Rating Index
Pros
Some traders may find the minimum deposit requirement of $250 manageable for entry into forex trading.
The broker offers high leverage of up to 1:200, which can attract traders looking for potential high returns on their investments.
Electrum claims to provide a variety of trading instruments, including forex, commodities, and cryptocurrencies, appealing to diverse trading interests.
Cons
Electrum operates without regulation, raising significant concerns about the safety and security of client funds.
The trading platform is a basic webtrader, lacking the advanced features and tools offered by more reputable platforms like MetaTrader 4 or 5.
Withdrawal fees are reportedly high, which can diminish overall trading profitability and create barriers for accessing funds.
Electrum broker Accounts
Electrum Account Type
Electrum offers three types of live trading accounts, each designed to cater to different levels of traders. Heres a breakdown of the account types:
- Standard Account
- Minimum Deposit: $250
- Commission: Zero commission
- Spread: Ranges from 0.5 pips to 1.8 pips
- Minimum Trade Size: 0.01 lots
- Maximum Trade Size: 100 lots
- Premium Account
- Minimum Deposit: $2,500
- Commission: €2.5 per standard lot traded
- Spread: Starts from 0.2 pips and limited to 1.1 pips
- Minimum Trade Size: 0.5 lots
- Premium+ Account
- Minimum Deposit: $25,000
- Commission: €3.5 per standard lot traded
- Spread: Starts from 0.0 pips and ranges to 0.7 pips
- Minimum Trade Size: 1 lot
- Visit the Website: Go to the Electrum trading platform at electrum.fm.
- Select Account Type: Choose the type of account you wish to open (Standard, Premium, or Premium+).
- Fill Out the Registration Form: Provide the required personal information, including your name, email address, and phone number.
- Make the Minimum Deposit: Deposit the minimum amount required for the chosen account type (e.g., $250 for the Standard account).
- Contact Account Manager: You may be prompted to contact an account manager for further instructions, particularly regarding deposit methods.
- Start Trading: Once your account is set up and funded, you can begin trading using the Electrum webtrader platform.
All accounts come with features such as negative balance protection and stop-loss/take-profit functionality.
Electrum Broker Account Opening Process
To open an account with Electrum, follow these steps:
Please note that Electrum does not offer a demo account, so you will need to make a real deposit to start trading.
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