Errante Review 2021

Errante is a Cyprus based Broker enabling investors to unlock access to the various stock markets such as The UK‘s FTSE, Germany’s Dax, France‘s CAC, Switzeland’s Swiss Market Index and Spains Bolsa de Madrid.

Errante are regulated in various places. They are regulated in The Seychelles as Errante Securities (Seychelles) Ltd, with license number SD038. They are also regulated in Cyprus as Notely Trading Ltd with license number 383/20.

They are also EEA authorised which means that it is able to offer EEA passporting (Ability to carry out operations across Europe). This also means that it must adhere to the MIFID II regulations whereby compensation needs to be offered for financial firms operating in the EU.

Your level of funds protection will depend on where your regulation is from. There are many factors that go into determining your regulation. You can choose your regulator on signup to errante.

Bear in mind that if you are regulated in The Seychelles there is no funds compensation scheme. But you will have access to higher leverage.

However, If you are regulated in Cyprus, you will be covered by the Cypriot funds compensation laws in case of firm failure. All CySec regulated brokers must join ‘The Investor Compensation Fund’ which offers a guarantee of funds of 90% of remaining deposit up to €20,000 in case of firm liquidation. However, according to CySec this amount can be just €3,417 depending on how your broker is structured. You will need to check with your account manager which is applicable to you as it varies by your country and regulation.

Also, bear in mind that if you are trading cryptocurrencies as CFDs [trading the prices, not owning the cryptos] then you are not covered by The Cyprus Investor Compensation Fund. This is because the MIFID II regulation does not recognise cryptocurrencies as a ‘financial instrument’.

So if leverage if your main concern then you are better off signing up with the Seychelles arm of the company. But if funds protection is your aim you are better with Cyprus and its Investor Protection Fund.

If you are making higher deposits or if you want 100% funds safety it is recommended that you choose a broker who is regulated by the FCA [UK] or FINMA [Switzerland] who offer Government backed client funds protection [100% of remaining deposit] up to GBP £85,000 [FSCS] and CHF 100,000 [Esisuisse] respectively. These regulations are more strict, the regulations are more transparent and they are more focused towards customers in the event of disputes.

To avoid cloned and scam firms you can use our search tool to find a broker with full funds protection.