This ETFinance review explores a reputable broker that is perfect for beginner and veteran traders alike.
ETFinance offers you extensive trading opportunities, making this broker an excellent option if you want to diversify your trading portfolio beyond forex trading. However, they’re also a great choice for currency trading as they offer 50 currency pairs and 33 cryptocurrency pairs.
If you’re a beginner trader, you can take advantage of the broker’s vast library of educational materials. You’ll also be able to choose from a variety of account types, each tailored to different types of traders.
Continue reading our ETFinance review to learn everything you need to know about starting trading with this quality broker.
- Over 700+ trading instruments including cryptocurrencies
- Extensive library of educational materials
- Excellent trading platforms available on all devices
- Low spreads and zero commission fees
- Great broker for beginner traders
- Limited options for advanced traders
ETFinance was founded in Cyprus, in 2016, and now offers brokerage services exclusively to European traders.
This broker offers over 700 tradable assets, including currency pairs, indices, stocks, and commodities. They also offer over 30 cryptocurrency pairs, which is especially exciting as cryptocurrency trading is one of the most captivating investment channels available right now.
Our review team also discovered that ETFinance provides a wide range of CFD and EFT trading opportunities. EFT assets include a variety of US exchange-traded funds and the Canadian Horizons Marijuana Life Sciences fund. This gives you access to some unique trading prospects that aren’t available with many other European brokers.
ETFinance regulation and licensing
ETFinance is a transparent and reliable broker with a CySEC licence. They operate as a brand name of Magnum FX (Cyprus) and are listed under the umbrella company’s page on the CySEC website. This licence allows the broker to provide its services to EEA countries, including the United Kingdom.
Our reviewers were pleased to discover that ETFinance protects their clients by holding customer funds in segregated accounts. This means that ETFinance cannot use client funds for any purpose other than trading. They are also a member of the Investor Compensation Fund which means, should ETFinance ever become insolvent, you are insured up to approximately €20,000.
As a CySEC licensed broker, ETFinance has a capital of at least €730,000 which proves they are financially stable. The broker also states that their liquidity provider is OBR Investments Ltd, which is also licensed by CySEC.
Our ETFinance review team discovered that this broker offers three types of trading accounts. These are tiered to suit different types of traders and all three can be adapted for Muslim clients.
The Silver account is tailored towards new traders. It offers access to all the tradable assets and comes with a maximum leverage of 1:30. Hedging is allowed. It should be noted, however, that the spreads are a little high on this account. For example, the spread for EUR/USD is set at 2.2 pips.
The Gold and Platinum accounts are geared to more advanced traders. While leverage for retail traders is still 1:30, due to CySEC regulations, professional traders can enjoy leverage up to 1:500. Both accounts offer dedicated account managers and access to a variety of webinars and videos.
These two accounts also feature more attractive spreads than the Silver account. The Gold account, for example, offers spreads starting at 1.3 pips for the EUR/USD, while the Platinum account starts at 0.7 pips. The Gold account comes with a swap discount of 25%, while the Platinum account has a discount of 50%. The Platinum account also features free VPS and news alerts.
For their Islamic accounts, ETFinance states that they don’t fold in the cost of interest into their swap charges like other brokers do. Instead they simply do not charge any additional fees, ensuring their Islamic account is one of the best on the market.
Our review of ETFinance found that whilst the broker does offer a demo account, it is only available for 7 days initially. After this time, you will have to contact customer support to request an extension.
ETFinance trading costs
ETFinance keeps costs low for clients. The broker has relatively competitive spreads and doesn’t charge commission fees, regardless of the type of account you choose or the asset you are trading. Our ETFinance review team feels that the swaps the broker charges are also in line with other major brokers.
ETFinance doesn’t charge any fees for deposits, however, it is quite difficult to find this information. The broker also seems to be tight-lipped about the minimum deposit limits to open each type of account. Our reviewers, however, were able to confirm that ETFinance requires you to deposit at least €215 to get started.
Withdrawals are also free, except for bank transfers, which might be subject to a processing fee of €15. The broker also reserves the right to charge a fee of €50, if you make a withdrawal after only one trade or if you haven’t traded at all.
There are a few other hidden costs such as an inactivity fee which is charged if your account is dormant for over 60 days. This fee starts at €80, although it rises month on month. If, for example, your account is inactive for over 181 days, you will be charged €200 per month.
ETFinance payment methods
While conducting our review of ETFinance, we tested some of the payment methods provided. This broker allows you to fund your account via all the large credit cards, bank wire, and Skrill.
To withdraw from your account, you’ll first need to comply with KYC (Know Your Customer) rules. This means the beneficiary account must be under the same name as the trading account, and you must have supplied a valid form of identification. You must also have 100% free margin available to reduce the likelihood of a margin call.
Withdrawal requests made before 11 AM GMT on a business day will be processed that same day. If you make a withdrawal request after this time, it will be processed the following business day.
ETFinance trading platforms
Our ETFinance review team discovered that this forex broker offers two popular trading platforms, namely MetaTrader 4 and Webtrader.
MetaTrader 4 is one of the most popular forex trading platforms available on the market today. It offers a wide range of analytical tools, including a considerable number of free indicators like the MACD and stochastic oscillator.
This trading platform is also easy to customise, allowing you to set it up according to your preferred trading style, and it also allows you to use Expert Advisors.
The second platform ETFinance offers, Webtrader, is the web version of MetaTrader 4. It comes with most of the key features offered in the desktop app, including one-click trading, multiple trade execution options, and plenty of free trading indicators.
The main differences include a slightly different layout for your charts, as well as the inability to access certain features like the Market tab.
ETFinance also provides you with access to a variety of tools, including an economic calendar and an earnings reports calendar for stock trading. Platinum account holders can also enjoy access to news alerts and a free VPS.
The broker’s website is easy to navigate but some of the information can be difficult to find. The basics are all there yet details like the deposit and withdrawal found in the terms and conditions.
Registering for an account is relatively simple, however, and isn’t any more complex than what you’d expect from a quality broker.
Although ETFinance doesn’t offer a native mobile app, the website runs perfectly from all devices. This means that you can access your account, support, and any other information you might require no matter where you are.
You can also trade via your mobile device using the mobile version of MetaTrader 4 for iOS and Android. Our ETFinance review team is, therefore, happy to report that this broker is perfect for on-the-go traders.
Education and training
When conducting our review of ETFinance, we were pleased to discover that they offer an extensive range of educational materials, such as articles, eBooks, videos and webinars.
The webinars are held every few days and cover a wide range of topics, from the basics to more advanced subjects. The advantage of webinars, of course, is that you can interact and ask questions.
ETFinance also offers video courses and video tutorials for beginner, intermediate, and advanced traders. Likewise, their eBooks and articles cover a wide range of topics.
Overall, the educational materials available at ETFinance are of excellent quality and will help beginners learn how to trade effectively. They’ll also help more experienced traders hone their craft and improve their results.
ETFinance customer support
One of the first things our ETFinance review team tested was the customer support this broker offers. Unfortunately, we found that the customer support is reserved for clients only. This is frustrating, as it means you cannot get help before deciding whether you want to register with the broker or not.
Once registered, however, the customer support staff are helpful, polite, and can be contacted via live chat, email, or phone.
We were, however, also disappointed by the limited hours of support. While ETFinance advertises 24-hour support, five days per week, the reality is a little different. Firstly, you only get full support between 10 AM and 8 PM GMT, and phone access is only available between 7 AM and 7 PM GMT.
While in most cases this will be sufficient, if you trade the Asian session and need help, for example, this situation would be inadequate.
ETFinance – Our verdict
Our ETFinance review team is happy to report that this is a quality and reputable broker which offers a good trading experience. Like any broker, there are certain areas where they could improve, but it’s nothing that could negatively affect your trading.
With competitive spreads and extensive educational materials, we would recommend this broker to both beginner and veteran traders. We would, however, suggest that you ensure that you fully understand the trading fees, account types and requirements before opening an account with ETFinance. Luckily, this review provides you with all that information and more.
Enjoy all the outstanding features and services ETFinance offer by signing up for an account today.