Etana
Etana is a fully regulated global custodian. The payment service gives customers the option of funding trading accounts using a wide selection of fiat and digital currencies. This review will cover everything you need to know about Etana Custody, including transfer fees, typical transaction times and how safe the system is. We also provide a guide so that you can open an account and use Etana Custody to make deposits and withdrawals at leading trading brokers and crypto exchanges.
Brokers in United States with Etana
How Etana Works
Brandon Russell, the current CEO, established Etana in 2014 in Denver, Colorado. Residents of over 100 countries, including the UK and US, are free to sign in and use the company for a range of custodial services. The brand supports individuals, institutions and exchanges.
The firm essentially offers a comprehensive technology platform that facilitates the custody of fiat and digital currencies, such as the US Dollar and Bitcoin. The company ensures all assets are available at any Etana partner where the customer holds an account.
At Etana Custody, fiat currency and assets are held in insured bank accounts. The platform integrates multiple SOC-compliant, sub-custodian wallet providers. Clients wishing to hold digital assets can choose the provider, log in and link an existing wallet or create a new one.
Traders can instantly transfer funds between their Etana bank account and wallets with no lengthy transfer times. Multiple currencies can be used and no conversion fees are charged. Importantly, clients can purchase and sell a range of assets without having to leave the payment platform.
The firm can also be used to make deposits and withdrawals at many top crypto trading brokers. The brand is partnered with Binance, Kraken and Gemini, among others.
Transaction Times
Typically, deposits become available in your Etana account within two to five business days. However, this can vary depending on the bank you used to make the deposit. Following this, payments can be made to the firm’s partners immediately.
If you are depositing to a trading broker straight from your bank account, it can take up to five business days. If the funds are already deposited into your bank, the process is much quicker. Importantly, this is much better than a standard bank transfer, which generally takes a couple of business days. This is ideal for aspiring swing traders as it means funds will quickly be available to start trading forex, stocks and cryptos.
The withdrawal process is slightly longer, though this is limited by the broker rather than Etana. In most cases, the brokerage will process withdrawals within one and two working days. This varies so be sure to check each broker’s website before requesting a payment. Note, Kraken imposes a 72-hour withdrawal hold on all first-time fiat deposits.
Pricing Review
Customers are free to transfer funds between the platform and associated partners with no fee. The company earns its compensation from affiliate exchanges so the trader doesn’t have to pay. With that said, the firm has a $150 minimum transaction requirement to account for any wire charges or fees charged by banks.
Fees at brokers will vary. In some cases, deposits can be made using Etana for free. There is no charge at Kraken, for example. This is not the same with all trading brokers though, with Binance charging a flat $35 for deposits made using Etana. In addition, both brokers charge up to $35 for withdrawals.
Security
Safety and security are priorities at Etana. The company implements a wide range of features designed to protect users’ funds and data. All transfers are conducted using trusted bank-to-bank transfer systems and all deposits are insured. The company is also regulated by the Colorado Division of Banking.
When signing in, customers are required to input a two-factor authentication (2FA) code or a QR code via the Google Authenticator app. This ensures it is difficult for any other person to illegally gain access to a customer’s account. For invalid authenticator codes, clients are advised to speak to customer support.
Unfortunately, Etana has a troubled history concerning security. In 2020, an external party breached the system. Client assets were not impacted, though personal data could have been viewed. Since the breach, the firm has implemented further security features.
Pros of Etana for Traders
The key benefits of trading with Etana include:
- Supported in over 100 countries
- All assets stored in one wallet
- Cryptocurrencies supported
- Transparent official website
- Instant platform transfers
- Deposits are insured
Cons of Etana for Traders
Our research did flag some potential drawbacks to investing with Etana:
- Bank deposits and withdrawals take a long time
- Security breach in 2020
- $150 minimum
- High fees
How to Make Etana Deposits & Withdrawals
If you want to start funding swing trading accounts using Etana, follow this guide:
- Sign up for an Etana account and complete the registration and verification process
- Link your trading exchange account to your Etana account
- Log in to your trading account and head to the funding page
- Select deposit or withdraw and choose Etana as the payment method
- After being redirected to the Linked Accounts page, select the broker and input your email address
- Accept the link in the confirmation email
- Following this, you are free to deposit and withdraw funds at your swing trading broker
Verdict
Etana supports both fiat and digital currencies. All assets are stored in a central account, allowing simple access and easy transfers. A range of brokers also accept Etana deposits including Binance, Gemini and Kraken. And while the brand is slightly more expensive and slower than other transfer solutions, it is still a viable payment method. Follow our guide to start funding trading accounts using the money transfer system today.
FAQ
Is Etana Cheap?
The payment solution is slightly more expensive than competitors. Deposits and withdrawals can incur a $35 charge. Minimum transaction limits also apply, starting at $150.
Is Etana Safe?
Yes, the transfer gateway is relatively secure. Since the 2020 breach, the company has implemented rigorous features to prevent further hacking attempts. This includes two-factor authentication at the login stage.
Is Etana Fast?
Transfers within the Etana ecosystem are quick. However, bank transfers to the payment wallet can take two to five business days.
What Is Etana?
The organization is a fully regulated custodian. Traders can fund accounts using fiat and digital currencies, such as USD, EUR and BTC. The firm is also regulated by the Colorado Division of Banking.
Who Is Etana’s CEO?
The company CEO is Brandon Russell. He founded the company in 2014 and has remained at the helm since.