ePlanet

Broker Summary

ePlanet Brokers provides forex and CFD trading on a wide range of assets such as forex pairs, stocks, indices, commodities (gold & silver), and crude oil. ePlanet accepts both MetaTrader 5 (MT5) and cTrader, making them ideal for traders who need advanced charting capabilities, automated trading tools, and flexible platform options.

ePlanet brokers operate as ePlanet Brokers Ltd; however, they have also been referred to as Eplanet Brokers (PTY) Ltd - an approved Financial Services Provider (FSP) by the Financial Sector Conduct Authority (FSCA) in South Africa under FSB registration number 52199.

There are four account types (Zero, ECN, Gold Special, and Elite) available to all ePlanet users. Each of these accounts will cater to different types of traders, from those just starting and requiring low entry requirements, to professional-level traders who can take advantage of tighter spreads and higher leverage under more advanced trading conditions.

It is important to be aware of any potential warning signs prior to opening or funding your account, as ePlanet Brokers was listed on the Financial Commission's Warning List in April 2024. While this does not represent any guilt on the part of ePlanet, any trader seeking to work with them should carefully evaluate this warning before engaging in any activity that could put their funds at risk.

Regulatory Licenses

According to ePlanet, Eplanet Brokers (PTY) Ltd. is regulated by the FSCA in South Africa. Also, ePlanet Brokers is incorporated in Fomboni, on the Island of Mohéli, in the Comoros Union, and operates under the International Companies Act of 2006.

The broker also states that it will not provide services to residents or nationals of various restricted jurisdictions, including the US, Iran, Japan, Russia, Syria, North Korea, and EU countries.

While the FSCA registration could be viewed as a positive sign from a risk perspective for an individual trader, the Comoros Company structure and warning from The Financial Commission should be carefully evaluated before an individual trader makes a deposit there.

Account Types

ePlanet provides several trading account options. Based on the broker’s public pages, the main account types include Zero, ECN, Gold Special, and Elite.

The Zero account is mainly designed for beginner traders who want to start with a smaller deposit and simple pricing. The ECN account is more suitable for active traders who need tighter spreads and direct market access conditions. The Gold Special account focuses on XAU/USD and precious metals trading, while the Elite account targets advanced traders who need tighter spreads, priority support, and professional trading conditions.

Ways to Fund

According to ePlanet, traders can fund their accounts using various payment methods, including bank transfers, cryptocurrencies, and digital wallets. As stated on the broker’s website, traders can make their first deposit as low as $30, depending on their account type.

Before funding, traders should confirm the most recent deposit and withdrawal rules in the client portal, which include minimum withdrawal amounts, timescales, possible fees, and KYC requirements.

Trading Platforms

MetaTrader 5

Traders can use MetaTrader 5 at ePlanet, which is ideal for those who need advanced charting, technical indicators, automated trading, and Expert Advisors. Forex and CFD traders tend to use MT5 because it offers more trading options than a simple web-based platform.

cTrader

Traders may also use cTrader at ePlanet. The broker suggests that cTrader offers a more modern feel, depth-of-market capabilities, cBots, and strong scalping and/or high-frequency trading.

Offering both MT5 and cTrader is an advantage for ePlanet, as traders can choose the platform that best fits their needs without any limitations.

Trading Instruments

ePlanet offers access to several asset classes:

The broker’s all-instruments page mentions forex, stocks, indices, energy, and gold/metals. It also claims access to more than 70 currency pairs, more than 110 companies, more than 20 global indices, and several energy and metal products.

Trading Conditions

Both ePlanet and ePlanet offered competitive trading conditions, including leverage up to 1:500 on some account types and spreads as low as 0 pips (0.00 points) on selected accounts.

However, it should be noted that because leverage is based upon a ratio between your capital and the amount of borrowed funds you receive to trade (the margin), the potential for both profit and loss may be greater than the actual amount of funds available to you. As far as low spreads or fast execution are concerned, they won’t do much if you don’t have good risk management to assist with losses.

The broker’s page for Gold Special accounts lists negative balance protection, real-time margin monitoring, and other tools designed to limit trading risk. While these features can help reduce certain risks, they cannot prevent losses on your deposited capital, especially during rapid market movements or extreme volatility.

Customer Support

Both ePlanet and ePlanet support customer service, and their respective corporate websites advertise that they provide expert assistance to all customers. In addition, many account pages advertise personal account management types, VIP support, and 24/5 customer support for their respective account types.

Additionally, customers will find that customer service is critical for assisting them with withdrawals, verifying their accounts, and communicating with company representatives about platform issues. Each of these areas typically sees high volumes of customer inquiries, which can cause customers to experience significant stress while waiting for service.

Education and Trading Tools

Both ePlanet and ePlanet offer education through various resources, such as tutorials, training materials, an economic calendar, a forex calculator, and other tools that may assist beginner and intermediate traders in learning to use trading platforms and analyze market activity.

The broker’s training materials include articles on forex basics, trading platforms, indicators, liquidity, market structure, and other key topics.

Pros and Cons

Pros:
- Provides both cTrader and MT5
- Variety of accounts for multiple trader types
- Low deposit allowance ($30 minimum for Zero account)
- Forex, metals, stock, index, and energy are all available
- Up to 500:1 leverage available on multiple accounts
- Focus account for traders in XAU/USD gold
- Education materials and tools to assist trading decisions

Cons:
- Listed on the Financial Commission's Warning List in 2024; Eplanet Brokers.
- Not regulated by FCA, ASIC, or CySEC (considered high-level regulators)
- Not available to EU or US traders
- Trade conditions may vary based on region, trader type, and company
- It is recommended to confirm the company details regarding withdrawals before depositing large sums

Final Verdict

ePlanet Brokers provides users with a wide selection of trading avenues in both MT5 and cTrader, different types of accounts, and possible access to forex, stocks, indices, metals, and energy. Because of this, ePlanet's low minimum deposit and account flexibility could interest both active and beginner traders.

However, users should not decide to use ePlanet solely on its leverage factor, account types, or advertised spread; ePlanet's regulatory structure, registration as an offshore business entity, restricted areas in which it can operate, and Financial Commission warnings should all be considered seriously.

For that reason, ePlanet might be an option for traders who want to use MT5 or cTrader and require some flexibility with their accounts. As such, all users need to do their own due diligence, verify FSCA's license, test withdrawals with a very small amount first, and review all legal documentation before making a larger deposit.