Best Etana Brokers 2024
Etana Custody is an independent, global custodian service that allows traders to fund their brokerage accounts with a range of major fiat and digital currencies. Our experts have exhaustively evaluated the brokers and exchanges that support this payment method to provide our definitive list of the best Etana Custody brokers.
Best Etana Custody Brokers
Following our hands-on analysis, we recommend these 2 brokers with Etana:
Etana Brokers Comparison
|ActiveTrader, AlgoTrader, TradingView
#1 - Kraken
Why We Chose Kraken
Kraken is a leading cryptocurrency exchange with a proprietary trading terminal and a list of 220+ tradeable crypto tokens. Up to 1:5 leverage is available with stable rollover fees on spot crypto trading and up to 1:50 on futures. The exchange also supports crypto staking and has an interactive NFT marketplace.
"Kraken will suit traders looking for a diverse list of cryptos including Bitcoin and a good security track record."- DayTrading Review Team
- Instruments: Cryptos
- Regulator: FCA, FinCEN, FINTRAC, AUSTRAC, FSA
- Platforms: AlgoTrader
- Min. Deposit: $10
- Min. Trade: Variable
- Mobile investing
- Excellent range of 220+ more established cryptocurrencies
- Low exchange fees on Kraken Pro
- Slow verification times
- Slow verification process on Pro account
- Does not support many newer altcoins
#2 - Gemini
Why We Chose Gemini
Gemini is a cryptocurrency exchange set up in 2014 by the Winklevoss brothers, known for their early involvement in Facebook. The exchange is among the world’s 20 largest and continues to provide a secure and reliable trading environment by actively seeking regulatory oversight and complying with the latest industry requirements. Gemini traders can trade and stake 80+ cryptocurrencies, with derivatives trading available in some jurisdictions, an advanced proprietary platform, ActiveTrader, and additional features including an NFT marketplace.
"Gemini’s ActiveTrader platform, transparency and attention to regulatory requirements make it a good choice for serious crypto traders seeking a reliable platform to trade crypto derivatives, though we were disappointed by some unnecessary fees and past financial problems."- DayTrading Review Team
- Instruments: Cryptos
- Regulator: NYDFS, MAS, FCA
- Platforms: ActiveTrader, AlgoTrader, TradingView
- Min. Deposit: $0
- Min. Trade: 0.00001 BTC
- There is a decent range of education, guides and tutorials suitable for beginners
- The app has a high-end design and intuitive interface
- Crypto perpetual futures are available in many jurisdictions with up to 1:100 leverage
- High fees for some funding methods including a 3.49% fee for card transactions
- There is no practise profile or demo account for prospective traders
- 'Convenience fee' for using mobile app seems arbitrary and makes it inefficient to use this feature
Comparing Etana Custody Brokers
We’ve evaluated and compared Etana brokers according to the key criteria that will have the greatest impact on traders’ experience:
Trust and Regulation
Etana Custody is most often accepted by crypto brokers and exchanges, and the issue of trust is crucial in a relatively under-regulated sector where scams and business failures have been commonplace, as demonstrated by the collapse of FTX.
Fortunately, large strides have been made in regulation in recent years. The SEC’s 2024 approval of a Bitcoin ETF is the latest step in a journey that includes licensing of crypto firms and products by respected bodies.
- We look for well-established Etana Custody brokers like Kraken that have proven their commitment to legitimate trading by registering with the US body FinCEN and Canada’s FINTRAC.
Having a wide range of markets available ensures day traders won’t miss critical opportunities, and this is especially true in cryptocurrency trading when new tokens can quickly make stratospheric price increases.
- Coinbase is one of the oldest crypto exchanges in the business and supports trading on hundreds of tokens and trading pairs, including BTC.
Etana Custody is a relatively secure payment method, but with its $35 standard fee it can be more expensive than many payment methods so it’s vital that traders keep their costs down by choosing an affordable Etana broker.
We review each Etana broker’s trading fees, consisting of a spread and often a commission, but we also check additional fees to ensure traders get the best deal overall. This is particularly important for day traders for whom a large number of transactions can lead to significant costs.
Etana Custody is a relatively secure payment method that uses trusted bank-to-bank wire transfer systems called Fedwire and Swift that ensure deposits are often insured by the FDIC and other national bank deposit insurance policies.
However, your trading funds are only as secure as the broker you trade with so we carefully review each Etana broker’s own security measures and recommend those that take precautions against hacks and scams.
- Kraken is our pick for most secure Etana Custody broker thanks to its clean record and policies that include keeping clients’ tokens in cold storage and implementing 2FA, 3D secure payments, SSL encryption, email confirmation for withdrawals, plus API keys.
A good trading platform is the essential tool for scanning markets, analyzing price charts and setting up day trades so it’s up near the top of our list of priorities when reviewing brokers with Etana Custody.
We look for day trading brokers with at least one powerful platform that offers a good range of charting options, timeframes and indicators as well as integrated research and trading tools.
- Gemini’s support for both AlgoTrader and TradingView sets it apart from most other Etana brokers that offer only one solution, giving traders the choice between two excellent platforms and the chance to use powerful features like TradingView’s Pine Script.
What Is Etana?
Etana Custody was founded in 2014 by Brandon Russell, the company’s CEO, in Denver, Colorado.
The firm has office locations in Auckland, New Zealand, Denver, USA and Sophia, Bulgaria and operates in over 100 countries, including the UK, Canada and the US.
The organization offers individuals, institutions and exchanges custodial services that include payments to trading brokers, notably in the crypto space.
Etana provides exchanges and their traders with fiat and digital asset protection in insured bank accounts. Traders can user their accounts to make free currency conversions and instantly send funds to their wallets and linked broker accounts.
When trading with Etana Custody, deposit and withdrawal fees will vary between brokers and exchanges. Generally, a fee of 35 USD, or equivalent, is applied.
Transfers of funds solely between the platform and Etana accounts are free but have a $1 or equivalent minimum. The company earns compensation from affiliate exchanges that are in no way charged to the trader.
Additionally, Etana Custody imposes a $150 (or currency equivalent) transaction minimum. This accounts for the provider’s fees and any wire charges from intermediary banks, though transfer limits are also down to your platform’s rules.
Specific deposit and withdrawal processing times will vary between brokers with Etana Custody. Deposits generally take between two and five business days to appear in your account, though this will also depend on your intermediary bank.
Most withdrawal transactions take between three or five business days. This is generally longer than other payment methods, as some offer near-instant processing times, including PayPal.
How To Deposit Using Etana
To fund or withdraw from your exchange account using Etana, you will need to create a separate profile with Etana Custody by completing a sign-up form and providing ID verification.
Once this is done, and using Kraken as an example, you can fund your trading account with the following steps:
- Ensure your Etana Custody account is verified.
- Access your Etana Custody wallet account by going to Accounts on the Etana platform.
- Select Deposit, then pick the Asset type you want from the menu.
- Enter the amount you wish to deposit and select your registered External Source Account from the Funding Accounts dropdown.
- Click on Confirm to proceed.
- Verify the accuracy of all details related to the external source Funding Account.
Pros & Cons of Funding Your Trading Account With Etana
- Reduces currency conversion charges and provides an on-ramp from fiat to cryptocurrencies
- Reputable company that works with leading crypto and FinTech firms
- Instant transfers between Etana accounts
- A security breach in 2020 put hundreds of clients’ personal information at risk
- Lengthy account verification process may deter active day traders
- Minimum transfer of $150 is higher than most alternatives
- Expensive $35 charges for transactions with most brokers
Is Etana Custody Good For Day Trading?
Etana Custody has its advantages for day traders who want a seamless way to deal in fiat and cryptocurrencies, but it’s only really effective for traders who move enough funds to make the high $35 transfer fee worthwhile.
For anyone else, we recommend using another more affordable payment system with a lower minimum deposit. See our list of payment methods for day trading.
Is Etana Custody A Safe Way To Fund Your Trading Account?
Although a security breach in 2020 left some clients’ personal information exposed, Etana Custody quickly ramped up its security measures and has kept a clean record since then.
How Much Does It Cost To Fund A Trading Account With Etana Custody?
Charges are generally around 35 USD or equivalent for both deposits and withdrawals between your bank and the Etana platform.
However, there are no fees when transferring funds from your exchange accounts to your Etana wallet. The service also charges fees on late payments ($25) and stop payments ($95).
The exact amount you pay will depend on the broker or exchange you use – for example, Binance charges $35 each side for deposits and withdrawals, whereas Kraken only applies a $35 charge to withdrawals.