EssenceFX Review 2018
As you all already know, the industry of foreign exchange is one of the largest in the entire world. Additionally, nowadays you can trade forex from anywhere on the planet. Since the game is getting bigger, there are more and more brokerage companies offering their services to traders. Some of the new ones fail immediately, but in this article, we are going to talk about a broker that is definitely here to stay.
EssenceFX is a forex brokerage company from Estonia. Although they have been participating in the market for a fairly short period of time – they were founded in 2016 – they seem to be doing a very good job. According to their clients’ testimonies, they provide a really good and safe trading environment. In this EssenceFX Review, you can check out all the facts you need to know about this broker. Read our unbiased and very detailed analysis!
EssenceFX Review | Login and Deposit
We’re going to start our EssenceFX Review with the very first thing one has to do in order to start trading – the login process. Some brokers in the industry have a very complicated login procedure, but that’s definitely not the case with here. You can log in or make an EssenceFX account in less than a minute. What is interesting about this latter process is that you’ll first have to choose the account you’d like to trade with. You will be able to read all about the account types later on in the article, but for now we’ll only mention that there are several of them and that they’re quite affordable.
When you’re registering here, you’ll have to enter your name, date of birth, email address and your gender. After that, in the next step, you’ll have to write down your country, street address, the city you currently live in and phone number. In the last part of registration, you choose your password and that’s about it!
As for the EssenceFX deposit methods, you can see from our EssenceFX Scam Test that you can count on professionalism and fair treatment here. However, there are various options you can choose between. First of all, you can use credit and debit cards (MasterCard), Neteller, China Union Pay and bank wire transfers. While the deposit with Neteller and MasterCard is done immediately, with China Union Pay it’ll be completed in one or two, and with bank wire transfers in 3 to 7 business days. The minimum EssenceFX deposit requirement is set to 100$, and USD is the only currency you can use in trading. For withdrawal, on the other hand, you’ll always have to wait at least 1 day. You’ll have to log in to the Member Area, click on the Funds Withdrawal button and enter the amount you’d like to withdraw.
That’s it when it comes to money transfers. In the next paragraph of our EssenceFX Review, you can check out the trading platform this broker uses. Keep reading!
EssenceFX Review | MT4
Everybody knows that trading platforms are vital for your trading experience. Luckily, it seems that EssenceFX has everything it takes to provide its clients with the best trading environment possible.
Just like so many others, EssenceFX trading platform also uses the MetaTrader 4 trading software. Although there are newer generations of the same brand, MetaTrader 4 is still the most popular software in the entire trading industry. Now, Essence FX trading platform is designed in a very intuitive manner, which makes it great for beginners, and it has many powerful tools and other interesting features. For example, it has an option for algorithmic automated trading. With this type of trading you can trade even when you’re not at your desktop. Furthermore, there’s an option of Trading Signals that enables you to automatically copy the deals performed by other traders in real time. Also, the MT4 web platform allows you to trade forex from any browser and operating system. Besides that, you can trade with up to 9 timeframes at once, you can use 30 indicators for technical analysis and you can always check out your trading history. All in all, we think this trading platform is perfect for both beginners and professionals.
In the next part of our EssenceFX Review you can check out what trading products EssenceFX offers to its clients, so stay with us!
EssenceFX Review | Trading Products
Although the company’s focus is on forex, there are many other trading options. Besides forex, you can also trade commodities, precious metals and indices.
As you all know, when you’re trading forex, you’re actually dealing with currency pairs. In other words, you never trade a currency’s absolute value. The forex market sets the relative value of a currency by setting its market price in another currency. Like on any other type of market, the prices are constantly changing, and these changes lead to profits (or losses) on your trading account. We’d like to highlight once again that the forex market is very dynamic, with big volatility, which means there will be plenty of opportunities for investment.
If you decide to trade commodities, you will have a choice between CFDs or a Spot. Some commodities you can trade with EssenceFX are oil, silver and gold, but you can also choose to invest in indices or other precious metals. Don’t worry, the trading platform will provide all the data you need about every asset.
EssenceFX Review | Trading Conditions
When you’re analyzing a broker you’d like to open an account with, you have to think about several different things. We already mentioned how important it is to have a decent trading platform, and in our last paragraph we showed you what a good offer of trading products looks like. In this paragraph, however, we’ll analyze some general trading conditions. More precisely, we’ll talk about leverage an execution policy.
As you probably know, leverage means that you can control more money than you actually have on your account, and margin is the money you have to have on your account in order to be able to get the leverage. EssenceFX leverage can go up to 500:1, depending on which account type you open, which is certainly quite impressive. Not too many brokers go this high, so this certainly can be a big advantage when trading here.
Another thing we’d like to emphasize in this part of our EssenceFX Review is the speed of execution. The broker offers execution in which more than 99% of the orders are executed in less than 1 second. You can place orders at any time during trading hours and your account balance is updated in real-time (according to current market prices).
All in all, we think these are great conditions. Big leverage and the speed of execution will definitely ease your trading big time. However, we are not done. There are several other features you need to be aware of.
EssenceFX Review | Application and Demo
When you’re a beginner in the foreign exchange industry, you definitely need some time to practice. Sure, you can read about forex as much as you like, but the most valuable knowledge you’ll get only if you trade. When you start trading, you’ll develop your own style and you’ll be trying to apply different trading strategies. That’s why is very helpful to open an Essence FX demo account.
With EssenceFX demo account you can do anything you want. You will have access to the trading platform, and it’ll feel like you’re trading with the regular, real account. We tested it on our own and can say that EssenceFX demo is definitely a legit simulation of the forex market. Everything is the same: the prices are changing all the time so you can have an actual experience of a market without investing a dime. You can get some very useful experience – for free!
Another feature we’d like to talk about in this paragraph of our analysis is the broker’s trading application. The EssenceFX app has everything that the regular MT4 platform has: it has all of the charts and all of the indicators – the only difference is its mobility! You don’t have to sit in front of your computer in order to trade – with EssenceFX app you can trade anytime you want. And the best thing is that it’s completely free. Of course, it is available of iOS and Android devices, but there is also a version for Blackberries, as well!
EssenceFX Review | Trading Accounts
As we’ve promised at the beginning of our EssenceFX Review, we’re going to write a couple of things about the accounts this broker has to offer to its clients. It’s important that a broker offers several different account types because that presumes that there will be something for everyone, both beginners and professionals. It’s also important that the minimum deposit isn’t too big, so that anyone who wants to trade forex can indeed do so.
Having in mind that the basic EssenceFX account – Standard account – requires a deposit of only $100, we can say that EssenceFX really makes trading forex accessible to everyone. With this account, you can have up to 200 pending orders and up to 50 lots per ticket at once, which is simply great. Besides that, the leverage of a Standard account is 50:1, which is also more than enough for this type of account.
Apart from the Standard account, there are two other EssenceFX account types – Elite and Prime. They will require a $10000 (Elite) and $50000 (Prime) investments, and by these amounts you can immediately see that they’re designed for professionals. If you’re an experienced trader, you should open an Elite or Prime account, but if you’re new in this business, we’d advise you to open an EssenceFX Standard account. Let’s also add that there’s a bonus of 100% you get when you open an account, which is an extra reason to do sign up here!
EssenceFX Review | Education
When you’re new in any business, it’s extremely important to inform yourself as much as you can about how things work. When your job involves investing money, education becomes even more important. Therefore, your broker has to provide the best education possible. That’s how you can see if the broker really cares about its clients or just wants to go get their deposits. If we take a look at the EssenceFX education program, we’ll see that the people behind this company really do care.
EssenceFX education center is divided in two levels: ‘Begin Forex Trading Journey’ (basic forex knowledge) and ‘Extra Knowledge’. In the ‘Begin Forex Trading Journey’ section, you can find all the basics about forex trading in general. There are articles from ‘Introduction to Forex’ to ‘Introduction to Margin’ and ‘Understanding Risk’, so we can say that everything’s covered. If you already know the basics, but still feel like you need to learn some extra things, ‘Extra Knowledge’ offers you articles on approaches to trading market, fundamental analysis and trading concepts and strategies. Having in mind that the broker also offers a possibility of opening a demo account, we can conclude this EssenceFX review with a statement that you can learn both practically and theoretically if you sign up with this company.
EssenceFX Review | Conclusion
There is absolutely no doubt for us that you will be trading with a competent company if you open your account here. Most importantly, we’d like to underline their trading platform and their trading conditions in general. The broker uses the popular and reliable MT4 platform, the best trading software in the entire industry. It will provide you with everything you need to trade successfully. You will adapt very quickly to the new trading environment, and opening a practice account will definitely help you. Yes, the broker offers to its clients an EssenceFX demo account, meaning you can practice for free, which is a great option, especially for beginners. Another great feature for newcomers is the education center where you can learn all the most important things about forex. In addition, let’s also mention that the broker provides you with an excellent leverage and margin policy, meaning you can control way more money than you invest. All in all, there are really no obstacles to you opening an account with EssenceFX. Do it now and enjoy the best this industry has to offer.