ETFinance Review 2022: Scam or Safe?

ETFinance

ETFinance is a reputable broker that offers CFD trading on a variety of markets, including Forex, Indices, Commodities, Cryptocurrencies, and Stocks. To learn everything there is to know about the broker’s platform, read ETFinance Review 2021. Magnum FX Ltd, Cyprus, launched ETFinance as a brand name in the market in 2018. As a result, the Cyprus Securities and Exchange Commission (CySEC) assigned the firm the license number 359/18.

Trading is available using the MetaTrader4 trading platform, which can be accessed via the web, mobile device, or desktop. For regular and professional traders, the firm also offers bronze, silver, gold, and platinum accounts. In addition, the broker’s portal also includes demo and Islamic account options.

ETFinance Review 2022: Pros and Cons

Pros

  • 750+ tradable assets available 
  • No Commission
  • New account option: Bronze account type
  • 24/7 market access available
  • Fast STP execution
  • Segregated bank accounts
  • Tight Spreads
  • High data and funds security
  • Free educational and research tools 
  • Fast deposits and withdrawals
  • MetaTrader 4 (MT4)

Cons

  • No MetaTrader 5 (MT5) trading platform is available

Is ETFinance a Scam: Regulations

Magnum FX Ltd. operates as ETFinance and provides trading services. The company entered the financial market in 2018. The Cyprus Securities and Exchange Commission has authorized and regulated the company (CySEC). Trading is carried out by the broker in accordance with ethical trading guidelines. The broker is registered with local financial regulatory bodies such as the FI, FSA, FMA, AFM, and others around Europe.

The company’s registration number is 360548, and its regulation license number is 359/18. The broker belongs to the Investor Compensation Fund for Cyprus Investment Firms’ clients. The broker’s services are available throughout Europe, although residents of the United Kingdom, Germany, and Italy are not permitted.

ETFinance Review 2022: Trading Account Types

Bronze, Silver, Gold, and Platinum accounts are available through ETFinance. In addition, sharia law adherents have access to an Islamic account. All four accounts are tailored to meet the needs of both retail and professional traders. Collect all of the information on each account from the points listed below.

Bronze trading account

  • Over 300 CFDs on assets
  • 2.0 Minimum Spreads
  • 1:30 Maximum Leverage
  • No deposit commission
  • Full support in business hours

Silver trading account

  • Over 300 CFDs are available
  • Full business day support
  • Islamic account available
  • 0.07 Minimum spreads
  • Leverage up to 1:30

Gold trading account

  • Over 300 CFDs are available
  • Full business day support
  • Islamic account available  
  • Hedging is allowed
  • 0.05 Minimum spreads
  • Leverage up to 1:200
  • 25% Swap discount
  • Webinars and Videos
  • Dedicated account manager

Platinum trading account

  • Over 300 CFDs are available
  • Hedging is allowed
  • Dedicated account manager
  • Full business day support
  • 50% Swap discount
  • Webinars and Videos
  • Islamic account available 
  • 0.03 Minimum spreads
  • Leverage up to 1:200
  • Free VPS and News alerts

There is also a demo account option, which is the most significant way to improve your trading tactics and talents. Professional traders can also test their new strategies before using them in live trading. Beginners can use a demo account to familiarise themselves with the market environment and trends.

ETFinance Review 2022: Account Opening

You can open your account with the ETFinance broker in five simple steps: account, personal information, questionnaire, identity, and various proof documents, and finally, deposit. Traders who do not speak English can complete your registration process in their native language. To open an account on the ETFinance platform, follow the steps below.

  1. Go to ETFinance’s official website and click on the “open account” tab.
  2. Then, on the first page, fill out the form by providing your first and last names, email address, country code, phone number, and password. Now, go to the bottom of the form and click the proceed button.
  3. On the next page, you must fill in details regarding your previous trading experience or market details that you have previously traded.
  4. Traders must now answer questions about trading on the third page. The page will then proceed to the document verification page when you’ve completed this.
  5. The broker will ask you to provide your identification verification documents on the documentation page.
  6. Traders must make a deposit of at least $ 250. You’re now ready to trade live on a platform.

ETFinance Review 2022: Trading Platform

ETfinance mainly offers WebTrader and MetaTrader 4 (MT4) trading platforms. You can easily trade in any international market with these two user-friendly and intuitive trading platforms. Apart from these, you can easily trade on ETFinance mobile app. 

WebTrader

ETFinance WebTrader allows traders to monitor various trades, which aids in the development of superior strategies. It has a user-friendly interface and supports 11 multiple languages. It also offers SSL solutions to improve the security of data transfer.

  • One-click operations
  • 30 analytical tools
  • 7-time frames
  • Track your entire trade history
  • In-built platform support
  • Real-time balance level
  • Customisable user panel
  • Several execution modes
  • Multilingual support in 11 languages
  • Automated stop loss
  • Live support

MetaTrader 4 (MT4)

It is one of the most widely used trading platforms, available on both mobile and desktop. Because of its analytics and technical indicators, user-friendly interface, and security and protection, most traders prefer trading on the MT 4 platform. The MT 4 platform is available on both Android and iOS devices.

  • Multiple trading modes
  • Real-time balance level
  • Various intrinsic technical indicators
  • One-click trading
  • Track your trade history
  • Advanced analytical tools
  • Live chat support
  • Access to user-panel customisation
  • Activate trading alerts
  • Multiple charts for comparison of multiple assets
  • Automated Stop/loss

ETFinance Review 2022: Mobile App

The ETFinance mobile app gives you access to CFD trading on more than 350 assets. Traders can access the market from anywhere using the ETFinance mobile app, which requires no additional devices other than your smartphone. It also gives you full access to trading tools, account synchronization in real-time, and one-tap trading choices.

  • Real-time balance
  • Customised user interface
  • Trade news and updates
  • One-click trading options 
  • Compatible with both Android and iOS
  • Live chat support 
  • Multilingual support in 11 languages
  • Access to 7 timeframes from one minute to one month

ETFinance Review 2022: Trading Instruments

Commodities, currency, cryptocurrencies, indices, and stocks are among the 350+ financial instruments available for trading via CFDs at the broker. Check out the ETFinance brokerage platform’s financial tools here.

Foreign exchange: More than 50 forex currency pairs are available. Some of the major, exotic, and minor pairs are EUR/USD, GBP/USD, GBP/JPY, AUD/CHF, and others.

Stock trading: Over 150 stocks are available on ETFinance, including stocks of tech giants and large-cap companies like Apple, AIG, Netflix, Amazon, Facebook, BMW, etc

Indices trading: More than 20 indices are provided by ETFinance, such as FTSE, DOW, AEX, IBEX, DAX, etc.

Cryptocurrency trading: Traders can choose out of various cryptocurrencies, including Bitcoin, Ethereum, Ripple, and more. 

Commodities trading: You can get your hands on over 17 commodities, both soft and hard such as Coffee, Sugar, Corn, natural gas, etc. You can also trade precious metals such as silver and gold.

ETFinance Review 2022: Commission and Spreads

It offers commission-free trading with variable, floating spreads on a wide range of assets to their clients. Spreads are entirely determined by the liquidity provider used by the broker. Check out the ETFinance account spreads here.

The minimum spread for the bronze account is two pips. For silver trading account – 0.07 pips. For gold trading account – 0.05 pips. And for the platinum account – 0.03 pips.

ETFinance Review 2022: Leverage

ETFinance offers significant leverage to its clients, but the margin is limited due to the account type. Therefore, leverage should be handled carefully and in accordance with your trading capacity. Account-by-account leverage for ETFinance may be found here.

For all four account tiers, the maximum leverage for the retail account category is 1:30. But the professional accounts are also available in gold and platinum account tiers. So for professional accounts, the maximum leverage is 1:200.

ETFinance Review 2022: Deposit and Withdrawal

Credit/debit cards, wire transfers, and e-wallets such as Neteller, Skrill, Vpay, and others are all available as payment methods.

The deposition will take place immediately. ETFinance requires a minimum deposit of $250. In 2 to 3 business days, the withdrawal request should be processed. Traders should be aware that withdrawal requests submitted after 11 a.m. GMT are handled the following day.

ETFinance Review 2022: Educational and Research Support

The brokerage offers high-quality educational materials such as an education library with high-quality films covering the most popular themes, trading-related publications, and an assets hub, among other things.

The most common tools in the broker’s research support section include the economic calendar, earnings report season, trading signals, and so on.

ETFinance Review 2022: Customer Support

The customer service team at the broker is available Monday through Friday (03:00 to 18:00 GMT). In addition, ETFinance’s customer service representatives are always available to answer any questions you may have about trading. Traders can reach out to them via live chat, phone calls, and email.

On their contact us page, the broker may additionally include a “Contact form.” For example, the ETFinance brokerage firm’s contact information can be found here.

The details of ETFinance are

Email: [email protected] 

Phone: ‍+441133284213

ETFinance Review 2022: Verdict

ETFinance is a brokerage firm that offers commission-free trading on a variety of instruments, including forex, commodities, equities, indices, and other financial instruments. The broker was established in 2018 and is licensed by the Cyprus Securities and Exchange Commission (CySEC) under number 359/18. Magnum FX Ld, Cyprus, is the broker, and its registration number is HE 360548.

Professional and retail traders can choose from Silver, Gold, or Platinum accounts. Depending on the account type, the broker offers different spreads and leverages. In addition, ETFinance’s customer service team is available 24 hours a day, 7 days a week, to help clients with their issues.

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