ETFinance Review Summary
ETFinance Review Highlights
Pros & Cons
- Trading options for Forex and CFD
- Good knowledge in Forex
- Manage MT4 and WebTrader platforms
- Opening an account is quick
- No deposits and withdrawal options
- Aid not available 24/7
ETFinance was founded as a brokerage firm with the goal of providing global traders with a state-of-the-art platform and enabling the trading potential to expand. ETFinance was established in 2016 and is a licensed financial investment company under the laws of Cyprus, offering technical trading capabilities to EU clients and beyond.
ETFinance has developed its trading solution on the basis of the most important point that is necessary for traders of a specific level. As beginner traders, they are most welcome and sponsored by educational materials, while professionals can consider a good cost management choice along with customized steps and extra discounts.
All of this is also supported with an unparalleled technology base that is critical for good quality performance along with good MT4 and WebTrader platforms and optimal performance through a variety of liquidity providers.
What kind of broker is the ETFinance?
A STP Forex broker with high expectations of a stable trading environment as set out in the Regulations it imposes. The offer to clients is broad and even detailed, as it provides the same, if not more, investment opportunities to the world trading community.
Since its establishing, ETFinance has chosen to manage the markets effectively together with award-winning technology, which is now known as the best of its kind. Nevertheless, several awards go not only to prominent MetaTrader and WebTrader platforms and how they work, but also to the ETFinance operating model itself.
All in all it confirms high expectations – various analysis and world analytic publications consider it the best broker, depending on the award of recognition.
Is ETFinance secure or is it a scam?
The most important question you can ask before you sign with a broker or anyone else is whether or not it is a secure broker. In the first place, a controlled broker would be a safe broker, founded under reputable and strict reverse jurisdiction to ensure its financial maturity and set of criteria for establishment.
There are several brokers around now, but it is still recommended that only reputable firms should be chosen under certain rules that characterize Forex trading brokers.
Is ETFinance legit?
ETFinance is the trade name of MAGNUM FX (CYPRUS) LTD, registration number HE 360548, approved and regulated by the Cyprus Securities and Exchange Commission CySEC under license number 359/18. Simply put, this implies that the broker is legal and completely allowed to offer a trading solution within Cyprus, the EU and beyond due to cross-border registrations.
Are you being protected?
You are covered by a collection of regulatory requirements that any regulated firm is obliged to fulfill – insurance of investors, including allocation of assets, implementation of negative balance insurance and inclusion in the compensation scheme in the event of insolvency of brokers.
In fact, one of the most important issues is that regulated brokers are continuously supervised by the regulator, which reduces the likelihood of manipulation or illegal activity which is rarely the case with an offshore company.
The rates are typically determined by many variables, since this tool increases the initial trading size that you may operate, resulting in the ability to increase your earnings. However, with its large leverage capacity, it also raises risks, making it possible to lose and benefit a greater sum in tandem.
For this reason, regulators greatly limit the use of leverage for retailers, because the chances of falling into negative situations are very high if you don’t know how to use leverage properly.
Level of Risk
And the risk level is determined by the size of your trading order and the market exposure you obtain. As a result, leverage usually viewed as a ration will also increase your risk, so it’s always important to learn how to use leverage, particularly if you’re starting trading.
ETFinance, being a Cyprus- and an EU-controlled company, also operates within the framework of ESMA restrictions, can therefore provide lower leverage amounts, which are also specified separately by each instrument, and may be reviewed directly from the platform.
- Retail traders max leverage is 1:30 for big currency pairs, 1:10 for commodity pairs.
- Expert traders can have exposure to high leverage up to 1:400 or 1:500 once the status has been verified.
Each of the account types is designed to suit your trading needs and provides a customized trading experience.
Eventually, with the goal of being a customer-friendly and secure ETFinance platform, it undoubtedly succeeds as multiple clients support it and the ever-increasing volumes show the positive side of the effort.
There are three account forms – Silver, Gold and Platinum – intended for traders who are just starting out, those who already have trading experience, and experienced traders, respectively. In fact, this is a very smart diversification between traders, as these three groups need different conditions.
In addition, if you are a trader on the basis of Sharia belief, you will apply to the Islamic Account and exchange by the terms of the laws without swap, high leverage, etc.
Overall, ETFinance provides access to 750+ full account management assets and higher cost discounts as long as you experience growth. Whereas the higher-grade account will also provide Free VPS, News updates and other personalized solutions.
How to open an account?
yYou will follow three easy steps.
- Provide personal data and business background to validate your Live account
- Make your first deposit
- Access trading and markets instantaneously
The market range gives you the most requested and common instruments, so with ETFinance you can certainly choose the right asset for trading. Overall, there are 750+ assets offered including Forex currencies, Metals, Energies, Commodities like Cacao and Coffee, Indices and a wide range of Cryptocurrencies.
For instance, one of the most important topics for you in the ETFinance review is the costs and spreads that brokers offer for their trading solutions. Clearly, these costs depend on the type of account you use, as well as the scale of the trading you conduct.
Therefore, the Silver account costs start with a minimum spread of 0.07, while the Gold account provides a spread of 0.05 with a rollover discount of 25 percent and a Platinum function spread of 0.03 and a swap discount of 50 percent.
Our Forex Premium Find
Overall, the distribution of ETFinance is very good and is considered to be small and reasonable even in the Silver Fund. For instance, a higher grade account provides better conditions that are more likely to be taken into consideration if you select a reputable broker to deal with.
Let us reiterate that ETFinance does not charge a fee, but bases its costs on a spread only.
In fact, if you keep a position longer than a day, you can still calculate the SWAP or Rollover charge. Usually this fee is -40.73 for long and-39.63 for short EUR USD pairs, while the Gold and Platinum account will offer reduced rates as part of the bundle.
See also below the comparison table with the standard ETFinance spread and compare brokers with other CFD brokers with fees for CFD, commission or inactivity fees, if applicable.
Deposits and Withdrawals
Because ETFinance is governed by broker money management, it is strictly in accordance with regulatory requirements and follows safety procedures. Therefore, if you have concerns about any procedures, do not hesitate to consult the customer service and then follow the protocol.
Deposit Costs and Choices
ETFinance offers you the possibility to deposit funds either through the most common Bank Wire Transfer or by using Credit Cards or the Skrill e-wallet. Of course, check with the customer service before any transfer is made so that the payment is made easily and smoothly.
- Bank wire transfer
- Debit Card, Credit Card
What’s also cool is that there are no deposit charges and you won’t pay any fees, but always identify them through your payment processor or the bank itself.
Minimum criterion for deposit
Usually, the very minimum deposit is set at EUR 100, which allows you to open a Silver account. Higher-grade account swould need more capital than is intended for traders who are pros.
Withdrawal of Cash
Money withdrawal is also made via your online account area and a fairly simple operation. ETFinance usually covers withdrawal fees, but since it is a European firm check with your payment provider if any fees are involved as other jurisdictions impose different rules.
Platforms for Trading
The trading program that you will be using when trading with ETFinance is a option between a Web version and a common MetaTrader4 with all the benefits included.
The options between the platform are small, but given MT4’s powerful capabilities, it’s everything a trader wants, whether being a specialist or a very beginner.
Web Trading Platform
Since WebTrader is simply a Web Trading platform based on the MT4 engine, this means that you can access the trading software without having to install or program something on your PC. Also, this means that you can access trading from any platform through lignin to your trading account via a browser – this results in great usability.
Nonetheless, Web Trading platforms are still limited to configuration and a range of trading tools, they are simple to use, so if you need detailed trading portfolio changes and requirements, you’d better go to the mobile edition.
The app features a desktop version suitable for any iOS or Windows operating system. MetaTrader4 is known for its high capabilities and does not require too much wording. Nonetheless, we will focus again on its fantastic charting possibilities and various formats to choose from.
Even ETFinance does not limit trading strategies, so you can trade either manually or use copy trading – either set up your robot via common EAs available for download or from the marketplace.
Look and Feel
You’ll certainly appreciate the simple look and feel of the app, quick navigation and intuitive design. Numerous indicators and measurement methods are also very simple to set and modify, in addition to variety of “ looks” and modification features.
The Mobile Trade Channel
The smartphone app is also available, although the applications are easy to use and offer a wide variety of resources at the same time. MT4 mobile also provides numerous charting features that are great for mobile trading along with the complete management of your account.
Customer Support Services
ETfinance Customer Support offers assistance via live chat, email and phone in a number of languages. Nevertheless, customer service is only available on weekdays from Monday to Friday and from 7 to 19 GMT.
Training and Study
ETFinance offers extensive training and research materials with a wide variety of Trading Videos, while running Courses, Webinars and supplying you with tutorials that also regularly post articles. Along with an open training board, you will be able to practice tactics and check schemes, which is certainly a major benefit for all forms of traders.
If you’re starting trader education, the knowledge supplied is one of the key factors to consider when choosing a broker, so ETFinance also receives a positive note for this.
Overall, the ETFinance Review shows us a broker with a high-quality trading approach that provides versatility in terms of trading environments, platforms and instruments. Another positive argument is that ETFinance is governed by the European CySEC in accordance with the MiFID Directive, which ensures that the broker falls within the reach of security measures and is one of those brokers who are respected.
What we also saw is ETFinance’s high-tech exposure to a variety of instruments and mainstays on a common MT4 platform that is ideal for day trading, auto trading or your favorite strategy. Also, with its training and support materials the broker is ideal for beginners, while pros would be satisfied with the trading conditions suggested by ETFinance, too.
Official ETFinance Review Registration
If you are the owner of this platform you can manage this account. First you need to claim the ownership of the platform.