easyMarkets deal cancellation

easyMarkets deal cancellation

easyMarkets is a global Forex and CFD (Contract for Difference) broker established in 2001. The broker is headquartered in Cyprus and has global offices around the world. 

easyMarkets offers access to various trading platforms, including MetaTrader 4, MetaTrader 5, and TradingView. The broker offers around 200 tradable instruments of various asset classes, such as currency pairs, commodities, indices, crypto derivatives, and CFDs on stocks. The maximum available leverage is 500:1 and traders can start opening their accounts from 100 USD. easyMarkets is regulated in Mauritius and the UK by the Financial Conduct Authority (FCA). FCA is considered to be a top-tier regulator, and this means that the broker can be trusted. 

What makes this broker different from competitors is that it offers deal cancellation opportunities to its customers. This feature is very rarely offered by brokers. Let’s find out what deal cancellation means and how traders can benefit from it.


Deal cancellation at easyMarkets

As the name suggests, deal cancellation, called the dealCancellation feature at easyMarkets, enables traders to cancel their losing orders up to the expiration time and save their invested amount. This feature is currently only available for trading currency pairs, gold, silver, and oil. However, these are subject to change. 

The deal cancellation option is for day traders as day traders open and close their orders within a day and deal cancellation is only available up to a couple of hours after an order has been opened. 

How to open a trading order using the deal cancellation feature?

The deal cancellation option is available for 60 minutes as default, however, traders have the option of 3-hour and 6-hour durations. In order to use the deal cancellation offer, you need to take a few steps. 

  • Firstly, check your trading ticket for the deal cancellation icon to see if it is available to the chosen pair. The deal cancellation program is only available for predetermined instruments.
  • On the trading ticket, press the “dealCancellation” icon to the “On” position and make sure that the cost is clearly stated. 
  • As soon as you press “sell” or “buy” your deal will be opened with this feature enabled until the expiry of dealCancellation.
  • Opened trades with dealCancelation active will appear under the “My Open Trades” section with the dealCancellation icon next to the currency pair. 
  • Your deal is covered for a predetermined period of time as displayed on the trading ticket.
  • There is a fee based on current market volatility and the size of the trading deal.
  • By pressing the close icon you will be able to see the remaining time for dealCancellation at the bottom of the pop-up window.
  • Your deal will be automatically canceled if a stop-loss order is triggered within the period you have set and the originally invested amount is returned to your free balance. The only cost that you will have in this circumstance is the cost to protect the trading deal that you have paid upfront when opening the deal. It should be noted that you may edit your stop-loss order before and after the trade is open. 

Once you cancel the trading deal, you may have a different trading balance due to exchange rate fluctuations, as the amount needs to be converted back to the account's base currency. However, this difference will not be significant, and may even cause your account to grow a bit. 

Deal cancellation can not be applied to already active trades. Traders need to set up trades in advance with this feature on.