| Publish date: 05/05/2020 (Last updated: May 05, 2020 02:59 PM)
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ETFinance Review 2020
9.5/10
$100
Minimum Deposit

ETFinance is a financial services broker offering its clients a variety of trading instruments that include foreign currency pairs, stocks, indices, commodities, cryptocurrencies as well as ETFs (Exchange Traded Funds).

The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

ETFinance Key Information 
Broker site :https://www.etfinance.eu/
Established Date: 2016
License:
CySEC
Languages supported: English, Spanish, Italian, German, Swedish
Address:Magnum FX (Cyprus) Ltd, 79 Spyro Kyprianou Avenue, Limassol 3076 Cyprus
Minimum Deposit: $250
Email:[email protected]
Table of Contents

    ETFinance is a financial services broker offering its clients a variety of trading instruments that include foreign currency pairs, stocks, indices, commodities, cryptocurrencies as well as ETFs (Exchange Traded Funds).

    About ETFinance

    Founded in 2016, ETFinance is a broker that is owned and operated by a company called Magnum FX (Cyprus) Ltd., which is located in and regulated by the Cyprus Securities and Exchange Commission (CySEC), which follows the guidelines laid down by the European Union’s MiFID financial harmonization laws.

    Trader’s funds, as per CySEC regulations, are insured by the Investor Compensation Fund. What this means is that if ETFinance were to declare bankruptcy, you would be able to claim as much as €20,000 to cover your losses. Furthermore, your funds are held in segregated accounts so that the broker cannot use them to cover their own operational costs.

    It is also worth noting that ETFinance states that it has a single liquidity provider, a CySEC-regulated company by the name of OBR Investments Ltd. What this means is that this company acts as the counterparty to all the trades you execute.

    Account Types and Trading Conditions

    ETFinance offers its clients 3 different types of trading accounts:

    • Silver: This account type is means for the less experienced traders, and it offers a spread starting at 0.07 pips and a leverage ratio of 1:30.
    • Gold: More experienced traders can opt for the Gold account, where the spread starts at 0.05 pips, and has a maximum leverage of 1:500 (for professional traders). You also have access to a dedicated account manager.
    • Platinum: The Platinum account is meant for professional traders who execute high-volume trades. The spreads start at 0.03 pips for this account type, and traders are offered a leverage of 1:500.

    In addition to these offerings, Platinum account holders also get a swap-free discount of 50% and a dedicated VPS.

    All spreads are floating and variable, so it will depend on the type of asset your planning to trading with.

    All traders have access to a demo account so that they can assess the trading conditions and also practice trades on ETFinance’s platform with $100,000 in virtual funds before investing real money with this broker. This account is available for 7 days, but you can get in touch with the broker’s support team in case you want to extend this period.

    This broker also offers its clients an Islamic account option.

    Tradeable Products

    You can choose from a wide range of trading instruments when you contract with ETFinance.

    You have a choice of more than 50 currency pairs, more than 4 metals, over 20 indices, over 17 commodities, as well as 150+ stocks from all over the world.

    Commissions and Fees

    Another big plus about trading with ETFinance is that you are charged no commissions or fees on trades. Additionally, spreads are extremely reasonable.

    ETFinance does charge swap fees, but as you move up the account tiers, these fees are also heavily discounted. It is best to contact the broker’s support team to find out what kind of a fee you will be charged, since they vary depending on the individual assets and the calculation model you are using.

    The only downside to trading with ETFinance is that this broker charges quite a hefty inactivity fee if your account has been dormant for more than 60 days. The fee starts at €80 per month, but if you have not executed trades on your account for more than 6 months, then you will be charged a massive €200 per month.

    Payment Methods

    ETFinance offers its clients two types of payment methods – credit or debit card or bank wire transfers. If you use the credit/debit card option, the deposits are instant, but bank wires can take as much as 2 to 5 business days, but usually take just 24 hours.

    While the broker does not charge any fees, you should check with your bank to see if there will be any charges levied by them.

    One point to be noted is that if you have insignificant or no trading before you submit a withdrawal request, then ETFinance could charge you a withdrawal fee of €50.

    ETFinance Review - Regulated broker
    Trade with an award-winning broker

    The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

    Trading Platform

    ETFinance offers its clients the use of the MT4 (MetaTrader 4) trading platform, which is the best software for trading in the world. This broker offers both desktop as well as mobile versions of the software.

    The MT4 platform is not just easy to use for all levels of traders, but it also offers a range of features that make trading easier. You can use trading indicators, create your own trading bots (or use the software’s automated trading bots called Expert Advisors), and even use the one-click trading option. You also get to access multiple markets when using this platform.

    Opening an Account

    Opening an account with ETFinance is fairly straightforward. Just click on the Open Account button on this broker’s home page to get started.

    • Account Creation: All you need to do is input your name, email ID, telephone number and create a password.
    • Information: You then are taken to the next page, where you need to fill in your address and date of birth.
    • Questionnaire: In the third part of the registration process, you are to give details such as your education, net worth, employment status, source of funds, what experience you have in investing, and the level of knowledge you have about trading and finance.
    • Documentation: This is where you upload all the documents required for the KYC process – Proof of Identity and Proof of Residence.
    • Deposit Funds: Now, all you need to do is deposit your funds, and you can then access your trading account with ETFinance. The minimum deposit requirement is €215.

    Customer Support

    You get customer support through a variety of channels: live chat, email and phone support, web support, and their office in Cyprus.

    Conclusion

    ETFinance is a solid broker that is regulated, offers clear trading conditions, does not charge commissions or fees for trading, provides its customers with a lot of support, and also has a demo account.

    The only downsides to trading with this broker are that ETFinance currently only offers its financial services to trader in Europe and its inactivity fees are quite high.

     

    ETFinance Review

    9.5

    User Experience

    9.3/10

    Payment Options

    9.5/10

    Security

    9.4/10

    Support

    9.7/10

    Reputation

    9.4/10

    Pros

    • Wide range of instruments available to trade as CFDs
    • Regulated and licensed, with high-level security in place
    • Choice of quality trading platforms, including MT4
    • Enormous educational resources are available.
    • An Islamic account is available for Muslims.

    Cons

    • A relatively young company with few reviews and awards
    • The demo account is restricted to only two weeks

    Looking for somewhere else to trade?

    eToro
    $200
    Minimum Deposit

    eToro is a multi-asset platform which offers CFD and non CFD products. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

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