Errante Forex Broker Reviewed and explained

Errante Broker review — Safety, assets, support, and many more!

Errante is a Forex and CFDs broker established in 2018 giving the broker more than enough experience in the FX trading industry. The broker is regulated in two different countries. This is very important for safety. Errante is allowed to provide trading services across European Union countries as it is overseen in Cyprus, a member of the EU. Traders can access a wide range of markets using the advanced trading platform, MetaTrader 5 (MT5). Offered trading instruments include Forex pairs, shares, energy and commodities, metals, and indices.

The broker offers educational resources and tools, including an economic calendar. Let’s dive deeper and evaluate the broker’s main features such as safety, spreads, commissions, account types, and more to evaluate how reliable it actually is.

The Safety and Security of Errante

When it comes to safety, Errante is regulated in two different jurisdictions, Cyprus and Seychelles. The entity in Cyprus is the Cyprus Securities and Exchange Commission, allowing the broker to offer trading services to EU zone citizens, which is very advantageous for its client base size. Another license under which the broker operates is in Seychelles, the Financial Services Authority Seychelles, which is an offshore entity, popular among brokers who can not get a license from more strict regulators. Having 2 licenses is actually very important for any FX broker. However, even with licenses of 2 or more, safety is not guaranteed and traders have to be cautious. Errante is part of the Investor Compensation Fund, allowing traders to get their investment portion back in case the broker goes bankrupt.

The one critical downside of Errante is its inability to offer a negative balance protection. This protection is critical as it allows traders not to lose more than their trading balance and in case they do, it won’t make them liable to pay back any funds beyond their initial investment.

Errante Fees and Spreads

When it comes to spreads and trading commissions, the broker provides several accounts and each of them has different spreads and fees. The standard trading account has very high spreads from 1.8 pips on major FX pairs like EURUSD, making it a very unattractive account. Commissions are zero for the standard accounts as spreads are too high.

The Premium trading account has spread from 1 pip, which is competitive. This spread is on major pairs like EURUSD and other pairs and assets have higher spreads. Commissions are zero for the Premium trading account.

The VIP account has spread from 0.8 pips on major pairs and charges no trading commissions, which is competitive. However, the minimum deposit is 5,000 euros, which is very high.

The Tailor Made trading account has spreads from 0 pips on major FX pairs, which is competitive. However, there is a trading commission charged and the minimum required deposit is 15,000 euros which is super high, making it inaccessible for beginner traders. This is especially true as many reliable brokers have super low minimum deposit requirements for 0 pips accounts, which is much more attractive for beginner traders and scalpers.

Errante Accounts, Deposits, and Withdrawals 

Errante offers four different types of trading accounts, including Standard, Premium, VIP, and Tailor Made. Each account has different spreads and minimum deposit requirements. Only the Tailor Made account charges commissions. Let’s compare each trading account’s specs to see whether Errante is a competitive broker.

Errante Standard account has the following specs:

• Minimum deposit – 50 euros
• Spreads from – From 1.8 pips
• Commissions – 0 euros
• Maximum leverage – Up to 1:30

Errante Premium account offers the following:

• Minimum deposit – 100 euros
• Spreads from – From 1 pip
• Commissions – 0 euros
• Maximum leverage – Up to 1:30

Errante VIP account has a higher minimum deposit:

• Minimum deposit – 5,000 euros
• Spreads from – 0.8 pips
• Commissions – 0 euros
• Maximum leverage – Up to 1:30

Errante Tailor Made account has the lowest spreads but extremely high minimum deposit:

• Minimum deposit – 15,000 euros
• Spreads from – 0 pips
• Commissions – Yes
• Maximum leverage – Up to 1:30

As we can see, none of the accounts offer the combination of low spreads and low minimum deposits, making the broker not beginner-friendly. This makes it much less competitive against international brands that offer super low minimum deposits and allow 0 pip spreads as well.

Deposits and Withdrawals

When it comes to deposits and withdrawals, the broker offers several options. There are bank transfers, bank cards, and online wallets offered. The minimum allowed amount for deposits is 50 euros or USD. The minimum withdrawal amount with transfers is 100 USD, and for bank cards and e-wallets, it starts around 20–30 euros depending on the provider. There are commissions charged on e-wallets and wire transfers, but bank cards sometimes are free to withdraw, which is not competitive.

Errante Trading Platforms, Assets, and Features

The broker allows access to the advanced trading platform, MetaTrader 5 (MT5). Expert Advisors (EAs) are allowed, and the platform also supports custom indicators. Mobile trading is also available via the MT5 mobile app, which is accessible on both Android and iOS devices, enabling traders to trade on the go.

Assets

When it comes to trading instruments, the broker offers access to diverse markets such as Forex pairs, commodities (energies, metals), indices, cryptos, and even shares. The leverage is up to 1:30 which is the highest limit allowed by the CySEC regulator. This is actually important because beginners might take excessive risks and since the broker does not have negative balance protection the chances of losing more than the trader’s initial investment is pretty high.

Extra Features

There are no bonuses offered by Errante, which is a considerable downside for the broker. The lack of deposit bonuses gives little incentive to new customers to select this broker, especially when spreads are high and minimum deposits are not attractive. From other features, the broker offers only several tools and educational resources. There is a client portal app, which is useful.

Errante Education

The broker offers educational resources in the Academy. These resources include educational videos, webinars, and market analysis. Videos are useful for getting clear visuals about trading platforms and how trading works in general, while webinars offer live video lectures to learn about financial markets and essential trading concepts. Market analysis resources allow traders to get an idea of how to analyze an asset and what to expect. From trading tools, the broker offers an economic calendar only, which allows traders to monitor important market news.

Errante Customer Support Review

The broker offers several customer support channels, including email and hotline. There is no live chat offered, which is a serious downside. Live chat is the fastest way to contact broker support and solve issues, and it is also the cheapest.

There is an FAQ section.

Should you consider Errante? 

Errante is a regulated broker with 2 licenses from CySEC and Seychelles FSA. The broker also provides MT5 platform access and diverse markets of FX pairs, commodities, indices, shares, and cryptos. The leverage is up to 1:30. However, the broker does not offer negative balance protection, 0 pips accounts have super high minimum deposit requirements, and there is no live chat support. Despite definitely being a legit broker, with these disadvantages, there are very few reasons to sign up for Errante in its current form.

FAQ on Errante