Best Etana Brokers 2024

Etana is an independent custodian of digital and traditional assets. Its services also include payment solutions, tokenisation of digital assets and clearing. Unique to Etana Custody, the company allows clients to make some or all of their currency available for online trading, making it a popular choice amongst UK investors.

In this review, we break down what Etana has to offer traders, from fees to speed, security and broker integration. Use our ranking of the best brokers that accept Etana deposits to get started.

About Etana

Etana Custody was founded in 2014, by financial professional Brandon Russell.

The chartered trust company is regulated by the Colorado Division of Banking. It operates independently, providing support solutions for individuals, exchanges and industry.

Amongst its partners are exchanges Kraken and Gemini, as well as some of the other biggest names in crypto, including Binance and Coinbase.

Etana Custody has a global presence with offices in New Zealand and the USA. Its services are also available to UK traders.

How Etana Works

Etana offers institutions, individuals and exchanges a variety of services:

• Crypto and digital asset custody – hot, cold and MPC wallet solutions, ensures asset availability for trading and investing
• Crypto clearing and settlement – multi-asset management solutions at scale as well as digital risk management support
• Asset tokenisation – partnering with leading stablecoin providers, the organization offers tokenisation of real assets

The firm’s custodian services are unique in that they allow traders to utilise currencies to make funds available for trading at their listed exchange partners. Traders can deposit or withdraw funds from an exchange without having to pay hefty conversion fees. It means that users can trade assets via their Etana account.

Trading Times

Traders should note that actual deposit and withdrawal times will vary between Etana brokers. Some brokers that accept Etana deposits have additional checks in place which may extend processing times.

Transfers

Transfers made between Etana Custody accounts are processed instantly. There are no frequency or quantity restrictions in place.

Deposits & Withdrawals

Trading deposits and withdrawals can take between 3-5 business days to be credited to your account. Initial deposits made via Kraken will be held for 72 hours.

When compared to other payment methods such as credit or debit card transfers, many offer instant processing. In comparison, Etana is considerably longer. This is worth taking note of for traders used to quick or near-instant processing.

Payment Fees

Etana transfers carry a fee:

• Outgoing wire – $35 USD (or equivalent notional value)
• Incoming wire – $35 USD (or equivalent notional value)
• Custody fee – 25 basis points (bps)

Outgoing wire fees are charged at the time of processing.

There is also a late payment fee of $25 USD and to cancel a payment, clients will be charged $95 USD.

Available currencies include GBP, USD, AUD, CAD, CHF, EUR, HKD, JPY, and SGD. Note, accepted currencies will vary between Etana brokers but most accept GBP. Kraken, for example, accepts GBP, USD, EUR, CAD, and JPY.

Exchanges or brokers that accept Etana deposits may charge additional processing fees. These will be passed onto the trader so be sure to check the T&Cs.

Pros Of Etana For Traders

• Free internal transfers
• Fiat and digital currencies supported
• Multi-account funding including GBP
• Available in 100+ countries including the UK
• There are multiple crypto exchanges and brokers that accept Etana deposits

Cons Of Etana For Traders

• Security breaches
• High deposit and withdrawal fees
• Lengthy processing times vs alternative payments
• Mixed feedback from Etana customers and traders

How To Make Etana Trading Deposits and Withdrawals

Follow the steps below to make a deposit or withdrawal from your trading account using Etana.

Deposits

To make a deposit to a trading account, traders will need to first create an Etana Custody profile. This will allow the transfer of funds between the broker and custody services.

1. Create an Etana Custody account
2. Register your bank account with Etana under the ‘Funding Accounts’ option
3. Request a transfer between Etana Custody and your online trading account
4. Once Etana has received the request, it will be processed and the trading account will be credited

Traders are required to submit some basic personal information to 1) verify their identity in the account registration process and 2) connect a bank account to the platform.

Etana does not impose any limits on deposits and withdrawals, however, check with your bank or broker to avoid disappointment.

Withdrawals

Withdrawals will need to be requested from within your broker’s platform or trading portal. Most Etana brokers have a ‘Withdrawals’ tab where you can find a ‘Withdrawal Request’ form or similar.

Traders will have the option to store the funds or assets withdrawn with Etana Custody or, to transfer them to a specified bank account.

Making A Withdrawal On Kraken

Security

Etana Custody employs bank-to-bank Fedwire and SWIFT wire transfer processes. Utilising traditional banking security networks means that traders’ assets are protected by banking insurance policies such as FDIC amongst others.

During the account registration process, clients must submit extensive personal identity documentation and are subject to KYC compliance regulations. Furthermore, all traders must pass a mandatory 2FA code or QR code via the Google Authenticator App to login to their accounts.

Assets are also held in the account holder’s name which protects funds in the event that the company gets into financial difficulty.

It is worth noting that Etana Custody was involved in a serious security breach in April 2020. It was a breach from an external party in which the personal details of hundreds of clients were compromised.

Since the breach, the company has taken steps to improve security but feelings remain mixed as to whether the company can guarantee the level of security it promises.

To get in touch with the team, contact support@etana.com. Alternatively, mail Etana Custody, 999 17th Avenue, Denver, CO 80202.

Should Traders Use Etana?

Etana offers custodian services for digital and fiat currencies and assets for traders in the UK and around the world. It is an independent provider, partnering with some of the biggest crypto exchanges including Kraken and Binance. Internal transfers between the Etana Custody system and fast and free.

However, processing times are lengthy, especially when you consider how many payment methods today offer instant processing. The $35 USD fee for all deposits or withdrawals is also comparatively high and will soon add up. Our expert traders also had some concerns regarding the security of the platform given its recent track record.

Choose from our list of trusted Etana brokers to sign in and get started.

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