Esplanade-ms is a broker providing the usual financial instruments such as Forex, Commodities, Stocks and Indices.
Esplanade-ms operates their business from the Saint Vincent And Grenadines, which is a common destination for brokers wanting to take advantage of “tax benefits”.
Regulations in Saint Vincent And Grenadines is also very weak.
To know the extent in which regulations work here, consider the fact that the financial regulator (SVGFSA) does not regulate FX, Crypto or Binary trading.
How does this sit with Esplanade-ms and are they even regulated in the first place?
At least this area is grey on their website. So should we consider them a run-of-the-mill scam?
Read our Esplanade-ms review to find out.
Note: Serious traders use professional trading tools to make money on the MT4 platform. If you’re one of them, visit this page for our recommendations.
Is Esplanade-ms legit?
The broker has 4 account types. Minimum deposit for the first 3 account types (Fix, Standard, ECN) is $100.
VIP account attracts a minimum deposit of $100,000. On top of this, they offer a demo and a PAMM account with leverage of up to 1:1000.
They support Forex EAs and news/hedging is also allowed.
Esplanade Market Solutions is the parent company.
While based in the Caribbean island, the broker’s license is allegedly with the VFSC.
The point is that their regulatory status is convoluted. They’re registered Oceans apart from their “regulator”.
The point is that Esplanade-ms is an offshore broker and if traders can’t find reliable brokers regulated by well known organizations, it’s better not to trade at all.
Should you trade with Esplanade-ms?
It would seem like every other broker offering the legendary MT4 platform is a good broker.
Nevertheless, that is never the case especially in an era where white labels are available for less than $2,000.
There is never a serious need to seek licensing because the white label package often features MT4 and a number of complementary tools that facilitate brokerage operations.
Esplanade-ms also offers a PAMM account for traders who want to manage funds of other traders.
With this feature, traders are expected to show their performance to others with the intention of selling their service.
Esplanade-ms accepts a number of deposit options which include Visa, MasterCard, Neteller, PerfectMoney, Skrill, SorexPay, Svyaznoy, TELE2 and many more.
Withdrawals can be made via the same methods.
Esplanade-ms attempts to lure traders with high leverage and tight spreads.
Seeing that this is the situation, I believe traders will be disadvantaged in the hands of this broker.
Thanks for reading this review. I wouldn’t open a live account here no matter how attractive their features are.