This is the review about ETFinance Broker. It is headquartered in Cyprus and is one of the leading EU online brokers in the industry, licensed and authorized by the Cyprus Securities and Exchange Commission (CySEC). Apart from trading CFDs on Forex pairs, ETFinance offers CFDs on Metals, Indices, Stock, Cryptocurrencies, and various Commodities.
Verified account grants access to MetaTrader 4 platform and an extensive educational hub available for registered users for free. ETFinance seems to be very proud of it, rightly. The Edu hub stores piles of materials covering the most vivid trading specifics, including the trader’s style and strategy. It teaches any interested person the secrets of reading charts and planning wise moves.
Key features of ETFinance Broker:
- Regulated broker.
- Access to the best trading platforms: MT4, WebTrader.
- CFDs on more than 350 assets.
- Cross-platform trading.
- Reasonable trading fees.
- No hidden charges.
- 24/7 access to the global market.
- Dedicated support available 24/5.
Advantages and disadvantages
As practically any online broker out there, ETFinance has its pros and cons. We will present some of the major ones, so you’ll be able to make your unbiased decision.
We’ll start with some of the advantages.
ETFinance is a trading name of MAGNUM FX (CYPRUS) LTD registration number HE 360548 authorized and regulated by the Cyprus Securities and Exchange Commission (the “CySEC”) under license number 359/18.
Free DEMO account
Trading is a significantly risky procedure, so in case you’re unfamiliar with it, you may lose a considerable amount until you make sense of how it functions. What’s great about DEMO account is that it offers you to practice for free and learn stuff at your own pace.
ETFinance platform is intuitive and very simple to utilize. On the off chance that you visit the site just because you will make sense of how it functions in no time flat.
MT4 and WebTrader
ETFinance offers brokers the business standard MetaTrader 4 stage. This is the point of fact the most prominent exchanging stage available, favored by expert and learner merchants the same.
Accessible in 6 languages
Apart from English, ETFinance is upheld in Spanish, German, Dutch, Portuguese, and Italian.
The website offers over 200 examining materials, like Videos on demand, eBooks, articles, and courses. Both newcomers and experienced traders would discover helpful data to develop their skills.
Being a European-based broker, ETFinance would require an average minimum deposit of 215 Euros.
To discuss a few flaws, ETFinance has…
Relatively low leverage
ETFinance offers its customers the leverage of 1:30, due to the newest ESMA guidelines that came into power in August 2018. This might be considered very conservative in comparison to other online brokers out there. On the other hand, for proficient traders, who can demonstrate their experience, the site may offer leverage of 1:500
ETFinance specializes in CFDs and offers them as a trading instrument for the client. Therefore, a customer doesn’t have to own or invest in the asset itself; they take advantage from the difference in its cost in the market. The business sectors secured under CFD contributions incorporate different currency pairs, commodities, market indices, and stocks.
Among the advantages of trading with ETFinance are:
- The undefined minimum deposit sum.
Before opening a real account and deposit their own money, a customer may check it all out with the DEMO account. It’s free and helps learn the trading process
ETFinance offers its customers a rundown of 50 Forex pairs, a large number of which are exotic or minor like USDZAR, USDINR, USDSGD, and others. Furthermore, on the trading platform one can likewise go over CFDs on a bunch of soft commodities like corn, copper, cotton, espresso, soybeans, wheat, cocoa and sugar, major cryptocurrencies including Run, Bitcoin, Litecoin, Bitcoin Money, Ethereum, Ethereum Great, Wave, Zcahs, Bitcoin Gold, and so forth. Accessible are 16 indices, along with silver, gold, platinum, palladium, Brent oil, light crude, natural gas, etc. Quite a considerable choice, so even the pickiest trader would find something exciting to work with.
ETFinance adopted one of the most popular online trading platforms, MetaTrader 4 (MT4). It is not only widely used in the industry; it also comes with loads of integrated trading tools in a pack. MT4 is easily accessible as a desktop client or browser-based version. Depending on the version, you might need to download and install free client software before you can run it.
ETFinance fully supports mobile trading. Apart from the web version of MT4, there are mobile applications you can download from App Store or Google PlayStore. These applications allow you to trade directly from your smartphone or tablet. The account would be synchronized with the one you created on the web. Mobile version is as functional as the web one. It supports various order types, gives you control over trading activities, and lets you set up your stop loss/ stop profit levels.
ETFinance Demo account
ETFinance provides customers with the option of opening a free yet completely functional DEMO account. The only difference from a real one is that there are no actual financial operations – no deposit, no profit or funds withdrawal. This account is a tool to get acquainted with the trading process and to practice some of the strategies.
Getting an ETFinance CFD trading account is simple, fast, and secure. Customers can look over a retail or professional account, with the retail account clearly being most appropriate to most private financial specialists. Retail accounts are anything but difficult to open. Getting started would be straightforward and quite intuitive. The principal differences among retail and professional accounts are the leverage on offer and the margin closeout rates. Professional account users can get high leverage, with up to 1:500 on currency pairs, 1:125 on most commodities and indices, and 1:50 on stocks and shares. Retail clients can hope to access leverage of 1:20 to 1:30 on forex, 1:10 on commodities and indices, and 1:5 on stocks and shares.
Opening an account
Registering an account is completely free and would take 5 to 15 minutes. Being a regulated broker, ETFinance would require a few basic compliance checks from any new customer. That is done for the client to understand the risks of trading. Once you open the account, it would need to be verified with:
- A scanned color copy of your passport, driving license, or national ID.
- A utility bill or bank statement from the past three months showing your address.
After the verification process, the account would be all set and ready for trading operations.
Withdrawal requests must be made online by means of the official Customer Area inside your account, and to withdraw, you should give full details of the method that you used to deposit, including any supporting documentation.
You may, for instance, need to provide a bank statement, including your bank’s IBAN or bank reference, to demand a bank transfer. Following international requirements, traders can only transfer funds to a financial balance held in the same name as the trading account.
Withdrawals from dynamic records are free, yet the broker may charge a withdrawal fee of 50 EUR if there is insignificant trading activity on the record preceding withdrawal.
There is a highly evolved education section of the website, which ETFinance can be proud of. It includes videos on demand (VOD), eBooks, Tutorials, and a whole range of courses, which can help learn trading processes and risks. Among the materials, the client would be able to find tutorials starting from the beginner’s and up to a professional level of trading experience. Moreover, there are valuable hints on how to create a trading strategy or find your own style in trading. All materials are available absolutely for free. They can be easily found on the website’s menu.
Should traders choose ETFinance?
ETFinance is a trustworthy broker, authorized and approved by the Cyprus Securities and Exchange Commission (CySEC). As the regulatory status of the broker is the absolute most significant factor for the security of your finances, the sound regulation makes ETFinance one of our suggested brands. Concerning the trading conditions, spreads were additionally not bad, and if you are an expert trader, you can appreciate getting decent leverage.