General Information & Regulation
ETFinance, a trading name of Magnum FX (Cyprus) Ltd., is allegedly a forex and CFD broker authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) that provides its clients with WebTrader and mobile trading platforms, leverage up to 1:30, variable spreads from 0.03 pips on a wide range of tradable assets, as well as a choice of four different account types and 24/5 customer support service.
Market Instruments
ETFinance advertises that it is a multi-asset platform with an extensive range of trading instruments in financial markets, including forex and 350+ CFDs on stocks, precious metals like gold and silver, indices, currencies, cryptocurrencies, commodities, futures and ETFs.
Account Types
There are four live trading accounts offered by ETFinance, apart from demo accounts, namely Bronze, Silver, Gold and Platinum. The broker also offers an Islamic account, which has no interest/swap charges on overnight positions and no upfront commissions, and clients of this account type can enjoy the maximum leverage up to 1:200.
Leverage
The maximum leverage ratio provided by ETFinance is up to 1:30. Bear in mind that leverage can magnify gains as well as losses, inexperienced traders are not advised to use too high leverage.
Spreads & Commissions
Spreads are influenced by what type of accounts traders are holding. ETFinance reveals that the spread on the Bronze account starts from 2.0 pips, the clients on the Silver account can experience spreads from 0.07 pips, the Gold account with spreads from 0.05 pips and the Platinum account can enjoy the lowest spreads from 0.03 pips. As tested with a demo account, the spread for the EUR/USD pair was floating around 0.2-0.3 pips. As for commissions, 0% deposit commission for the Bronze account, while the left account types with no involvement.
Trading Platform Available
When it comes to trading platforms available, ETFinance gives traders WebTrader and mobile trading platforms, available on pc, mac, smartphones or tablet devices. The WebTrader features full account customization, real-time balance level, automatic Stop Loss/Take Profit functions and others. While with the mobile app that is compatible with Android and iOS, trading can be done from anywhere and at any time through the right mobile terminals.
Deposit & Withdrawal
From the logos shown at the foot of the home page on ETFinances official website, we found that this broker seems to accept deposits and withdrawals with Visa, V-pay, Verified bu Visa, MasterCard, Maestro, MasterCard SecureCode, SSL and Skrill, yet we cannot be sure if these payment options are all available. The minimum deposit requirement is said to be $215. The broker also charges a withdrawal fee of $100/10000JPY. As for the processing time of withdrawal requests, withdrawal processing time varies depending on the method but averages 2-5 days.
Customer Support
ETFinances customer support can be reached by telephone: +35726257521, e-mail: support@etfinance.eu, live chat or send messages online to get in touch. Besides, you can also follow this broker on some social media platforms like Facebook, Instagram, Twitter, YouTube and LinkedIn. Business Address Agias Fylaxeos and 2, Zenonos Rossidi, Office 206, 4011, Limassol Cyprus.
