ETFinance experiences 2020 – fraud or serious?

ETFinance is the trading platform of the broker Magnum FX. Trading is possible here with CFDs on underlying assets such as shares, indices, forex, crypto currencies and commodities. In total, the offer comprises several hundred underlying instruments. This allows traders to diversify their portfolio or specialize in one asset class.

Traders can decide whether they want to trade via the WebTrader, the well-known MetaTrader4 or an app. Traders also have a wide choice of account types depending on their trading style and experience.

Conditions for the ETFinance trading account:

  • Several account types to choose from
  • CFDs on many underlying assets
  • Trading via MT4 & WebTrader
  • mobile app
  • multiple deposit methods
  • Deposits free of charge
  • free demo account

1 – Registered office and regulation: Brokers incorporated in Cyprus

Regulation by CySEC

The broker ETFinance is registered in Cyprus and regulated by CySEC. This means that the Broker is also subject to the requirements of the EU’s MiFID Directive and the regulations of the European financial supervisory authority ESMA, particularly with regard to the requirements for leverage. However, trading is possible from any European country.

Client funds managed separately

Icon MoneyBundleSecurity for traders is ensured, among other things, by the fact that the regulation ensures that all client funds are managed in accounts separate from business assets. The CySEC also requires that all brokers registered in Cyprus must be members of the Investor Compensation Fund, which provides protection for client funds of up to 20,000 euros per trader in the event of insolvency.

2 – Trading offer with ETFinance: numerous underlyings

In Forex trading, the ETFinance Broker offers many of the world’s most important currencies. In addition to the main currencies, some secondary currencies can also be traded. A total of 62 currency pairs are offered. In addition there are

  • CFDs on shares
  • Commodity CFDs
  • Crypto Currencies
  • Index CFDs.

In addition to individual shares, traders can trade CFDs on 15 indices such as the DAX or the FTSE 100. In trading stock CFDs, traders can find more than 150 shares of well-known companies from around the world. In addition to internationally known securities, some shares of up-and-coming companies are also available. Commodity CFDs include

  • Oil
  • Natural gas
  • Gold
  • Silver
  • sugar or
  • Coffee

for selection. The trade offer is rounded off by Kryptowährungen such as Bitcoin, Ethereum or Ripple. The entire trade offer is already available over the a riser account. Here thus newcomers do not have to make any compromises when starting to trade with ETFinance. ETFinance Broker gives traders the opportunity to specialize in individual asset classes or to diversify their portfolio. Our ETFinance experience shows that traders can implement many different trading strategies. Traders can also test the offer via an ETFinance demo before opening a live account.

ETFinance offers a broad range of Forex and CFDs. Traders can already access all assets with the entry-level account and verify their portfolio as required. This allows them to either build up a broadly based portfolio or to specialize.

3 – ETFinance trading conditions: spreads vary depending on the trading account

The trading conditions for ETFinance vary depending on the account type selected. While the Silver account has spreads of at least 0.07, more experienced traders can benefit from spreads of at least 0.05 for the Gold account. For the Platinum account, spreads continue to fall to 0.05. With the exception of equity CFDs, no other commissions or fees are charged. Traders can therefore execute as many trades per month as they wish without commission. As far as leverage is concerned, as our ETFinance test showed, the broker adheres to the ESMA guidelines. This means that private traders can trade with levers of up to 1:30, depending on the trading instrument.

The trading conditions with ETFinance vary depending on the type of account. Experienced traders can thus benefit from lower spreads. There are no further commissions or fees.

4 – Trading platforms with ETFinance

Both trading platforms offered by ETFinance have professional analysis tools. As our ETFinance test showed, the broker’s WebTrader can be opened directly via a PC with an Internet connection. Traders can observe underlyings and perform analyses. The trading platform has helpful tools and market information that help to make well-founded trading decisions. Quotes are available in real-time. In addition, charts and diagrams are available for analysis. In addition, all tradable underlyings are clearly visible. Market trends can be followed via Trading Cubes and Visual Trends. The WebTrader can be tested for two weeks via a free demo account. The broker recommends this especially for newcomers.

Alternatively, ETFinance traders can also opt for MetaTrader 4, which many traders are probably already familiar with. The well-known platform has many trading tools and extensions and is also available on mobile devices. MetaTrader 4 gives traders access to all tradable assets and modern analysis tools. The trading platform is especially recommended for experienced traders.

ETFinance also enables one-click trading via MetaTrader 4. All necessary information is clearly displayed on the trading platform. Traders can also access interactive charts, technical indicators and other analysis tools. Many technical tools can be used in different levels of analysis, so that both newcomers and experienced traders can find the information most important to them.

5 – Extensions and mobile trading

Icon Smartphone MobileWith MetaTrader 4, traders can access over 50 modifiable market indicators. The manufacturer has usually integrated about 200 indicators into its trading platform. However, each broker decides for himself, which of them he offers to his traders. With MetaTrader 4, traders can also use automatic trading signals for themselves. Based on trades of successful traders and experts who are subscribed, traders can adopt their trading strategies and portfolios. MetaTrader 4 also includes the Expert Advisor for automatic trading strategies.

As a mobile trading platform, MetaTrader is available for iOS and Android. All features and tools are fully usable here as well. The broker has also developed its own trading app. This offers the same functions as the web-based platforms. Here too, trading can be done effectively with just a few clicks. Traders can use it to manage their account, open positions, perform analyses and view market reports while on the move. Traders are thus always informed about current market trends via the app. Traders can download the app free of charge and also use it via tablets. Our ETFinance shows that the broker works with encryption technologies and secure methods for security and data protection on his platforms. Traders can also test all functions and trading platforms initially via the ETFinance demo.

With MetaTrader 4, traders can use additional functions such as automatic trading signals or the Expert Advisor. All functions known from the web platforms can also be used via the mobile platforms.

6 – Account opening: Accounts for beginners and experienced traders

Icon thumbs upOur ETFinance test came to the conclusion that ETFinance offers different account types that are aimed at traders with different trading styles and prior knowledge. The Silver Account is particularly aimed at trading beginners. This account allows newcomers to trade 750 assets with leverage of up to 1:30.

For experienced traders, the Gold Account is an option. Here, traders can also register as professional traders and thus use leverage of up to 1:400. Also numerous webinars and training videos as well as the support of account managers can be used here. Experienced traders can also choose the platinum account. Here, among other things, notifications of current news are part of the scope of services. ETFinance also offers an Islamic account.

The account opening is free of charge. In addition to personal data, however, traders must also provide information on their previous trading experience. After successfully opening an account, traders can choose from several deposit methods and make their first deposit. ETFinance offers the following services for deposits and withdrawals

Bank transfers

  • the credit cards of MasterCard and Visa and
  • the payment services Skrill and Neteller

To open an account, traders could click on a button directly on the website. In the first step, personal information on

  • Names
  • Cell phone number and
  • e-mail address

and the terms and conditions and the privacy policy are confirmed.

In the second step, data on the residence must be made. Information about previous trading experience is also required here. For final verification, traders must then submit proof of identity and proof of residence. This is a further indication that we believe ETFinance is working seriously. Traders can also use a demo account first and then trade live on ETFinance.

ETFinance offers several account types, which are geared towards different types of trading. The Silver account is best suited for trading newcomers. Experienced traders can choose between the gold and platinum account.

7 – Free demo account

Icon platform traders can register with ETFinance directly on the website for a free demo account and test trading with a virtual balance of $100,000 initially without their own money. Traders can try out over this the trading platforms and Tools of the broker without risks.

The demo account is also ideal for testing new trading strategies or getting to know new markets. The ETFinance demo account has a similar structure to the live account. Traders who have already opened a live account should therefore ensure that they are actually in the demo account for practice. You can switch from the demo account to the live account directly in the customer area.

The ETFinance demo account is available free of charge for seven days. This is shorter than with other brokers who offer a 14-day or even a month demo account. However, it is possible to contact a customer advisor and ask them to extend the period.

ETFinance offers a free demo account for seven days. Traders can however extend this period. The demo account is structured similarly to the live account and is therefore very well suited to take the first steps in trading without risk.

8 – Service & Education

Customer Service

Traders can contact ETFinance customer service by phone during opening hours if they have any questions. A customer advisor will answer the trader’s questions there. Our ETFinance experience shows that this can be particularly helpful at the beginning, for example if technical problems arise with the trading platform or when opening an account. ETFinance can also be reached via live chat or e-mail. The broker’s customer service team includes experts who are also familiar with the technical side of trading.

Internet presence

Check IconThe website of the broker is clearly structured. Interested parties can quickly find information on account types and trading offers. Buttons for logging in and opening a trading account are also placed prominently on the website. In accordance with the legal requirements, there are also risk information on CFD trading.

Training offer

ETFinance’s offering is rounded off by a business calendar and further training opportunities such as courses, tutorials or webinars. Topics include tutorials on MetaTrader 4 and eBooks on trading psychology, market analysis and investment strategies. At the regularly held webinars, traders learn more about indicators for technical analysis, for example.

A lot of important information about ETFinance can be found right away on the website. If you have any questions, the broker can be reached by phone, e-mail or chat. ETFinance also offers a number of informative training courses.

9 – Deposits and withdrawals: Deposits free of charge

After opening a trading account with ETFinance, traders can choose between several deposit methods. Among others

Bank transfers
Credit card payments
and payment service providers like Skrill and Neteller

for selection. Visa, MasterCard and Maestro are accepted as credit card providers. All payment methods can be considered secure. Traders can decide for themselves which payment method is most convenient for them. It should be noted that bank transfers often take longer than credit card payments or payments through a payment provider. There are no additional fees for deposits or withdrawals regardless of the number of transactions per month.

Traders can choose from a whole range of payment methods with ETFinance. Deposits and withdrawals are free of charge. With Skrill and Neteller, two payment services can also be chosen.

10 – Seriousness: Serious offer from ETFinance

In the course of our ETFinance experience we could not find any evidence of dubious offers or fraud. On the website you will find some information about the General Data Protection Ordinance (DSGVO) as well as information about the license and registration. In addition, as required by law, the website also contains information on the risks involved in CFD trading.

ETFinance is registered with CySEC, one of the strictest financial supervisory authorities in the world. All Cypriot brokers must also be members of the Investor Compensation Funds. Trading in Europe is also subject to the requirements of the MiFID directive on investor protection.

Deposit Protection
Customer funds of up to 20,000 euros are secured through the Cypriot Investor Compensation Fund. ETFinance also manages customer funds in separate accounts.

Awards and trade press
Icon Details – Zoom-In betrug-orgWhen deciding on a broker, it can be very advisable to take a look at articles in trade magazines and awards. ETFinance ratings from other customers on the Internet also give an indication of the broker’s competence and reliability. ETFinance also works with two trading platforms that have already received several awards.

Further plus points
The wide range of financial instruments allows traders to diversify their portfolio themselves based on their knowledge and experience. Traders can also specialize in certain asset classes. Trading is possible around the clock five days a week. Traders are also supported by experts and account managers.

ETFinance is regulated by the Cypriot Financial Supervisory Authority. There are no indications of fraud or dubious practices at ETFinance.

11 – About ETFinance

The Broker has set itself the goal of supporting people from all over the world in the dynamic world of finance. It is important to the provider to provide traders with helpful tools and knowledge on the basis of which they can make well-founded trading decisions and shape their financial future themselves.

The broker wants to provide traders with a solid foundation and modern platforms so that they can be successful in the markets. For this reason, the trading platforms, for example, should be intuitive and easy to use, so that even newcomers can easily familiarize themselves with the functions. The Broker is aimed at people who are looking for safe and effective ways to invest capital. Also in terms of analysis tools and the range of services offered, the Broker is aimed more at traders who want to make trading decisions independently and build and expand their portfolio individually.

ETFinance is particularly aimed at traders who want to make independent trading decisions. For this purpose, the broker wants to provide his customers with an efficient basis with modern trading platforms and analysis tools.

12 – Conclusion: attractive conditions with ETFinance Icon Conclusion & ConclusionBehind ETFinance is the broker Magnum FX, which is registered in Cyprus and regulated by CySEC. The broker’s broad trading offer includes CFDs on several hundred underlying assets. Traders can thus concentrate on individual asset classes such as crypto currencies or equity CFDs or build up a broad and diversified portfolio. The broker thus gives its traders many opportunities to implement numerous trading strategies.

Traders can choose one of several trading accounts that are tailored to the needs of different traders from beginners to professionals. Depending on the account model, the trading conditions, especially the spreads, vary. However, traders can access all financial instruments even with the beginner account. For private traders, maximum leverage of up to 1:30 applies.

With ETFinance, traders can also choose between the WebTrader or the MetaTrader 4. An app is also available. Mobile, traders can use the same functions as with the desktop platforms. Overall, traders have access to numerous analysis tools and indicators. The ETFinance offer is rounded off by numerous training materials. The offer can also be tested via a demo account, which can only be used for seven days, but can be extended.

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