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Elana Trading Review – is it scam or safe?

Elana Trading review – Is www.elana.net scam or safe forex broker?

RATING: 3 / 0 REVIEWS Elana Trading
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 Trading accounts


Account type Minimum deposit Minimum trade size Maximum leverage Average spreads
Elana MetaTrader None 0.01 lots 1:200 From 0.8 pips
Elana GlobalTrader None 0.01 lots 1:50 From 0.0 pips

 

 

Elana Trading has two types of live trading accounts MetaTrader and GlobalTrader. The first one provides access to more than 70 forex pairs, as well as precious metals and CFDs on indices and oil. Elana GlobalTrader, which is practically for Saxo Bank's platform SaxoTraderGo, gives access to a bigger portfolio of more than 180 currency pairs, as well as vanilla options on currencies, CFDs, stocks, futures, options and ETFs.


The partnership with SaxoBank places the broker among the ones with the most extensive portfolios like FXCM and FxPro.


There are also demo accounts for both types of platforms.



The Company. Security of Funds


Company Country Regulation
Elana Finance Holding Bulgaria FSC

Elana is regulated by Bulgaria's Financial Supervision Commission (FSC) and as such can operate throughout the EEA. The company is also a member of the Investor Compensation Fund. It which covers up to 90% of the due sum in case the company goes bankrupt, but not more than BGN 40 000 (around EUR 20 000).

 

Unilke other Bulgarian forex brokers, Elana is not licensed by UK's FCA, but this does not make it less regulated than them.

 


Trading Conditions


Minimum initial deposit

Elana Trading does not require a minimum deposit for the opening of a trading account. Most likely in order to start trading, clients do need to make a deposit.


Not requiring an initial deposit is more of a marketing gimmick to attract clients, rather than a viable business policy, but it is employed by quite a few brokers. Then there are the ones who require as little as $1, like IG, or $5, like FXTM and XM. There are also the realistic ones who require higher sums, like FxPro and FxChoice.


Spreads and Commissions

Elana Trading offers fairly tight spreads, starting from 0.8 pips on EURUSD for the MetaTrader accounts and from 0.0 pips for the GlobalTrader accounts. Interestingly, even with those tight spreads, the broker does not charge commissions and fees. Or so it claims.


Leverage

Elana Trading gives a fairly moderate leverage of up to 1:200 on the MetaTrader accounts and an even lower – 1:50 on the GlobalTrader accounts. It may not be very lucrative for many traders, but is less risky. Other forex brokers with 1:200 leverage are FxChoice and Circle Markets.


 

Trading Platforms


Elana Trading offers two trading platforms: the most obvious choice – MetaTrader 4 and Saxo Bank's SaxoTraderGo, made available through a white label partnership and called Elana GlobalTrader.


SaxoTraderGo is a multiasset platform for forex, CFDs, stocks, futures and bonds. It is supported by desktop and mobile devices and also has a web version. The desktop and the web version of the platform support its full features: fast order execution, advanced charting, technical analysis tools, market news and analysis, economic calendar, flexible workspace. The mobile version supports only the main functions. The platform has been developed by Saxo Bank and has been made available to other brokers through a white label partnership in the autumn of 2015.


Another Bulgarian broker that offers SaxoTraderGo is BenchMark.



Methods of payment


Elana Trading accepts deposits through a debit or credit card or a bank transfer. There is also the option to fund one's account at the company offices.


Unlike other brokers, Elana does not accept payments through online payment systems like PayPal or Skrill.



Conclusion


Elana Trading is yet another Bulgarian forex broker. Its trading conditions are more or less similar to those of its Bulgarian peers, but the partnership with Saxo Bank and mostly its tight spreads, give it an advantage over some of them. For that matter, the tight spreads and no commissions give it an advantage over many international brokers as well.


We could not find specific information about the minimum deposit requirement for neither of the two types of accounts, but Saxo Bank's is $10 000 and we presume Elana's is lower, which sounds pretty lucrative.


 

Pros Cons
Tight spreads Low leverage
Saxo Bank partnership  
MT4  
EU regulation  

 

 

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Traders` reviews for Elana Trading

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