ETFinance Broker Review
Our ETFinance review explores a Cyprus-based broker and trading name of Magnum FX. They have been in the industry since 2016. They are regulated by CySEC and currently offer services to traders in Europe only.
They offer a huge range of markets for you to choose from as a trader. These include trading in forex, metals, indices, stocks, commodities, and cryptocurrencies as CFDs. Trading through ETFinance is also commission-free across the board.
Trading with ETFinance is done through the Metatrader range of trading platforms.
If you are a newer trader, the broker also caters excellently for your needs through a comprehensive range of education materials. Even as an experienced trader, at ETFinance you’ll find resources to help you along on your trading journey. For this reason, or expert ETFinance review team has selected them as the best broker for new traders.
Benefit from well-respected regulation
ET Finance is well-regulated by one of the most trustworthy and recognizable bodies in the world of trading and finance, CySEC. Regulation by this body is sought after by all those who wish to be considered a top forex broker around the world.
Our ETFinance review team, therefore, have every confidence in the transparency and regulation of the broker as they are regulated by CySEC.
As an ETFinance trader, your funds are insured under the Investor Compensation Fund. This means that, should the broker become insolvent, you will be able to claim up to €20,000. It also means that your funds are always held in segregated accounts and ETFinance cannot use them to cover operational costs.
Select from a variety of account types
Our ETFinance review team discovered that the broker offers three distinct live trading account types. These are suitable for all types of traders, from beginners to professionals.
The three ETFinance account types offered are Silver, Gold, and Platinum. Each account has a minimum deposit value of at least €215 and all three offer you over 750 tradable assets. This number includes an impressive 62 forex currency pairs.
Our ETFinance review team started with the standard silver level account. With this account, you can look forward to a very competitive spread starting from just 0.07 pips on some assets and a leverage availability of 1:30. (This leverage is the maximum available to any retail trader under CySEC regulation.)
The ETFinance gold account is ideal for more experienced traders. This account tier starts spreads from 0.05 pips and provides access to a dedicated account manager as well as leverage of up to 1:500 on professional accounts.
Finally, if you are a regular, high volume trader, you can access the platinum account tier. This level gives you access to all previous benefits and additionally to a swap-fee discount of 50%, a dedicated VPS and great value spreads starting from just 0.03pips.
Our ETFinance review team also discovered that the broker offers a demo account, which is available for a period of 7 days. This comes with $100,000 in no-risk, virtual funds for you to trade with. This period can be extended upon contact with the broker support team.
The final point to note is that every ETFinance account type is also available as an Islamic account if you require it. This should be specified through contact with the customer support team.
Enjoy extra perks as a professional account holder
Due to the regulatory requirements of CySEC and the seriousness with which ETFinance takes its compliance with these regulations, no trading bonus is available at the current time.
Our ETFinance review team did note however that if your trading volume is high enough and you have an established a high portfolio value, or have at least one year of financial industry experience, you can apply for access to a professional account. This features higher leverage, lower spreads, and other perks, should you comply with the relevant requirements.
Save big on costs and commissions
Our ETFinance review team were pleased to find out that the broker remains competitive in regard to fees and the cost of trading. This is demonstrated through the fact that the broker charges no commission whatsoever on trades within any of its account types.
When it comes to spreads, these also remain equally reasonable, starting from as low as 0.03 pips on major markets within the platinum-tier account, and still remaining very low at 0.07 pips starting spread within the standard silver account.
Swap-fees are applied although these are heavily discounted as you move up the account levels. These are applied based on the individual asset and can vary depending on your calculation model.
Unfortunately, our broker review team found that ETFinance imposes a sizable inactivity fee on any accounts that remain dormant for over 60 days. This fee starts at €80 per month and rises to €200 if your account is inactive for over 6 months.
Secure payment methods to choose from
Our ETFinance review team found two primary methods of deposit and withdrawal available with the broker. You can fund your account through bank transfer or credit/debit card deposit.
Both methods are highly secure and available to traders within Europe regardless of country. You can expect if you deposit by credit or debit card that these funds will be available almost instantly. Bank transfers within Europe are also very fast, safe, and convenient. These can sometimes be completed within the same day, but you should allow 2-5 days for processing in most cases.
There are no fees charged from the broker side, though you should double-check your bank policy as they may apply a fee to wire transfers.
Both methods can also be used for withdrawals which are typically processed within the same periods of time.
An intuitive UX and top trading platforms
Our ETFinance broker review team was pleased to find that the full range of MetaTrader platforms are available through the broker. This includes MT4 as the desktop trading platform option, Webtrader for browser-based trading, and the MT4 mobile app so you can trade on the move using one of the most powerful mobile trading platforms around.
These trading platforms offer you the very best trading experience possible and have years of experience in the industry to back it up. They are robust in terms of functionality and simply laid out to offer the most streamlined user experience possible. You will have no problem in navigating and understanding the clearly marked platforms.
These platforms also feature a wide range of technical indicators and charting tools to help give you a deeper insight into the markets you are trading. This helps to greatly reduce your learning curve as a new trader and, if you are experienced, these are platforms you will already be very familiar with.
Trade on the go with great mobile compatibility
As mentioned, our ETFinance broker review team took an in-depth look at the mobile compatibility of the broker on your behalf. They were pleased to find that MT4 mobile is extremely user-friendly both in terms of layout and functionality.
Beyond this, you will find that it is one of the most technically powerful mobile trading platforms in the market, providing access to the same extensive range of charts, tools, and indicators as its desktop counterpart.
You can access MT4 mobile trading platform through a simple, centralized application on your phone or device which caters for your trading accounts with multiple brokers within the same application depending on your login information.
Altogether, this makes for a very smooth user-experience and easy transition if you are moving over to ETFinance for the first time.
Develop your skills with extensive education and training
Our ETFinance broker review team found themselves impressed by the training and educational infrastructure that the broker makes available to you as a trader.
You can select from a wide range of video content which covers all areas of trading or opt to read useful and well-written articles that are regularly updated. On top of this, our team were thrilled to find a selection of webinars featuring industry professionals. These webinars provide guidance on many aspects of the industry.
This content is sure to help you advance as a beginner trader, or to gain new insight as a more experienced trader.
Attentive and professional customer support
Our review of ETFinance found that you can contact the broker through three different channels; telephone, web-based live chat, and email.
The knowledgeable broker support team are available by phone 5 days a week (Monday-Friday) from 8 am to 8 pm GMT. During or outside of these hours, you are also welcome to contact the team by email. The web-based chat also operates during these hours or you can leave a message outside these times.
Responses from the team on all fronts are fast and professional, providing direct responses to the questions asked. Do note, however that much of the support is reserved for already registered traders. This is a little frustrating, as it means the staff are unable to help you when registering for an account.
Luckily, as a non-registered trader, you can browse the FAQ page. This provides concise answers to the most common questions you may have and clear information on getting started.
Explore this versatile broker today
Our team of experts have conducted many top broker reviews, and so they know a thing or two about spotting a broker who stands out from the crowd. ETFinance is one of these brokers, as they offer a wide range of positive features which will benefit you as a trader.
Our ETFinance reviewers were very pleased to reveal that this broker is highly regulated by one of the most trusted organizations in world finance. They were also impressed by the extensive range of assets available, as this means you should find something to suit you no matter what style of trading you wish to focus on. These assets are also offered at the very best prices possible in the market with no hidden fees and completely commission-free.
When it comes to trading, you also have access to one of the most reputed trading platforms in the industry, and a huge range of valuable content to choose from in helping educate and grow your capabilities as a trader.
Our ETFinance broker review team is happy recommend this broker to all types of traders and, given the fast and convenient sign-up process, you have no reason not to sign up and start trading right away.
Is ETFinance a regulated broker?
Yes. ETFinance is well-regulated by CySEC one of the most respected regulatory bodies in the industry.
What account types does ETFinance offer?
ETFinance offers four distinct account types depending on your trading level and volume. These are, the silver account, gold account, and platinum account as well as a professional account for certain qualified traders.
Does ETFinance offer a bonus?
No. Due to regulatory conditions in the EU and a desire to remain fully compliant, the broker does not offer any bonus at this time.
What is the minimum deposit at ETFinance?
The minimum deposit to get started at ETFinance is €215.
Is ETFinance secure?
Yes. ETFinance is SSL secure and trustworthy, additionally clients funds are segregated from company funds.