ETFinance is a recent addition to the ranks of online brokers, having launched in 2018. This Cyprus based broker offers more than 300 different assets, and trading with the popular MetaTrader 4 platform via the desktop, mobile, and web-based versions. The broker is fully regulated by CySEC and while the trading platform and asset selection is decent, the spreads are a bit higher than many other brokers, yet not high enough to rule them out as a good choice to trade through. It also needs to be noted from the start that the broker does not accept clients based in the U.K. or the U.S.
ETFinance Pros and Cons
- CySEC regulated broker.
- Minimum deposit is only $250.
- MetaTrader 4 is the primary trading platform.
- Clients from U.S. and U.K. not accepted.
- Spreads can be a bit high.
- Demo account only 14 days.
ETFinance is wholly owned and operated by Magnum FX (Cyprus) Ltd. The parent company is registered in Cyprus with the registration number HE360548 and holds the license number 359/18 from the Cyprus Securities and Exchange Commission (CySEC).
Due to its regulation and CySEC licensing ETFinance is permitted to provide its brokerage services within the European Economic Area (EEA) under the MiFID II regulations. In addition to its CySEC regulation it is a member of the Investor Compensation Fund (ICF), an organization that in the event of broker insolvency, eligible clients can be compensated up to €20,000.
In addition to the security provided by regulation and ICF insurance, all the transactions at ETFinance are secured by SSL technology. This protects against potential hackers trying to steal client information.
Even though ETFinance is authorized to provide its services in the EEA it does not accept clients from Germany or Italy. In addition, clients from the U.K. and the U.S. are not permitted to open accounts or trade through ETFinance. There may be other countries whose residents are not legally permitted to trade with ETFinance. Each user should check the regulations to determine if they are permitted to trade.
ETFinance gives its clients the flexibility of choosing between three tiers of accounts as noted below:
Silver Account: The silver account is designed mostly for beginning traders, or at least for those new to the broker. Maximum leverage is 1:30 and minimum spreads on assets offered is 0.07 pips. In terms of forex the minimum spread is 2.2 pips on the EUR/USD. There are 750 assets offered and hedging is available.
Gold Account: The gold account is for more experienced traders, offering spreads that begin at 0.05 pips, with the EUR/USD spread at 1.3 pips. Gold account holders also enjoy a dedicated account manager and a 25% swap discount. Traders with professional status can get leverage up to 1:500 as well.
Platinum Account: The account choice for seasoned traders, the minimum spread on the platinum account is just 0.03 pips and the EUR/USD enjoys spreads of 0.7 pips. Platinum account holders can access a free VPS and receive a 50% swap discount. Those with professional trader status can access leverage up to 1:500.
All of the account tiers have an Islamic account option, which is swap-free. It is also possible to try the broker and platforms with a demo account, but these demo accounts are limited to 14 days.
ETFinance offers the world-class MetaTrader 4 trading platform in all its forms – desktop, mobile, and Web Trader. This is a great offering as MetaTrader 4 has long been the platform of choice for forex and futures traders. It has numerous features to help attain trading success, including all of the following:
- Hundreds of analytical and technical indicators included.
- One-click trading.
- Over 2,000 free trading indicators and many paid indicators available.
- Modern security systems to protect trader data.
- Additional protection through cutting-edge encryption.
Mobile Trading Platform
The mobile trading app also MetaTrader 4 and it is free for both Android and iOS devices. It has fewer indicators and features compared to the desktop application but remains among the most powerful mobile trading and analysis apps. The MetaTrader 4 mobile trading app includes:
- Multiple order types.
- Bar, candlestick and line chart views.
- Over 30 technical trading indicators.
The following instruments are listed as available to ETFinance clients:
- 50 FX Currency pairs.
- 33 Cryptocurrencies.
- 20 Indices.
- 17 Commodities.
- 184 Stock CFDs from US, European & Australian exchanges.
Education is arguably the most important of becoming a better trader, although practice is probably more important. The demo account covers the practice part of improving trading, and the ETFinance Education center covers the educational experience. There are a number of learning opportunities on the web site, including an impressive array of training videos. The Education center also includes an earnings and economic calendar, articles, tutorials, and courses, eBooks, and webinars. Trading signals are also available to clients.
In terms of videos below are some of the topics covered:
- Chance and Risks
- Currency Pairs
- Support and Resistance
- Using MT4
- Forex Indicators
- Take Profit Orders
- Identifying Trends
- and more.
ETFinance offers customer support in English and Spanish via email and web form, telephone, and online chat. Support hours are limited to Monday through Friday from 7:00 GMT to 19:00 GMT.
Email: [email protected]
Phone: +8006 003 7004
Web: Contact Us page web form
ETFinance is a Cyprus-based online CFD broker with an acceptable range of trading assets, a workable selection of trading account tiers, and a good reputation. It is also CySEC regulated and member of (ICF) and has industry standard security protocols in place to protect client data and funds.
By using MetaTrader 4 as the platform of choice ETFinance has also provided its clients with a solid and popular platform that will meet the needs of traders of all experience levels. The multiple account tiers also provide the proper leverage and perks for each level of trading experience and risk appetite.
Adding in a solid education center and a customer support team that’s knowledgeable and professional makes ETFinance a suitable choice for European-based traders.