CySEC-regulated forex broker easyMarkets has announced to its clients that it will be applying the same trading conditions during the US elections scheduled for November 8.
easyMarkets was one of just a handful of brokers that have preserved regular margin and leverage requirements throughout the Brexit volatility storm.
In addition to maintaining the offer of up to 200:1 leverage across all popular currency pairs, even including the tumultuous USD instruments, the company reiterated that during the upcoming US vote it will continue to offer its traders no slippage, negative balance protection, free guaranteed stop losses and fixed spreads.
The interesting announcement comes while most forex brokers have already ironed out their plans to protect themselves and their customers from any sharp market shifts that have the potential to wipe out account balances in an instant. Beside raising leverage, many of them also make other amendments to their trading conditions, such as increasing stop out levels or restricting positions on certain instrument.
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Earlier in June, the CySEC and ASIC regulated broker, which rebranded in January 2016 from EasyForex, has adopted the new dealCancellation tool which allows clients to buy ‘protection’ against losing deals within an hour of opening them and have their original investment refunded.
Commenting in the press release, Nikos Antoniades, CEO of easyMarkets, said: “Volatile events offer one-off trading opportunities and some traders might be looking to take advantage of this. We won’t be penalizing them for wanting to take part in the action. In fact, we offer tools like dealCancellation that may even help them trade exactly these kind of events”.
“If Brexit has taught us anything this year, it’s to expect the unexpected. While we can’t predict the outcome of the US elections, our traders will be able to count on us keeping our commitment to them even under the most adverse market conditions,” he added.
Lessons should have been learnt
Forex traders, brokers, liquidity providers and other concerned parties seem ready to draw on lessons learned from memories of last year’s unexpected Swiss franc volatility, after many platforms failed following the decision announced by the SNB to no longer peg its currency to the euro.
Market makers booked millions of dollars of losses in a matter of minutes following the shocking announcement. Interactive Brokers, IG Group, London Capital and CMC all suffered losses while Alpari UK closed its doors and FXCM had to receive a $300 million rescue loan from Leucadia. Saxo Bank’s net loss from the Swiss franc black swan totaled $108 million.