The FX broker ETFinance is Cyprus based and claims to be licensed and authorized by the CySEC. The trading assets are several FX pairs and CFDs provided on the MetaTrader4 platform. Allow us to inform you about all the offerings of this broker in this scam broker review.
This broker is authorized and licensed by CySEC. CySEC is one of the 28 EU states and its license gives liberty to the broker to operate any of these 28 countries in the EU. This makes ETFinance a reliable broker. The Magnum FX LTD situated in Cyprus is the owner of brand ETFinance.
The offerings of ETFinance include about 50 FX pairs. These FX pairs are minor but exotic and very rarely available to trade. Some of them are USD/ZAR, USD/INR, USD/SGD, USD/TRY, USD/SEK, USD/RUB, USD/PLN, USD/NOK, USD/MXN, USD/HUF, USD/DKK, and USD/HKD. While testing their trading platform we found CFDs on lots of soft as well as hard commodities and all sorts of cryptos. It also features 16 market indexes.
While testing a demo account the floating spreads of 0.2-0.3 on prime EUR/USD pair was available. These spreads are very attractive, commission-free and provide low cost of trading. But another set of pairs showed fixed spreads higher than anticipated at 3 pips. The information about the different account types is unavailable so we can not be sure about the reason behind the difference in the spreads provided.
The clients of ETFinance are provided with the MetaTrader4 platform. MetaTrader4 is a reliable, popular and widely used trading platform. It comes with more than fifty market indicators which can be modified according to trader’s preferences. It also features MQL marketplace, Expert Advice, Charting, Automated Trading and many more.
Being licensed and regulated by CySEC, ETFinance also features payment providers like Skrill and Neteller along with cards, wire, and e-wallets. Skrill has recently adopted anti-scam policy and its presence gives high confidence about this broker. The website of ETFinance features six different languages.
The ETFinance provides leverage of 1:30 to its retail clients and is according to the market. But you can also choose higher leverage of up to 1:500 to increase profit at your own risk. Also, it does not have any information about account types provided and the minimum deposit required to start trading.
Is ETFinance scam or legit?
From the information available we can say that the ETFinance is legit. The trading conditions are according to the market requirements. However, several other features like choices of the different trading environment according to preferences can cause loss. We advise you to use your wisdom to make the most out of this broker.
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