Esplanade Forex Broker provides real users with * positive reviews, 1 neutral reviews and * exposure review!
Business
License
I have had positive experiences with Esplanade 's customer service team, who are always available to answer my questions and provide guidance. However, their platform can be slow and unresponsive at times, which has caused me to miss out on some profitable trades.
Esplanade has garnered mixed reviews in the forex trading community, with many users expressing concerns about its regulatory status and withdrawal processes. While some traders appreciate the low minimum deposit and competitive spreads, others report significant issues with fund withdrawals and customer service.
Note: It is essential to recognize the various entities operating under the Esplanade name across different regions, as this can significantly impact user experience and regulatory compliance.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 6 |
| Tools and Resources | 5 |
| Customer Service and Support | 4 |
| Trading Setup (Experience) | 6 |
| Trustworthiness | 3 |
| User Experience | 5 |
| Overall | 4.5 |
Our ratings are based on comprehensive analysis of user reviews, expert opinions, and factual data regarding the broker's operations.
Esplanade Market Solutions Ltd., established in 2015, is an offshore forex broker based in Saint Vincent and the Grenadines. The broker offers a user-friendly trading experience through the popular MetaTrader 4 (MT4) platform, allowing access to various financial instruments, including forex pairs, commodities, and indices. However, it operates under a questionable regulatory framework, having been flagged by various authorities.
Regulated Areas: Esplanade claims to be registered with the Financial Services Authority of Saint Vincent and the Grenadines (SVG FSA) and the Vanuatu Financial Services Commission (VFSC). However, these jurisdictions are known for lax regulations, raising concerns about trader protection.
Deposit/Withdrawal Currency: Esplanade supports deposits and withdrawals in major currencies, including USD and EUR. Various payment methods are available, including credit cards and e-wallets like Skrill and Neteller.
Minimum Deposit: The minimum deposit requirement is set at $250, which is relatively low compared to many other brokers.
Bonuses/Promotions: There are limited promotional offers, and the broker does not heavily advertise bonuses, which some users see as a drawback.
Tradeable Asset Classes: Esplanade allows trading in over 30 forex pairs, CFDs on commodities, indices, and precious metals. However, the range of assets is not as extensive compared to more established brokers.
Costs (Spreads, Fees, Commissions): Users report competitive spreads starting from 0 pips for ECN accounts. However, there are complaints about hidden fees and commissions that can make trading less profitable.
Leverage: Esplanade offers high leverage ratios of up to 1:1000, which can amplify both profits and losses, posing a significant risk for inexperienced traders.
Permitted Trading Platforms: The primary trading platform is MT4, which is widely regarded for its reliability and advanced trading features. However, some users have noted the lack of alternative platforms, which may limit options for traders.
Restricted Regions: While Esplanade does not explicitly list restricted countries, it is essential for potential users to check their local regulations before opening an account.
Available Customer Service Languages: Customer support is available in multiple languages, including English, Russian, Arabic, and Spanish, which may cater to a diverse trader base.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 6 |
| Tools and Resources | 5 |
| Customer Service and Support | 4 |
| Trading Setup (Experience) | 6 |
| Trustworthiness | 3 |
| User Experience | 5 |
| Overall | 4.5 |
Account Conditions (6/10): Esplanade offers a variety of account types, including standard and ECN accounts, with competitive minimum deposit requirements. However, the overall trading conditions are hindered by regulatory concerns.
Tools and Resources (5/10): The broker provides the MT4 platform, which is a standard in the industry, but lacks additional tools that could enhance a trader's experience, such as educational resources and advanced analytics.
Customer Service and Support (4/10): Customer service has received negative feedback, particularly regarding response times and the effectiveness of support provided. Many users have reported difficulties in resolving issues, especially concerning withdrawals.
Trading Setup (Experience) (6/10): While some traders report a smooth trading experience, others have faced challenges with execution speed and slippage during volatile market conditions.
Trustworthiness (3/10): The lack of robust regulation and numerous negative reviews raise significant trust concerns. Many users have reported issues with withdrawals, leading to a negative perception of the broker.
User Experience (5/10): User experiences vary widely, with some traders enjoying the competitive spreads and low entry barriers, while others express frustration over withdrawal issues and customer support.
In conclusion, while Esplanade offers some appealing features such as low minimum deposits and competitive spreads, the overall user experience is marred by significant concerns regarding regulatory compliance and customer service. Traders are advised to proceed with caution and consider other more reputable brokers with stronger regulatory oversight before engaging with Esplanade.
FX Broker Capital Trading Markets Review
