Bulgarian broker Elana Trading offers favorable conditions for beginners and professionals. On what platforms you can trade and what spreads are available from "Elan", read our review.
Company. Fund security
Elana Trading has been operating since 1991 and is one of the top three brokers in the country. The broker is part of the Elana holding, one of the largest Bulgarian institutions in the country's non-banking financial sector.
Elana is regulated by the Bulgarian Financial Supervision Commission (FSC) and can operate throughout the European Union. The company is also a member of the Investor Compensation Fund. The fund covers up to 90% of payments from the total amount on the trader's account in case of bankruptcy of the company, but not more than 40,000 BGN (about 20,000 euros).
Elana Trading has two types of active trading accounts - MetaTrader and GlobalTrader. The former provides access to over 70 currency pairs, as well as precious metals and CFDs on indices and minerals. Elana Trading has partnered with SaxoBank, and through this partnership, GlobalTrader provides access to a portfolio of over 180 currency pairs, binary options, CFDs, stocks, futures, options and ETFs.
There are also demo accounts for both types of platforms.
It should be noted that the partnership with Saxo Bank sets the broker apart from his Bulgarian colleagues.
Minimum initial deposit
Elana Trading does not require a minimum deposit to open a trading account. Clients can deposit even $ 1 to start trading.
The absence of a minimum deposit is used as a marketing ploy, but, nevertheless, it gives many beginners an opportunity to try their hand.
Spreads and commissions
Elana Trading offers fairly tight spreads starting at 0.8 pips in EUR / USD for MetaTrader accounts and 0.0 pips for GlobalTrader accounts. Interestingly, even with these spreads, the broker does not charge commissions and fees. At least that's what he says.
In Elana Trading, you can use leverage up to 1: 200 on MetaTrader accounts and even lower - 1:50 on GlobalTrader accounts. The global trend today is that regulators require companies to reduce the amount of leverage provided.
Elana Trading offers two trading platforms: the most popular MetaTrdaer4 and Elana GlobalTrader (SaxoTraderGo) from Saxo Bank (available through White Label).
SaxoTraderGo is a multi-network platform for Forex, CFDs, stocks, futures and bonds. It is supported by PCs and mobile devices and also has a web version. The desktop and web versions of the platform support its full functions: fast order fulfillment, advanced graphical analysis, technical analysis tools, market news and analysis, economic calendar, convenient workspace. The mobile version only supports basic functions. The platform was developed by Saxo Bank.
All popular methods are available to contact support: phone, mail, fax, online chat.
The site, except for Bulgarian, has been translated into English.
Ways of payment
Elana Trading accepts deposits via debit and credit card or bank transfer. There is also the option to fund your account at the company's offices.
Unlike other brokers, Elana does not accept payments through online systems such as PayPal or Skrill.
regulated broker; partnership with SoxoBank; favorable spreads. no promotions, bonuses, analytics, training materials.
no promotions, bonuses, analytics, training materials.
ELANATRADING is a brokerage company whose task is to provide intermediary services to traders. Brokers provide access to currency trading in the first place. Many of them also provide an opportunity to transact with company stocks, bonds, commodities, precious metals, indices, cryptocurrencies and other assets. A private person can make transactions with all these instruments only on the trading platform, which the broker provides access to.
In addition, thanks to the brokerage company, an individual can operate on the market with amounts that significantly exceed the size of their own funds. This is called providing leverage. For example, having a deposit of 1,000 USD with a 1: 400 leverage, a trader can make deals for 400,000 USD.
The broker also opens access to analytics, auxiliary tools, and trading signals. Modern trading is impossible without all this.
The broker ELANATRADING makes profit from traders' transactions, as a rule, in two main ways.
The first is the most common. Using spreads. This word refers to the difference between the best prices for buying and selling a particular asset at a particular moment. Moreover, in a transaction between a trader and a broker, the price is one, and between a broker and users of the Forex market - another. The mediator takes the difference for himself.
The second way is easier to understand. This is the collection of a commission for each transaction performed. Most often it has a standard value, but it can be measured as a percentage.
Thus, the brokerage company is interested in attracting as many clients as possible and for them to conduct active trading.
We have found out how honest brokers should work and how they work. Now let's look at how scammers operate, they are also called the kitchen.
The most common way to cheat is to tweak quotes. The broker provides the trader with quotes that differ from the real market ones. Data substitution occurs in order to make operations unprofitable. The deposit is reduced, and then completely zeroed out. At the same time, the trader thinks that his operations were carried out in the market, but in fact - only on the site of scammers.
Bonuses are traps. They are generously distributed for anything: for registration, account replenishment, etc. Only after that, in order for the client to withdraw his own money, mixed with bonus money, it will be necessary to fulfill a number of virtually impossible conditions. For example, conduct trading operations for an amount tens of times greater than the size of the deposit.
In the User Agreement, a clause can also be disguised that allows the broker to manage the client's money. Inattention when reading such an agreement most often turns into a complete loss of the deposit.
One of the key points is the place of registration and regulation of the company's activities.
Let's talk about registration first. As a rule, brokers from either their own country or from an economically developed country, for example, a member of the European Union, are more credible to traders. Of course, compliance with UK legislation is reassuring, and compliance with the legislation of an unknown island in the Indian Ocean does not mean anything to most.
However, most brokerage companies are registered offshore. And it's not only about small offices, but also about world leaders. Saint Vincent and the Grenadines, Belize, Marshall Islands, Mauritius are offshore zones popular among brokers. By registering there, companies pay significantly less taxes than in the place of actual location, which is sometimes carefully hidden.
If a trader has any claims against such a company, then it is likely that he will have to deal with it in accordance with the legislation of that very conditional Belize. It is possible to be physically present there at the court sessions. And this is extremely expensive and difficult.
But is it worth running like fire from just the word "offshore"? As an answer, we will give the names of companies that are not related to brokerage, but with an impeccable reputation and also save on taxes through offshore registration: Apple, Pfizer, Microsoft, General Electric, Intel.
And here we come to the second important point - this is the regulation of the broker's activities. First of all, it is carried out at the level of the state where the company is registered. Each country has its own regulatory body for brokerage activities. So, in Russia it is the Central Bank of the Russian Federation. A trader can find permissive documentation on the websites of such bodies. But there are also supranational structures. For example, the International Financial Commission (The Financial Commission), which is an independent self-regulatory organization, considering disputes between its members - brokers and their clients.
If the broker's website does not contain information about the regulation of its activities, then these are almost certainly scammers. Or the site contains information about a certain license issued to him, but this information is not confirmed anywhere else. Most likely, these are also scammers.
When choosing a brokerage company, study its history. Check out the links to her experts. If one of the leading TV channels in economic news for 5 years in a row refers to the opinion of the analyst of the broker in question, this is good. If a broker claims to have been working for 15 years, but there is no information about him on the Internet at all, this is bad.
It's important to pay attention to company reviews. And read them not only on the website of the broker itself. In the kitchen, they will probably only be laudatory. It is best to browse as many sites as possible.
Pay attention exclusively to the specifics in the offers on the brokers' websites. Honest companies openly write about interest, spread size, minimum deposit, etc. Fraudsters lure with loud, streamlined phrases about a rich tomorrow, stable income, misleading with incomprehensible terms about multi-sites, super functions, and so on.
Find out the company's connection with well-known brands, financial institutions, public organizations. For example, it can be sponsored. Large brokers sometimes hold social promotions. Fraudsters will definitely not do this.
Thus, the process of choosing a broker is complex. But if you approach it carefully, it will allow you to enter the world of trading, which has made millions of people rich all over the world.
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Before any trade and choosing a broker You must always read reviews on this site and on other sites. Brokers who are honest, have a rating of above 3.8. Also there is always the risk of loss when trading CFDs. Be careful and read the disclosure on the website of the broker. ELANATRADING received a score of 1 of 5 on our resource.