Intro into the Company
ETFinance is a trading name of Magnum FX Ltd., a company registered in Cyprus and regulated by the Cyprus Securities and Exchange Commission (CySEC). The broker offers 750+ CFD instruments based on forex, metals, indices, stocks, commodities, cryptocurrencies and ETFs. This isn’t an operator that had been in the spotlight, but in terms of reliability, we did not find any compromising. ETFinance operates mainly for European clients and as a result, it is compliant with a long series of regulatory requirements, offering separate trading conditions for both retail and professional clients.
When it comes to trading platforms, the company kept things simple, with a Web-based platform and the popular MT4 as its main tools. The former carries the advantage of not requiring any software installation and offers simple navigation, helpful analysis, and the ability to use a variety of technical and fundamental analysis tools.
The MT4 is available both for desktop and for mobile devices, in order to allow clients to trade on the go. ETFinance did not make any major changes to the standard MT4, but still, this platform remains extremely popular among traders. In contrast to the web-trader, it also enables automated trading and the use of Expert Advisors.
Speaking of the main trading features, there are three main live account types available at ETFinance: Silver, Gold, and Platinum. On top of that, for traders of Islamic faith, the company provides Islamic accounts, with no swaps, interests, or other fees.
As for the first three account types, maximum leverage for retail clients is 1:30, while for professional ones 1:500. There’s no mention on the official website about the minimum deposit, but based on the methods available to deposit funds + information on other websites, it seems like the minimum deposit to open an account is $250.
Features are limited for Silver account holders, but for Gold and Platinum, there’s a dedicated account manager, webinars and videos, swap discounts and others.
What is interesting about ETFinance is the abundance of educational material available on their website. There are plenty of e-books, articles from the financial world, courses, and tutorials. On top of that, clients can get assistance from an account manager once they have a live account. Other than this aspect, the features available at this broker are limited, which may be a negative factor to consider by some traders.
Pros and Cons
– Wide coverage of instruments across multiple markets.
– The MT4 platform included in the offer.
– Islamic account with no swaps and interests.
– Limited trading features available for clients.
– Silver account holders get small benefits.
– Not enough information provided on the official website.
We can conclude that ETFinance is an online CFD broker that complies with all the European regulations, but like most of the brokers, it has its own weaknesses. For traders who just want to trade properly, without any fancy features, this company provides decent trading features and good functionalities, as well as Islamic accounts.