EZTrader is one of the first binary options platforms out there and they know all about professionalism. Yet, at the same time, they are constantly updating their features to meet the needs of today’s traders.

  5. Tim Nichols
    Tim Nichols at |

    EZTrader used to be a reliable broker but during my 6 months experience with them, I can say that they are partly good and partly bad in some aspect.

  6. Liza Montgomery
    Liza Montgomery at |

    EZTrader is a broker with a not so nice reputation to follow. I leave this broker simply because I no longer enjoy the services they provided.

  7. Sonia Anderson
    Sonia Anderson at |

    I don’t think that this broker will ever gonna change its way on handling complaints from their clients. My friend got truly frustrated after asking them for the 10th times regarding her request to withdraw all her funds.

    1. Jessica Sutherland
      Jessica Sutherland at |

      I think that she need to file a complaint to the proper authority, just to let them know that this broker is non-compliant to their client’s request.

  8. Lizzie Armstrong
    Lizzie Armstrong at |

    It seems that this broker is no longer operational and if they are I don’t like the idea that they are not that performing properly.

    1. Jonathan Campbell
      Jonathan Campbell at |

      I think that they are still operational but I won’t dare trade with them again after giving me a continuous headache for the withdrawal request I made.

  9. Joan Watson
    Joan Watson at |

    I kept calling this broker because I need to finally settle the closure of my account, but instead of getting the approval I needed, they asked me to deposit more instead and take my chances with them again, and I don’t like the idea.

    1. Gavin Scott
      Gavin Scott at |

      I don’t like the idea as well, maybe you should be strict when you tell them you don’t want to trade with them anymore. This broker have a really bad reviews rounding online.

      1. Alden Mangum
        Alden Mangum at |

        I have read a lot of negative reviews about this broker too, that is why am to wary to sign-up for an account with them from the start.

      2. Bud Clancy
        Bud Clancy at |

        It is always better to be safe than sorry. We need to educate ourselves more about which brokers scam or not.

  10. Zane Robinette
    Zane Robinette at |

    I checked on the eztrader and it seems that they have a major overhaul on their platform. Was this a good sign that they are improving or what?

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