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About the company:
Elana Trading, a broker from Bulgaria, offers attractive trading conditions for experienced traders as well as for beginners. Please go through our review to see trading platforms and spreads available with Elana.
About Company. Safety of funds
Elana Trading, a top-three broker in its country, has been operating since 1991. The broker is part of the Elana holding, one of the major Bulgarian institutions in the non-banking financial sector.
Elana is regulated by the Bulgarian Financial Supervision Commission (the FSC) and operates within the European Union. The broker is also a member of the Investor Compensation Fund in Bulgaria. If the Company goes bankrupt, the Fund is to compensate up to 90% of the amount on a trader’s account, but not more than 40,000 Bulgarian levs (about 20,000 Euro.)
Elana Trading has 2 types of live trading accounts – MetaTrader and GlobalTrader. The first one provides access to more than 70 currency pairs, precious metals as well as index and natural resource based CFDs. The partnership of Elana Trading with Saxo Bank distinguishes the broker among others and enables the GlobalTrader account’s owners to operate over 180 currency pairs, binary options, CFDs, shares, futures, options and ETFs. Both platforms also have demo accounts.
Minimal initial deposit
Elana Trading does not require a minimum deposit. Even $1 is enough to start trading.
Although the absence of a minimum deposit is a marketing ploy, it helps beginners to try their hand.
Spreads and commissions
Elana Trading offers quite tight spreads starting from 0.8 pips on EUR/USD for the MetaTrader accounts and from 0.0 pips for the GlobalTrader accounts. Notably, the broker does not charge any fees even with such spreads. At least, the Company states so.
Clients of Elana Trading can use the leverage up to 1:200 for the MetaTrader accounts and even lower ones, up to 1:50, for the GlobalTrader accounts. Nowadays, regulators mostly oblige brokers to lower their leverage.
Elana Trading suggests two trading platforms: the most popular MetaTrader 4 and the Elana GlobalTrader (SaxoTraderGo) from Saxo Bank (available through White Label).
SaxoTraderGo is a cross device online trading platform developed by Saxo Bank. It gives a trader access to such markets as Forex, CFD, stock, futures and bond markets. It can be installed on a PC or mobile device, and also has a web version. Both the PC and web version of the platform provide a full set of functions: quick execution of orders, advanced graphic analysis, technical analysis tools, news and market reviews, economic calendar and comfortable work space. The mobile version only supports basic functions.
The customer service can be reached by telephone, email, fax and online chat. The website has an English-language version along with a Bulgarian-language one.
The funds can be deposited to Elana Trading accounts via debit or credit banks cards as well as wire transfer. Plus, the account can be replenished in cash at the Company’s offices.
Unlike other brokers, Elana does not accept payments through online payment systems, such as PayPal or Skrill.
Elana Trading 1/10 (votes 2234)