ETFinance Review 2022
ETFinance is a Cyprus-based forex and cryptocurrency broker, providing safe trading services to EU clients. This review of ETFinance delves into the pros and cons of opening a trading account, from platforms and mobile apps to demo accounts and customer support.
ETFinance Company Details
Managed by Magnum FX Ltd., an investment firm based in Cyprus, ETFinance was created in 2016. The broker provides crypto and forex trading services to clients throughout Europe, though not Belgium.
ETFinance is regulated by the Cyprus Securities and Exchange Commission (CySEC) and is the official sponsor of the Real Madrid Basketball team.
ETFinance uses MetaTrader 4 (MT4) for its trading services, providing clients with the original downloadable program as well as a browser-based alternative.
Available as a free download from the ETFinance website, MT4 is held in high regard, offering a range of capabilities and an intuitive design. Users get over 50 technical indicators, 30 interactive charting tools, 9 timeframes, plus over 30 languages are supported. One-click trading is also available, along with comprehensive trading histories. In addition, users can build custom indicators and develop their own automated trading strategies.
WebTrader has almost all the capabilities of MT4, however, the charting structure is tile-based rather than cascading and there is no access to the ‘trade’ tab, which provides custom indicators and strategies. Still, the web-based interface makes for an easy-access alternative to the downloadable MT4.
ETFinance has an expansive range of tradeable instruments. Clients can trade on 50 forex pairs, 20 indices, 17 commodities, including precious metals and energies, plus hundreds of shares from US, European and Australian companies. In addition, there are 33 cryptocurrency pairs, including Bitcoin, plus a handful of ETFs.
Spreads & Commissions
ETFinance has low spreads and a commission-free fee structure. Typical spreads on key forex pairs are 0.7 pips for the EUR/USD, 1.3 pips for the GBP/USD, and 0.9 pips for the EUR/GBP. Spreads are variable, so they fluctuate with market conditions. Higher account tiers benefit from tighter spreads.
ETFinance charges a fee for keeping positions open overnight. These charges can reach 5%, though Gold and Platinum account holders get discounted swap rates.
A €160 monthly inactivity fee is charged to accounts that are dormant for more than two months, although this can climb to €500 after nine months of inactivity. This is a significant charge and much higher than the fees levied against inactive accounts at other brokers.
Leverage varies depending on the account held. Silver account holders are limited to retail leverage rates of 1:30 on major and minor FX pairs, 1:20 on exotic pairs, gold, and indices, 1:10 on commodities, 1:5 on stocks, and 1:2 on cryptocurrencies.
Gold and Platinum account holders, if classed as professional traders, can access higher leverage rates up to 1:500 on forex pairs, 1:125 on indices and commodities, and 1:10 on company stocks.
This is because professional traders are not limited by ESMA regulations which cap retail leverage at 1:30.
ETFinance has a mobile version of MT4 that is free to download to all iOS and Android-powered devices, including smartphones and tablets. Though offering fewer charting types and technical indicators, much of the functionality found on the desktop version is maintained, including touch trading and interactive charts.
Alerts can also be set up to ensure market opportunities aren’t missed.
Deposits can be made into an ETFinance account using a variety of payment cards, e-wallets and transaction methods. All Visa and Mastercard payment options are supported, along with bank wire transfers and Skrill.
There are no deposit fees, though the broker reserves the right to charge up to $50 for withdrawals from low-activity accounts. If the request is put in before 09:00 GMT+3, ETFinance processes the payment the same day, if not the withdrawal will be processed the next business day. Some payment providers may have their own fees and processing times to consider.
ETFinance provides a free demo account that can be opened upon registration. Login credentials are created through the web platform and the practice account lasts for seven days, allowing for the exploration of assets and platform, without any risk to capital.
Deals & Promotions
ESMA regulations prohibit retail traders from receiving welcome bonuses or taking part in promotional deals, however, professional traders can, and ETFinance runs periodic offers, events and competitions for professionals. Always check bonus terms and conditions before trading.
ETFinance is licensed with the Cyprus Securities and Exchange Commission (CySEC), one of the most respected regulatory agencies for online trading alongside the FCA and ASIC. The broker is authorised to provide its services to all countries in the European Economic Area (EEA), except for Belgium. As a result, we’re confident the broker is not a scam and can be trusted.
ETFinance is also part of the Investor Compensation Fund (ICF), protecting traders up to €20,000 should the broker be unable to pay out returns.
ETFinance provides a well-equipped education centre, complete with tutorials, articles, and videos. There is also a collection of ebooks and training courses for Gold and Platinum account holders that feature in customer reviews.
In addition, the broker helps with market analysis and strategy planning through an economic news calendar plus an earnings calendar that helps visualise the recent performance of major companies.
There are three account options for traders; Silver, Gold and Platinum. Each account has been designed for different experience levels, starting with Silver for newcomers, Gold for seasoned traders, and Platinum for experts.
- Spreads from 0.07 pips
- 1:30 maximum leverage
- No account manager
- No swap discount
- Limited educational resources
- Spreads from 0.05 pips
- Personal account manager
- 25% swap discount
- All educational resources
- 1:500 maximum leverage
- Spreads from 0.03 pips
- Personal account manager
- 50% swap discount
- All educational resources
- 1:500 maximum leverage
- News alerts
- Free VPS
Upon request, all accounts can be opened with Islamic-friendly trading conditions applied.
Reasons for creating an ETFinance account include:
- Cryptocurrency trading
- Account manager
- Swap discounts
- Trading signals
- MT4 platform
- Tight spreads
ETFinance could be more competitive in the following areas:
- High inactivity fees
- No FAQ or help section
- Limited time demo account
The broker’s trading hours mirror those of the markets. With that said, platforms are open 24/7 for account management and market analysis.
Note, product-specific opening times can be found on the ETFinance website.
The customer support team is contactable from 07:00 GMT Monday through to 19:00 GMT Friday. The primary methods of contact are a live chat tab on the lower right of the website, as well as email and telephone:
- Phone number – +8006 003 7004
- Email – email@example.com
If you have any platform queries or you want to close or delete your account, the support team can help.
Find ETFinance on social media:
The broker’s headquarters address is: Office 1, 2nd Floor, KPMG Center, 1 Agias Fylaxeos Street, Limassol, Cyprus, 3025.
All payment providers are EU-regulated level one certified while data transferred between ETFinance servers is always encrypted and the servers are located in SAS 70 certified locations. As per ESMA regulations, the broker fully complies with the General Data Protection Regulation (GDPR).
ETFinance offers a wide range of financial instruments and tight spreads. However, the fees and sanctions for inactivity are very high and the demo account is time-limited. So to wrap up, the broker is safe to trade with, but we’d recommend other providers first.
ETFinance accepts traders from Australia, Thailand, Canada, United States, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use ETFinance from United Kingdom, Belgium.
Alternatives to ETFinance
If you are looking for alternatives to ETFinance we have compiled a list of the top 5 brokers that are similar to ETFinance below. This list of brokers like ETFinance is in order of similarity and only includes companies that accept traders from your location.
- EagleFX – EagleFX is a popular trading broker offering forex, stocks, cryptos & commodities.
- LQDFX – LQDFX offers online trading with multiple STP accounts and MT4 analysis tools.
- IG Group – IG-US offer spread betting, CFD and Forex trading across a range of markets. They are FCA regulated, boast a great trading app and have over 47 year track record of excellence.
- eToro – eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs. eToro USA LLC does not offer CFDs, only real crypto assets available.
- Forex.com – Forex.com boast a global reputation. Regulated in the UK, EU, US and Canada they offer a huge range of markets, not just forex, and offer tight spreads on a cutting edge platform.
Is ETFinance a scam?
ETFinance is a legitimate broker regulated by the CySEC and part of the Investor Compensation Fund. And unlike many scam websites, there aren’t multiple reviews online suggesting the broker doesn’t pay out profits.
Is ETFinance regulated by the FCA?
No, ETFinance is based in Cyprus and regulated by CySEC. Although not regulated by the FCA, we’re comfortable with the broker’s regulatory status and believe they are safe to trade with.
What is the ETFinance telephone support number?
The broker’s support number is +8006 003 7004. Clients can also contact ETFinance through email and a live chat service on the website.
Where can I find ETFinance terms and conditions?
Terms and conditions can be found on the website under Legal – Legal Documents. There are several important documents, such as the client agreement, which are worth familiarising yourself with before you open an account.
Can I trade with ETFinance in Portugal?
Yes, ETFinance is authorised to provide its services throughout the European Economic Area, including Portugal. With that said, for regulatory reasons, the broker does not accept clients from Belgium.
|ETFinance is an award-winning EU-regulated forex & cryptocurrency broker.|
ETFinance vs Other Brokers
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