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EssenceFX - Review

Last Updated: 15 Sunday, Sep-2019
EssenceFX
For verified ratings of our services, please view our: 4.9 Star Rating on EssenceFX4.9 Star Rating on EssenceFX
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essencefx review

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.

Trading Accounts

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.

Conclusion

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.

The broker does provide a resource center to traders that offer market news & reviews as well as other tools such as economic calendar and terms of use. But, there is a lack of clarity regarding the origin of the broker and the country where they operate from.

Broker NameEssenceFX
Company NameEssence Markets Limited
Foundation Year2016
Headquarters‎Estonia
Regulated byRegulation. EssenceFX is registered under Ministry of Financial Estonia (EU). The Company registration number is 12929037
Broker TypeSTP/ECN
Base CurrencyUSD
Website LanguageEnglish, Indonesian, Chinese
Trading Preference
Minimum Deposit100 USD
Maximum Leverage1:500
Minimum Spreads0.1 Pip
Demo Account
Mini Account
VIP Account
Segregated Account
Islamic Account (Swap Free)
Managed Account
Payment Options
Deposit MethodsCredit/Debit Cards, Wire transfer, Skrill, Neteller,
Withdrawal MethodsCredit/Debit Cards, Bank Wire Transfer, Online Banking,
Trading Features
Trading PlatformsMetaTrader4
Fixed Spreads0.1 Pip
Hedging
Scalping
Mobile Trading
Web Trading
Trading News
Promotion
No Deposit Bonus
Deposit Bonus
Other's Promotion
Contact Information
Websitehttps://essencefx.com/
Email[email protected]
Telephone+852 37072209

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