|Operating Since (Year):||2016|
|Address:||Magnum FX (Cyprus) Ltd, 79 Spyro Kyprianou Avenue, Limassol 3076 Cyprus|
|Phone:||+8006 003 7004 or +357 25359939|
|Languages:||English, Spanish, Italian, German, Swedish|
|Other trading instruments:||No|
|Minimum deposit ($):||$250|
ETFinance was founded in 2016. ETFinance is an EU broker. It is a and is a brand name of Magnum FX (Cyprus) Ltd. Cyprus Securities and Exchange Commission, the “CySEC” regulates the broker, Thus technically, all transactions and financial acts are safe and monitored.
Also, the brand itself offers commission-free trading. Besides, the broker presents are users with a wide range of tradable assets across Indices, Commodities, Forex, Stocks, and on the MetaTrader trading platform.
However, most of the features and services are designed for beginner traders. Also, the company does not provide services to the US.
Also, the company is registered to provide cross border services to other European nations.
ETFinance Review: Regulations and Investor Protection
Magnum FX (Cyprus) Ltd operates several broker agencies with different brand names. Moreover, Magnum FX’s primary domain is ETFinance. Both, Magnum FX (Cyprus) Ltd and its brand name ETFinance are licensed and controlled as they offer trading services of CFDs. As we noted, ETFinance is licensed by the Cyprus Securities and Exchange Commission, also known as CySEC. As trading expirience shows being regulated by SySEC means reliability and less risk of losing money.
The broker also offers further protection to the client. Here are some essential points of the company’s proposal:
- ETFinance holds client funds in segregated accounts within reliable Cyprus or EEA credit institutions.
- ETFinance is an official member of the Investor Compensation Fund. Thus, in the case of the company’s inability to fulfill its financial obligations., the fund will help out.
In addition to CySEC, ETFinance has an EU broad license, which gives the broker the right to target EU citizens irrespectively of where they reside – the UK, Cyprus, or any other EU country. As you may know, All EU regulated brokers are subject to strict regulatory requirements.
Withdrawal Option and Deposits
ETFinance 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.
In addition to all of the assets that ETFinance has, the broker offers a wide range of tradable assets. Besides, trading with ETFinance is commission-free, almost on all the instruments. Here is a list of some products available on the website:
- Forex – Up to 50 pairs, EURUSD, EURDKK AUDCHF, GBPJPY, USDZAR, and more…
- Indices – 20 + CAC, FTSE, DAX, DOW, IBEX, AEX, VIX, etc.
- Commodities – SUGAR 11, CORN, COFFEE, NATURAL GAS, BRENT CRUDE OIL, and more…
- Stocks – 150 most popular stocks on the market. BMW, APPLE, FACEBOOK, AMAZON, DAIMLER, VODAFONE, and more…
- Metals – 4+ main metals on the market.
ETFinance offers no advanced trading features, other than MT4. In addition, the clients will surely enjoy commission-free trading on the MetaTrader 4 trading platforms.
Bonus and Promotions
Unfortunately, there are no bonuses or promotions available with ETFinance. However, this may change over time.
Account Opening Process with ETFinance
ETFinance offers one type of trading account where traders can access all of their tradable instruments. However, opening a live account or a demo trading account is relatively quick and easy.
By the way, you should know that ETFinance offers only one type of account.
But it is user-friendly. Thus any trader can get started pretty quickly, making ETFinance ideal for beginners.
Our team at FinanceBrokerage works hard on analyzing every single aspect of the broker that we stumble upon. Thus, our, ETFinance review is very detail-oriented.
ETFinance offers traders the industry-standard MetaTrader4 platform. If you’ve never heard, MT4 is the most popular trading platform on the market, professional and beginner traders alike actively use it. Besides, the Web Trader is a perfect start for the beginner level traders. However, this does not exclude advanced level traders. Also, they will enjoy customization cart tools provided by ETFinance. Also, they’ll be able to use Expert Advisors and also trading.
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
ETFinance mobile trading app is free. Thus there are no restrictions in downloading the app. The ETFinance MetaTrader 4 Forex Trading App offers:
- Multiple order types
- Bars, Candlesticks and Line chart views
- A wide range of trading indicators
Education is an essential step in any trader’s experience. Also, ETFinance offers an impressive and multiple-level library of educational videos. Besides, ENFinance 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.
Overall, ETFinance offers Webinars, Economic Calendar, eBooks, Courses, Tutorials, Earnings Calendar, and Articles.
However, there is one little thing that we did not appreciate. Also, users have access to a demo trading account as well as a strong library.
ETFinance offers 24 /5 Live Chat support. Besides, the broker’s customer support 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, 79 Spyro Kyprianou Ave., Limassol 3076 Cyprus
Besides, Customer support agents are helpful and responsive. Also, advanced trading questions were referred to account managers who offered to call back to discuss them, which can be useful for beginner traders.
ETFinance Review: Conclusion
ETFinance is a broker company with an impressive product and features portfolio. Besides, it offers a variety of currency pairs and CFDs on the renowned, user-friendly MT4 platform. ETFinance is a reliable broker, licensed and authorized by the Cyprus Securities and Exchange Commission (CySEC).
Also, ETFinance offers a unique and simple commission-free trading account that is ideal for beginner traders. Also, the trading conditions, spreads were quite appealing, and if you are a professional broker, you can surely enjoy good leverage as well. In addition, the web-interface and Client Area is also simple to use, helping users navigate between opening live and demo trading accounts.
In conclusion, to sum up, our ETFinance review here are the advantages and disadvantages of this broker.
The main advantages:
- Commission-free trading
- Vast educational video library
- Easy and user-friendly interface
- Wide range of tradable asset classes
- Trade via the popular MetaTrader 4 platform
The main disadvantages:
- Limited features for experienced traders
- No facility to trade on MetaTrader 5
- Trading Instrument
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