ETFinance Review
ETFinance
Details
| Broker | ETFinance |
|---|---|
| Website URL | https://www.etfinance.eu/ |
| Founded | 2018 |
| Headquarters | KPMG Center, 1 Agias Fylaxeos Street, 2nd Floor – Office 1, 3025 Limassol, Cyprus |
| Languages | 7 languages supported |
| Trading Platform | WebTrader | MT4 | Mobile app |
| Minimum 1st Deposit | 0-250 |
| Minimum Account Size | 0-250 |
| Bonus | No bonus |
| Leverage | up to 1:500 |
| Spread | fixed/floating |
| Free Demo Account |  |
| Regulated |
 |
| Regulation | Regulated by CySEC |
| Account Types | silver, gold , platinum , Islamic |
| Deposit Methods | credit/debit card , wire transfer , Skrill , others |
| Withdrawal Methods | credit/debit card , wire transfer , Skrill , others |
| Number of Assets | 750+ assets |
| Types of Assets | forex, metals, indices, stocks, commodities, ETFs, future CFDs |
| US Traders Allowed | |
| Mobile Trading |
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| Tablet Trading |
|
| Overall Score | 62 |
Pros
- Broker regulated by CySEC and MiFID II, compliant with the latest European Regulation
- Access to 750+ different CFDs like forex, stocks, commodities, indices, ETFs, and cryptocurrencies.
- Web-based MT4, desktop MT4 and proprietary mobile app provided for customers.
Cons
- The company has a limited offer in terms of trading platforms, with support for MT4 only.
- Limited trading tools and features.
- Decent spreads, but higher as compared to other popular brokers.
Regulation
ETFinance is an online trading name of Magnum FX LTD, a Cyprus-registered company with the registration number HE 360548. Also, it is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 359/18. At the same time, Magnum FX Ltd is authorized to provide services to European Economic Area countries through the MiFID II regulations. It’s a member of the Investor Compensation Fund, which ensures the safety of investor’s funds for eligible clients.
The company abides with the Anti Money Laundering (AML) policy issued by CySEC and states that Know Your Customer policy is very important to properly identify all clients, the main reason why all clients must provide a government-issued identity document and a utility bill. However, as compared to other popular brokers, ETFinace does not have authorization for any other important European regulator, other than CySEC.
Trading Platforms
ETFinance relies on a WebTrader, MetaTrader 4, and a mobile app to provide access to trading services for all its customers. The first one is a trading software in the form of a platform only available via the browser. There’s limited information on the official broker website, but it seems to be the web version of the MetaTrader 4. Traders who already upgraded to MetaTrader 5 or fancy other platforms will be limited by the poor coverage at ETFinance.
MetaTrader 4 was a very popular platform for years in a row, but we believe MetaTrader 5 and other proprietary software developed by popular brokerage companies are more efficient in 2020. The broker does not have any special provisions when it comes to the trading software and that puts it at a big disadvantage if we assume the big competition currently existing in the European brokerage sector.
The sole proprietary software of ETFinance is the mobile app, available for both Android and iOS users. However, if it would have been a popular app among traders, plenty of online feedback would be available. That’s not the case for the ETFinance mobile app, suggesting there are few traders currently working with this company. That’s no surprise, given how many other better options are available in the market.
Account Types
Silver, Gold, Platinum, and Islamic accounts (solely for traders of Islamic faith) are being provided by ETFinance. At the same time, due to the latest European regulation, clients are being split into retail and professional, based on a series of factors. Speaking of the trading features, floating spreads, 1:30 maximum retail leverage, 1:500 maximum professional leverage, full 10-hour support, educational resources, and others are provided.
However, silver account holders don’t get access to most of them and they are required to open a Gold or Platinum account to benefit from better trading conditions. This is a great downside of ETFinance since there are popular brokers allowing clients to register with very little money and they can access a lot more trading features.
Forex, stocks, indices, cryptocurrencies, commodities, and ETFs based CFDs are currently available for trading at ETFinance. Based on the information provided by the company, there are more than 750 instruments currently available. This isn’t by any means the largest CFD offer in Europe and by trading with other companies, traders could be able to gain access to thousands of different instruments.
Promotions
Given that it’s a broker compliant with CySEC and MiFID II regulation, ETFinance is not allowed to provide trading bonuses to retail traders. In terms of the professional traders, we did not manage to find any relevant information on the matter, which means the broker does not have any active promotion at the time of writing.
Educational Material
Although ETFinance does provide access to educational materials like webinars & videos, Ebooks, courses, and tutorials, only registered live account holders can have access to all of them. At the same time, we’ve noticed that Silver clients are not treated fairly, given they don’t have access to most of the educational features. They need to make an upgrade to gain that privilege.
Whether that’s worth it remains an unanswered question. We don’t know if the educational material is so special and if traders can find the same information available for free on the web, without having to register for a trading account make a deposit. Our opinion is that ETFinance does a big mistake by restricting access to the educational material for some of the traders.
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