ETFinance was established in 2016 and is a brand name of Magnum FX, which is regulated by the Cyprus Securities and Exchange Commission. In the ETFinance review, we have prepared for you; we include all the information we know will be useful to you when selecting a company to use.
You can use the MetaTrader platform available for Web, Mobile, and Desktop. They have a wide range of assets available for trade, including stocks, indices, commodities, and cryptocurrency.
They may not be among the best forex broker companies. However, they have over 10,000 traders, even though they are a relatively new company.
What We Cover in the ETFinance Review
As with many of the forex broker reviews we write, our ETFinance review will cover what we like and don't like about the company, fees, commissions, what you can trade, any benefits, and details that we think you will be interested to know about.
They have a low minimum deposit, and that allows all who want to join ETFinance, do so without much trouble.
What we do not like, is the fact that the company does not allow EA’s and is not regulated by other major regulators like ASIC or FSA.
When it comes to awards, they have won some over the years they have been operating. Most notable is the Finance Magnate London Summit Awards Best Multi-Asset Trading Platform in 2016. Our forex broker reviews never fail to mention awards, as they are essential in getting to know the competency level of a company.
Fees and Instruments
There are no withdrawal fees, except for some payment methods like Bank Transfers. But those charges are by the bank and not this forex broker. They do not charge inactivity fees or deposit fees, either.
At ETFinance, you will be able to trade with over 150 instruments. As for the currency pairs, you are looking at about 50 of them. When buying with ETFinance, 71% of the traders in CFDs lose money, and you should be very careful not to be among them.
Platforms and Features
The broker offers you the popular MT4 trading platform when you sign up with them. You can use the app on your phone or tablet when you need to work on the go. They have an app for both iOS and Android devices.
You can keep an eye on all the tabs while executing the trades you have invested your money into, quickly and efficiently. You are allowed scalping, hedging, and the chance to enjoy a low minimum deposit.
ETFinance will give you a chance to use one of the three accounts that include a demo account, a standard account, and an Islamic account. In our ETFinance review, we insist that you try out the demo first before you use a live account with real money.
Trades, Leverage and CFDs
The minimum of trade varies, depending on the account that you will open. ETFinance calls itself a market maker and therefore has lower entry requirements when compared to ECN brokers who have higher volumes of trade and need more capital.
Margins vary depending on the trader, accounts, and instruments available. At ETFinance, the leverage of CFDs works the same way as anywhere else. You will be in charge of what to do with your money. As always, it is recommended that you do short- and medium-term trades.
They may not be the best forex broker, but ETFinance takes customer support seriously and support it in English, German, Dutch, Spanish, Italian, and Portuguese. They have an A-grade support system because they do their customer support in more than three major languages.
The lice chat works well, and you can send messages to them and receive responses almost immediately. The longest it took us when researching for the ETFinance review was 8 minutes.
Besides, to live chats, you can contact them via email and get a response in less than 40 minutes at the slowest. Phone support is also available and is your best bet when you want to get answered urgently.
In addition to the other things that they do, they also sponsor events and sports. Most notable is the Real Madrid Basketball team. More Facts about ETFinace.
|Established: 2016||Website: https://www.etfinance.eu|
|Address: 79 Spyrou Kyprianou Avenue, 3076, Limassol, Cyprus||Regional Offices: None|
|Regulators: Cyprus Securities and Exchange Commission (CySEC)||Web Trading: Enabled|
|Prohibited Countries: United States||Mobile Trading: Enabled|
|Minimum Trade Size: 0.01||ECN: Not available|
|Maximum Leverage: 1:500||Currencies: Over 50|
|Minimum to Open Live: $250||Cryptocurrencies: Available|
|Trading Platforms: MT4||CFD: Available|
|Robots: None||Deposit Methods: Credit card and Wire Transfer|
|Scalping: Allowed||Withdrawal Methods: Credit Card and Wire Transfer|