Errante Broker Review

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.

Ugandans will be trading under the Errante subsidiary, Errante Securities (Seychelles) Ltd, authorised and regulated by the Seychelles Financial Services Authority (FSA).

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, Ugandan traders 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.

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 Ugandans to trade with. 

The account opening process at Errante is user-friendly, fully digital and accounts are ready for trading immediately.

All Ugandan residents are eligible to open an account at Errante but have to meet the following minimum deposit requirements:

• Standard Account: 50 USD
• Premium Account: 1000 USD
• VIP Account: 5000 USD
• Tailormade Account: 15000 USD

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:

1. 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.

2. 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. 

3. 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.

4. 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 trading on Forex, share CFDs, indices, commodities, metals, and cryptocurrencies.

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.

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. To view live spreads, traders will have to open a demo account, which is not consumer-friendly. Traders should also know that spreads vary depending on market volatility and trading volume.

The trading costs on the Tailormade account 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.

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.

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

The minimum deposit requirement on the Premium Account is 1000 USD and spreads average at 1.2 pips on the EUR/USD, which is still wider than the spreads on other brokers’ entry-level accounts. Account-holders receive a daily market summary, personalized customer support, and have access to enhanced educational materials.

VIP Account

To open a VIP account, a minimum deposit of 5000 is required. Average spreads hover at 1 pip (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.

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.  

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.

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.  

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.

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. 

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:

• MQL4 programming language
• Single-thread, single-currency backtesting
• 30 inbuilt technical indicators
• 31 graphical objects
• Nine timeframes

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 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:

• Margin Percentage Calculator: With Errante’s Margin Calculator, traders can calculate exactly how much margin is required in order to guarantee a position that they would like to open and adjust its size accordingly. 
• Swap Rates Calculator: The Swap Rate Calculator helps traders calculate the fee they will be charged based on the instrument they are trading for both the long and short positions. 

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. 

Market research and analysis are 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. 

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 must 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.

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.