Errante Review: CySEC Licence, Stop Loss Complaints

🔴 Licence and Reliability Analysis

• ● SPK Licence: Errante is not authorised by the SPK. It does not appear on the SPK list of authorised institutions.
• ● CySEC Licence (383/20): Errante Trading Ltd is licensed by CySEC. CySEC is a respected regulator, but this licence does not cover investors in Türkiye.
• ● Seychelles FSA Licence: Errante's Seychelles entity operates under offshore regulation. The Seychelles FSA is not as strict as CySEC.
• ● Stop Loss Manipulation: Victims report that stop loss orders were triggered deliberately. This may mean that the platform trades against its clients.
• ● Cancelled Profits and Frozen Accounts: Investors report that profits they had made were cancelled and that their accounts were frozen.

⚠️ Scam Methods and Victim Experiences

• ● Stop Loss Manipulation: Victims report that orders were triggered even though the market price had not reached the stop loss level. This indicates that the platform trades against its clients using an artificial price feed.
• ● Profit Cancellation: Profitable trades are cancelled with excuses such as "system error", "arbitrage detection" or "market conditions". Through this practice investors' gains are seized.
• ● Account Freezing: The accounts of investors who request a withdrawal are frozen on various grounds.
• ● Dual-Entity Strategy: While trust is gained through the CySEC licence, clients may be served under the Seychelles entity. This strategy is used to bypass regulatory protections.
• ● Demands for Extra Payments: Extra payments may be requested from investors whose accounts are frozen or who face a block on withdrawals.

📊 Findings

• ● Technical Side of Stop Loss Manipulation: Legitimate brokers work with prices from liquidity providers. Stop loss manipulation indicates that the platform creates its own price feed or trades against its clients (B-book model).
• ● The CySEC and Seychelles Contradiction: While the CySEC licence provides respected regulation, the Seychelles entity may be a means of regulatory evasion. Which entity an investor is served by is critical.
• ● Analysis of the Name "Errante": The Italian/Spanish word meaning "wandering" evokes adventure and discovery.

🛡️ Protection Guide

• ● SPK Check: The official SPK website publishes the list of authorised institutions.
• ● Legal Entity: The legal entity that provides the service determines the protection. A CySEC-licensed entity and a Seychelles entity offer different protections.
• ● SPK-Licensed Institutions: For investors in Türkiye, working with SPK-licensed intermediary institutions is the route that carries legal protection.
• ● For detailed information and legal support, you can contact Savun Law & Consultancy.

Frequently Asked Questions