Short Answer: No EZtrader is not a scam, although, there are seemingly legitimate complaints you may want to pore over.
The first two letters of EZTrader, appears to summarize the main goal of the broker—to make Binary Options Trading easy. Looking at what the broker has to offer, you would have to give it to them in this respect: They sure have kept to their word a fair bit.
However, when EZTrader started out, the emphasis was on making binary options more accessible to traders. Today, retail Binary Options is maturing and with it, an increasing need of more features from brokers. Here is perhaps where EZTrader prominently falls short. Just been easy doesn’t cut it anymore.
With that said, let us go in detail about the broker—EZTrader.
General Overview of EZTrader
EZTrader has been in the game of providing brokerage services since 2008. Since then, they have undergone some revamps and made new adoptions, reflective of the ever-changing Binary Options landscape.
Owing to these changes, EZTrader has managed to stay in the league of worthy brokers to trade with. Top amongst the draws to the broker are:
- Premium proprietary user-friendly trading platform
- Top-grade security
- Highest payouts in the industry
- Robust network of educational resources
- Extensibility with support for mobile trading
EZtrader Trading Platform
Not a lot of brokers can boast about this, but with the absence of a Metatrader-like resourceful platform in the Binary Options space, EZTrader took it upon themselves to design their own platform from the ground up. It looks great too.
Being a proprietary platform, you are not going to see it on any other broker. It is web-based and so does not require you to make a download of any kind. It also has a nifty feature known as “SellOption.” It is an analogue of the “Close Now” feature on other platforms, which lets you exit a position before expiration.
Assets and Expiry Time
Amongst the most pressing needs demanded by Binary Options traders is the provision of more assets. Today, currency pairs, stocks from exchanges around the world, commodities of different kinds, are offered on Binary Options brokers.
Thing is the number is not so high on EZTrader, although it is a handful at 91, comprising 10 currency pairs, 19 indices, 58 stocks and 4 commodities. Assets are added from time to time, so if you would rather trade an asset that isn’t that popular, you might want to confirm from the list of asset offered before making the plunge with EZTrader.
Expiry Time alternatives are more flexible than asset alternatives. It starts out at 60 seconds, and you can have as much as a few days before expiration.
EZTrader makes a big impression in this aspect. First, they max out the fixed reward per contract at 95%. Can firmly say that’s as high as it gets in Binary Options. The best part is, if your trade turns out to be out of the money, you can get back as much as 15%. Not a lot, but better than nothing. And it’s also as high as it gets in Binary Options.
Deposit, Withdrawals and Bonuses
With such high payouts, it would be a shame to have glitches with either deposit or withdrawals. Good thing, EZTrader does a nice job supporting the common payment options in Binary Options, like Credit Cards, Wire Transfer, and e-Wallets (Skrill et cetera). To cap it, you could hold funds in either US Dollars, Pounds, or Euros.
Where EZTrader blows the competition out of the water is in bonuses and promotions. These guys do it good, and there’s never a time where there is not a juicy bonus to take advantage of. Some think it’s overkill, we only advice you exercise caution and importantly check out the terms of a bonus or promotion before utilizing it.
Regulation and Customer Service
EZTrader is regulated by the Cyprus Securities and Exchange Commission (CySEC), which is a very good thing. If you want more details, you would have to visit their website, where they have everything from their license number to their registered office address. Safe to say that EZTrader is also registered in a host of other European countries like Germany, France, Italy, Spain, et cetera.
Customer service as EZTrader is top-notched. Response time is low, number of communication channels is high (there are international numbers for phone calls, email, and live chat), and support in major languages is offered. Most importantly, however, support actually addresses your problem rather than beat about the bush or return general machine-type replies for very specific questions.
All round, EZTrader is a decent broker to trade with. There are a couple of genuine reasons why you may want to seek an alternative, like more asset options, or more features; but if they have support for what you want then by all means making them your broker partner is not a bad choice.
With that said, like with many businesses, there will be complaints. Some of them genuine, others may be from competitors playing it dirty. To be exact, there are many complaints from people about bad experiences with EZTrader. However, between those that appeared genuine, and those that appeared like fakes; and also considering that many satisfied clients may not have left rave reviews (clients are many times more likely to leave a negative review when they have a bad experience than leave a positive review if they had a good experience): we believe EZTrader is not a scam broker. Still, we advise that you exercise caution (the not-so-serious kind) in your dealings with them.