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3.83
/ 5
Accepts Australian Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Errante is regulated by CySEC & FSA (Seychelles).
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Regulated by CySEC and the Seychelles FSA, Errante caters to traders who prefer flexible trading conditions on the MT4 and MT5 platforms. However, traders should be aware that neither the minimum nor average spreads are published on its website.
Errante offers trading on multiple assets, including cryptocurrencies, share CFDs, commodities, metals, indices, and over 50 Forex pairs, an average selection compared to other brokers. Support is offered for both the MT4 and MT5 platforms in addition to a copy trading platform, but Errante offers virtually no trading tools.
Errante’s entry-level account offers comparatively poor trading conditions, with a minimum deposit of 50 USD, and EUR/USD spreads of 1.50 pips. Trading costs improve on the VIP and Tailor-made accounts, but this is in exchange for much higher minimum deposits.
| 🏦 Min. Deposit | USD 50 |
| 🛡️ Regulated By | CySEC, FSA-Seychelles |
| 💵 Trading Cost | USD USD 15 |
| ⚖️ Max. Leverage | 500:1 |
| 💹 Copy Trading | Yes |
| 🖥️ Platforms | MT4, MT5 |
| 💱 Instruments | Forex, Stock CFDs, Commodities, Metals, Indices, Energies, Cryptocurrencies |
Yes, Errante is a safe broker for Australians to trade with. It maintains regulation from CySEC of Cyprus and the FSA of Seychelles.
A global CFD broker with over 20,000 clients worldwide, Errante was founded in 2019 and is headquartered in Cyprus. It is authorised and regulated by the Financial Services Authority (FSA) of Seychelles and the Cyprus Securities and Exchange Commission CYSEC. See below for details:
The level of protection offered by the FSA is low compared to regulators of Europe and Australia, and CFD brokers registered with the FSA are not required to segregate client money from company operational capital or participate in compensation schemes. They are also not required to offer negative balance protection and have no leverage restrictions.
However, Australians can be sure that their funds will be deposited in top-tier, well-capitalised banks and financial institutions separate from the company’s operating funds. Errante also provides negative balance protection which means that traders can never lose more than their initial starting deposit.
Awards
Although Errante is relatively new to the market, it has won a few awards, burnishing its credentials as a safe broker. Recent awards include:
Overall, because of its CySEC and FSA regulation, the fact that it segregates client money in top-tier banks, and the provision of negative balance protection, we consider Errante a safe broker for Australians to trade with.
Errante‘s trading fees are higher than average on its entry-level account but lower than average across all other account options.
Errante offers three commission-free accounts with trading costs included in the variable spreads and a high-deposit Tailormade account which offers extremely tight spreads in exchange for a commission per lot (however, traders can talk to their account managers about other benefits). All accounts are available on the MT4 and MT5 trading platforms (click here for more on Errante’s trading platforms).
Errante’s accounts were assessed to compare the costs to those of other brokers. When making this calculation, we use one lot of EUR/USD as a benchmark as it is the most commonly traded currency pair and it usually has the tightest spread.
Unfortunately, Errante does not publish its average or minimum spreads for each account type alongside the relevant instruments, so these costs were based on the spreads published in the accounts section. In order to view live spreads, traders will have to open a demo account, which is not consumer-friendly. Traders should also be aware that spreads vary depending on market volatility and trading volume.
The costs were evaluated based on the trading fees on one lot (100 000 USD) on the EUR/USD, including the spread and commission:
Trading Cost Formula: Spread x Trade Size + Commission = Cost in Secondary Currency (USD):
As you can see from the table above, the trading costs on the Tailormade accounts are lower than those on the Standard, VIP, and Premium Accounts, and lower than those of other brokers. Most other brokers have a trading cost of around 9 USD per lot of EUR/USD traded. However, it must be emphasised that these trading costs cannot be confirmed, because neither the minimum nor average spreads are published on Errante’s website.
Swap Fees
Another important cost to consider is the swap rate charged on positions held overnight. Interest is paid (or received) for each night a position is held. When trading a currency, you are borrowing one currency to purchase another. The swap interest fee is calculated based on the difference between the two interest rates of the traded currencies.
Errante provides a Swap Rates Calculator for traders to calculate these costs. For example, the swap rate for holding a long position of EUR/USD open for one night is -4.57 USD, and a short position is +0.79 USD.
Overall, it is difficult to assess Errante’s trading costs, because neither the minimum nor average spreads are published for its accounts.
Errante’s non-trading fees are average compared to other similar brokers.
Errante does not generally charge fees for deposits, but fees are charged for withdrawals under certain circumstances. For example, a fee of 1% is charged for withdrawals via e-wallet (Neteller, Advcash, Cashu, Perfect Money, Sticpay, and Skrill). Additionally, in case of a withdrawal request of an amount over 80% of the deposited amount within 48 hours after depositing (i) without significant trading activity, or (ii) when traded with for arbitrage, an additional 5% fee/penalty will be charged.
Errante also charges an inactivity fee of 10 USD per month after six months of inactivity.
The account opening process at Errante is user-friendly, fully digital and accounts are ready for trading immediately.
All Australian residents are eligible to open an account at Errante but have to meet the following minimum deposit requirements:
Creating an account is straightforward, the process is fully digital, and accounts are usually ready immediately. Errante offers individual and corporate accounts, but we will focus on opening an individual account:
New traders will have to click on the “Register” button at the top of the page where they will be directed to fill in their personal details, including name, surname, telephone number, country of residence, email address, and password. Errante will then send a confirmation PIN to the registered email address.
Next, traders will have to fill in an economic profile, detailing their date of birth, nationality, level of education, employment status, source of funds, annual income, net worth, and how much they intend to invest at Errante.
Traders will then have to upload the following documents:
Proof of Identification – Errante accepts all government-issued identification documents such as Passport, national ID card, driving license, or other government-issued ID.
Proof of Address – Proof of residence/address document must be issued in the name of the account holder within the last 6 months and must contain a trader’s full name, current residential address, issue date, and issuing authority.
Once this step is complete, traders will have to agree to Errante’s Terms and Conditions.
After the application is approved, traders can log in and fund their accounts
Overall, Errante’s account-opening process is fully digital and hassle-free and accounts are generally ready for trading immediately.
Errante offers four live accounts, which is average compared to other brokers, and its accounts are suitable for beginners and more experienced traders.
A market maker with no dealing desk intervention, Errante offers trading on six asset classes, including cryptocurrencies, shares, energies, metals, indices, and over 50 Forex pairs (click here for more on Errante’s financial instruments).
Errante offers full support for both the MT4 and MT5 platforms on four live accounts and an unlimited demo account. All accounts are commission-free accounts, except the Tailor-Made Account, where customised trading conditions can be discussed with one’s account manager.
With a minimum deposit of 50 USD, Errante’s Standard Account is suitable for beginner traders. We define beginner traders as inexperienced traders who have never traded before or have been trading for less than a year. Beginners often do not want to risk trading large sums of money, and will generally not be able to trade full-time during the workweek.
Experienced traders often prefer paying a higher minimum deposit for tighter spreads. Errante’s Premium, VIP, and Tailormade accounts have minimum deposits of 1,000 USD, 5,000 USD, and 15,000 USD, respectively. While trading costs on the VIP and Premium Accounts are still higher than the costs of other brokers’ entry-level accounts, they are extremely low on the Tailormade account. Again, trading costs cannot be confirmed, because Errante does not publish the spreads for any of its accounts.
All accounts feature maximum leverage of up to 500:1 and a minimum order size of 0.01 lots. Errante allows hedging and scalping, and copy trading. Accounts are only denominated in two base currencies, namely EUR, and USD, and Errante offers Islamic accounts on request. See below for account details:
Standard Account
The Standard Account has a minimum deposit requirement of 50 USD, with spreads averaging at 1.50 pips on the EUR/USD (we assume), which is wider than other similar-sized market makers. Account-holders can trade on all available instruments.
Premium Account
To open a VIP account, a minimum deposit of 5000 is required. Average spreads hover at 1 pips (according to customer service and the information published on the site), which is still wider than the spreads on other brokers’ entry-level accounts and no commissions are charged. VIP traders will not be charged fees on any deposit and withdrawal methods, and in addition to enhanced educational material access, will receive free VPS services.
VIP Account
To open a VIP account, a minimum deposit of 5000 is required. Average spreads hover at 1 pips (according to customer service and the information published on the site), which is exceptionally tight, and no commissions are charged. VIP traders will not be charged fees on any deposit and withdrawal methods, and in addition to enhanced educational material access, will receive free VPS services.
Tailor-Made Account
As the name suggests, this is a customisable account with a minimum deposit requirement of 15,000 USD. Spreads start at 0.0 pips on the EUR/USD but lower leverages apply. A commission will be determined based on trading volumes (usually around 5 USD round turn), and margin calls are set upon request.
Traders can discuss various customised options with their account managers. For example, they may elect raw spreads with a small commission, or higher leverage on some instruments. Other traders request special set-ups for VPS for high-frequency trading or trading on specific instruments.
Demo Accounts
Errante’s demo account mimics the conditions found on the Standard, Premium, and VIP accounts on both the MT4 and MT5 platforms and is available with a virtual balance of 10,000 USD. The demo accounts are unlimited and a good way to test trading strategies before committing real money.
Errante offers a wide range of funding methods, and while deposits are generally free, withdrawal fees are charged for some methods.
Like most brokers, Errante operates a “return to source policy,” meaning that withdrawals can only be returned to the original funding source. A variety of funding and withdrawal methods are available, including bank transfers, debit and credit cards, e-wallets, and cryptocurrencies. See below for details:
Note that the minimum deposit on all accounts is 50 USD/EUR.
Traders should note that in the case of a withdrawal request of an amount over 80% of the deposited amount within 48 hours after depositing (i) without significant trading activity, or (ii) when traded with for arbitrage, an additional 5% fee/penalty will be charged.
Overall, Errante offers a wide range of funding methods, and while deposits are generally free, a 1% withdrawal fee applies to payments by e-wallets, which is around the industry average. Processing times are also average, except on bank transfers, which are slow.
Errante supports a limited number of base currencies compared to other similar brokers.
Accounts can be denominated in EUR and USD, which is limited compared to other similar brokers. Most other brokers offer trading accounts denominated in at least 5 – 10 currencies.
Additionally, Errante does not offer AUD trading accounts, which is a disadvantage for Australians who will likely have bank accounts denominated in AUD, and who will have to pay currency conversion fees on deposits and withdrawals.
For traders that trade in large volumes (more than 10 lots a month), it is better to open an account denominated in USD at a digital currency bank, especially for trading on assets such as the EUR/USD. This is because when trading a USD quoted currency pair with another currency account, there will be a small conversion fee for every trade made.
Overall, Errante offers fewer trading account currencies than most other large international brokers and doesn’t offer accounts denominated in AUD.
Errante’s platform support is average compared to other similar brokers.
Trading is offered on the MT4 and MT5 platforms and their associated desktop, mobile, and web-based applications.
Metatrader 4
MetaTrader 4 is one of the world’s most popular and versatile platforms, offering powerful features to help you make educated trading decisions. Though it is now showing its age, MT4 is still popular for its auto trading features that enable algorithmic trading and strategy backtesting with expert advisors (trading robots). Other features of MT4 include:
MetaTrader 5
MT5 is at the forefront of trading software and boasts millions of users worldwide, featuring an in-depth qualitative and quantitative analysis. The MT5 trading platform is being adopted by more Forex brokers all the time; it has a more modern interface, allows for an unlimited number of charts to be used, shows Depth of Market, and has a built-in Economic Calendar. It also has a larger number of pending order types than MT4 and features an embedded chat system. In addition, the MQL5 scripting language is more efficient than its precursor, and MT5 has more advanced charting tools than MT4.
Overall, although Errante only offers the Metatrader suite of platforms, which are not as beginner-friendly as the proprietary platforms offered at other brokers, MT4 and MT5 are considered some of the best third-party platforms in the industry.
Errante’s mobile trading platforms are average compared to other similar brokers. It offers mobile versions of MT4 and MT5, but no proprietary mobile trading solutions.
Errante offers support for MT4 and MT5 mobile trading apps for Android and iOS. Traders should be aware that there is some loss in functionality when compared to the desktop trading platforms, including reduced time frames and fewer charting options, but traders can close and modify existing orders, calculate profit and loss, and trade on the charts.
Errante’s trading tools are limited compared to other brokers.
Errante’s trading tools are limited to a copy trading platform and a number of trading calculators.
Copytrading
Errante’s CopyTrade tool allows traders to monitor the trading strategies of other successful traders and copy these either manually or automatically to their own accounts. Traders can choose to copy a selection of Errante’s traders (also known as CopyTrade Providers) who they think may be the right fit. CopyTrade Providers are ranked according to their trading success. Traders can choose to follow or unfollow as many CopyTrade Providers as they wish.
Errante CopyTrade is a good option for beginner traders starting out in the trading space who have neither the technical skills nor time to trade.
Trading Calculators
Errante offers two trading calculators:
Overall, Errante’s trading tools are limited compared to other brokers, and it would do well to add some more tools to its trading arsenal to help clients make better trading decisions.
Errante’s financial instrument offering is slightly limited compared to other brokers.
Errante offers trading on Forex, share CFDs, indices, commodities, metals, and cryptocurrencies (click here for more on CFD trading).
Forex: Errante has over 50 currency pairs available for trading, an average range compared to most other brokers. These include majors (EUR/USD, GBP/USD, and USD/JPY), minors (NZD/JPY, GBP/JPY, and USD/ZAR), and exotics.
Share CFDs: Errante offers 61 share CFDs, which is limited compared to other large international brokers. The selection available includes some of the major US, UK, and European Exchanges. CFDs on shares are subject to dividends. Holders of CFDs on Stocks do not own the underlying stock. However, they are impacted by reductions in share prices.
Indices: There are 9 indices available for trading at Errante, which is limited compared to other similar brokers. The most popular indices are those that combine the shares of some of the largest and globally acknowledged companies.
Commodities: Errante offers trading on 8 commodities, which is around the average available at other brokers. Most brokers offer between 5 and 10 commodities. Commodities include softs such as sugar, cocoa, and cotton, and energies such as oil and natural gas.
Metals: Errante offers trading on 6 metal crosses, which is around the average offered at other brokers. These include silver, gold, palladium, and platinum.
Cryptocurrencies: Errante offers trading on 14 crypto pairs, which is more than is typically available at other brokers. these include Bitcoin, Ethereum, Dash, and Ripple, among others. Cryptocurrencies are extremely volatile instruments, so traders should be aware of trading with leverage.
Overall, Errante offers a limited selection of tradable assets compared to its competitors, but it offers a decent range of Forex pairs.
Errante’s educational and market analysis materials are minimal, but we put this down to the company’s relative youth. However, responsive customer service is available 24/5 to answer any technical or account-related questions.
Errante’s educational materials are severely limited compared to other similar brokers.
Errante’s educational materials include a selection of beginner and advanced training videos and Metatrader 4 and Metatrader 5 platform videos. The videos cover various topics, including an introduction to forex, technical and fundamental analysis, and more. While limited, they are of a high quality, but users will need to deposit 300 USD to access the advanced videos.
Alongside this material, Errante also hosts frequent multilingual webinars on all aspects of trading, including the Basics of Trading, Technical and Fundamental Analysis. Past webinars are stored in an archive and are available on demand. Webinars are free to all website visitors but require registration.
Market research and analysis are also limited, and Errante only offers clients a daily market commentary in written format, composed by its in-house team of analysts. Other market analysis tools include margin calculators and economic calendars.
Customer support is available 24/5 in 11 languages, via email, telephone, and live chat. For the purposes of this review, we found the customer support extremely responsive (within 20 seconds) and polite. However, customer support was unable to provide answers on why none of the spreads were published on the website.
We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of Errante’s offering. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker, and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.
Trading Forex is risky, and each broker is required to detail how risky the trading of Forex CFDs is to clients. Errante would like you to know that: Our products are traded on margin and carry a high level of risk and it is possible to lose all your capital. These products may not be suitable for everyone and you should ensure that you understand the risks involved.
Founded in 2019, Errante is relatively new to the CFD industry but has built up a large client base worldwide. With full support for the most popular trading platforms, MT4 and MT5, traders can choose between four live accounts. Although minimum deposits are reasonable on its entry-level account, trading conditions are generally poor, and it offers a limited selection of educational and material analysis materials for beginner traders.
Accepts Australian Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Errante is regulated by CySEC & FSA (Seychelles).
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