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ETFinance Review - is it scam or safe?

ETFinance review - Is etfinance.eu scam or good forex broker?

RATING: 3 / 9 REVIEWS ForexBrokerz ETFinance
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ETFinance is an EU broker, licensed and authorized by the Cyprus Securities and Exchange Commission (CySEC) – one of the best know financial watchdogs in the industry. The broker offers lots of forex pairs and CFDs on the MetaTrader4 platform, so if you are curious about their offer you may check the following review for details.

 

Trading account Min. deposit Max. leverage Spread

Standard Account

n/a 1:30 0,3 pips

 

ETFinance Advantages:

 

EU wide license

 

A license issued by any of the national regulators of the 28 EU member states gives a broker the right to target EU citizens irrespectively of where they reside – the UK, Cyprus or any other EU country. 

 

As we noted ETFinance is licensed by the Cyprus Securities and Exchange Commission (CySEC) and that means the broker is completely reliable. CySEC is a member of the Committee of the European Securities and Markets Authority (ESMA).

 

All EU regulated brokers are subject to strict regulatory requirements among which to maintain at all times at least 730 000 EUR in operational capital, to keep their clients money in a segregated, trust account, to provide them with a negative balance protection, to file regular reports, to allow external audits and to participate in client compensation funds, basically insuring all trading accounts.

 

For example as a CySEC broker ETFinance is a member of the Investor Compensation Fund for Customers of Cyprus Investment Firms, which will guarantee your trading funds for up to 20 000 EUR, even in the unlikely event your broker files for bankruptcy. Here you may also check our list of CySEC regulated brokers:

 

>>Forex brokers in Cyprus<<

 

ETFinanc is owned and operated by Magnum FX (Cyprus) Ltd. Her you can take a look at their license:

 

 

50 currency pairs and a number of CFDs

 

ETFinance offers its clients a list of 50 forex pairs many of which exotic or minor like USDZAR, USDINR, USDSGD, USDTRY, USDSEK, USDRUB, USDPLN, USDNOK, USDMXN, USDHUF, USDDKK and USDHKD. And on their trading platform we also came across CFDs on lots of soft commodities like corn, copper, cotton, coffee, orange juice, soybeans, wheat, cocoa and sugar, major crypto coins including Dash, Bitcoin, Litecoin, Bitcoin Cash, Ethereum, Ethereum Classic, Ripple, Zcahs, Bitcoin Gold, Monero, Verge, Siacoin, Cardano, IOTA, NEO, USD Tether, Stellar, NEM, Qtum, and Lisk, stocks, 16 indices, silver, gold, platinum, palladium, Brent oil, light crude and natural gas. Still as trading crypto assets is getting more and more popular, here you may also check our list of brokers offering bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Good spreads

 

As tested with a demo account the benchmark EURUSD spread floated about 0,2 pips – 0,3 pips, which is great, especially as no trading commission was taken. In the list of trading instruments, however, we came across a second set of forex pairs, where spreads were fixed at a much higher rate – the EURUSD spread for example was fixed at 3 pips, which is more than a pip higher than what traders would usually consider attractive with a standard account. 

 

As ETFinance does not mention in their presentation to be offering different account types, we are not exactly sure why there are two different sets of spreads on their platform. In any case here you may also check our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

MetaTrader4 available

 

ETFinance offers traders the industry standard MetaTrader4 platform. This is without a doubt the most popular trading platform on the market, preferred by professional and beginner traders alike.

 

 

It features over 50 modifiable market indicators, as well as trading robots known as Expert Advisors, that can readily be used to run automated trading sessions. Also the platform sports an excellent set of advanced charting tools, so here you may also check our list of brokers supporting MT4 as well:

 

>>MT4 Brokers<<

 

Neteller and Skrill available as payment methods

 

ETFinance accepts payments with credit and debit cards like VISA and MasterCard, bank wire and popular e-wallets like Neteller and Skrill.

 

Website is supported in 6 languages

 

Apart from English the ETFinance homepage is supported in Spanish, German, Dutch, Portuguese and Italian.

 

ETFinance Disadvantages:

 

Conservative leverage

 

The leverage ETFinance offers to retail clients is 1:30, which is in line with the new ESMA regulations that came into force in August 2018. Still, if you are a professional trader and you are able to prove this, you can be offered leverage as high as 1:500.

 

No information about the minimum deposit requirement

 

This is another piece of information we miss. Just keep in mind that most brokers require a minimum deposit of about 250 USD, while some big, well established companies like FBS and IG will let you trade with just a few dollars or so.

 

Conclusion:

 

ETFinance is a reliable broker, licensed and authorized by the Cyprus Securities and Exchange Commission (CySEC). As the regulatory status of the broker is the single most important factor for the security of your funds, the sound regulation immediately makes ETFinance one of our recommended brokers. As for the trading conditions, spreads were also not bad and if you are a professional broker you can surely enjoy a good leverage as well.

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Traders` reviews for ETFinance

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

casino

These are online casinos, betting and gambling. Statistics shows that more 71% lose money. 19% withdraw their money and the rest they manage to make something and these are professional traders. So, any smart person will know what this means. No way you can make money with these scammers. Your lost is their gain. Is like casino. the so-called account manager are sale persons who are interested in making you deposit more money so they can get a commission of 10 to 15 percent of your money. They have no knowledge about trading no education the whole structure is a fraud. It is designed for lost.Adverts they show are fake and the companies are fake. So-call celebrities never did videos of that kind and they dont trade. The videos are fake Everything is misleading. Is a fraud. Help spread the word to stop this mean thing.

Albert 01/16/2020

Interface not good at all

• I think the platform is totally good but my rating is 3 stars because of the mobile app’s interface. I think it should be more user-friendly and simplified. Still can’t get used to it.

Colin 12/20/2019

radio talk show

Peje i would advice that a radio talk show will be the right direction to expose these scammers. Victims will phone in to share their experience to create awareness of this silent thieves to end this.

Alberto 12/04/2019

Etfinance broker stole my money

I have lost almost 74k euro with trades I was recommended and lead into by my account manager, with the knowledge that I was not an experienced trader.
Repeatedly called by the account manager and persuaded to deposit more funds to trade and recover my losses.. convinced to open a professional trading account to recover lost funds by trading with larger volumes, and talked through the questionnaire answers to give in order to qualify as I was not an experienced trader.

The forex trades placed were advised late in the day and therefore needed to be left open overnight to profit from them as they opened with big negatives which I now know (having researched myself) is profit made by ETfinance. Also exotic forex trades advised on a Wednesday afternoon which I was not informed incurred a multiple swap with huge spreads. My account manager manipulated my account to not be able to close trades!! plz help if you have any advice.

By searching here in FWA I found that there are different palces that people has been scammed by this company.
forexpeacearmy.com/community/threads/etfinance.62365/
forexbrokerz.com/brokers/etfinance-review
uk.trustpilot.com/review/etfinance.eu
fxempire.se/brokers/etfinance/user-reviews?reviewid=5d891d8265b36d00246fd4d3
brokersrecomendados.com/etfinance-comentarios/

I also will soon open an facebook page for all people to add their experience about EtFinance.

peje 12/03/2019

Good experience so far

Hi, I am seeing lots of good and bad reviews on lots of different brokers. My experience after 2 months with ETFinance is very positive. I am relatively inexperienced so have spent sometime learning how to trade using the training material they provide and using a demo account. After a couple of weeks I made a deposit of 300 euros and trade small lots. I did get phone calls from managers but decided to trade on my own. I have made a small profit in the first month and after going through the KYC process which is comprehensive, I made a 100 euro withdrawal. The money was back on my credit card 4 days later. The platform software is easy to use and you can get lots of training on MT4 for free both on their site and elsewhere. I would recommend them if you want to trade like me

Manuel Gonzalez 11/28/2019

Surprised

Have to say that I'm surprised. After all this comments I read I was so afraid about my money I invested here but it worked. Already withdrew 500 doll. Nothing bad to say

Aly 11/21/2019

Scam! Israel

This company is a subsidiary company of gmo trading.com a well known scam company they operate at the same address under the same conditions! Please nobody trade there you will certainly be harassed and risk losing all savings and potentially future loans they may force you to take out! If they pass the phone to manager it means they are struggling with you and will then proceed to bully you

Hanley 10/09/2019

etfinance review

please read my review here https://brokersrecomendados.com/etfinance-comentarios/


they don't let you withdraw, im from spain

if someone knows how to withdraw please tell me, because i have a big sum of money with them

liars and scammers is what they are

morrisey 09/13/2019

Mi opinión

Que guay la reseña! Me ayuda para elegir mi broker! Pienso que lo mas importante al momento de que elijáis es que la regulación sea como la que describen segura y confiable :)

Translated by Google:

My opinion
How cool the review! It helps me to choose my broker! I think that the most important thing at the time you choose is that the regulation be as described safe and reliable :)

Raquel Suarez 09/06/2019

less time for learning to trade at ETF

Etfinance is helping you to setup your account and adding your first deposit. And thant the money must be traded. I did not expect that they will call you 3 or 4 time a day for all kind of events and opportunities. And thet the pushing starts to add more keuro's to the account to be a Professional trader. I mentioned to them that I need some time also for myself to learn trading. I mention that I will contact them when needed and ready and that I will not add additional funds to the account. I'm also disappointed that they didnot listen and they continue calling me multiple times per day. This is the reason that I stoped with this company. Pushing makes me suspisious.

Hans 08/29/2019

fine for newbie

This platform fits rookies. I started with ETFinance and got everything i needed: nice account manager, who explained me everything, analytic, who taught me how to trade and get yield. There is also no problems with withdraw. Last week I took away 500$. This is not my first withdraw. I get approximately 400$-1000$ per month, great additional income and doesn't interfere with my main job

Liam Barnes 08/21/2019

Bad experience with etfinance

Etfinance is realy helping you to setup your account and adding your first deposit. I was not expecting that they will call you and mail you for all kind of events etc and pushing me to add 10keuro to the account to be a Professional trader. I mentioned to them that I need some time also for myself to learn trading. I mention that I will contact them when needed and ready and that I will not add additional funds to the account. It was disappointed that they didnot listen and they continue calling me multiple times per day. This is the reason that I stop with etfinance. Disappointed trader

A. Wanner 08/19/2019

So Far All OK

Trading with them for the past month no problems so far i even WD some of founds (after finishing the documents procedure) with no problem at all. i recommend it!

Johan Moore 08/08/2019
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