|Operating Since (Year):||2016|
|Address:||KPMG Center,1Agias Fylaxeos Street,2nd Floor D Office1,3025 Limassol,Cyprus|
|Phone:||+8006 003 7004|
|Languages:||English, Spanish, Italian, German, Swedish,Dutch, Portuguese|
|Other trading instruments:||No|
|Minimum deposit ($):||$250|
|Maximal leverage:||1:500 for professionals|
- General Information
- Regulations and Licensing
- Account Types
- Opening an Account
- Trading Software
- Assets and Trading Instruments
- Additional Information
ETFinance Broker Review 2020 – Good or Not?
As the financial and trading industry keeps increasing and improving, we decided to re-work our old reviews and make them more up to date. Our updated ETFinance review will include more details regarding the broker. We will mention what we consider to be the most important aspects of trading, such as the account types, platform, assets, regulations, any other additional info, and more.
To start off, we will also discuss the basic general information about the broker. ETFinance was founded in 2018 by Magnum FX, LTD, the reviews we overall found regarding this broker was quite positive. Moreover, we wanted to investigate further and find any kind of mishaps the broker might have faced. However, we were astonished to have found nothing.
Regulations and Licensing
One of the most important aspects that need to be addressed in our ETFinance review is the regulations. The broker is owned by Magnum FX, with ETFinance being their primary domain. Their regulator is Cyprus Securities and Exchanges Commission, also known as CySEC. As our trading experience shows, CySEC is a reliable regulator providing a smaller risk of losing money.
Additionally, the broker is instituted by MiFID II, allowing them to trade in the EU and improve the protection for the clients. Here are some other points to consider regarding their safety:
- The broker holds the client funds in segregated accounts within reliable Cyprus or EEA credit institutions.
- The broker is an official member of the investor compensation fund. Thus, in the came of the company’s inability to fulfill its financial obligations, the funds will help.
The question of whether ETFinance is a scam or not can be answered easily by this paragraph – they are not scammers. They have enough regulations and practices to guarantee fund safety.
Judging from all of our experience and reviews, we can safely state that every broker that provides more than 5 account types has something else planned. They are either a highly professional trading platform, or they are not secure. The most average number of account types is three, ranging from beginner to expert levels and advantages. For our ETFinance.com reviews, we also ask you to analyze your experience with the trading account type you are using in the comments below.
ETFinance has three account types. The lowest tier is Silver, then Gold, and finally Platinum.
Besides, their Silver account is designated for beginners. Below are the perks you receive with the new account.
- 750 assets
- 0.07 minimum spread
- 1:30 maximum leverage
- 10-hour customer support
The Gold account is for intermediate traders. Below are the perks you receive with the new account.
- 750 assets
- 0.05 minimum spreads
- 1:30 maximum leverage for retail* and 1:500 for professional*
- Account manager
- Webinars & videos
- Swap discount 25%
We want to include additional information in our ETFinance review, regarding their retail and professional accounts. Retail accounts are limited by leverages and spreads, but professional accounts have much higher ranges. The professional accounts have no negative balance protection and are not eligible for ICF compensation though.
The Platinum account is for seasoned traders, as they call it. Below are the perks you receive with the new account.
- 750 assets
- 0.03 minimum spreads
- 1:30 maximum leverage for retail and 1:500 for professional
- Account manager
- Webinars & videos
- Swap discount 25%
- News alerts
- Free VPS
They offer the most basic and important perks to all their trading accounts, as well as additional advantages to higher tiers. This is a standard for most of the brokers in this industry. However, they do not specify their minimum deposits due to different account types and tiers. But it seems like the lowest deposit is $250.
Opening an Account and Trading Software
This ETFinance.com review will include steps of registering with the broker. Opening both their live and demo accounts are relatively easy. You need to fill out the most basic information for registration:
- Full Name
- Email Address
- Phone number
- Home address
- Date of Birth
- Financial background
- Level of Education
- Employment status
- Proof of identity and residence
After you register, you can easily deposit the amount of your choice and begin trading.
The trading software that is also available at ETFinance is the most used: MT4. If you have never heard of the MT4, it is the most popular trading platform on the market. Professional and beginner traders alike actively use it. Besides, the Web Trader is the perfect start for beginner level traders. However, this does not exclude advanced level traders. Also, they will enjoy customization cart tools provided by ETFinance. Besides, for our ETFinance review, we wanted to include all kinds of platforms and software they provide.
Desktop and Web Platform
The MetaTrader 4 desktop and web trading platform offers multiple language choices and key features:
- Multiple asset classes
- Analytical and technical indicators
- One-click trading
- A wide variety of free trading indicators
- Security systems
- Protection through cutting-edge encryption
Mobile Trading Platform
The mobile trading app is free. Thus, there are no restrictions in downloading the app. The MetaTrader 4 Forex Trading App offers:
- Multiple order types
- Bars, Candlesticks and Line chart views
- A wide range of trading indicators
Assets and Trading Instruments
When reading different reviews as well as comments about ETFinance, we also found out that their assets are one of the biggest advantages of the broker.
ETFinance offers a wide range of tradable assets, here is a list of all of them:
- Metals – up to 4 metals on the market.
- Indices – 20 + CAC, AEX, DAX, DOW, FTSE, IBEX, VIX, etc.
- Commodities – CORN, COFFEE, SUGAR 11, BRENT CRUDE OIL, NATURAL GAS, and more…
- Stocks – you will get a chance to trade with more than 150 stocks on the market: APPLE, FACEBOOK, BMW, AMAZON, DAIMLER, and VODAFONE.
- Forex – More than 50 pairs, EUR/DKK, AUD/CHF, EUR/USD, GBP/JPY, USD/ZAR, etc.
Since so many people were discussing assets, we also decided to include it in our ETFinance review. Moreover, we hope that you found this information useful, allowing you to make up your mind regarding registering with them. If not, then please continue reading as there are more perks that we have not yet discussed.
Additional Information About ETFinance
The rest of the factors that we think are worthy of mentioning are education, customer service, and payment options. We also will briefly discuss them in this section, after which we will move on to our conclusion, giving you the final overview of their pros and cons.
For our ETFinance.com review of their educational material, we will list their discussed topics and other perks. Education is an essential step in any trader’s experience. This broker offers an impressive and multiple-level library of educational videos. Besides, ETFinance users can easily access their Education page, which hosts an online trading digital library.
Here are the topics that the videos cover:
- Primary Forex Education: from A to Z
- Fibonacci and Calculations
- Candlesticks and Chart formation patterns
- Forex indicators
- Timing in Forex -an essential aspect of success.
- Cryptocurrencies – fundamentals and more.
Additionally, ETFinance offers Webinars, Economic Calendar, eBooks, Courses, Tutorials, Earnings Calendar, and Articles.
One of the ways to tell if ETFinance is a scam is to look at their customer support. The broker offers Live Chat support for the basic trading hours. Besides, the broker’s customer support is in English and Spanish. In case of any questions or emergencies, here are the ways you can contact them.
- Email: [email protected]
- Phone: +8006 003 7004 or +357 25359939
- Live Chat: Monday – Friday, 7 am – 7 pm GM
- Address: Magnum FX Ltd, 1 Agias Fylaxeos Street, 3025 Limassol, Cyprus.
Customer support agents are helpful and responsive. As a beginner you have any advanced trading questions to account managers, you can easily request a call back to discuss them. This comes in handy when trying to learn about the industry from a more professional perspective.
Surely, we had to include the payment options in this ETFinance review. The broker made the withdrawal method quite easy and painless. Withdrawal requests made after 11 am GMT on a working day are processed the following business day. However, according to the broker’s Withdrawal and Refund Policy, they have the right to charge a withdrawal fee of 50 EUR if there is no trading activity before the submission of the withdrawal request.
ETFinance accepts all major credit cards with Visa and MasterCard, as well as Maestro, vPay, Skrill, and more. Bank deposits are also available, but they will take longer to show up on your account. Overall, they seem to have a good range of options for traders.
Conclusion – ETFinance Deserves Your Trust
ETFinance provides impressive features, as we saw earlier in the reviews. Besides, it offers a variety of currency pairs and CFDs on the renowned, user-friendly MT4 platform. They are a reliable broker, licensed and authorized by the Cyprus Securities and Exchange Commission (CySEC).
ETFinance offers a unique and simple commission-free trading account that is ideal for beginner traders. The trading conditions and spreads were quite appealing. If you are a professional broker, you can surely enjoy good leverage as well.
We hope that this ETFinance review was a helpful tool while deciding. Choosing the right broker for you is important, as it will become your main or second source of income.
We are satisfied with the broker and want to hear your thoughts as well. Please leave your reviews and comments down below so other traders can also see your experience with ETFinance.
- Trading Instrument
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