ePlanet Brokers is a forex broker that was registered in Comoros in September 2023, mainly offering trading services for forex CFDs. This broker provides the cTrader and Meta Trader 5 trading platforms and supports multiple account types. The minimum deposit is $20, and the maximum leverage is 1:4000.
Company Background:
The corporate entity of ePlanet Brokers is ePlanet Brokers LTD, an international company registered in Comoros, with the IBC number HY00923038. Its specific office address is Number 61A, 4th Floor, “Pirinski Prohod” Street, Borovo, Sofia, Bulgaria. The broker's domain was registered on March 23, 2022, roughly two years ago.
Regulatory Status:
ePlanet Brokers is registered and authorized by the Movali International Service Bureau, with the regulatory number T2023372. However, the regulatory requirements in Comoros are much less than most other jurisdictions that grant international broker business licenses in Comoros. Mohéli has its own internal legislation for the management and control of the offshore financial services industry. While a Mohéli forex license allows business operations within the jurisdiction of Mohéli, it may not be recognized throughout the Union of Comoros or internationally.
Account Types:
The broker offers two main types of forex trading accounts: cTrader and Meta Trader 5.
For cTrader account types, it includes training accounts with a minimum deposit of $20, offering spreads as low as 0.4 pips, a commission of $4 per lot, and leverage up to 4000 times; ECN Islamic accounts and ECN Standard accounts require a minimum deposit of $100, offering the same spreads and commissions, but with higher leverage up to 500 times.
For Meta Trader 5 account types, the standard account does not require commissions, offering similar spreads and leverage as cTrader, suitable for general traders; ECN Islamic accounts are similar to those of cTrader but offered on the Meta Trader 5 platform; and the special gold account has a minimum deposit of $500, offering lower spreads and fixed commissions, suitable for traders willing to invest higher amounts, with leverage fixed at 100 times.
Trading Software:
MetaTrader 5 is a multi-asset trading platform launched by MetaQuotes Software Corp., available on Android App, iOS App, Windows App, MacOS, and Web platforms. The platform offers a wealth of technical analysis tools and indicators, supporting trading in forex, stocks, futures, and CFDs. Users can conduct market analysis using its powerful charting capabilities and automate trades with Expert Advisors (EAs).
cTrader, developed by Spotware Systems Ltd., is an innovative platform focused on forex and contracts for difference (CFD) trading. It offers various trading options, including Android App, iOS App, Windows App, and Web platform, emphasizing user-friendliness and trading experience. The cTrader platform provides an intuitive interface, swift trade execution, and advanced charting tools while also supporting algorithmic trading. Users can create and execute automated trading strategies using cAlgo.
Spreads and Leverage:
The broker offers various account types on its trading platforms, providing different spreads and leverage options for different types of traders. On the cTrader platform, training accounts have a minimum deposit of $20, offer spreads as low as 0.4 pips, and leverage up to 4000 times. ECN Islamic accounts and ECN Standard accounts have a minimum deposit of $100, with the lowest spread of 0.4 pips, and the highest leverage of 500 times.
On the MetaTrader 5 platform, standard accounts do not require commissions, offering similar spreads and leverage as cTrader, suitable for general traders. ECN Islamic accounts are similar to those of cTrader but offered on the MetaTrader 5 platform. In addition, the broker also offers a special gold account, with a minimum deposit of $500, offering lower spreads and fixed commissions, with leverage fixed at 100 times.
The broker's maximum leverage of 1:4000 exceeds the normal leverage range, posing a significant trading risk to investors.
Customer Support:
The broker provides various customer support methods, including telephone and email. Customers can receive prompt assistance and answers by calling +35924928518. Additionally, by sending an email to compliance@eplanetbrokers.com, customers can also receive support and guidance.
Conclusion:
ePlanet Brokers is a forex broker registered in Comoros, with a relatively short establishment period. ePlanet Brokers mainly offers services related to forex through the cTrader and Meta Trader 5 platforms. However, the broker's services are not strictly regulated, and its maximum leverage is as high as 1:4000, far exceeding the normal range. Investors should stay away from this platform to avoid potential losses to their personal property security.
Currently, ePlanet Brokers is marked as "Suspected Fraud" on TraderKnows.
