Is ETFinance a legit broker?
When opening an account with any broker, the first thing you want to know is the legitimacy of the broker. Read our in-depth ETFinance review to understand who this broker is and whether they are good for you. We tried to cover all the main topics, such as platforms, assets, and licenses.
|Regulated by: CySEC|
|Headquarters Country: Cyprus|
|Foundation year: 2018|
|Instruments: FX, commodities, indices, stocks, cryptocurrencies, ETFs, futures|
ETFinance Regulation and Security
ETFinance is a company owned by Magnum FX Cyprus Ltd. This CFD broker is located in Cyprus and is regulated by CySEC. The same company has another brand, MagnumFX, and many issues with regulatory bodies. The company had issues with the CySEC regulator since last year when its license was suspended. Also, FCA put it on the writing list because the company used celebrities to promote CFD trading, but it seems that the ads were false.
When it comes to the security of the funds, the company claims to operate according to AML and ESMA policies. The funds are kept in segregated accounts, but we cannot confirm where these accounts are.
What can you trade with an ETFinancer broker?
Traders have several options with ETFinance – currencies, commodities, CFD indices, CFD stocks, cryptos, ETFs, and futures. The broker is offering an MT4 trading platform available in web and mobile versions.
When it comes to account types, there are 3 main accounts available – Silver, Gold, and Platinum accounts. The difference between these accounts is the spread; the minimum spread on the Platinum account is 0.03 pips. Also, leverage on the Silver account is 1:30, while on the Gold and Platinum account goes up to 1:500. Other than this, Gold and Platinum accounts include an account manager, hedging allowed, and a discount on the swap.
All these accounts are available in the Islamic swap-free version as well. The company is also offering Professional accounts for experienced traders. In order to start a Professional account, the trader must have a certain trading volume and portfolio equivalent to or exceeding the amount of $500,000, including cash deposits and financial instruments.
ETFinance accepts traders from:
According to the CySEC license, the company can accept traders within the EEA zone. However, on the website of this broker, it’s listed that it doesn’t provide services to Belgium, the United Kingdom, Italy, and Germany. Before opening an account with this broker, make sure to verify if the broker is regulated in your country.
Deposit and Withdrawal Methods
The minimum deposit with ETFinance is $250. The deposit can be made via debit/credit card, wire transfer, and Skrill. Usually, regulated brokers offer many methods for deposits. We find this rather unusual.
When it comes to withdrawals, according to the company policy, all the withdrawals submitted before 9 AM Cyprus time are processed on the same day, while withdrawals submitted later are processed on the next working day. However, in Terms & Conditions, it is stated that the company can review the account, trading history, and documents, and request additional documentation before approving the withdrawal request. This seems to be the way for the company to delay clients’ payments.
The company does not charge any fees for deposits or withdrawals.
Conclusion about ETFinance
ETFinance is a broker with a suspicious past. The company’s regulation was once suspended, and the FCA warned its citizens against this company. If you are still not convinced, you can find more customer reviews and opinions on scambrokersreviews.com.