Errante Broker Review

Is Errante Safe?

Yes, Errante is a safe broker for s 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:

• Errante is the trading name used by Notely Trading Ltd, an Investment Firm authorized and regulated by the Cyprus Securities and Exchange Commission (CySec) under license number [383/20]. Errante is governed by the Markets of Financial Instruments Directive (MiFID II) of the European Union.
• Errante is the trading name of Errante Securities (Seychelles) Ltd, a Seychelles Securities Dealer Licensee, authorized and regulated by the Seychelles Financial Services Authority (FSA) under license number SD038.

Filipinos 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, Filipinos 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:

• Best Forex Newcomer 2020 award (Forex Awards)
• Fastest Growing Broker 2021 (Ultimate Fintech Awards)

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 Filipinos to trade with. 

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Trading Fees

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):

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As you can see from the table above, 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.  

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Broker

Trading Conditions

Base Currencies

EURUSD (Standard)

Trading Cost (Standard)

EURUSD (Best)

GBPUSD (Best)

USDJPY (Best)

Commission

Errante

3/ 5

USD, EUR

1.50 pips

USD 15

1.50 pips

1.60 pips

1.50 pips

USD 0

Eightcap

4.5/ 5

AUD, CAD, EUR, GBP, NZD, SGD, USD

1.00 pips

USD 10

0.06 pips

0.73 pips

0.23 pips

USD 0

IC Markets

4.5/ 5

AUD, USD, EUR, GBP, CAD, SGD, NZD, JPY, CHF, HKD

0.10 pips

USD 8

0.02 pips

0.23 pips

0.14 pips

USD 7

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

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.  

Opening an Account at Errante

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

All Filipino 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’s Trading Account Types

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 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:

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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.   

Deposits and Withdrawals

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:

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Note that the minimum deposit on all accounts is 50 USD/EUR.

• Bank Wire Transfer: Deposits are free and are processed within 2 – 5 working days. Withdrawals are processed within 2 – 5 working days, are free, and the minimum withdrawal amount is 100 EUR/USD.
• Visa/Mastercard: Deposits are free and are processed within 1 hour. Withdrawals are free and are processed within 24 hours but may take 4 – 8 days to reach your account.  Minimum withdrawal amounts are 20 USD/EUR.
• E-wallets (Neteller, Sticpay, Skrill, Perfect Money): Deposits are free and are processed within 1 hour. Withdrawals are handled within 24 hours, and a fee of 1% applies.  Minimum withdrawal amounts are 20 EUR/USD.
• Cryptocurrencies (BTC, ETH, XRP, USDT): Deposits are free and are processed within 10 minutes. Withdrawals are free and are processed within one working day.  Note that the minimum withdrawal amount is 20 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’s Base Currencies (Trading Account Currencies)

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 INR trading accounts, which is a disadvantage for Filipinos who will likely have bank accounts denominated in INR, 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 INR.

Trading Platforms

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:

• 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.

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Broker

Platform Choice

Copy Trading

Platforms

Errante

4.5/ 5

Yes

MT4

MT5

Eightcap

4.5/ 5

Yes

MT4

MT5

TradingView

IC Markets

5/ 5

Yes

MT4

MT5

cTrader

TradingView

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 Platforms

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

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:

• 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.  

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Broker

Economic Calendar

Autochartist

Trading Central

Trading View

Free VPS

Errante

Yes

Yes

No

Yes

No

Eightcap

No

No

No

Yes

Yes

IC Markets

Yes

Yes

Yes

Yes

Yes

Errante’s Financial Instruments

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).

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• 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 for Beginners

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, and both the website and educational materials are translated into Hindi.

Educational Materials

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.  Hindi-speaking traders will be pleased to note that both Errante’s website and its educational materials are translated into Hindi.

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.

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Broker

Beginner Course

Advanced Course

Well Structured Education

Education Quality

Webinars

Errante

No

No

No

Medium

Yes

Eightcap

Yes

Yes

Yes

Medium

Yes

IC Markets

Yes

Yes

Yes

High

Yes

Market Analysis Materials

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 Service

Customer support is available 24/5 in 11 languages, including Hindi, 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.   

Evaluation Method

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.

Risk Statement

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.

Overview

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.  Hindi-speaking traders will be pleased that customer support is available in Hindi and that Errante offers Islamic swap-free accounts. 

Editorial Team

 

Chris Cammack
Head of Content

Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.

 

Alison Heyerdahl
Senior Financial Writer

Alison joined the team as a writer in 2021. She is the Senior Editor for FXScouts.  She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers. She has a passion for Forex trading and over a decade of editorial experience researching Forex and the financial services industry, producing high-quality content. She hosts a weekly podcast, “Let’s Talk Forex,” alongside her colleague, Chris, and has produced over 100 Forex educational videos for the FXScouts YouTube channel. She also writes weekly technical analyses and has tested and reviewed over 100 Forex brokers.

 

Ida Hermansen
Financial Writer

Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.