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In the fast-paced and dynamic world of Forex trading, choosing a reliable and efficient broker is crucial for success. The goal of this article of Brokerland is to provide an overview and review of the Errante Broker, evaluating its features, services, trading platforms, regulation, customer support, fees, and other aspects. By examining these key aspects, traders can make informed decisions when selecting a broker that aligns with their trading goals and preferences.
Introduction to Errante Broker
Errante Broker was founded in 2019 and has since operated as one of the leading international Forex brokers, headquartered in Cyprus, serving clients from various regions around the world. This broker is a regulated broker that caters to traders who prefer flexible trading conditions on the MT4 and MT5 platforms. However, traders should note that neither the minimum nor average spreads are published on its website.
Errante Broker offers trading on several assets, including crypto currencies, CFDs on stocks, commodities, metals, indices, and around 50 Forex currency pairs, which is a decent selection compared to other brokers. Support is provided for both the MT4 and MT5 platforms, in addition to a copy trading platform. However, practically no trading tools are offered by this Broker. An overall review of Errante is provided in the table below.
|headquarters||Cyprus, Malaysia, Nigeria, Seychelles, Uruguay|
|🏦 Minimum Deposit||£50|
|🛡️ Regulation||CySEC (Cyprus Securities and Exchange Commission), FSA-Seychelles|
|💵 Trading Fee||$15 USD|
|💹 Copy Trading||Available|
|🖥️Trading Platforms||MT4 , MT5|
|💱 Instruments||Commodities, Energy, CFDs on Stocks, Forex, Indices, Metals|
|EUR/USD Spread||1.50 pips|
|GBP/USD Spread||1.60 pips|
|USD/JPY Spread||1.50 pips|
|Base Currencies||Dollar, Euro|
|Islamic Account(swap free)||Available|
One of the drawbacks of Errante Broker is the lack of educational materials to learn forex and market analysis, which can leave traders needing to self-educate elsewhere. The broker offers four types of accounts: Standard, VIP, Premium, and Tailor-made (or customized) accounts, with a minimum deposit of $50 and an EUR/USD spread of 1.50 pips.
Transaction costs are improved in VIP and Tailor-made accounts, but these come with much higher minimum deposit requirements. The Tailor-made account is a customizable account where traders receive personalized services and can negotiate their trading conditions, making it a good option for experienced traders.
Is Errante Broker safe?
Yes, Errante Broker is a secure choice for traders. It is regulated by CySEC in Cyprus and FSA in Seychelles, which means it operates under strict financial regulations and oversight. It’s a global CFD broker with over 20,000 clients worldwide. The broker was established in 2019 and is headquartered in Cyprus. It is regulated by the Financial Services Authority (FSA) in Seychelles and the Cyprus Securities and Exchange Commission (CySEC).
While Errante Broker is relatively new in the market, it has received multiple awards and has maintained its reputation as a safe and one of the best forex brokers. Recent awards include:
- Best New Forex Broker 2020 (Forex Awards)
- Broker with the Fastest Growth 2021 (Ultimate Fintech Awards)
These accolades highlight the broker’s commitment to excellence and safety in the industry.
Types of Accounts at Errante Broker
Errante Broker offers full support for both MT4 and MT5 platforms across four live trading accounts and one demo account. All the live accounts are commission-free, except for the Tailor-made account, where trading conditions are customizable and subject to negotiation with an account manager.
With a minimum deposit of $50, the Standard account at Errante Broker is suitable for beginner traders. We define beginner traders as those who have never traded before or have been trading for less than a year. Beginners often prefer not to risk large amounts of money and generally cannot trade full-time during the workweek.
Experienced traders, on the other hand, typically prefer higher minimum deposits for narrower spreads. The Premium, VIP, and Tailormade accounts require minimum deposits of $1,000, $5,000, and $15,000, respectively. While trading costs in VIP and Premium accounts are still higher than those in other entry-level accounts from different brokers, they are quite low in the Tailormade account. However, it’s important to note that trading costs cannot be confirmed since Errante Broker does not publish spreads for any of its accounts.
All accounts at Errante Broker have a maximum leverage of up to 30:1 and a minimum order size of 0.01 lots. The broker allows hedging, scalping, and copy trading. Accounts are only denominated in two major currencies, namely Euro and Dollar, and Islamic accounts are available upon request. For account details, please refer to the table below:
|Commission||Minimum Spread||Maximum Leverage||Minimum Deposit||Account Type|
|None, only spread||1.20||1:30||1000 USD||Premium Account|
|None, only spread||1.80||1:30||50 USD||Standard Account|
|5 USD/lot||0.10||1:30||15000USD||Tailor-Made Account|
|None, only spread||0.60||1:30||5000 USD||VIP Account|
- Standard Account:The Standard account at Errante Broker requires a minimum deposit of $50, with an average spread of 1.50 pips in EUR/USD. This spread is wider than some other brokers in the market with similar account sizes. Holders of a Standard account can trade with all available instruments.
- Premium Account:To open a Premium account with Errante Broker, a minimum deposit of $1,000 is required, and the average spread is 1.2 pips in EUR/USD. This spread is still wider than spreads available in entry-level accounts at other brokers. Premium account holders at Errante receive daily market summaries, personal customer support, and access to advanced educational materials.
- VIP Account:For VIP account access, a minimum deposit of $5,000 is necessary. The average spreads are as low as 1 pip (based on customer services and information published on the website), which is still wider than spreads in entry-level accounts at other brokers. VIP traders at Errante do not incur any fees for deposits and withdrawals and, in addition to greater access to educational resources, receive free VPS services.
- Tailor-made Account:As the name suggests, this is a customizable account, requiring a minimum amount of $15,000. Spreads start from 0.0 pips in EUR/USD, but lower leverage is applied. Commissions are determined based on trade volume, and margin call settings can be customized upon request.Traders can discuss various customized options with their account managers. For example, they may choose lower spreads or higher leverage for specific instruments. Other traders may request specific settings for VPS for high-frequency trading or trading on particular instruments.
Registration and Opening an Account
The process of opening an account with Errante Broker is user-friendly, straightforward, and entirely online, with accounts typically ready for trading immediately.
Account Types and Minimum Deposits:
- Standard Account: $50
- Premium Account: $1,000
- VIP Account: $5,000
- Tailor-Made Account: $15,000
Creating a user account is a fully digital process, and accounts are usually ready for use right away. Errante Broker offers both individual and corporate accounts, but we will focus on opening an individual account:
Step 1: New traders need to click on the “Register” button at the top of the page to enter their personal information, including name, surname, phone number, country of residence, email address, and password. Errante Broker will then send a confirmation PIN to the provided email address.
Step 2: In the next step, traders should fill out their financial details, which include date of birth, nationality, education level, employment status, source of income, annual income, net worth, and the amount of investment with this broker.
Step 3: Traders must then upload the following documents:
- Identification Document: Errante Broker accepts all government-issued identification documents such as passports, national ID cards, driver’s licenses, or other government-issued IDs.
- Proof of Address: The residence/address document should be in the account holder’s name, issued within the last 6 months, and should include the full name of the trader, current residential address, date of issue, and issuing authority.
Step 4: After completion, traders need to agree to Errante Broker’s terms and conditions.
Upon approval of the application, traders can log into their accounts and fund them. In general, the account opening process with broker is entirely online and hassle-free, with accounts typically ready for trading immediately.
Trading Fees at Errante Broker
The trading fees at this broker are higher than average for their initial account option but lower than average for the other account types. This forex broker offers three commission-free accounts with trading costs incorporated into variable spreads and one Tailormade account with high deposits, providing very tight spreads in exchange for a per-lot commission (however, experienced traders can discuss additional benefits with their account managers). All accounts are available on the MT4 and MT5 trading platforms.
Errante Broker’s accounts were evaluated for cost comparison with other brokers. In these calculations, a standard lot of EUR/USD was used as a benchmark since it’s the most common traded currency pair and typically has the lowest spread.
Unfortunately, Errante does not publish its average or minimum spreads alongside the respective instruments for each account type, so these costs are based on the spreads available in the account section. To view live spreads, traders must open a demo account. Traders should also note that spreads may vary depending on market fluctuations and trading volume.
The costs were calculated based on trading fees for one lot (100,000 USD) in EUR/USD, including spreads and assessed commissions.
Formula for calculating trading costs
Spread * Trade Volume + Commission = Cost in Secondary Currency (Cost in the secondary currency reflects the trading cost)
|commission||minimum spread||minimum deposit||Account type|
|12||only Spread||1.20||1000 USD||Premium|
|18||only Spread||1.80||50 USD||Standard|
|6||5 USD/lot||0.10||15000USD||Tailor Made|
As you can see in the table above, the trading fees in the Tailormade account are lower than the Standard, VIP, and Premium accounts, and lower than most other brokers. Most other brokers charge around $9 per lot traded in EUR/USD. However, it’s important to emphasize that these trading fees are not confirmed because neither the minimum nor the average spreads are published on the Errante Broker’s website.
Another significant cost to consider is the swap rate, which is applied to positions held overnight. A swap fee is paid (or received) for each night a position is held. When trading a currency, you are effectively borrowing one currency to buy another. The swap interest fee is calculated based on the difference between the interest rates of the two currencies being traded.
Errante Broker provides a swap calculator for traders to calculate these fees. For example, the swap rate for keeping a long EUR/USD position open for one night is -$4.57, and for a short position, it is +$0.79.
In general, assessing the trading fees at Errante Broker is challenging because neither the minimum nor the average spreads for its accounts are published.
Non-trading Fees at Errante Broker
The non-trading fees at Errante are generally average compared to similar brokers. This broker does not charge a fee for deposits in general, but there are specific withdrawal fees. For example, there is a 1% withdrawal fee for withdrawals through e-wallets like Neteller, Advcash, Cashu, Perfect Money, Sticpay, and Skrill.
Additionally, if a withdrawal request exceeds 80% of the deposited amount within 48 hours of the deposit without significant trading activity or in cases of arbitrage trading, an additional 5% fee/penalty will be applied. Errante Broker also charges a $10 monthly inactivity fee after six months of inactivity.
Deposit and Withdrawals
Errante Broker offers a wide range of financial deposit methods, and while deposits are generally free, there are withdrawal fees associated with some methods.
Like many brokers, Errante applies a “return to source” policy, meaning withdrawals can only be returned to the original source of funds. Various deposit and withdrawal methods are available, including bank transfers, cash and credit cards, Android digital wallets, and electronic wallets. For details, please refer to the table below:
|Processing Time||Withdrawal Fee||Deposit Fee||Base Currency||Deposit/Withdrawal Method|
|Instant deposit, within 24 hours withdrawal||1%||0.5%||EUR,USD||AdvCash|
|Domestic Bank Transfer: Processed within 24 hours.
International Bank Transfer: Takes up to 5 days for processing.
|0||Covered by broker||EUR,USD||Bank Transfer|
|Instant deposit, within 24 hours withdrawal||Covered by Errante||0||EUR,USD||Bitcoin|
|Instant deposit, within 24 hours withdrawal||1%||Covered by broker||EUR,USD||cashU|
|Instant deposit, within 24 hours withdrawal||0||Covered by broker||EUR,USD||MasterCard|
|Instant deposit, within 24 hours withdrawal||1%||Covered by errante||EUR,USD||Neteller|
|Instant deposit, within 24 hours withdrawal||1%||Covered by broker||EUR,USD||Skrill|
|Instant deposit, within 24 hours withdrawal||1%||Covered by errante||EUR,USD||SticPay|
|Instant deposit, within 24 hours withdrawal||0||Covered by broker||EUR,USD||VisaCard|
Note that the minimum deposit for all accounts is 50 USD/EUR.
- Visa/MasterCard: Deposits are free and processed within 1 hour. Withdrawals are free and processed within 24 hours, but it may take 4 to 8 days to reach your account. The minimum withdrawal amount is 20 USD/EUR.
- Electronic Wallets (Neteller, Sticpay, Skrill, Perfect Money): Deposits are free and processed within 1 hour. Withdrawals are processed within 24 hours and a 1% fee is applied. The minimum withdrawal amount is 20 EUR/USD.
- Cryptocurrencies (BTC, ETH, XRP, USDT): Deposits are free and processed within 10 minutes. Withdrawals are free and processed within one business day. Please note that the minimum withdrawal amount is 20 USD/EUR.
Traders should be aware that if they request a withdrawal of an amount exceeding 80% of the deposited amount within 48 hours of deposit without significant trading activity or engage in arbitrage trading, an additional 5% fee/penalty will be applied.
Errante broker offers a wide range of financial funding methods. While deposits are generally free, a 1% withdrawal fee is applied for electronic wallet payments, which is in line with the industry average. The processing times are also average, except for bank transfers, which are slower.
Trading Platforms at Errante Broker
The provided platforms at Errante broker are on par with similar brokers in the industry. They offer trading on the popular MT4 and MT5 platforms, along with associated desktop, mobile, and web-based applications.
MetaTrader 4 (MT4)
MetaTrader 4 is one of the most popular and versatile trading platforms globally, offering powerful features to assist informed trading decisions. While MT4 is somewhat dated, it remains popular due to its algorithmic trading capabilities, allowing for algorithmic trading and backtesting with Expert Advisors (trading robots). Other features of MT4 include:
- MQL4 programming language
- Single-threaded backtesting for single-currency pairs
- 30 built-in technical indicators
- 31 graphical objects
- Multiple timeframes
MetaTrader 5 (MT5)
MetaTrader 5 is at the forefront of trading software, with millions of users worldwide and extensive qualitative and quantitative analysis capabilities. The MT5 trading platform is generally more widely accepted by forex brokers. It features a more modern interface, allows for an unlimited number of chart types in forex, displays market depth, and includes an internal economic calendar.
Additionally, MT5 offers more types of pending orders compared to MT4 and comes with an integrated chat system. Furthermore, the MQL5 programming language is more efficient than its predecessor, and MT5 provides more advanced charting tools compared to MT4.
In general, while Errante broker only offers the MetaTrader platform suite, which may not be as beginner-friendly as proprietary platforms offered by other brokers, both MT4 and MT5 are considered some of the best third-party trading platforms in the industry.
Mobile versions of MT4 and MT5
Broker Errante provides mobile trading platforms that are average compared to similar brokers. They offer mobile versions of MT4 and MT5 for both Android and iOS devices. Traders should be aware that compared to desktop trading platforms, there may be some limitations in functionality, such as reduced timeframes and fewer chart options. However, traders can still place and modify orders, calculate profits and losses, and trade on charts using these mobile platforms.
While Errante does not offer a proprietary mobile trading solution, the availability of MT4 and MT5 mobile apps allows traders to access their accounts and execute trades on the go.
Errante broker’s trading tools are limited to a trading platform and a few trading calculators, which is relatively limited compared to some other brokers.
The CopyTrade tool at Errante broker allows traders to monitor and copy the trading strategies of successful traders either manually or automatically into their own accounts. Traders can choose to copy a selection of Errante traders they believe may be suitable for them. This feature can be a good option for beginner traders who are starting their trading journey and may not have the technical skills or time to trade actively.
Errante broker offers two trading calculators:
1. Margin Calculator: With the Margin Calculator, traders can precisely calculate the required margin for opening a position they wish to open and adjust its size accordingly.
2. Swap Calculator: The Swap Calculator helps traders calculate the fees based on the instruments they are trading for both long and short positions.
Please note that Errante’s trading tools are relatively basic, and they do not offer a wide range of advanced trading tools or features compared to some other brokers in the industry.
Tradable Assets at Errante Broker
Errante broker offers a somewhat limited range of tradable assets compared to some other brokers. They provide trading opportunities in Forex, CFDs on stocks, indices, commodities, and metals. While Errante may have a more limited selection of tradable assets compared to its competitors, it does offer a reasonable variety of Forex pairs.
Errante broker offers approximately 50 currency pairs for trading, which is a relatively average range compared to most other brokers. These include major currency pairs (e.g., EUR/USD, GBP/USD, and USD/JPY), minor currency pairs (e.g., NZD/JPY, GBP/JPY, and USD/ZAR), and some exotic pairs.
Errante broker provides access to 61 CFDs on stocks, which is somewhat limited compared to some major international brokers. The selection includes some of the major exchanges in the United States, the United Kingdom, and Europe. CFDs on stocks allow traders to speculate on the price movements of these shares, but they do not grant ownership of the actual underlying stocks. However, CFD holders can be affected by changes in the stock’s price.
Please note that while Errante may not have the most extensive range of tradable assets, it does offer trading opportunities in some of the most popular financial markets, including Forex and CFDs on stocks, indices, commodities, and metals.
- Indices: Errante broker offers trading on 9 indices, which is somewhat limited compared to similar brokers. The most popular indices are those that combine shares of some of the world’s large and reputable companies.
- Commodities: Errante broker provides trading opportunities in 3 commodities, which is relatively limited compared to some other brokers that typically offer between 5 to 10 commodities. These commodities include energy resources like oil and natural gas.
- Metals: Errante broker offers trading in 6 metals, which is roughly in line with the average offering of other brokers. These metals include silver, gold, palladium, and platinum.While Errante may have a somewhat limited selection of tradable assets in comparison to some competitors, it still covers a range of popular financial markets, including indices, commodities, and metals.