Eplanet Broker Credibility and Regulation Review

Eplanet, also known as Eplanet Brokers, officially began operating in 2023. According to the broker's website, its headquarters is located in Sofia, Bulgaria. In financial markets such as forex, a broker's track record and history are directly related to its stability and trustworthiness. This broker's short track record (about 3 years at the time of writing) is considered one of the structural risk factors in Eplanet's credibility.

In terms of operational structure, we should point out that the broker's Client Agreement states that the broker may act as the counterparty to trades and also sets the instrument's price itself. This means that Eplanet's execution model is closer to the Market Maker / Dealing Desk model and, according to the document mentioned, it is not obliged to connect you directly to the market through ECN, STP, etc. models. The following statements in the agreement confirm our claim:

We will become a counterparty …

acting as counterparty to CFDs …

Below are the images related to this claim from Eplanet's Client Agreement.

The main website of the ePlanet broker is available at eplanetbrokers.com According to a global requirement, all brokers must state in their website footer under which trade name, which registration number and with which regulators they are registered. Two regulators, Mwali MISA and FSCA, are mentioned in the footer of the website above.

 

But the important point about ePlanet is that this broker has made a separate domain available for Iranian users at eplanet.trade, whose footer mentions only the Mwali MISA regulation.

 

Below, we review ePlanet broker's details with the regulators mentioned.

 

South Africa's FSCA regulation

One of ePlanet's important steps to improve its legal standing was obtaining a regulatory license from South Africa's Financial Sector Conduct Authority)  known as FSCA for short. Our review shows that this broker was registered in 2022 with license number FSP 52199 and registration number  2021/441377/07. Although FSCA is an active and reputable statutory regulator, we should note that the trades of Iranian users are not protected by this regulator.

 

Mwali MISA regulation

ePlanet broker provides a large part of its services to international and Iranian clients under a license from the Mwali regulator (MISA) with registration number HY00923038. The important point about the Mwali license is that, at best, it is considered an offshore regulator with very weak oversight. Offshore regulators such as MISA lack sufficient and strong protections for traders and merely provide a basis for initial registration.

Another important point is that ePlanet's website for Iranians also mentions this regulator, but our review of this regulator's record on its official website shows that the eplanet.trade domain, which is dedicated to serving Iranians, is not named in it. However, ePlanet Brokers' support has confirmed that this domain legitimately operates under the main brand.

 

One of users' concerns about any broker is whether its clients are insured. So, to answer the question of whether Eplanet brokers insures its users, we asked the broker's Persian-language support, and support replied that user accounts are not insured.

One of the security and protection strategies offered by Eplanet is a slippage guarantee: according to Eplanet's Persian-language support, any slippage, except during news releases and market open and close times, is refunded to the account.

ePlanet Brokers has tried to give a clear picture of how trades are carried out and how the broker's processes work by providing various legal documents, including the Client Agreement, Privacy Policy, Risk Warning and other published documents. Regardless of any broker's marketing, we recommend reading these documents before signing up with any broker and trading with your eyes open.

 

It is worth noting that these documents are published only on ePlanet's main website, and no such section is available on the broker's Iranian website. Also, unfortunately, due to the international restrictions Iranians face, Iranian traders have no way to file a claim or lawsuit or seek dispute resolution through international legal bodies if a problem or dispute arises, although they may be able to file a claim in Iranian courts.