📈 Popular:

Broker of the month

Top 27 Regulated Forex Brokers

Forex No Deposit Bonuses

Promotions

⚡ Easily Trade – Apple, Microsoft , Tesla and Google Stocks – Open a FREE Account Here

Best Brokers

1st Place

2nd Place

3rd Place

4th Place

5th Place

Elana Trading Account Types

Elana Trading Account Types

 

 

Overall Rating

4.7/5

Rated #238 of
Recommended FX Brokers

💰Minimum Deposit

USD 0

🌐 Regulators

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

5000+

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Elana Trading provides Two different account types e.g., MetaTrader Account, and ElanaGlobalTrader Account. Each account type has its own set of conditions for commission, margin call, and leverage, and minimum deposit.

Finding a reputable list about Elana Trading account types local or worldwide can be a difficult process, especially finding a complete list from a trustworthy reputable source.

Below is an in-depth account types Review regarding this regulated Forex company, which will assist traders to make an informed decision when it comes to the various Forex trading accounts made available.

 

Elana Trading Overview

Elana Trading is a regulated broker which is headquartered in Bulgaria. Established in 1991, Elana Trading is an award-winning broker which offers traders access to global markets.

Elana Trading offers their clients two trading platforms, one of which is the world-renowned MetaTrader 4. The other platform they offer is the Elana Global Trader (SaxoTraderGo) from the Saxo bank which is available through White Label.

Their customer service is friendly and always ready to assist traders and can be reached by telephone, email, fax, and online chat. Their website has an English-language version along with a Bulgarian-language one.

This helps to ensure that traders are offered trade execution at the best possible prices at the best possible execution speeds. Elana Trading is continuously working to improve its trading solutions and services in order to adapt to evolving needs and objectives of traders.

 

Elana Trading Account Types

Elana Trading offers traders the option of two accounts but unfortunately does not offer an Islamic Account. Traders will find that through these accounts, Elana Trading offers competitive trading conditions along with comprehensive solutions and services.

 

Elana Trading Account Features

The Elana Live Trading account Metatrader account provides traders with an array of features, including access to more70 forex pairs, as well as precious metals and CFDs on indices and oil.

The Elana GlobalTrader, which is virtually for Saxo Bank’s platform SaxoTraderGo, allows access to a much larger portfolio of more than 180 currency pairs, as well as brand new options on currencies, CFDs, stocks, futures, options, and ETFs.

 

Elana Trading Demo Account

Elana Trading Demo offers traders the option of opening a Demo Account which can be utilized in various ways, including, but not limited to the following:

  • A practice account for beginner traders who wish to improve their trading skills and experience in a risk-free environment using virtual funds.
  • Traders who are evaluating and comparing brokers who would like to explore Elana Trading’ trading conditions in a risk-free environment, and
  • Traders who wish to test their trading strategies in a mimicked live trading environment without risking their capital.

 

Elana Trading demo account sign-up is fully digitalized and hassle-free.

It can be done within a few minutes and as soon as the trader is registered, demo trading can commence once the trader has downloaded and installed their trading platform of choice, or by using their web browser.

 

Deposits and Withdrawals

Elana Trading does not require a minimum deposit amount for the opening of a trading account. But obviously for clients to start trading they do need to make a deposit. Having no minimum deposit also allows newcomers who are nervous to spend too much also access to the world of trading.

Elana Trading allows deposits through a debit or credit card or a bank wire transfer. Elana Trading does not allow payments through online payment systems like PayPal or Skrill.

 

Cost and Fees, commissions, and spreads

The spread of a currency pair is the difference between the bid and the asking rate. A pip represents the smallest increment that an exchange rate can move. One pip is 0.01 for currency pairs with JPY as the term currency and 0.0001 for all other pairs.

The amount of money required in your account to open a position is called the margin and is calculated according to the current price of the base currency against USD, the size (volume) of the position, and the leverage applied to your account.

Commissions are the charges imposed by an investment broker on a trader for making trades on the trader’s behalf. The level of commissions depends on the asset being traded and the type of service offered by the broker.

While the contract for differences (CFDs) trading is a form of derivative trading that enables traders to speculate on the rising or falling prices of fast-moving global financial markets, its trading on shares will incur commission. CFD trades on other markets have no commission but do wrap a spread around the market price of a certain instrument.

The following fees apply with Elana Trading:

 

Spreads

Elana Trading provides rather tight spreads, starting from 0.8 pips on EUR/USD for the MetaTrader4 account and from 0.0 pips for the Elana GlobalTrader account.

 

Commission

Even though Elana Trading offers tight spreads, do not charge commission.

 

Deposit and withdrawal fees

There seem to be no deposit or withdrawal fees charged by Elana Trading, however, clients must confirm with the financial institution of their choice whether there are any fees on their side.

 

Inactivity fees

On the Elana Trading website, it does state there are charges after a client’s account has been dormant for longer than six months. The website does not specifically state how much the fees are.

 

Overall Rating

4.7/5

Rated #238 of
Recommended FX Brokers

💰Minimum Deposit

USD 0

🌐 Regulators

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

5000+

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Islamic Account

Unfortunately, Elana Trading does not offer an Islamic Account.

The purpose of an Islamic Account is that it caters specifically to Muslim traders who strictly follow Sharia law. The law prevents its followers from paying any type of interest, such as overnight fees, which is seen as wasteful or exploitive.

Overnight fees are charged should traders hold positions open for longer after the trading day has concluded and this type of account allows exemption from such fees or interest, should they hold positions open for longer.

Islamic Account is for Muslim traders who follow Sharia law. Traders must, however, take note that there are certain features indicated on the Islamic account which differ vastly from the individual account such as minimum deposit, spreads, and more.

Traders who are interested in registering for an Islamic account must contact their broker’s customer support to verify the details of the account. These changes are as per the broker’s discretion and/or changes in market conditions.

 

Pros and Cons

✔️ PROS ❌ CONS
No minimum deposit US Clients not accepted
Well regulated No Islamic Account
Award-winning broker No educational tools
Tight spreads
Excellent trading platforms
Wide range of tradable assets
Saxo bank partnership
No commission

 

You might also like: Elana Trading Minimum Deposit

You might also like: Elana Trading Demo Account

You might also like: Elana Trading Fees and Spreads

You might also like: Elana Trading Sign up Bonus

 

Elana Trading at a Glance

Broker’s name Elana Trading
Headquarters Bulgaria
Year founded 1991
Regulating authorities FSC
Countries not accepted for trade US
Demo account Yes
Islamic account (swap-free) No
Institutional accounts Yes
Managed accounts Yes
Maximum leverage 1:200
Minimum deposit No minimum deposit
Deposit options Debit or credit card or a bank wire transfer
Withdrawal options Debit or credit card or a bank wire transfer
Platform(s) provided MetaTrader 4 and Elana GlobalTrader
OS compatibility Mac, Windows, Linux, Web, Mobile Android, iPhone, iPad.
Tradable assets offered Over 180 currency pairs, precious metals, binary options, CFDs, shares, futures, options, and ETFs.
Languages supported on the website English and Bulgarian
Customer support languages English and Bulgarian
Customer service hours 24/5

 

FAQ’s

 

Trading Environment

 

How many instruments can I trade with Elana Trading?

You can trade the following financial instruments:

  • Over 180 currency pairs, precious metals, binary options, CFDs, shares, futures, options, and ETFs.

 

Which platforms are supported by Elana Trading?

MetaTrader 4 and Elana Global Trader

 

Does Elana Trading offer leverage?

Yes, a maximum of 1:200.

 

What spreads can I expect with Elana Trading?

Elana Trading offers different tight spreads on its various accounts.

 

Does Elana Trading charge commission?

No, Elana Trading does not charge any commissions.

 

Are there additional charges on the Islamic account?

No, as Elana Trading does not provide Islamic accounts.

 

Is Elana Trading regulated?

Yes. Elana Trading is regulated by the Bulgarian Financial Supervision Commission (FSC)

 

Is Elana Trading a recommended forex trading broker for experts and beginners?

Yes. Elana Trading caters to both beginners and experts.

 

What is the overall rating out of 10 for Elana Trading?

8/10

 

Accounts

 

What is the difference between a demo and a live trading account?

A demo account offers the use of virtual funds instead of actual capital. This allows for risk-free trading as well as exploring of both the broker’s offer and the trading platform.

A demo account can be used for a variety of reasons including practice trading, testing trading strategies, exploring platforms and offers, and more.

 

Does Elana Trading offer a demo account?

Yes

 

For how long is the demo account valid?

There is no time specification on their website.

 

Does Elana Trading offer the option of an Islamic Account?

Elana Trading does not offer an Islamic Account.

 

Which live trading accounts does Elana Trading offer?

Elana Trading offers the Metatrader account and the ElanaGlobalTrader account.

 

What are the available deposit currencies for a live trading account?

  • Multiple currencies.

 

Deposits and Withdrawals

 

What is the minimum deposit for Elana Trading?

There is no minimum deposit for Elana Trading.

 

How do I make a deposit and withdrawal with Elana Trading?

  • Only with a debit or credit card or via a bank wire transfer

 

Does Elana Trading charge withdrawal fees?

Only with a debit or credit card or via a bank wire transfer

 

How long does it take to make a withdrawal?

This will depend on the payment method used. It can take between 30 minutes up to a few working days.

 

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

Table of Contents

You might also like

FINEXO Review

Overall, FINEXO is regulated by two tier-1 regulators, two tier-2 regulators, and four tier-3 regulators respectively. It has a high trust score of 97 out