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Elana Trading Review

AN OVERVIEW OF Elana Trading


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

Below is an in-depth review regarding Elana Trading to help you make an informed decision before opening your account or trading on their platform.




Elana Trading is a forex broker company based in Bulgaria. A Forex broker like Elana Trading provides traders with access to one or more platforms that will allow them to buy and sell foreign currencies. Forex brokers are also known as retail or currency trading brokers. Retail currency traders in turn use these broker companies to gain access to the 24-hour currency market for speculation purposes.

Forex broker services can also be provided for institutional clients and large companies such as investment banks.



Elana Trading was founded in 1991 and today is a top-three broker in Bulgaria. The broker is part of the Elana Holding company which is one of the major Bulgarian financial institutions in the non-banking sector.

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.

Elana is regulated by the Bulgarian Financial Supervision Commission (the FSC) and function within the European Union. The broker is also a member of the Investor Compensation Fund in Bulgaria.


140+ Point Breakdown of Elana Trading 👌

📅 Year Founded1991
📍 Head Office
Sopharma Business Towers, Tower B, Floor 12, 5, Lachezar Stanchev St., Sofia, Bulgaria
☎️ Head Office Telephone Number
+359 2 81 000 95
⚖️ Financial Regulatory Bodies
🏦 Publicly Traded
🏆 Awards
Best Bulgarian Broker 2020, 2019, 2018, 2017, 2016, 2015, 2014, 2013 and 2010
📊 Trading Desk Type
Market Maker, NDD
📈 Trading Model
Margin Calls
🇺🇸 Accept US Clients
🚀 Welcome Bonus
📒 Account Types
Retail and Professional
🌐 Account Open Languages
English, Bulgarian
🛡️ Active Trader or VIP Discounts
☪️ Islamic AccountNo
⌛ Time to open an account
24 hours
🔘 Products Offered
Forex, Stocks, Crypto, Metals, Indices, Energies.
👮 Is Exness safe to trade on?
🔒 Server Location
⭐ Trust Score


💰 Minimum Deposit
No minimum deposit
👍 Demo Trading Account available
💳 Deposit with credit/debit account
₿ Deposit with Cryptocurrencies
💳 Deposit with QIWI
💳 Deposit with Bank WireYes
💳 Deposit with Bitpay
💳 Deposit with Neteller
💳 Deposit with Skrill
💳 Deposit with Electronic Wallet
💳 Deposit with Paypal
💳 Deposit with PayoneerNo
⏱️ Deposit Processing Time Instant for credit/debit card and up to an hour for bank wire

📈 Currencies and Pairs

📊 Number of Base Trading Currencies
 📊 Trading Indices
📊 Trading Stocks
📊 Cryptocurrency (Physical)
💱 Major Forex Pairs
💱 Minor Forex Pairs
💱 Exotic Forex Pairs
📈 CFDs (Total)
📈 Stock Indice CFDs
📉 Allows Spot forex trading
📉 Allows Hedging
📉 Allows Scalping
📉 Allows Swaps No
💰 Maximum Leverage
1:200 for pro clients and 1:30 for retail clients
💰 Spreads0.8 for major FX
👥 Social / Copy Trading
📊 Charting
📊 AutoChartist
👀 Watch list
🚨 Trade Alerts

💰 Fees

💰 Trading Fee Class
Only for stock and single stock CFDs
💰 Deposit Fee
No fee
💰 Account Opening Fee
No fee
💰 Withdrawal fee
No fee
⏱️ Withdrawal Processing TimeUp to 24 hours
💰 Spread Fee
No fee
📒 Spread TypeFloating
💰 Commission Fee
No fee
💰 Inactivity fee No fee

Trading Platforms

📈 ECN Forex Trading
💻 MetaTrader 4 (MT4)
💻 MetaTrader 4 (MT5)
🖥️  Zulu Trade
🖥️ cTrader
🖥️ DupliTrade
🖥️ Mac
🖥️ Desktop Availability
💻 Web AvailabilityYes
 📱 Mobile AvailabilityYes
📱  Android App
 Apple iOS AppYes
📱Huawei AppNo
📱 Blackberry AppNo

🎓Education and Support

👨‍💼 Customer Service
📞 Phone SupportYes
💬 Livechat SupportYes
🖱️ Email SupportYes
🎓 Education / Help Centre
🤓 Beginners Trader friendly UX
👥 Community Forum
🖩 Currency Converter
🖩 Traders’ Calculator
📆 Economic Calendar
📆 Forex calendar
📆 Weekly Webinars
💵 Affiliate program

Safety and Protection

🚫 Two-step Authentication
🛡️ Investment insurance
🛰️ FREE VPS hosting
⛔ Negative balance protection
❌ Stop-loss Instrument
💲 Margin Call

🛡️ Final Scores

🛡️ Spread
🛡️ Leverage 85%
🛡️ Trading Platform 92%
🛡️ Range of trading instruments90%
🛡️ Education Score
🛡️ Customer Service Score
🛡️ User Experience Score
⭐ Trust Score



In the world of forex broker companies being honoured with awards from esteemed organisations or publications, count much for the company’s reputation. Such awards are usually mentioned with pride on the company website.

Elana Trading has accumulated the following awards during its years of service to traders:

Elana Trading was classified as The Best Bulgarian Broker 2018 by the national ranking of Banker Weekly and have been known throughout the years by gaining 29 national awards.



A forex account is a trading account held by a trader with a company like Elana Trading, that is issued with the primary purpose of trading through its platforms. Usually the number and type of accounts that a trader can open with a broker company differs according to the country in which the brokerage operates, the country of residence of the trader and the regulation authorities under whose jurisdiction it operates.

Accounts usually differ in the way spreads or commissions are applied, what minimum deposit is needed to open that type of account and certain services or advantages that account holders may get access to.

In the case of Muslim customers, special Islamic accounts, that is swap free accounts, are offered that mirror the other account types, but which operate in accordance to Shariah law.



Elana Trading offers the following two types of live trading accounts for their clients:

An account for the MetaTrader platform and one account for the GlobalTrader.

The MetaTrader account offers access to more than 70 forex pairs, as well as precious metals and CFDs on indices and oil.

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.

The affiliation with SaxoBank seats Elana Trading amongst some of the most exclusive in the financial world.

Elana Trader also provides demo accounts for both those platforms.



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 of trading depends on different factors like commissions, spread and margins.

The spread of a currency pair is the difference between the bid and the ask 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 positionis 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.

Execution-only brokers, which do not involve in personal investment advice and give traders complete control over how they trade the markets, usually charge lower commissions.

While 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 to Elana Trading:


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.


Even though Elana Trading offers tight spreads, the broker does not charge commission.

Deposit and withdrawal fees

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



Leveraged product trading magnifies a trader’s potential profit – but of course also increase the potential loss. This facility that enables traders to get a larger exposure to the market than the amount they deposited to open a trade, is called leverage.

The amount of leverage is expressed as a ratio, for instance 50:1, 100:1, or 500:1. Assuming that a trader has $1000 in a trading account and is trading ticket sizes of 100000 USD/JPY, that leverage will equate 100:1.

Traders should always keep in mind that, although a high leverage offered may be a plus point for the brokerage, but trading at such a high leverage should only be attempted by experienced traders that know how to prevent big losses.

Elana Trading allows its traders to use a maximum leverage ratio of up to 1:200.



Forex brokers often lure new traders with offers of deposit bonuses. This can be useful, but it is essential to discern what the conditions are to really benefit from a bonus.

The bonus usually compensates traders for choosing a certain broker, since once the account is active, the trader will have the same expenses as any other. The bonus usually only starts givingsome expenses back to the trader once the person has proved himself as an active trader.

Hence, although no deposit bonuses are a great way to help you start trading, the terms to benefit from it often require trading with such a high volume before you can withdraw profits, that it may not be worthwhile.

The European Securities and Markets Authority (ESMA) has also recently placed investor protection measures on the marketing, distribution, or sale of CFDs whichprevent brokers to provide the retail client with a payment, monetary or excluded non-monetary benefit in relation to the marketing, distribution or sale of a CFD, thus ruling out the offering of such bonuses.

According to the company website and other sources Elana Trading does not offer any bonus or promotions for new clients or any loyalty bonuses for their existing clients. However their low tight spreads and no commission charges still makes them an excellent choice.



The forex trading software, also called the platform, provided by a broker company to its clients to carry out their trades can be a multi-asset onethat allows clients to trade forex as well as other asset classes like CFDs on stocks, stock indices, precious metals, and cryptocurrencies.

Some companies provide an own proprietary platform, which may benefit traders due to specific characteristics developed by specialists employed by the broker, while others prefer to provide the better-known platforms that were tried and tested through time. If there is a choice, the trader should keep in mind what he would like to trade and find the platform that suits his needs best.

Elana Trading offers the worldwide popular MetaTrader 4 and the Elana GlobalTrader (SaxoTraderGo).

The MetaTrader account offers access to more than 70 forex pairs, as well as precious metals and CFDs on indices and oil.

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.



Most brokers offer all or some of the following market instruments for trading:


Forex trading, orcurrency or FX trading involves the currency exchange market where individuals, companies and financial institutions exchange currencies for one another at floating rates.


As with currency exchange markets, commodity markets offer trading in contract-based tradable goods.


Equity or stock indices can represent a specific set of the largest companies of a nation or they can represent a specific stock market. It is actual stock market indexes which measures the value of a specific section of a stock market.

Precious metals:

This involves the trading of gold, silver and other precious metals as hard commodities that are contract-based tradable.


The high volatility of energy prices due to political, environmental and several other factors, is a typical feature of this product, making it a popular trading choice.


Tradable cryptocurrencies include the following:

Bitcoin (BTC)is the digital currency with the largest market capitalisation and price levels and dominates 50% of the total crypto market cap.

Litecoin (LTC) is similar to Bitcoin but differs in terms of scalability.

Ethereum (ETH) is the second largest cryptocurrency after Bitcoin and allows developers to create smart contracts on a platform.

Ripple (RPL) is popular among big banks with the Ripple network a next generation real-time gross settlement system.

Bitcoin Cash (BCH) was created as a new version of the blockchain with different rules.

Elana Trading offers over 180 currency pairs, precious metals, binary options, CFDs, shares, futures, options and ETFs.




Before deciding to join a brokeragecompany to start trading, a potential trader needs to establish whether a broker like Elana Trading is safe and secure to trade with. One of the most reliablebenchmarks to measure the safety of a brokerage is to establish which regulating authorities are watching and overseeing its actions and whether the company complies with those regulations.

In general, a so-called “offshore” broker tends to have a less favourable reputation and potential traders should think carefully before investing with them.

Secondly, the safety or clients’ funds should be guaranteed and in the case of the company defaulting or going bankrupts, a safety net of some sorts would come in handy to prevent customers of taking more losses.

Elana Trading is regulated by the Bulgarian Financial Supervision Commission (FSC) and works within the European Union.

They are also a member of the Investor Compensation Fund in Bulgaria. If the business goes bankrupt, the Fund is to recompense up to 90% of the amount on a trader’s account, but not more than 40,000 Bulgarian levs (about 20,000 Euro.)



Potential traders need to be assured that the broker company they chose can offer the necessary support and help whenever they may need it. The ease with which such support teams can be contacted, may also play a role when choosing a broker.

The customer support team of Elana Trading can be reached via telephone, email, fax and their live chat on their website.

The website can be viewed in English and Bulgarian.



Before starting to trade, potential Elana Trading clients should arm themselves with all possible information and trading skills needed to be successful in the world of forex and commodity trading. If Elana Trading’s website itself does not provide enough means, a trader should explore other informative sources to obtain that skills and knowledge.

Elana Trading does not provide any educational materials on their website for newcomers.



Potential traders need to be enabled to do as much as possible research about speculative trading before commencing to do it and while trading with a specific brokerage. Trading successfully relies heavily on knowledge and understanding of the markets and the platforms offered by a broker, therefore research options offered by brokers form an integral part of its features when choosing the right company to trade with.

Elana Trading does offer research tools through their trading platforms that keep their clients up to date with trends within the global economic markets.



Elana Trading is a well known and award winning Bulgarian forex broker. Their trading conditions are unique because of their e partnership with Saxo Bank and they offer excellent tight spreads plus no commissions give them a massive advantage over many brokers.

Their no minimum deposit requirement also makes them attractive to newcomers however, they do lack educational tools.



Elana Trading warns potential traders that Forex and CFDs trading always carries a high level of risk, therefore may not be suitable for all investors.

Before clients decide to trade the products offered by Elana Trading, they are advised to contemplate their investment objectives, financial situation, needs and level of experience carefully before investing money that they cannot afford to lose.

Especially when traders use Elana Trading’s leveraged accounts, they should make sure to maintain a sufficient level of margin to sustain their positions, since trading Forex/CFD and Options on margin and using a higher than necessary leverage can be either beneficial or detrimental to a trader. It is always possible to sustain a loss of some or all of an initial investment.

While Elana Trading promises to make all efforts to fill a trade at the requested price, trading on-line does not necessarily reduce risks associated with currency trading, therefore quotes and trades are usually subject to the terms and conditions of a Client Agreement, which is accessible through the broker’s website.

Potential traders should first acquaint themselves with all these associated risks and seek advice from an independent financial advisor.



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.
Customer support languages English and Bulgarian
Customer service hours 24/5





  1. How many instruments can I trade with Elana Trading?

You can trade several different instruments with Elana Trading, which include the following:

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

  1. Which platforms are supported by Elana Trading?

Elana Trading provides the following popular trading platforms:

  • MetaTrader 4
  • ElanaGlobalTrader
  1. Does Elana Trading offer leverage?

Yes, Elana Trading offers a maximum leverage of up to 1: 200.

  1. What spreads can I expect with Elana Trading?

Elana Trading offers different tight spreads on its various accounts.

Since details on the website are not clearly enough stipulated, more information should be obtained from the customer support service in order to make an informed choice.

  1. Does Elana Trading charge commission?

No, Elana Trading does not charge commission.

More information on commissions may become available after opening an account, or can be obtained from the customer support service.

  1. Is Elana Trading regulated and by whom?

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

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

Elana Trading offers a fair trading environment for most types of traders.

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




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

A demo account asis offered by broker companies like Elana Trading is usually funded with virtual money andgives a prospective customer the opportunity to experiment with the company’s trading platforms and its features, before setting up a real account which needs to be funded with the customers own real money.

Does Elana Trading offer a demo account?


  1. Can I convert my demo account to a live trading account with Elana Trading?

This is not clear from information on the company homepage.

  1. Which live trading accounts does Elana Trading offer?
  • MetaTrader Account
  • ElanaGlobal Trader account
  1. What are the available deposit currencies for a live trading account?

Multiple currencies


  1. What is the minimum deposit required to open an account with Elana Trading?

There is no minimum deposit requirement.

  1. How do you make a deposit and withdraw money with Elana Trading?

Elana Trading only offers the following deposit and withdrawal methods:

  • With a Debit/ Credit card or a bank wire transfer.

The same method that was used to fund an account must normally be used to withdraw money. Also, monies will usually only be refunded to accounts in the same name as the trading account.

  1. Does Elana Trading charge withdrawal fees?

Fees from financial institutions may be applicable and more information about applicable costs can be obtained from the company’s customer service team.

  1. How long does it take to make a withdrawal?

Withdrawals by means of certain methods may be processed within a shorter period than others. Usually withdrawals take a few days but depending on bank services it may take several days longer for the money to be available in a customer’s bank account.

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

Table of Contents

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