Errante Forex Broker
Basic Information
Cyprus
5-10 years Regulated in Cyprus Market Maker (MM) Suspicious Scope of Business Medium potential riskCompany profile
Rating Index
Pros
Well-regulated by CySEC and FSA, providing a level of security for traders.
Low minimum deposit requirement of $50, making it accessible for new traders.
Supports multiple trading platforms, including MT4, MT5, cTrader, and TradingView, catering to different trading preferences.
Cons
Limited educational resources and market analysis materials, which may hinder less experienced traders.
Average trading conditions on entry-level accounts, with higher spreads compared to some competitors.
Limited selection of tradable instruments, particularly in shares and commodities, which may not suit all trading strategies.
Errante Forex Broker - Complete Information Guide
1. Broker Overview
Errante is a multi-asset online broker established in 2019, with its headquarters located in Victoria, Seychelles, and additional offices in Cyprus, Malaysia, and Nigeria. The company operates under the legal entity Notely Trading Ltd, which is regulated by the Cyprus Securities and Exchange Commission (CySEC), and its subsidiary Errante Securities (Seychelles) Ltd, regulated by the Seychelles Financial Services Authority (FSA). This dual regulatory framework allows Errante to cater to a diverse client base, including retail and institutional traders, while ensuring compliance with international trading standards.
Since its inception, Errante has rapidly developed its services and gained recognition in the financial market. Notably, it was awarded the title of Fastest Growing Broker in 2021 at the Ultimate Fintech Awards, reflecting its commitment to providing quality trading services and customer support. The broker focuses on a retail forex model, offering various trading instruments, including forex, CFDs on commodities, indices, stocks, and cryptocurrencies.
With a user-friendly platform and a range of educational resources, Errante aims to serve both novice and experienced traders effectively. The broker's business model emphasizes transparency, integrity, and personalized client support, making it a noteworthy player in the online trading landscape.
2. Regulatory and Compliance Information
Errante operates under the oversight of two major regulatory authorities. The Cyprus Securities and Exchange Commission (CySEC) regulates Notely Trading Ltd with license number 383/20, while Errante Securities (Seychelles) Ltd is regulated by the Seychelles Financial Services Authority (FSA), holding license number SD 038. The regulations ensure that Errante adheres to strict compliance standards, safeguarding clients' interests and promoting a secure trading environment.
Client funds are kept in segregated accounts at reputable banks, ensuring that they are protected from the broker's operational funds. Errante is a member of the Investor Compensation Fund (ICF), which provides additional protection for eligible retail clients in case of financial difficulties faced by the broker.
To comply with international standards, Errante implements robust KYC (Know Your Customer) and AML (Anti-Money Laundering) policies, requiring clients to verify their identity and address before trading. This commitment to regulatory compliance enhances the safety and reliability of the trading experience for clients.
3. Trading Products and Services
Errante offers a diverse range of trading products, catering to various market interests. The broker provides access to over 50 forex pairs, including major, minor, and exotic currencies. This selection allows traders to capitalize on global market movements effectively.
In addition to forex, Errante offers CFDs on various asset classes:
- Indices: Traders can access major global indices such as the S&P 500, NASDAQ, and FTSE 100.
- Commodities: The broker provides trading opportunities in commodities such as gold, silver, oil, and natural gas.
- Stocks: Errante offers CFDs on approximately 60 stocks from leading American and European companies.
- Cryptocurrencies: Clients can trade a selection of 14 cryptocurrencies, including Bitcoin and Ethereum.
Errante regularly updates its product offerings to meet market demands, ensuring that clients have access to a wide range of trading opportunities. The broker focuses primarily on retail trading services, providing a user-friendly platform for individual traders.
4. Trading Platforms and Technology
Errante supports two of the most popular trading platforms in the industry: MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms are known for their robust features, user-friendly interfaces, and extensive analytical tools, making them suitable for traders of all experience levels.
MetaTrader 4 (MT4): This platform is favored by beginners due to its simplicity and effectiveness in executing trades. It offers a range of technical indicators and supports automated trading through Expert Advisors (EAs).
MetaTrader 5 (MT5): This advanced platform provides additional features, including more analytical tools, a built-in economic calendar, and support for a wider range of asset classes. MT5 allows traders to access multiple timeframes and utilize various order types.
Errante also offers a web-based trading platform for clients who prefer not to download software. Additionally, mobile trading applications for both iOS and Android devices enable traders to manage their accounts and execute trades on the go.
The broker operates on an ECN (Electronic Communication Network) model, providing direct market access and ensuring fast order execution. Errante's technology infrastructure is designed to support high-frequency trading and minimize slippage, benefiting active traders.
5. Account Types and Trading Conditions
Errante provides several account types to cater to different trading needs:
Standard Account: Requires a minimum deposit of $50, with spreads starting from 1.5 pips and no commissions. This account is ideal for beginners looking to start trading with low capital.
Premium Account: Requires a minimum deposit of $1,000, offering tighter spreads from 1 pip and enhanced execution conditions. This account is suitable for more experienced traders.
VIP Account: Designed for professional traders with a minimum deposit of $5,000, offering spreads starting from 0.8 pips and additional perks such as a free VPS service.
Tailor-Made Account: This customizable account requires a minimum deposit of $15,000, with spreads starting from 0 pips and a commission structure based on trading volume.
All accounts allow for a minimum trade size of 0.01 lots, and leverage varies depending on the account type and regulatory jurisdiction. Errante also offers Islamic accounts for clients who require swap-free trading options.
6. Fund Management
Errante supports a variety of deposit and withdrawal methods to facilitate fund management for its clients. Accepted deposit methods include:
- Bank Transfers
- Credit/Debit Cards
- E-Wallets (such as Skrill, Neteller, and Perfect Money)
- Cryptocurrencies (Bitcoin, Ethereum, Ripple, and Tether)
The minimum deposit requirement varies by account type, starting from $50 for the standard account. Deposits are typically processed instantly, while withdrawal processing times may vary depending on the method used, ranging from 1 to 5 business days.
Errante does not charge any deposit fees, but withdrawal fees may apply depending on the payment method. For instance, e-wallet withdrawals may incur a 1% fee, while bank transfers may have a minimum withdrawal limit of $100. The broker operates a "return to source" policy, meaning withdrawals must be made to the original funding source.
7. Customer Support and Educational Resources
Errante offers comprehensive customer support available 24/5 through multiple channels, including:
- Live Chat
- Email Support
- Phone Support
The support team is multilingual, providing assistance in various languages, including English, Spanish, Arabic, and more. This ensures that clients from different regions can receive help in their preferred language.
In terms of educational resources, Errante provides a range of materials, including:
- Webinars covering various trading topics
- Video Tutorials for both beginners and advanced traders
- Market Analysis and daily commentary to keep traders informed
Additionally, the broker offers trading tools such as calculators and an economic calendar to assist clients in making informed trading decisions.
8. Regional Coverage and Restrictions
Errante primarily serves clients from various regions, including Europe, Asia, and parts of Africa. However, it does not accept clients from certain countries, including the USA, Canada, Belgium, Syria, North Korea, Iraq, and the UAE.
The broker has offices in Cyprus and Seychelles, allowing it to cater to a diverse clientele while adhering to local regulatory requirements. However, clients from the EU are subject to restrictions on trading certain products, such as cryptocurrencies.
In summary, Errante is a regulated broker offering a variety of trading instruments and account types, with a focus on providing a secure and user-friendly trading environment. With its commitment to transparency and client support, Errante stands out as a viable option for traders looking to enter the forex and CFD markets.