ETFinance Pro Account – What is It?
In Forex trading there are many types of accounts that are suited for a particular type of traders. Generally, you can choose between Cent, Standard, and Islamic accounts. All the other accounts that you can see on the brokers’ websites are subcategories of the following ones, with improved conditions. Cent accounts are more convenient for beginner traders who are just making their first steps in the FX industry, while Standard accounts are already for accomplished and experienced traders with some knowledge in investing.
However, ETFinance Forex broker, in addition to these types, also offers a Pro Account, which, as the name suggests, is designed for people who want to access a wide range of trading features, with improved conditions. Becoming a professional trader is a wish for everyone and the broker will allow you to get one if you meet certain requirements. Let’s have a closer look at what this account offers.
How to become a professional trader on ETFinance?
Becoming a pro trader on ETFinance is possible only under certain conditions. Also, you can ask questions before you decide to go pro. In total there are 3 criteria and you need to meet 2 of them at least. These criteria are:
- Trading Volume
- Market Experience
- Financial Status
Let’s briefly go over what they mean.
The trading turnover includes both buy and sell deals, so the stock price at the close of the day does not depend on the number of deals made within the day. Traders should have opened 10 trades per quarter with a leveraged trade size of 3000 EUR. For investments and Forex/commodities – 12500 EUR.
Another important condition is market experience. Before you choose a Pro Account you must have at least one year of trading experience with leveraged products or CFD. Having some kind of knowledge is essential to qualify for the account.
In general, the status enables the client to use the advanced services. The higher the status, the more services are available and the more favorable the terms of trade. In the case of ETFinance, the client should have a trading portfolio equivalent to or exceeding 500,000 EUR including cash and financial instruments.
Features of becoming a Pro Trader
Having a Professional Trader on ETFinance comes with certain advantages and features that you will not encounter on traditional trading accounts. First of all, you can switch back to your previous account if you think that this one is not suitable for you – ETFinance does not hamper anyone from doing so. Also, you can always request ombudsman services if you are not satisfied with the provided service. ETFinance will specifically allocate one to you.
Pros and Cons of ETFinance Pro Account
ETFinance professional trader account is indeed a unique account that gives you a lot of space for maneuvering and financial freedom. With the correct usage, Pro Account will certainly increase your profits. But there are also cons associated with the account and we will review both of them carefully.
Without a question, there are more pros than cons of using a pro trader account. We can single out a dedicated manager, unlimited access to the market, and improved conditions. At the same time, you are not tied to the account, as you can switch between different accounts at any moment.
The amount of leverage on ETFinance depends on trading accounts and instruments you are trading. With a professional account, you will be able to use the maximum available leverage which is 1:500. Of course, such high leverage is more beneficial for traders with some experience and the account will grant you this possibility.
Unlimited Market Access
With an ETFinance pro account, you will get unlimited access to the market. When other people leave the market, you will be able to open positions by trading at unusual hours. In this way, you will not be tied to a particular period and trade whenever you want for 24 hours.
Dedicated Account Manager
As soon as you start trading on a pro account you will be assigned a personal manager that will support you on every stage of the trading path. A dedicated account manager will be accessed through email or live chat support. They are very responsive and friendly – answering your questions in no time.
As we move to the cons of using an ETFinance pro account, there are not too many of them. We can mention the conditions, which you need to meet before you submit a request for registering. At the same time, without experience most likely you will struggle.
We have mentioned 3 conditions you need to meet in order to start trading with a pro account: market experience, financial status, and trading volume. For novice traders, meeting these requirements could be tough, especially the one with the trading volume.
Not Suitable for Beginners
The account is not suitable for beginners with zero experience. You can only switch to this account when you have already gathered some experience in this field. Pro accounts use increased leverage so rookie traders will have problems using it correctly.
The Bottom Line
ETFinance pro account is a unique offer from the broker that will offer clients improved conditions after complying with the requirements. After you submit a request to become eligible for a Pro account, the answer will be received shortly and you will move to a new level to Forex trading.
What conditions should I meet to apply for the account?
In order to become a pro trader on ETFinance, you need to meet the following requirements: market experience, financial status, and trading volume. You need to comply with at least 2 of these criteria to be eligible for a pro account.
What is the maximum leverage for a Pro account?
The maximum leverage for the ETFinance pro account is 1:500. Professional traders will have the opportunity to use the maximum amount and thus increase the profits received from trading.