Broker Review: ETFinance

Broker Review: ETFinance

by April 24, 2020
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ETFinance is a broker that launched its services in 2018. The company is a operated by Magnum FX (Cyprus) Ltd, which is a fintech company registered in Cyprus. The broker operates under the regulatory authority of the Cyprus Securities and Exchange Commission (CySEC) and has its headquarters at 79 Spyrou Kyprianou Avenue, 3076, Limassol, Cyprus.

ETFinance allows traders to place manual trades on any financial asset offered on the their platform by connecting traders to liquidity providers. The ETFinance broker provides a range of tradable assets on its platform and these include stock trading, forex trading, commodities trading, crypto trading, and ETF trades. ETFinance is a legitimate and regulated broker relatively new in the industry. In this ETFinance review, you will learn details about the broker and see if it is the best trading platform for your trading goals:

ETFinance Regulations

ETFinance is a regulated broker that operates under the supervision of the Cyprus Securities and Exchange Commission (CySEC). The broker’s license number is 359/18. The company complies with GDPR standards, ESMA, and MiFID II compliance. It ensures protection of clients’ funds through segregated accounts which provides users with some level of insurance and protection should the company ever need to file for bankruptcy.


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Tradable Instruments Assets

ETFinance provides a large variety of tradable instruments of more than 1000 assets and this includes forex currency pairs, cryptocurrency pairs, commodities, indices, and stocks and ETFs

Trading Platforms

Traders on ETFinance can access the popular MetaTrader4 as a desktop and mobile app and also as a web-based platform that doesn’t require any download. So, you can easily access the mobile trading app of ETFinance broker through the Google Play and App Store.

Trading on ETFinance

1. Registration

Sign up for an ETFinance account using the sign-up registration form on their website and enter your name, email address, password, and phone number. You will have to enter several information about your financial situation as well as your trading knowledge and experience. Depending on your score on the questions ETFinance will determine for which account model you will be eligible.

2. Deposit

After registering, you will be redirected to ETFinance’s deposit page to make a deposit so you can start your trading journey. ETFinance supports multiple payment methods including credit card, VPay, MasterCard, Maestro, MasterCard secured code, Neteller, and Skrill. The security of the client’s funds is ensured through BitGo, NortonSecured, Secure Trading and Mcafee.

3. Trading

All you need to start trading on ETFinance is to download the MetaTrader platform or open the Webtrader app. You will have to verify your Trading Account with KYC documents.

Account Types

ETFinanceTraders on ETFinance can sign up for three different types of accounts which include Silver, Gold, and Platinum accounts. The higher tier accounts offer better trading conditions. The minimum account opening amount is 250 USD for the Silver account.

ETFinance equally allows traders to sign up for a professional account and offers maximum leverage of 1:500 for such accounts.

Leverage

Retail traders can only access maximum leverage of 1:30 while professional traders can access leverage as high as 1:500. The ratio of leverage depends on the asset class. If you want to trade with higher leverage as a European client you will have to fulfill the requirements set for professional traders by ESMA.

Commissions and Spreads

ETFinance charges no hidden fees. The company benefits only from spreads which can be as low as 0.03 pips.

Education and Resources

ETFinance provides a wide collection of educational resources for newbies, veterans and professionals alike. These resources include the economic calendar, earnings calendar, useful articles, outstanding VOD, Ebooks, courses, and tutorials.

Bonuses

ETFinance currently has no bonus or promotion offer.

Customer Support

ETFinance customer support is accessible Monday to Friday: 7 to 19 GMT through phone, email, LiveChat a submit a ticket form. You can access the website in multiple languages including English, Spanish, German, Dutch, Portuguese, and Italian.

Why trade with ETFinance

Benefits

  • ETFinance offers traders the popular MetaTrader4 which can be accessed as a desktop, mobile, and web-based app.
  • Multi-language customer support accessible through phone, submit a ticket, live chat, and email
  • ETFinance operations are regulated by the Cyprus Securities and Exchange Commission (CySEC)
  • You have broad collections of tradable assets with the broker.
  • The company charges competitive spreads of as low as 0.03 pips
  • Clients can open Islamic account with ETFinance which charges no swap fees
  • Users can access a wide collection of useful educational resources

Downsides:

  • The company only has a license to offer trading activities to EU residents.
  • No bonus offers currently due to strict regulation requirements

Conclusion

ETFinance is a legitimate CFD Broker that ensures the safety of clients funds through the segregated account as it operates under the supervision of the Cyprus Securities and Exchange Commission (CySEC), which offers MetaTrader and provides over 1000 tradable instruments and wide range of training resources. According to our research we can conclude that ETFinance is the ideal broker for new traders who need support to learn the basics of CFD Trading. Most convincing was the vast amount of available Tools and the incredible customer services.

 

Disclaimer: this is an article written by ETFFinance. Fintechnews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions related to the company. Fintechnews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in that article. Leveraged Contracts for Difference (“CFD”) and Foreign Exchange (“Forex”) trading carries a high degree of risk

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