ETFinance

ETFinance is your typical broker, one that offers just enough to both satisfy pro traders, and to be easily accessible to newer users. Want to know more? Read this review to find out everything you need to know.

ETFinance is a brand name of Magnum FX (Cyprus) Ltd which is a Cyprus Investment Firm, and as such is regulated by CySEC. The regulatory entity is authorized to carry all necessary investigations by working under the law. All traders under CySEC are eligible for a compensation of up to €20 000,as issued by the Investors Compensation Fund, should the broker become indebted. The leverage cannot go any further than 1:30 due to ESMA law, yet Professional Clients (at least 2 million EUR in own funds, previous experience in the industry) can apply for a leverage capped at 1:400. Furthermore, ETFinance is authorized to provide cross-border services to EEA countries, such as the UK, Germany, Sweden, Norway, and a range of others.

The EUR/USD spread we got was around 2,5 pips which is quite high and not at all in favor of the trader. Yet we must mention that we opened a practice account. The live account version of the platform should give us a smaller, more reasonable cost of trade. According to the website the EUR/USD spread starts (as low as) at 0,7 pips.

The assets that can be traded with are diverse, and are sure to satisfy any type of trader out there: Forex Pairs, Commodities, Crypto, Indices, and Stocks.

The website is offered in English, Spanish, German, Dutch, Portuguese, and Italian.

ETFINANCE LOGIN

The broker comes with the MT4, which is always worthy of a golden star.

METATRADER 4

MT4 stands tall against other trading terminals. Consider using Expert Advisors to set your automated trading while you do other business, or take full advantage of what MT4 has to offer: simultaneous chart management, micro lots, customized trading indicators, huge selection of trading options and much more.

The EUR/USD spread is a whooping 2,5 pips while using a practice account. The broker promises that the actual EUR/USD spread starts at 0,7 pips, and that it is not burdened by any commission.

The leverage is limited by ESMA to 1:30, while Pro Clients can use one up to 1:400.

The MT4 comes in the form of a desktop trader, a web trader, and can be accessed on mobile via the AppStore or GooglePlay.

ETFINANCE MINIMUM DEPOSIT

We should mention that the brokers has chosen, for one reason or another, to conceal most of the deposit information. The only way to gather most of it, seems to be, is to deposit. A minimum deposit, a time frame, and payment methods remain a mystery.

However, we can generalize based on assumption. For instance, the most common minimum deposit requirement is $250, and can be transferred usually by Credit/Debit Card, Wire Transfer, and some alternative e-wallets. While processing times for all but the Bank Transfer should be immediate or in some cases up to a day. Bank Transfer can usually take between 3-5 days.

The following points we were able to find on the website.

The only base currencies are GBP and EUR.

There seem to be no depositing fees, but payment systems can always launch commissions.

ETFINANCE WITHDRAWAL TIME AND FEES

CySEC guarantees a fluent and safe transaction of your funds.

The withdrawal methods should be the same as the depositing ones. We know for a fact that there are Credit/Debit Card and Wire Transfer options.

All withdrawal requests submitted before before 11:00 am GMT will be processed during that same day. Withdrawals submitted after these hours will be processed the following business day.

There is no indication of a minimum withdrawal amount, which probably means that it will be revealed only when a withdrawal request is made.

There is a €50 withdrawal fee if a client has done insignificant trading or no trading at all.

On top of that, we would like to remind traders that individual payment systems may issue commissions of their own.

BOTTOM LINE

ETFinance does nothing out of the ordinary yet it achieves at ticking all the boxes that need to be ticked in order to provide solid and efficient online broker services. We say, go for it if you want a simpler experience.