Looking at it critically, Ester is a strange broker. You do not get sufficient information regarding aspects of normal forex brokers such as trading conditions or account types you can get. Instead, there are courses that teach you the basics information regarding financial markets, as well as some bonuses.
Who is behind Ester Holdings?
Ester markets itself as a forex broker, and offers some services on forex trade through several trading platforms, which are MT5 mobile, MetaTrader 5, MetaTrader 4, MT4 mobile and Web trade platforms. Information on the founders is also not available.
The broker chooses to execute orders through market making (b-book broker). The site offers trade in CFDs, currencies, futures, indices, commodities and shares.
In addition, the company has offshore registration, and that implies that it is not under regulatory laws that affect other brokers.
Trading conditions on the website
As mentioned above, the broker offers opportunities to trade on several trading platforms, which is not a bad thing.
The MT4 platform has several features that you get once you download the application, for instance fixed spreads, as well as commission free trade. However, we do not like the fact that the leverage is very high (1:1000), as it presents a greater risk level and greater risks of heavy losses.
The MT5 trade platform has better spreads, which are 0.9 pips on USD/EUR. Unfortunately, there is no further information regarding the trade conditions on the main website, and even in demo mode, you cannot get much resources on this issue.
Why is Ester holdings unattractive?
Many risks come with investing your money in an offshore broker, as they are not subject to stringent rules in the industry. Another factor that makes Ester holdings risky is the very high spreads that come with trading, which may lead to you getting very high profits, but also very high chances of experiencing major losses of your money.
Other brokers will offer you the security that comes with trading of fixed spreads, but with better conditions.
The thought is that Ester originates from former USSR constituent countries in Eastern Europe, and this is mainly due to the website availability being in Ukrainian, Russian and English.
The site claims to offer more than 150 trading instruments such as stocks, futures and CFDs. However, the reality is you can only get precious metals as well as some currency pairs on the MT4 platform (demo version only).
The constituent company, Ester Holdings Inc., has registration on the British Virgin Islands. Regulation status is through the local FSC (Financial Services Commission), but there is a difference – the authority only gives registration to brokers, while allowing companies to have their base overseas.
This is usually the case with all offshore jurisdictions, and is among the factors that make them a risky venture to pursue. In this case, it is better to choose brokers that are subject to regulations within sovereign countries instead of offshore territories.
Trading platforms on the site
As the industry standard platform, MT4 lends itself to various traders as an easier alternative, thanks to the richness of its features. It places itself among the leading platforms in online trading due to its foreign exchange agency model implementation, unconventional organization of trading, as well as competitive assessments.
You can use algorithmic traders as well as Expert Advisors (EAs), which automate your exchange and make the process easier for you. MT4 allows you to see the marketplace you are dealing with, all within real time, highly accurate and impeccably judge all your exits and entrances.
The MT5 is simply an improvement of the MT4 platform, while still bearing the efficiency that is the hallmark of its forerunner. It is good for trading in stocks, and its popularity increased among brokerage companies and forex traders after the company added hedging options.
This is the leading web based platform for MT4 trading accounts for any computer. It therefore optimizes trading, while improving certain features and the layout, making it more user-friendly and have greater efficiency.
Deposit and withdrawal options
The platform allows you to deposit your money through several options. Note that similar to other brokers, the deposit method you use is also the withdrawal method you will use.
Here is a summary, according to information from the website:
Credit and debit cards
This accepts Visa and MasterCard options. You can load your account through your bank through online means as well.
Loading money into this account requires a commission fee, which depends on the tariffs that the bank sets. The funds will reflect in the account after the bank account of Ester Holdings receives the money, and the transaction takes between two and five business days to process.
Other banking systems
These include certain e-wallets such as WebMoney, Epayments and Moneta.ru, in addition to other means such as Яндекс Деньги, Qiwi, Yandex.Money, RBK Money and Faktura.ru.
For withdrawals, details are:
Credit and debit cards
The currencies in transaction are the RUB (Russian Ruble), the USD and the UAH (Ukrainian Hryvnia). The expense charges are 3.3% of the money in transaction plus $5, and the time it takes to process the transaction is between two to five business days.
You need $100 as a minimum amount for transaction. Note that if your bank account is in any national currency that is different from the withdrawn currency, the bank will use its inner rates to convert the money. You will therefore need to clarify the information with your bank, as there may be extra commission charges on converting the amount.
The expense charge is 1% of the amount in transaction, and it only accepts USD as the currency for the process. The transfer deadline is immediate after your transaction goes through, so it is a faster method of withdrawal overall.
Qiwi e-wallet and Yandex.Money
No expense charges are associated with this method, and like Epayments, the accepted currency is USD. It also works in the same way as Epayments, as the transfer deadline is immediate after your transaction occurs.
Bonuses and other promotions
The company offers various bonuses and opportunities to acquire them, though it does not offer extensive information on each. However, here are some bonuses from the website and their terms.
This annual interest accrues to about 25% per year when you invest in the financial markets, according to the company’s website. The company calculates 25% on real trading accounts (those that trade actively).
This is about 12% of your account balance.
Encouraging sign ups
When your friend signs up on the platform, the company gives you a gift of $100 to your account.
When you replenish your account using MasterCard and Visa methods, your account gets 100% refunds of commission fees.
The periodical ‘Megarebate’ promotion offers you a chance to connect and acquire spread rebate bonuses up to 15% of your holdings.
‘Rub for 100’
This offer is for beginner traders. You receive $100 in your account from the company once you fund your account with one dollar.
The company has offshore registration
Clear and precise information on trading accounts and conditions is lacking
The fixed spreads are very high
The company is unregulated
You may want to invest in Ester Holdings, but there is a problem – the company has offshore registration, and the fixed spreads are very high. This increases the risks associated with them, as it implies that they are unregulated. You are better off going for a broker with higher ratings and trustworthiness.