The online trading broker easyMarkets has made an important announcement regarding one of its most popular trading tool.
Widely known for its long track record in the financial service industry, the company has been expanding since its founding in 2001 and is now covering more than 200 markets, ranging from FX, stocks, and indices, to options, forwards, and commodities among others.
Alongside a wide coverage of instruments, easyMarkets is also known for its proprietary trading tools. Freeze Rate and dealCancellation are some of the most popular and the most used among clients, with the last one being recently updated to provide better usability.
dealCancellation up to 6 hours – why does that matter?
One of the latest easyMarkets press releases points out towards a major upgrade for dealCancellation, which means the tool can be used to undo losing trades for 1,3, or 6 hours. Even in its previous form, the feature allowed an unprecedented level of control, helping traders to undo losing trades and recover their funds in exchange for a small fee.
Alt-text: easyMarkets dealCancellation
With over 30,000 trades carrying dealCancellation to date, easyMarkets takes pride in providing customers with trade protection tools that can minimize losses during times of increased uncertainty and volatility. CEO Nikos Antoniades talked about the company’s exploration into extending the duration of dealCancellation and emphasized its potential to offer great value for clients:
“We have been exploring extending dealCancellation’s duration for some time, working with our technology, trading and client experts. After months of hard work, we managed to take an amazing tool, unique within our industry and make even more powerful. We are very proud of this upgraded version of dealCancellation and we are sure it will offer great value to our clients.”
Navigating an economic downturn
Big challenges lie ahead for traders around the world since the COVID-19 pandemic is expected to have wide ramifications and could result in social, political, financial, and economic pressures in the next few years. By upgrading one of its main trading tools, easyMarkets wants to provide better trading functionality for customers and help them navigate what turns out to be the next economic downturn.
Technology had been one of the main sources for brand new and innovative trading tools that could improve how retail traders interact with the global financial markets. Even though it does not reduce risk of 100%, dealCancellation is a very useful tool to minimize losses during volatile market periods. The ability to use it in many different ways (hedging, strategy testing, undoing trades opened by mistake) makes it an even more useful tool. The company had also already hinted at “more to come in the next few months”, meaning a lot of new features could be on the horizon.
easyMarkets is a regulated by CySEC and ASIC, the company provides access to a wide range of financial services that include CFDs based on FX, stocks, indices, or commodities, as well as forwards and options.