ETFinance review and tutorials

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Detailed ETFinance Review 2020: Forex, CFD'S and Crypto Regulated Broker

ETFinance offers CFD trading on a range of financial assets, such as securities, indices, currencies, cryptocurrencies and commodities. It helps you to select a strategy based on your skills, to give you the ability to diversify your portfolio or to concentrate on a particular area.

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ETFinance trading information

Bonus
No
Instruments
Forex, Crypto Pairs, Indices, Commodities, Stocks
Demo Account
Yes
Min. Deposit
$100
Min. Trade
0,01 lots
Regulated By
CySec guided by MiFID
MT4 Integration
Yes
Mobile Apps
Yes
Auto Trading
Yes
Trade Signals
Yes
Islamic Account
Yes
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Forex

GBPUSD Spread
1.3 pips
EURUSD Spread
0.7 pips
EURGBP Spread
0.9 pips
Assets
N/A

CFD

FTSE Spread
N/A
GBPUSD Spread
N/A
Oil Spread
N/A
Stocks Spread
N/A

Cryptocurrency

Spread
N/A
Coins
N/A

Official ETFinance Registration

What’s ETFinance?

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 founded in 2016 and is a registered financial investment company under the laws of Cyprus, offering technical trading services 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. Like beginner traders, they are most welcome and encouraged by educational materials, while professionals can discover a good cost strategy choice along with customized initiatives and extra discounts.

All of this is also supported with an unprecedented technology base that is critical for good quality output along with the successful MT4 and WebTrader platforms and good performance through a variety of liquidity providers.

Finally, with the goal of being a customer-friendly and efficient ETFinance platform, it undoubtedly succeeds as numerous clients follow it and the ever-increasing volumes demonstrate the positive side of the effort.

Pros

  • Good education related to Forex
  • Maintain on MT4 and WebTrader platforms
  • Opening an account is fast
  • No deposits and withdrawal options

Cons

  • Aid not available 24/7

What kind of broker is ETFinance?

ETFinance is an 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.

List of 10 Key Points

  1. ETFinance is a multinational broker based in Cyprus
  2. Broker with a strong reputation and legal responsibilities levied by the CySEC and ESMA
  3. The selection of instruments providing access to trading stocks, indexes, currencies, cryptocurrencies and commodities with no commission charges.
  4. Demo Account – Available
  5. Min. deposit – 100EUR
  6. Trading costs and spreads are perceived to be small and average
  7. Variety of platforms like the famous MT4 and WebTrader suitable for multiple devices
  8. Research tools at a really strong standard inbuilt to trading platforms
  9. Provided education for traders of various classes, including webinars, courses and analysis tools.
  10. Customer Service is available 5 days a week and available in many languages

Awards

From the day of its creation, ETFinance has chosen to manage the markets efficiently together with award-winning technology, which is already recognized 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.

Although all in all it confirms high standards, meaning deep analysis and world analytic publications consider the best form of broker, depending on the award of recognition.

Is ETFinance secure or is it a scam?

The most important thing you can ask before you sign with a broker or anyone else is whether or not it is a reliable broker. A regulated broker will be a safe broker, founded under reputable and strict reverse jurisdiction to ensure its financial maturity and set of requirements for establishment.

Yes, there are many brokers around now, but it is always recommended that only reputable firms should be chosen under certain rules that identify Forex trading brokers.

Is ETFinance legit?

ETFinance is the trading 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 secure?

Eventually yes, when dealing with a regulated broker, you are covered by a collection of regulatory obligations that every regulated firm is obliged to fulfill. Security of investors, including allocation of assets, implementation of negative balance protection and inclusion in the compensation scheme in the event of insolvency of brokers.

In fact, one of the most important issues that regulated brokers have is constantly being monitored by the authority, which reduces the likelihood of manipulation or fraudulent activity and is never a case of an offshore company that makes them very risky.

Leverage

Leverage levels are usually determined by several variables, as this tool increases the initial trading size that you may operate, resulting in the potential to increase your earnings. However, with its large leverage capacity, it also increases risks, making it possible to lose and gain a larger sum in parallel.

For this reason, regulators significantly restrict the use of leverage for retailers, as the chances of falling into negative scenarios are very high if you don’t know how to use leverage properly.

Level of Risk

So the risk level is defined by the size of your trading order and the market exposure you obtain. As a consequence, leverage usually presented as a ration will also increase your risk, so it’s always crucial 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 the Authority restrictions, may therefore offer 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 major currency pairs, 1:10 for commodity pairs.

Professional traders may have access to high leverage up to 1:400 or 1:500 once the status has been verified.

Accounts

Next point in our ETFinance Analysis is a selection of account forms that you can choose to trade from, because each of them is designed to suit your trading needs and provides customized trading experience.

Account Types

There are three account types – Silver, Gold and Platinum – designed for traders who are just starting out, those who already have trading skills, 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 can apply for the Islamic Account and trade with the terms of the laws without swap, high leverage, etc.

Overall, ETFinance offers access to over 750 full account management assets and higher cost discounts as long as you experience growth. While the higher-grade account will also include Free VPS, News alerts and other tailored solutions.

How to open an account?

You will follow three simple steps.

  1. Provide personal data and trading background to validate your Live account
  2. Make your first deposit
  3. Access trading and markets nearly instantaneously

Trade Instruments

The market range offers 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, Electricity, Commodities like Cacao and Coffee, Indices and a wide range of Cryptocurrencies.

Fees

For instance, one of the most interesting points for you in the ETFinance review is the costs and spreads that brokers offer for their trading solutions. Obviously, 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 Find on Forex fees

Overall, the spread of ETFinance is quite good and is considered to be low and average even in the Silver Account. Naturally, a higher grade account offers better conditions that should be taken into account if you choose a reputable broker to deal with.

Let us reiterate that ETFinance does not charge a commission, but bases its costs on a spread only.

In addition, if you hold a position longer than a day, you should always 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 discounted rates as part of the package.

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.

Snapshot of ETFinanceFX fees

Asset/ PairETFinance FeesOctaFX FeesAvaTrade Fees
EUR USD0.7 pips0.5 pips1.3 pips
Crude Oil WTI3 pips2 pips3 pips
Gold372040
Inactivity FeeYesYesYes
Fee rankingAverageLowHigh

Snapshot of ETFinanceFX fees

Deposits and Withdrawals

Because ETFinance is governed by broker money management, it is strictly in line with regulatory requirements and follows safety procedures. Therefore, if you have concerns about any procedures, do not hesitate to consult with customer support and then follow the process.

Deposit Fees and Options

ETFinance offers you the possibility to deposit funds either with the most common Bank Wire Transfer or by using the Credit Cards or the Skrill e-wallet. Of course, check with the customer service before any transfer is made so that payment is made quickly and smoothly.

  • Transfer via bank wire
  • Debit Card, Credit Card
  • Skrill

What’s also cool is that there are no deposit charges and you won’t pay any fees, but always identify it with your payment provider or the bank itself.

Minimum Requirement for Deposit

Usually, the very minimum deposit is set at EUR 100, which allows you to open a Silver account. Higher-grade accounts would require more money than those built for experienced traders.

Withdrawal of Money

Money withdrawal is also made via your online account area and a relatively easy operation. ETFinance generally covers withdrawal fees, but since it is a European firm check with your payment provider if any fees are involved as other jurisdictions can impose different rules.

Platforms for Trading

The trading software that you will be using while trading with ETFinance is an option between a web version and a common MetaTrader4 softare with all the benefits included.

The option between the platform is small, but given MT4’s powerful capabilities, it’s all a trader wants, despite being a specialist or a very beginner.

Web Trading Platform

While WebTrader is simply a Web Trading platform based on the MT4 engine, this means that you can access a trading software without having to install or program anything on your PC. Also, this means that you can access trading from any platform through lignin to your trading account through a browser which results in great accessibility.

Nonetheless, Web Trading platforms are always limited to configuration and a selection of trading tools, it’s simple to use, so if you need comprehensive trading portfolio changes and requirements, you’d better go to the desktop version.

Desktop Platform

The platform 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’d like to point out again its fantastic charting possibilities and various formats to choose from.

Moreover, 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 definitely enjoy the simple look and feel of the app, the easy navigation and intuitive design as well. In addition to the variety of “looks” and modification functionality, various indicators and analysis tools are also easy to set and customize.

The Mobile Trading Platform

The smartphone app is also available, while the applications are easy to use and offer a wide range of resources at the same time. MT4 mobile also offers various charting features that are great for mobile trading along with the full management of your account.

Customer Support Services

ETfinance Customer Support provides support via live chat, email and phone in a variety of languages. Nevertheless, customer service is only available on weekdays from Monday to Friday and from 7 to 19 GMT.

Training and Education

ETFinance provides comprehensive training and research materials with a wide range of Trading Content, while running Courses, Webinars and supplying you with tutorials and regularly posting articles. Together with an unlimited demo platform, you will be able to practice tactics and test systems, which is definitely a good benefit for all forms of traders.

If you’re starting trading, education is some of the key factors to consider when choosing a broker, so then ETFinance receives a positive note at this stage, too.

In Conclusion

Overall, ETFinance Review shows us a broker with a high-quality trading strategy that provides flexibility in terms of trading conditions, platforms and instruments. Another good point is that ETFinance is governed by the European CySEC in accordance with the MiFID directive, which ensures that the broker falls within the scope of protection measures and is one of those brokers who are respected.

What we also agree is that ETFinance offers high-tech exposure to a range of instruments and mainstays on a common MT4 platform that is ideal for day trading, auto-trading or your favorite strategy. Also, with its planned training and support materials the broker is suitable for beginners and, of course, professionals will be satisfied with the trading conditions suggested by ETFinance.

Overall, ETfinance is a broker to consider when choosing a reputable trading partner.

ETFinance and Magnum FX Update

Latest warning issued by the UK FCA on 28 May 2020 to Magnum FX as the broker has been found in fraudulent trading practices and aggressive marketing in the UK.

Despite the fact that Magnum FX is a CySEC-controlled broker, FCA found the company to have behaved controversially in its MiFID duty, to have used deceptive marketing and promotion strategies that resulted in numerous complaints received. As such, Magnum FX and ETFinance have been forced to close and must not provide any financial investment services to UK residents.

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