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Elana Trading is one of the largest Bulgarian financial groups in the non-banking sector. The broker has many years of experience in the development of innovative financial products and services in Bulgaria. The company was established in 1991 under the name of Elana AD. In 1997, the broker became a member of the Bulgarian Association of Licensed Investment Intermediaries and received licenses from the Bulgarian Financial Supervision Commission (FSC) and the Bulgarian Stock Exchange. In 1999, Elana received a license to trade securities and industrial financial instruments in the international capital market and a license to trade forex from the FSC. In 2002, the broker founded Elana Fund Management, one of the first asset management companies.
Elana has many years of experience in investment and finances. Moreover, it is one of the top three brokers in Bulgaria. Elana is regulated by the Bulgarian Financial Supervision Commission. The company has a right to operate in European countries. Elana is a member of the Investor Compensation Fund which covers up to 90% of the total covered claims of clients. Traders can receive such compensation in case the broker declares bankruptcy. However, this sum must not exceed 40,000 Bularial levs or around €20,000.
The company’s services include:
- financial asset management
- financial market trading
- investment activity of banks
- financing of investment through European financial programmes
- management of investments in renewable energy sources
- investments in the agricultural sector
- management of public funds
Elana plays a key role in the formation of the Bulgarian financial market. It was one of the first companies to establish investment intermediaries that manage funds and open-end investment funds in the financial market. In addition, the broker founded the first fund for investments in agricultural lands - Elana Agricultural Land Fund REIT.
Trading conditions
Trading accounts:
- MetaTrader
- Global Trader (SaxoTraderGo) from Saxo Bank
MetaTrader provides access to over 70 currency pairs, precious metals, CFDs on indices, and minerals. Importantly, thanks to cooperation with Saxo Bank, holders of the Global Trader account have access to a portfolio of 180 currency pairs, binary options, CFDs, stocks, futures, options, and ETFs. Notably, a demo account is available for both types of platforms.
SaxoTraderGo is a platform designed for trading Forex, CFDs, stocks, futures, and bonds. SaxoTraderGo is available both for desktop and mobile devices. The platform’s key features include fast order execution, advanced graphical analysis, access to technical analysis tools, the latest news, market analysis, and an economic calendar. The platform was developed by Saxo Bank.
In fact, the company does not require a minimum deposit to open an account. In order to start trading, clients deposit only $1. No doubt, the absence of a minimum deposit is a kind of marketing ploy that gives beginners the opportunity to trade.
Apart from that, spreads start from 0.8 pips in EUR/USD for MetaTrader accounts and from 0.0 pips for Global Trader accounts. Interestingly, thanks to such spreads, the broker does not charge commissions and fees from the client's account.
The level of leverage is up to 1:200 and 1:50 for the Meta Trader and Global Trader accounts respectively.
Account replenishment methods include debit/credit cards and wire transfers. Elana does not accept payments through PayPal or Skrill.
Support service
Ways to contact the company’s support service include phone, email, fax, and live chat. The main office is located in Sofia, Bulgaria. The official website is available in Bulgarian and English.
Feedback
The number of reviews about the broker on the Internet is limited. Therefore, it is hard to shape general opinion about the company.
Advantages and disadvantages
Pros:
- regulated broker
- favorable spreads
Cons:
- no analytics
- limited number of reviews
- no training materials
- no bonuses and promotional offers
