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Equilor Trader Review - is it scam or safe?

Equilor Trader Review - Is equilortrader.hu scam or good forex broker?

RATING: 3 / 0 REVIEWS Equilor Trader
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 Trading Accounts & Conditions

 

Account type Minimum deposit  Maximum leverage Spread
Standard Unspecified 1:40 Fixed, from 2.1 pips

 

Equilor Trader is the retail trading branch of a major player in the Hungarian financial services sector – EQUILOR Investment. The company offers this particular service in partnership with Saxo Bank, a Danish globally renowned broker. While the broker looks nice, it may not be the ideal choice for a foreigner. 

 

Equilor Trader Advantages

 

Regulated by the National Bank of Hungary (MNB)

Equilor is regulated by the Magyar Nemzeti Bank (MNB), the central bank of the country, which is also responsible for monitoring financial service intermediaries. They are fully compliant with the European Union’s MIFID standards, which bring a lot of credibility to the entire project. 

 

Established local player

Equilor Investment, the company behind this brand is running since 1990 and is one of the first brokerages on the Hungarian market (the country used to be in the Soviet sphere of influence and developments began in the 90s). Since then, they have expanded their offer to feature multiple services, including private banking, property management, corporate finance and even a fine art advisory. Equilor is a member of the Budapest, Warsaw and Prague stock exchanges.

 

Access to a lot of global markets 

The partnership with Saxo Bank grants Equilor clients access to over 30,000 trading instruments. The list features a lot of products which can be traded both directly on the actual exchange they are listed, as well as via CFDs. Some of the asset classes include forex (both spot and options), index CFDs, stocks, futures, exchange traded options and more. This is one of the broadest offerings, when it comes to traditional financial markets, which only lacks support for exotic stock exchanges and the newest hot asset class – cryptocurrencies. 

 

Great platform/charting

The trading platform offered by this Equilor is one of the best in the business. It comes with two versions. The “old” desktop client features most of the things a trader needs, as well as all the available instruments. There is a pretty convenient security mechanism, which forces you to load a particular “key” file every time you log in. This will protect your account, in case the PC you are trading on is shared with other people.

 

The newer version, originally called Saxo Trader GO still doesn’t support all the asset classes, which can be traded, but compensates by being very user friendly. As its names suggests it is suitable for mobile devices, as well as all web browsers. The charting package on both iterations is the same (and very good). Here is a preview of the web-based version of this platform on a wide-screen desktop PC:

 

Equilor Trader GO, on a PC 

 

Equilor Trader Disadvantages

 

Best suited for Hungarians

This is a bit of an obvious flaw and not one, which will hurt most of Equilor’s clients. The company is oriented towards the local market and there is nothing wrong with that. In case you are not Hungarian, you would probably be able to open an account with them, but then again, you will probably be able to find a more globally oriented company to trade with.

 

Spreads are rather high

A potentially more significant downside to  Equilor’s offer, which will also affect local traders comes with the actual costs of trading. We are looking at the forex trading offer in particular, where spreads are fixed and starting from 2.1 pips, for EUR/USD.

 


The order box at Equilor trader GO

 

This level isn’t that competitive when compared to some of the ones provded by other brokers. Then again the main reason why one would trade with Equilor probably isn’t forex, it’s the rest of the markets.

 

>>Compare some of the tightest forex spreads here<< 

 

Not suitable for small clients

This is an “issue” with all Saxo Bank partners. Their offer is better for those who have a relatively more speculative capital. The company changes leverage ratios quite frequently, when political risks occur. At the time of writing the maximum offered for EUR/USD is only 1:40 and there is a minimum position requirement of 5,000 currency units (the equivalent of 0.05 MT4 lots).

 

A few details not mentioned

Equilor’s presentation is very nice, with all the trading conditions on the different asset classes listed. That being said, the payment methods and minimum initial deposit aren’t listed. This is a small oversight and given the broker’s domestic focus, a potential client could easily get in touch. 

 

>>Brokers accepting Skrill payments<<

 

Conclusion

Equilor Trader is one of the services offered by a well-established Hungarian financial holding. Their service is provided in partnership with Saxo Bank. While the costs of forex trading may be on the high side, the main attraction for clients is the access to many different equity markets. 

 

The main factor, when determining a broker’s credibility – the security of your investment with them is covered perfectly by Equilor Trader. The parent company is overseen by the local authorities, while Saxo Bank follows strict Danish regulations (including banking ones). 

 

Still, if you are not Hungarian, you may find other brokers presenting even better offers. A good place to start your search for a respectable and truly globally oriented company is our list of FCA-regulated ones.

 

>>Find an FCA broker here<<

 

The Financial Conduct Authority is the United Kingdom’s financial services watchdog. All brokers regulated by them have to follow many stringent rules and regulations. The most famous ones, which guarantee the security of your deposit are segregation of client accounts (meaning the broker, can’t freely access your funds) and the Financial Services Compensation Scheme (a system’ which offers you protection if your investing intermediary goes bankrupt).

 

Here are the strong and weak sides of Equilor Trader:

 

Pros Cons
Regulated by the MNB Best suited for Hungarians
Established local player Spreads are rather high
Access to a lot of global markets Not suitable for small clients
Great platform/charting A few details not mentioned

 

 

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Traders` reviews for Equilor Trader

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