ePlanet Brokers Review – Not Reliable Offshore Company

Being a classic example of an offshore company with dubious regulation, the ePlanet Brokers trading portal has a questionable legal background and ownership. Nonetheless, and despite all that, the company claims to be run by seasoned trading experts from all over the globe.

Now, you’re probably wondering how much of all that is true and if you should trust this brokerage platform at all. The following ePlanet Brokers review contains all the answers you need. 

Mwali Firm With Bulgarian Address?

Nothing is shadier than an allegedly regulated entity with different addresses and questionable licenses. You see, ePlanet Brokers LTD was indeed regulated by MISA (Mwali) in September, 2023. Also, the company owner is an individual residing in Turkey, and the company address is actually Sofia, Bulgaria. Of course, looking through the regulated entities list in Bulgaria shows that no firm under this name was licensed by FSC.

Since the situation couldn’t be any more confusing, and because the firm doesn’t hold a Tier 1 license, we cannot recommend them as a reliable online trading services provider. With such a weak regulation as a MISA license, these entities often don’t differ from textbook frauds like TopTierCapital.

Not Particularly Popular

The domain itself has been in business since March, 2022, although the company didn’t acquire the license until more than a year later. In addition, despite what disclaimers say about the firm not serving US clients, they do appear on the list of countries with most visits:

• Turkiye
• Germany
• United States
• France

That is quite strange, however, considering that the firm is barely present online. All of their profiles on social networks like Facebook, Youtube, Instagram, Linkedin, X, and Pinterest have few to no followers (except Instagram). 

Paired up with no notable number of ePlanet Brokers reviews anywhere, and we have ourselves a shady lil offshore firm with questionable practices. Their method for acquiring victims is mostly likely via the notorious boiler room agents – skilled sweet talkers that promise people huge profit just to convince them to deposit with a certain firm.

Terms Reflect Loose Regulation

Only professional traders with well established risk-management strategies could find leverage of up to 1:500 attractive for trading. Although other costs are defined by the account type, trading expenses are quite high. 

While some packages feature spreads from 0 pips, the cheaper ones include minimum spreads of 6 pips on major Forex pairs, which is unacceptable. Commission is tightly related to the spreads – accounts that have higher spreads do not include commission, while others offer lower spreads with commission of up to $8 per lot.

Competitive Features Offered

Surprisingly enough and despite being an offshore registered platform, the website offers most reliable and preferred software solutions. Besides that, the process of creating an ePlanet Brokers login is a relatively quick process and there’s an abundance of packages to choose between. Let’s discuss the full offer further. 

MT5 and cTrader Available

Definitely go to platforms for a majority of retail and professional traders today, both ePlanet Brokers MT5 and cTrader are fully functional. Their intuitive design, ease of access and a palette of advanced features make them a lucrative tool in the hands of traders of any skill levels. 

In addition, both platforms feature numerous indicators, timeframes and customization options, so that every investor can design their own unique layout that meets their personal preferences. 

Prestigious Apps are Compatible with Mobile

Each ePlanet Brokers app is available for download to either Android or iPhone. The website provides links for getting the MT5 from App Store and Google Play. If you prefer to keep up to date with your trades while on the go and you’re passionate about using cTrader, you can also download it to an Android or iOS device.

Presentation of Assets

Although the company doesn’t clarify the total number of instruments available, there’s insightful lists of products per each group available:

• Forex – EUR/USD, USD/TRY, USD/SGD
• Commodities – Cotton, Soybean, Cocoa
• Energy – USOIL, UKOIL, WTI
• CFD and Spot Metals – Silver, Gold, Platinum
• Indices – S&P 500, Dow Jones, NASDAQ
• US Stocks – Nike, Netflix, General Motors
• Crypto – BTC, ETH, LTC

Account Types and Registration Process

While creating the basic account type doesn’t take more than a minute and only basic information, it’s necessary to mention that KYC is obligatory in order to make a purchase. Every ePlanet Brokers account has its perks, from small deposit requirements to low spreads/ high commissions or the other way around. 

However, besides these basic terms, nothing more about the packages is displayed:

• Standard – $100
• ECN – $500
• Gold Special – $500 (only for MT5)
• ECN Pro – $5.000

Simulated Trading

Demo trading is available for testing the environment before investing. Once you register for a new account, you can choose to open a trial version of it. The maximum leverage is 1:500 and you get a virtual margin of $10.000 for trading. 

Unclear Withdrawals

Due to the absence of legal documents pertaining to monetary transactions, there isn’t enough information about the ePlanet Brokers withdrawal. The website doesn’t even specify the elementary conditions, such as funding methods and fees. Therefore, please refrain from trusting what you see in the user area as well, as it demands you complete the KYC to even be shown depositing channels. 

After contacting support via the live chat, we found out that only crypto currencies are accepted. This by itself is a major red flag. Lack of policies also suggests potential extortion in the form of advanced fees which would confirm our doubts about the possible ePlanet Brokers scam tactics.

What Does Support Say?

These are the several channels you could use to contact the customer service:

• Email
• Phone
• Online Form
• Live chat

Although they take a while to reply, chat agents do show up eventually. However, we can’t guarantee that other communication channels are as reliable. Still, that is far more than what illicit firms like Epic Trust offer.

Issues With this Broker? Contact us!

While the website may seem convincing and there’s detailed information regarding many of the services, the platform still only holds a weak offshore license. 

Should you encounter issues with withdrawals in particular, we’re at your disposal. We employ highly skilled chargeback professionals who can help you restore lost deposits. Book your free consultation today!

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