ETFinance was established as a brokerage firm with a goal to provide global traders a cutting-edge platform and allow the trading potential to grow. Originally. ETFinance was founded in 2016 while is registered financial investment firm under the laws of Cyprus, technically providing trading capabilities to EU clients and beyond.
ETFinance designed its trading solution based on the most important point that are essential for the traders of a particular level. Alike beginning traders are most welcomed and supported with education materials, while professionals will find a good option for cost strategy along with tailored measures and extra discounts.
All this is also provided with an unparalleled technology base, which is important for good quality performance along with popular platforms MT4 and WebTrader and good execution through numerous liquidity providers.
Eventually, with its aim to be a customer-friendly and efficient platform ETFinance definitely succeed as numerous clients they serve and constantly growing volumes showing a positive side of the strives.
Forex and CFDs trading opportunity
No 24/7 support
Great Forex education
Mainstay on MT4 and WebTrader platforms
Fast account opening
No commission deposits and withdrawal options
What Type of Broker is ETFinance?
OctaFX is an STP Forex Broker also with high standards of secure trading environment, as of the regulation it imposes. The offering to the clients is wide and even comprehensive since it proposes the same if not more investment opportunities to the world trading community.
10 Points Summary
Country of regulation
Stocks, Indices, Currencies, Cryptocurrencies and commodities with no commission charge
Different level education including Webinars, Courses and Research tools
ETFinance from the day of its establishment chooses to navigate markets in efficient way together with award-winning technology, which already recognizes itself as the best of its kind. However, numerous awards going not only to popular MetaTrader and WebTrader platforms and the way they operate but also to the ETFinance operation model itself as well.
While all in all it confirms high establish standards meaning deep researches and world analytic publications find the broker best type, depending on the recognition award.
Is ETFinance safe or a scam?
The most important question you should ask for before you sign in with a broker or another is it a safe broker or not. First of all safe broker will be a regulated broker, which is established under reputable and strict jurisdiction in reverse guaranteeing its financial maturity and set of requirements for establishment.
There are indeed many brokers around now, but it is always recommended to choose only reliable firms under certain regulations recognizing Forex trading brokers.
CySEC regulated broker with MiFID guidance
Negative Balance Protection applied
Is ETFinance legit?
ETFinance is a trading name of MAGNUM FX (CYPRUS) LTD registration number HE 360548 authorized and regulated by the Cyprus Securities and Exchange Commission CySEC under license number 359/18. In simple words that means the broker is legit and fully authorized to offer its trading solution within Cyprus, EU and beyond due to cross border registrations.
Are you protected?
Eventually yes, while trading with the regulated broker you are protected with the set of regulatory obligations every regulated firm obliges to. Protection of clients including funds segregation, application of negative balance protection and participation to compensation scheme in case of the brokers insolvency.
Also, one of the most important issues that regulated broker is constantly overseen by the authority, which limits options for speculation or fraudulent activity and is never a case of an offshore firm making them very risky ones.
Leverage levels usually defined by several factors as this tool increases the initial trading size you may operate and resulting in the potential to magnify your gains. However, along with its great capabilities leverage increases risks too, making it possible to lose and gain a bigger amount in parallel.
For this reason, regulatory bodies significantly restrict the use of leverage for retails traders as risks to fall into the negative scenarios are very high if you don’t know how to use leverage properly.
So the risk level is defined by the size of your trading order r exposure to the market you gain. Therefore, leverage usually presented as a ration will respectively increase your risk as well, so its always crucial to learn how to use leverage especially if you are beginning with trading.
ETFinance being a Cyprus and EU regulated firm respectively operates under ESMA restrictions as well, therefore may offer lower leverage levels that are also defined by each instrument separately and may be checked from the platform directly.
Retail traders leverage is maximum 1:30 for major currency pairs, 1:10 for Commodities
Professional traders may access high leverage up to 1:400 or 1:500 once the status is confirmed
Next point in our ETFinance Review is a range of account types which you may choose to trade through, as each of them designed to suit particular trading need and proposes personalized trading experience.
Fast digital account opening
Three account types offered
Demo Account offered
Islamic Account available
Types of Accounts
There are three Account types – Silver, Gold and Platinum that are designed for traders who just begin, those that have trading skills already and seasoned traders respectively. Actually, this is a quite smart diversification between the traders as indeed those three groups require different conditions.
In addition, if you are trader following Sharia belief you’re able to submit for Islamic Account and trade with conditions set by the laws without swap, high leverage, etc.
Overall, ETFinance offering access to over 750 Assets with full account management and higher costs discounts as long as you experience grows. While higher grade account will also include Free VPS service, News alerts and other tailored solutions.
How to open Account
Eventually, you should follow simple three steps
Provide personal data and trading experience to confirm your Live account
Make the first deposit
Access trading and markets almost instantly
The market range offers you the most demanded and popular instruments so with ETFinance definitely you will select a suitable asset for trading. Overal, there are over 750 Assets offered including Forex currencies, Metals, Energies, Commodities including Cacao and Coffee, Indices and great selection of Cryptocurrencies.
Of course one of the most interesting points for you in ETFinance review is costs and spreads which broker offers for its trading solutions. Obviously, these costs are depending on the account type you use, as well as what trading size you operate.
Therefore, Silver account costs starting with Minimum spreads of 0.07, while Gold account offering spreads from 0.05 with rollover discount of 25%and Platinum feature spread of 0.03 and a swap discount of 50%.
Average Forex and CFD fees
0$ Withdrawal fee
Micro Lot trading available
Our find on Forex fees
Overall, ETFinance spread is quite pleasant and considered to be on low and average levels even on a Silver Account. Of course, higher grade account offering better conditions which are rather to take into consideration if you choose a reliable broker to trade with.
Let us mention again that ETFinance does not charge a commission, but base its costs on a spread only.
Besides, you should always calculate the SWAP or Rollover fee in case you hold a position longer than a day. Typically this charge is -40.73 for long and -39.63 for short EUR USD pair, while Gold and Platinum account will offer discounted rates as part of the package.
Also, see below the comparison table with a typical ETFInance Spread and compare brokers to other CFD Brokers with CFD fees, commission or inactivity fee if applicable. Also, see in detail OctaFX Review for better comparison.
Trading Fees of ETFinance vs Similar Brokers
Crude Oil WTI
Snapshot of ETFinanceFX fees
Deposits and Withdrawals
Since ETFinance is regulated broker money management strictly aligned to regulatory requirements and follows safety procedures. Therefore, if you doubt of any procedures do not hesitate to verify it with customer support and then follow the process.
No deposit fees
Limited deposit and withdrawal options
Withdrawals free of charge
Card payment supported
Deposit fees and Options
ETFInance offers you to deposit funds either with most popular Bank Wire Transfer or by the use of the Credit Cards, or e-wallet Skrill. Of course, check with customer service too before any transfer is done so the payment will be quickly done and smooth.
Bank Wire Transfer
Credit Card, Debit Card
What is also great, there is no charges for deposits so you won’t pay any commission, however always define it with your payment provider or Bank itself.
Minimum deposit requirement
Typically, the very minimum deposit is set to a EUR100 allowing you to open a Silver account. Higher grade account will require more money, as designed for traders with experience.
Money withdrawal is also done through your online account area and relatively easy process. ETFinance typically covers fees for withdrawals, yet being a European firm check with your payment provider in case any fees will be involved as other jurisdictions may apply different rules.
The trading software which you will be using while trading with ETFInance is a choice between a Web version and a popular MetaTrader4 with all benefits included.
The choice between the platform is modest, but considering MT4 powerful capabilities is rather all that trader needs, despite being a professional or a very beginner.
Option between MetaTrader4 and WebTrader
User friendly design
Price alerts and push notifications
Supporting various languages
Web, Mobile and Desktop versions
Web Trading Platform
While WebTrader is obviously a Web Trading platform based on the MT4 engine, it means you may access trading software without a need to install or program anything on your PC. Also, it means you can access trading from any device just by lignin to your trading account through browser resulting in great accessibility.
However, Web Trading platforms are always limited with customization and range of trading tools, it is easy to use, but if you require comprehensive trading portfolio adjustments and specifications you better go for the desktop version.
The platform features a desktop version suitable for any operating system either iOS or Windows. MetaTrader4 is known for its great capabilities and does not require too much wording. However, we would point again on its great charting possibilities and numerous layouts to choose from.
Also ETFinance does not restrict trading strategies, so you can trade either manually or to use copy trading, either set your robot via popular EAs available either for download or from the marketplace.
Look and Feel
You will definitely enjoy the platform’s clear look and feel, also easy navigation and intuitive design. Numerous indicators and analysis tools are also quite easy to set and customize, in addition to variety of “looks” and adjustment features.
Mobile Trading Platform
The mobile app is also offered, while apps are simple to use and offer a wide range of tools at the same time. MT4 mobile offers various charting capabilities also customization which is fantastic for mobile trading along with full management of your account.
ETfinance customer support provides you with support through live chat, email and phone n various languages. However, customer service works on week days only from Monday to Friday and from 7 to 19 GMT.
Quality customer support with live chat
No 24/7 support
Quick response within working hours
Education and Research
ETFinance provides a quite comprehensive Education and Analysis materials with a good range of Trading Videos, while running Courses, Webinars and provide you with tutorials also regularly posting articles. Together with an unlimited demo platform you’ll be able to practice strategies and test the systems, which is definitely a good plus for all types of traders.
If you’re beginning trader education is some of the crucial factors to consider while selecting a broker, so at this point ETFinance gains a positive note as well.
Unlimited Demo account
Wide range of education materials
Social trading option
Free Research tools
Economic Calendar and Indicators, News Feed
Overall, ETFinance Review shows us a broker with a quality trading strategy that offers flexibility in terms of trading conditions, platforms and instruments. Another good point that ETFinance is regulated by the European CySEC aligned with the MiFID directive, meaning the broker falls under protective measures and is among those brokers that are trusted.
What we also admit is ETFInance high-tech access to a range of the instrument and mainstay on a popular MT4 platform suitable for day trading, auto trading or your preferred strategy. Also, with its designed education and support materials broker is suitable for the beginners, which is great and of course, professionals will be delighted by the trading conditions ETFinance proposes.
So overall, ETfinance is one broker to consider while choosing a reliable partner to trade.
Yet, it is always great to hear your personal opinion about ETFinance. So you may share your experience or thoughts either discuss them below or ask us for additional information.
ETFinance and Magnum FX Update
Recent warning as of 28 May 2020 imposed by the UK’ FCA towards Magnum FX as the broker was detected in illegal trading practices and aggressive marketing promotion in the UK.
Despite that Magnum FX is CySEC regulated broker, FCA considered that firm acted controversial to its MiFID obligation, used misleading marketing and promotion strategies which resulted in numerous complaints received. As such, Magnum FX and ETFinance imposed to close and must not provide any financial investment services t the UK residents.
“Magnum FX Ltd is not permitted to provide regulated financial services to residents of the United Kingdom.” – FCA mentions, read more by the official warning link.
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European online investment platform, ETFinance has announced its official partnership with Real Madrid’s Basketball Club. This three-year sponsorship was announced at Real Madrid’s facilities in Valdebebas. The round table event was attended by Borja Vilar, regional general manager of ETFinance, a leading company in online investments in Europe; and Pablo Laso, Sergio Llull and Rudy...