What You Need to Know before Setting up an Account With the Broker?
EssenceFX is not a very heavily regulated broker. The broker claims that they are regulated and monitored by the Ministry of Financial Estonia (EU). But, before you set up an account with EssenceFX, you must know that all the brokerage firms in Estonia must register their firms with the Estonian Financial Supervision Authority, which operates independently of the Ministry of Finance. This implies that the broker is unregulated and hence not very reliable. Below, find the Essence FX review and also find out more about their offerings.
EssenceFX Trading Platforms
EssenceFX allows traders to trade in multiple financial instruments including forex, commodities, metals as well as indices. In essence, the broker offers the MT4 platform, which is one of the most widely used trading platforms. With MT4 traders get the speed of order execution and a host of trading indicators as well as features that make trading simple and convenient.
To trade with the broker, traders are required to open a trading account. Depending upon their preference and requirements, traders can opt for the standard account that requires a minimum deposit amount of $100. This means that trading at EssenceFX is simple and hassle-free. Aside from this, traders also have the option of setting up an Elite as well as a Prime trading account. While Elite account holders need to make a minimum deposit of $10000, Prime account users must deposit a minimum of $50000. Traders must also note that Essence FX provides a 100% bonus to their users/clients for opening their accounts with the broker.
Deposit & Withdrawals
To deposit funds with EssenceFX, one can either use their debit/credit cards or transfer funds through China Union Pay, bank wire transfer, and Neteller. In case of Neteller and Mastercard payment, the funds are credited immediately, whereas, through China Union Pay, It may take as many as 1-2 days. The bank wire transfers usually take 3-7 days. As already mentioned above, the minimum amount required for opening an account with the broker is 100$.
Withdrawals, however, may require the traders to wait for a minimum of one day or more. To withdraw funds, traders need to log in to the Member Area on EssenceFX’s website and place a request for withdrawal.
Spreads & Commissions and Leverage
The broker hasn’t listed spreads anywhere on their website. However, after testing their trading platform, we found that the spreads for EUR/USD averaged around 2pips, during the European market sessions. It must be noted that this isn’t a very competitive spread as almost every broker is offering spreads in the range of 1.0-1.5 pip. Leverage, on the other hand, starts from 1:500 and varies with different account types.
To sum up EssenceFX review; it is essentially an unregulated brokerage firm. They offer the usual trading conditions for trading a wide range of financial instruments. The spreads offered by the broker is very high when compared to other brokers and aren’t mentioned on their website.
|Company Name||Essence Markets Limited|
|Regulated by||Regulation. EssenceFX is registered under Ministry of Financial Estonia (EU). The Company registration number is 12929037|
|Website Language||English, Indonesian, Chinese|
|Minimum Deposit||100 USD|
|Minimum Spreads||0.1 Pip|
|Islamic Account (Swap Free)|
|Deposit Methods||Credit/Debit Cards, Wire transfer, Skrill, Neteller,|
|Withdrawal Methods||Credit/Debit Cards, Bank Wire Transfer, Online Banking,|
|Fixed Spreads||0.1 Pip|
|No Deposit Bonus|