ETFinance was established back in 2016 with its head office located at KPMG Center, Limassol Cyprus. This foreign exchange platform is the flagship brand of Magnum FX Ltd, a licensed company filed under the Cyprus Securities and Exchange Commission (CySEC). With the intention of providing optimum financial solutions, it expanded its scope by adding share dealing and spread betting to other foreign exchange trading services that it offers.
Since ETFinance’s services are made available across the world, global clients can participate in trading on different financial markets including foreign exchange, stocks, indices, commodities, and cryptocurrencies. Clients do not have to worry about the system’s complexity as all these can be traded through the globally acknowledged MetaTrader platform for mobile and desktop.
What made this platform worthy of clients’ consideration are the advantages that come with its services. For one, it is completely commission-free. This saves clients from any charges while enjoying a wide range of tradable asset classes. Another interesting perk is its impressive educational video archive, giving clients the education they need to increase their margin of profitability.
Though ETFinance exudes with favorable conditions, it also has its own share of downside. Since its system is wired for novice traders, advanced traders are given limited features and accounts.
ETFINANCE ACCOUNT TYPES
ETFinance provides an adequate selection of accounts. Similar to other trading platforms, it offers a demo account. This gives traders a relatively fast and convenient walk-through to the overall functionality of the official platform. This intends to help clients assess whether or not to invest in this forex platform.
Moving to live trading, there are three options to choose from. The Silver, Gold, and Platinum accounts are all wired with different premium features. This tiered structure enables clients to personally pick their trading format according to their preferences. Below are the detailed specifications of each account.
SILVER ACCOUNT
- 750 Assets
- 0.07 Minimum Spreads
- 1:30 Maximum Leverage
- Full 10-hour Support
- Islamic Account
GOLD ACCOUNT
- 0.05 Minimum Spreads
- 1:30 Maximum Leverage
- 1:400/1:500 Maximum Leverage
- Dedicated Account Manager
- Educational Webinars and Videos
- Hedging Structure
- Swap discount of up to 25%
- Islamic Account
PLATINUM ACCOUNT
- 0.03 Minimum Spreads
- 1:30 Maximum Leverage
- 1:400- 1:500 Maximum Leverage
- Dedicated Account Manager
- Educational Webinars and Videos
- Swap discount of up to 50%
- Economic News
- Free VPS
- Islamic Account
Opening an account with ETFinance is convenient and trader-friendly since every account type offers an Islamic account in compliance with the Sharia Law. More so, each account type is wired with the most advantageous setup to satisfy clients’ trading needs. As clients advance from one tier up to the next, incentives and bonuses await with great focus on spreads. To open an account, these pertinent documents have to be submitted:
- Identification- government UD, driving license, passport
- Proof of residency- Bank statement, residence certificate, utility bill
- Payment document- copy of credit card, declaration of deposit
PLATFORMS
The services provided by ETFinance are rooted from ease of use. It offers MT4, MT5, and WebTrader, securing traders that their trading experience will be efficient and easy. Aside from reliable trading platforms, clients are also given access to ETFinance’s technical instruments. This enables them to expand their portfolio through the help of advanced trading instruments such as charts and illustrations.
With Metatrader systems being the primary platform for trading, users are secured with the most favorable conditions. To note, these platforms remain to be the sought-after systems in the industry used by successful foreign exchange traders.
CUSTOMER SUPPORT
As strong customer support remains to be the key in acquiring larger number of clients, ETFinance prioritizes its subscribers more than anything else. Clients may do consultations and place queries through telephone and email. Web-based live chat is also available from 8:00 am to 8:00 pm. Should consultations exceed beyond these hours, the team will provide a complete feedback through email. To enforce quality customer support, a separate area for frequently asked questions is also available. Clients may visit this section to get answers to many popular questions without having to contact the customer support.
CREDIBILITY
The credibility of this broker can be gleaned from various awards that it managed to bag. It gained various recognitions including the prestigious ADVFN International Award for Best Customer Service. World Finance also lauded ETFinance as the best CFD provider of 2020. Clearly, this foreign exchange broker is legitimate and highly secured, giving it a spot next to other commendable forex brokers of 2020. With all the positive and favorable offers that it provides, it is enough to consider opening an account with ETFinance.