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CySEC-regulated forex broker easyMarkets said on Monday it has launched dealCancellation, a new feature that allows traders to cancel a losing deal within an hour of opening. Traders who use the broker’s proprietary self-branded trading platform can benefit from the feature for a fee of a few pips and get their investment refunded.
“This is a bold new feature that no one else is offering,” said Nikos Antoniades, CEO of easyMarkets. “What gives us the ability to innovate is that we’ve always invested in our technology and we’ve stayed true to our founding principal of making trading easy and accessible to all,” he added.
The broker referred to the dealCancellation feature as to “an industry game changer”. Expectations are that since it is an industry first, the new feature should prove popular amongst both new traders and more experienced traders looking to up the stakes in their trading. It has has already become popular amongst early adopters.
“Not only can I cancel my deal and save my investment when the markets are tanking, but if I hit my stop loss and I’ve covered my trade with dealCancellation – then I still get my money back. I’m happy with that,” Australia-based early-adopter trader Bob Douglas said, as quoted in a press release.
DealCancellation has been developed by options platform provider ORE to specifications set out by easyMarkets and is currently pending patent.
“We’ve been collaborating with ORE since the development and launch of our options product offering. They’re a smart group of people that have taken a somewhat complex product and made it extremely user-friendly,” Antoniades said.
easyMarkets, which was until recently known as easy-forex, is a brand of Easy Forex Trading, which is regulated by the Cyprus Securities and Exchange Commission (CySEC). It offers trading in more than 300 instruments, including forex, CFDs, options, metals, commodities and indices. The broker also offers the so-called Vanilla Options trading, which is a type of options trading in which the maximum risk an investor faces equals their initial investment.