A lot of people seem to know much about the financial market, but in reality, there is more to the market than just trading. The financial market is filled with investors and traders who have taken the industry as a career and not just a hobby. Such traders and individuals know one or two things about the impact of having a good broker in the market. A lot of people have fallen into the unfortunate trap of scam exchange companies, and tend to generalize all trading platforms based on their unpleasant experiences.
Irrespective of how experienced you are on trading, your choice of a broker will determine how far you will go in terms of making profits in your investment in the market. A good broker is a foundation upon which you lay your trading deals.
The financial market is blessed with diverse options for online brokers. So, the challenge is not the availability of brokers, but the availability and identification of competent and reliable brokers. As there are diverse investors and traders with different needs in the market, so also are there various brokers with different features and services. It is, therefore, the responsibility of a trader to identify the services offered by any broker, to determine if such service or offer tallies with your trading goals and needs in the market.
In addition, with the influx of several brokerage firms in the market, comes the need for quality and regulations of their services. Most brokers are not regulated and therefore put the investment of their clients at risk. The technicality and volatility of the market imply that a trader in the financial market crucially needs a reputable, responsible, reliable, responsive, and experienced broker.
The cryptocurrency industry is booming and rapidly growing by the day, and this has opened several avenues for smart traders and investors to tap into the resources and wealth embedded in the digital currency. However, unlike the fiat currency, the virtual market industry has limited regulations, and as a result, a lot of unsuspecting traders are losing their assets to cyber thieves.
The implication of this, however, is that if you want to engage in trading cryptos, and of course any other financial assets, you will need a good and reliable broker, and as such have to take your time to study each broker and what they offer, before finally settling for your choice. This can be a daunting task to look into the technicality of some of the terms and flipping through the pages of several websites.
For this reason and many more, we have taken the burden off your shoulder by taking valuable time to carefully review some of the few legitimate and reliable brokers in the market.
If you require a responsible, experienced, and reliable brokerage firm, you are going to love ETFinance. This review is designed to help you make informed decisions in your choice of a strong, stable, responsible, and legitimate brokerage firm.
A quick overview of ETFinance
|Parent company||Magnus FX Cyprus) limited|
|Supported countries||Austria, Netherlands, Germany, Norway, Czech republic, Spain, Latvia, and other EEA countries.|
|Trading accounts||Real account: Silver account, Gold account, and Platinum account.
|Regulations||Cyprus securities and exchange commission (CySEC)|
|Regulated payment providers||Wirecard, Trustly, and Isignthis.|
|Customer support||Live chat, telephone, email. Twenty-four hours a day, five days a week.|
|Trading platform||MetaTrader 4, and Web Trader.|
|Assets coverage||Major, minor, gold, silver, metals, stock, indices, oil, commodities, energies, CFDs, ETFs, cryptocurrencies.|
|Deposit methods||Visa card, MasterCard, Maestro, Neteller, and skrill.|
|Withdrawal methods||Visa card, MasterCard, Maestro, Neteller, and skrill.|
|Mobile trading platform||Yes (Android and iOS)|
|Maximum leverage||1:30 ( retail clients)
1:500 (professional traders)
|Educational resources||Earnings calendar, economic calendar, eBooks, courses, tutorials, VOD, articles, and webinars.|
|Website language options||English, Italian, Spanish, Dutch, German, Portuguese, and Svenska languages.|
|Crypto products||Cardano (ADA), Bitcoin (BTC), Bitcoin gold (BTG), dash coin (DASH), Ethereum (ETH), Ethereum classic (ETC), Litecoin (LTC), Neo, Ripple (XRP), Zcash (ZEC), Monero (XMR), Tether (USDT), Swiss coin (SIC), and others.|
ETFinance is a Cyprus-based brokerage firm, licensed and authorized to offer a contract for difference (CFD) trading to its clients and traders. The broker, which was established in 2018, is a product of Magnus FX (Cyprus) Limited, a financial service company based in Cyprus. Despite its base in Cyprus, this broker provides exchange services to clients from all over the world.
In terms of regulations, a broker has to be under a regulatory authority that will scrutinize its activities, in order not to put the trust and investments of traders on its platform at unnecessary risk. Therefore, ETFinance has submitted to the regulatory authority of the Cyprus Securities and Exchange Commission (the CySEC). This is an indication that this broker is under the watch of a financial body and thus is watchful of its actions and handling of customers’ accounts and investments.
Furthermore, to cater to the needs of its global customers with diverse cultures and languages, this broker has provided several language options like the English language, Spanish, German, Netherlands, Portuguese, Italian, and Svenska languages.
The ETFinance exchange company was established to provide global financial services to ambitious people all over the world. Apart from this, the broker offers investors and traders a unique trading experience by providing them with the necessary tools and knowledge for building their financial future. Given this, the broker offers the clients the opportunity to trade on CFDs like forex, commodities, indices, metals, stock, energies, ETFs, and cryptocurrencies.
This award-winning broker understands the importance of learning and acquiring market knowledge for its traders, and thus provides a platform for its clients to learn new trading tactics through its educational resources page. These learning materials involve webinars, VOD, articles, economic calendar, earnings calendar, eBooks, courses, and tutorials.
Moreover, the broker has taken into cognizance the diverse needs and trading requirements of its numerous clients and, as such, has a provision of multiple trading accounts. These are silver, gold, and platinum trading accounts. Also, the customers have an option to use the demo trading account to try new trading techniques and familiarize themselves with the latest market trends. The demo account works like the real trading accounts with similar tools and trading interface. The ETFinance brokerage firm has provided a platform for its Muslim clients to trade in the market, through the Islamic trading account.
In terms of trading, the broker charges no commission, but still provides leverage of 1:30 for retail clients and 1:500 for professional clients. The minimum deposit amount with this broker is $250.
The broker also has award-winning trading platforms to help its traders navigate the global financial market in the most- efficient way. These trading platforms are the web trader and the MetaTrader, which allow traders to explore the features and other tools that will aid their pleasant trading experience.
Another unique feature of the broker is its customer support. The team of the customer support agent of this broker is accessible 24/5 through various channels.
Features and services of ETFinance
Regulations and Security
A world-class trading company must be a responsible trading firm that can safely ensure the protection of the assets, information, accounts and other investments of its clients all over the world. Hence, such a broker must be answerable to a higher authority. The ETFinance is therefore regulated by the Cyprus securities and exchange commission (the CySEC), which is the supervisory and regulatory authority for investment services firms in Cyprus and is equally a member of the committee of the European securities and market authority (ESMA). This regulation is to ensure the high level of investor protection and the efficiency of the financial markets.
As a member of the Investor Compensation Fund for Customers of Cyprus Investment Firms, this broker ensures the safety of the funds of its clients, even by working in partnership with regulated payment service providers such as Wirecard, Isignthis, and Trustly.
Furthermore, Magnus Fx (Cyprus) Ltd, the parent company of this broker, is authorized under its license to provide financial cross-border services to European Economic Area (EEA) countries such as Austria, Greece, Malta, Luxembourg, France, Spain, Germany, Latvia, Portugal, Ireland, the UK, Sweden, Denmark, Italy, Poland, Netherlands, Czech Republic, and others.
Multiple Trading Accounts
ETFinance has made provisions for various trading accounts to cater to the needs of its global customers. The trading account comes with different tools and features concerning the unique trading needs of each client. These trading accounts are:
- The Silver Account: The silver trading account of ETFinance is made up of all the tools and features of a beginner’s account. The trading account comes with 750 assets, 0.07 minimum spread, and maximum leverage of 1:30 for the retail clients. Besides, clients on this trading account have access to full 10-hour support from 10 am to 8 pm GMT. This trading account is suitable for beginners or newcomers in the market trading industry.
- The Gold Account: This trading account is designed for experienced traders who can take significant risks in the market. With a minimum spread of 0.05 and a 1:30 maximum leverage, this trading account has a dedicated account manager to help you in making informed financial decisions. The account also offers several trading tools and features such as webinars and videos, a 25 percent swap discount, and a 1:500 maximum leverage for professional accounts.
- The Platinum Account: The platinum trading account of this broker is designed for seasoned and professional traders. The trading account also has a 0.03 minimum spread, 1:30 maximum leverage (retail accounts), and a 50 percent swap discount. Besides, the clients on this trading account have a dedicated account manager, access to webinars and videos, news alerts, and free VPS.
The Islamic Account: ETFinance has a unique provision for its numerous Muslim traders across the globe. The broker offers a raw pricing trading account for Islamic traders, with no interest fees credited or debited to the clients’ accounts. To abide by the law of Islam, Muslim traders are forbidden to pay or receive interest on their investments or trade. With the Islamic trading account, clients enjoy no interest and swap charges on overnight positions, instant free access to the company’s trading platform, no spread widening, maximum leverage of up to 1:400 for professional accounts, and no hidden costs. Furthermore, the clients enjoy the same trading environment and trading conditions, 24/5 support from a dedicated account manager, and no time limit for holding positions.
The Demo Account: A demo account simulates the real trading account. It has the tools and instruments of trade used in the live account. Once you are registered with this broker, you can trade in the simulated environment using the demo account with 100 thousand US dollars’ worth of virtual money. The demo account is specifically designed to help traders master their trading skills, try out new market techniques, polish your trading strategies, and familiarize themselves with the trading environment.
Superb Trading Platform
Having an enjoyable and pleasant trading experience by any trader is a factor of the enabling trading environment provided by the broker. This broker offers the best trading platforms that offer the optimal trading experience.
- The WebTrader: In taking financial trading to the next level for beginners and professional traders, the web trader is a state- of the art trading platform with all-round access to the global trading environment. The easy-to-use platform can be accessed on any internet-enabled web browser through any device. The unique interface of the web trader allows you to monitor different assets and trends, perform fundamental analysis, and make informed financial decisions. The user-friendly web trader is also equipped with trading tools and vital information that will keep you at the forefront of market awareness. The web trader is available 24 hours, Monday to Friday with helpful analysis, real-time prices, a list of tradable assets, graphs, and charts.
- The MetaTrader 4: The well-known MT4 is a global award-winning trading platform for both beginner and professional traders. The MT4 is equipped with a wide range of trading tools and features, and it is available on both mobile and web platforms. The mt4 gives you full access to all ETFinance’s assets and opportunities, complete control of the market, as well as advanced analysis tools and instruments for more experienced traders. The mt4 has features for the safety and protection of your trades and account with cutting-edge encryption of all shared data. The mt4 trading platform is available on both iOS and Android with full features, making it possible for you to trade at any time and location of your convenience.
- The Mobile App: Global trading has become mobile, with market opportunities continually expanding. Thus, market investors have to be ready to take on the right opportunity at the right time. The ETFinance mobile app allows traders and investors to access all the global markets through an easy to use trading platform that can be taken and used anywhere. The ETFinance app is designed with the need of traders to allow them to manage their positions alongside their daily activities. The user-friendly and responsive interface allows for fast and efficient trading. The app also keeps you up-to-date with the latest market trends by providing market reports, up-to-date, and analysis straight to your mobile device. The app is free to download and compatible with all mobile devices like Android and Apple phones and tablets.
The ETFinance customer support is available and accessible 24 hours a day, five days a week (Monday – Friday). The support team is readily available to answer questions and proffer solutions to queries from the clients of the broker. You can contact the support team via email, telephone, live chat, or submit a ticket.
Wide Range of Assets and Instruments
As far as global market trading goes, ETFinance provides a wide range of trading assets and instruments for its numerous global clients to trade. The broker offers about 62 currency pairs, both major and minor currency markets, with commission-free trading. Apart from forex, this broker offers trading assets on stocks, indices, ETFs, CFDs, and cryptocurrencies. With over 30 crypto pairs, the traders on this broker’s platform can trade on any currency or crypto, and even pair the digital assets against the fiat currencies.
Education and Training
This broker understands the need for traders to update their trading knowledge and techniques continually, and thus provide an educational platform for its clients. The customers and investors can access the trading materials to update their market knowledge and learn new tactics through webinars, videos, VOD, articles, ebooks, courses, and tutorials.
The ETFinance brokerage firm from our analysis and unbiased review appears as a legit online broker. The broker follows the EU regulations of CySEC, MIFID II, and the ESMA. Although the broker is relatively new, it has a perfect trading environment that surpasses its competitors and has thus attracted many awards in the financial market industry.