Last Updated on July 11, 2023 by Nadeem Ahmad
EXANTE is a global investment company that offers more than 600,000 financial instruments on over 50 markets and exchanges for people to trade with. It is registered and licensed in all regions it operates in, such as the FCA in the UK, the CySEC in Cyprus, the MFSA in Malta, and the SFC in Hong Kong. EXANTE also follows the MiFID II financial framework as it operates in the EU. Click here to learn more about EXANTE.
EXANTE’s account types and requirements
EXANTE currently offers two types of live trading accounts for clients to take advantage of. The brokerage firm also offers a free demo trading account for clients as well. For those who may not know, below are the two live trading account requirements. Please keep in mind that the information is accurate at the time of publishing. For the complete updated requirements, make sure to double-check with the broker’s website.
Traders have the option to open an individual multi-currency trading account with EXANTE. The individual account has a minimum deposit of 10,000 EUR/GBP or the equivalent currency. In order to verify their identity, traders must provide proof of identity in the form of a valid passport, driving license, or any other national or government-issued identity card. A proof of residence in the form of a recent (within six months) utility bill, bank or PSP account statement or correspondence from a local or central government authority or agency will also be needed before an account can be opened.
Those who are looking to open a corporate multi-currency trading account must follow a process that has more documentation. Unlike an individual account, corporate accounts have a minimum deposit of 50,000 EUR/GBP instead. Proof of registration can come in the form of a certificate of incorporation or registration of the company. An extract from a local official registrar is also accepted by EXANTE.
Additionally, corporate organisations must also have incorporation documents such as partnership agreements, by-laws, memorandumand articles of association, and/or statutes. There must also be registered office proof in the form of a recent (within six months) certificate of registered office, good standing, or an extract from a local official registrar.
Moreover, those who are looking to open a corporate account must further provide active status proof of the corporate where they work. This can come in the form of a recent (within six months) certificate of incumbency, a good standing certificate, or an extract from the official registrar.
These are only a few of the documents that are required to open a corporate account. For more information on other information to provide, such as the company’s local Tax Identification Number (TIN) and shareholder documentation, make sure to visit EXANTE official website.
EXANTE also offers a demo account to traders who are looking to spend time paper trading instead. Registration is free of charge, and traders receive simulated funds (virtual money) of 1,000,000 EUR so that they can test out trading strategies and try to trade in various markets. This amount of virtual money can be changed by contacting customer support. As a risk-free account, demo traders can neither profit nor incur any losses.
Who can open an account?
EXANTE is an international broker, but there are still some select account opening parameters. As of now, the investment company works with clients from all over the world except those in the USA (citizens and residents), Japan, Iran, the Democratic People’s Republic of Korea (DPRK), Belarus, and the Russian Federation.
There are also requirements for Enhanced Due Diligence regarding clients from the following countries – Afghanistan, Bosnia and Herzegovina, Ethiopia, Iraq, Lao PDR, Syria, Uganda, Vanuatu, and Yemen.
Trading on behalf of someone else
EXANTE offers professional services for clients, and this includes the opportunity for both authorised and unauthorised traders to execute trades on behalf of clients. Authorised traders include licensed asset management firms, regulated in their country of operation. These traders have the ability to manage an unlimited number of accounts. On the other hand, unauthorised traders include individuals and unlicensed asset managers. These may be professionals or experienced traders; however, they do not hold a license in asset management. These traders can only manage up to 10 accounts.
Other account types
With a diverse client base, EXANTE as a broker aims to respond to the different trading needs of their account holders. This includes the ability for EXANTE traders to open joint trading accounts.
Traders can open one account to oversee multiple individual trading accounts. All account openings must go through an identity verification, and they must be compliant with local regulations. All parties involved in the joint account must also sign an agreement. This is a fantastic option for users to manage funds on behalf of others, and a maximum of four individual clients can participate in a single joint account.
Account closing process
Most reviews do not often explain the account closing process when it comes to evaluating a particular broker. However, investors who have been participating in the financial markets for a long while will understand the importance of being able to withdraw funds and close their accounts easily should they want to.
EXANTE offers a straightforward account closing process. There is a detailed overview that can be found in the broker’s support centre. Live accounts can easily be closed by traders by closing all positions at once, converting any currencies available in the account, and then submitting a withdrawal request for any remaining funds. The process is straightforward and smooth, and traders can easily contact their account manager or customer support to request an account closure anytime.