About the company
ETFinance is a Cyprus-based CFD provider that offers 750+ different trading instruments, including 30+ contracts based on cryptocurrencies. At the same time, the website provides access to forex, stocks, indices, commodities, and other assets, via a web browser, desktop, or mobile app. Founded in 2016, this is a trading name of Magnum FX (Cyprus) Ltd, a company registered in Cyprus with registration number HE 360548.
As a brokerage company focused mainly on the European Economic Area, ETFinance is authorized and regulated by CySEC under the license number 359/18 and also, is authorized to provide services in Europe through the MiFID II regulations. Our review will cover some of the most important trading features, but we will focus mainly on the trading platforms and whether trading with MT4 is outdated or not.
One of the first things we want to talk about when it comes to ETFinance has to do with the trading software. At the time of writing, the company continues to rely mainly on the MetaTrader 4 solution created by MetaQuotes. Despite a longstanding reputation of the platform, we believe the broker had a very limited and outdated offer since there are so many other solutions provided by other popular brokers.
MT4 is still a functional platform, providing access to advanced charting and well as the ability to use Expert Advisors to automate the trading process. The main point we want to make is that the company hadn’t updated its offer for a long time and as a result, a lot of other brokers are more competitive.
Traders who choose to work with ETFinance will be able to trade both the desktop and web-based versions of MT4, without any other option at their disposal, aside from the proprietary mobile app. There are versions for both Android and iOS users, but even in this case, we can’t find a lot of positive or negative feedback from clients who used either of the apps.
Without any client review, a potential conclusion is that ETFinance still has a limited number of clients and does not enjoy a great degree of popularity.
Moving to trade features, the offer assembled by the company is diversified and depends on the account type each client chooses to open. Silver, gold, platinum, and Islamic accounts are currently available. Due to the European regulation, ETFinance also offers different trading conditions for retail and professional clients.
For retail clients, the maximum leverage is limited to 1:30 and no bonus or promotion can be received. Professional clients can trade with up to 1:500 leverage, depending on the instrument. In terms of cryptocurrency trading, retail clients can use 1:2 leverage, while professionals 1:1.
Based on the information provided by the company, only Gold and Platinum account holders will get access to a dedicated account manager and swap discounts, putting silver account holders at a disadvantage. The overall offer for silver traders is limited in terms of features, although the minimum deposit required is $200. With this respect, this is another area where the company does not have a competitive advantage.
One of the good news when it comes to cryptocurrency CFDs at ETFinance is the wide coverage. There are 30+ contracts denominated in the US dollar, Euro, or Pound. Traders can trade Bitcoin, Cardano, Bitcoin Gold, Ethereum Classic, Ether, Litecoin, Lisk, Neo, Ripple, Monero, Zcash, Tether, and other CFDs based on different cryptocurrencies.
The trading week is 7 days, spreads are floating, but we did not manage to figure out why retail traders can trade with higher leverage, as compared to professional traders.
Aside from cryptocurrencies, clients working with ETFinance can trade currencies, stocks, indices, ETF, and commodities. There are more than 750 different CFDs currently available, but that less than what traders can find with other brokers.
In terms of trading tools, clients don’t have too many options at their disposal. Aside from the Expert Advisors available via MT4, there are limited tools that can enhance the trading process. ETFinance lags behind other companies that had integrated a lot of proprietary tools that help traders in their day-to-day activity.
However, we must mention that ETFinance provides access to educational resources like webinars, courses, tutorials, and videos. The material available on the website is just basic information about trading and traders can find the same resources available for free on the web.
Our overall conclusion about ETFinance is that it provides access to an old and outdated trading offer. The company made small adjustments in the past few years, communicating little interest in providing the best trading features. At the same time, we found little indications of a lot of traders using this broker. From a regulatory standpoint, it is well-positioned, but in terms of trading features, there are better offers in the market.
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