ETFinance Review 2022: It’s Scam Or Not?

ETFinance review
Min Deposit


Min Spread




ETFinance is a legit broker that provides trading over different markets such as Forex, Indices, Commodities, Cryptocurrencies, and stocks through CFDs. Read ETFinance Review 2021 for collecting complete details about the broker’s platform. ETFinance was introduced in the market in 2018 as a brand name of Magnum FX Ltd, Cyprus. The company was registered by the Cyprus Securities and Exchange Commission (CySEC) with the license number 359/18. 

The broker provides trading over the MetaTrader4 trading platform, which you can access via the web, mobile and laptop. In addition, the broker offers silver, Gold, and Platinum accounts for retail and professional traders. A demo and Islamic account features are also available on the broker’s platform. 

ETFinance Review: Pros and Cons:


  • Commission-free trading
  • Wide range of tradable instrument classes
  • Quality educational video library
  • MetaTrader 4 platform available
  • User-Friendly Customer support 24/5 


  • MT5 & cTrader not available 

Is ETFinance A Scam Or Safe?

Magnum FX Ltd. offers its trading services under the name of ETFinance. The company was launched in 2018 in the financial market. The firm is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC). The broker serves trading as per ethical trading standards. The broker is registered across Europe under the local financial regulatory authorities such as FI, FSA, FMA, AFM, etc.

The company’s regulation license number is 359/18, and its registration number is 360548. The broker is a member of the Investor Compensation Fund for clients of Cyprus Investments Firms. The broker provides its services all over Europe, but it does not allow UK, Germany, and Italy residents. 

ETFinance Review Trading Account Types

ETFinance offers three types of accounts as Silver, Gold, and Platinum. In addition, an Islamic account is also available for sharia law followers. All three accounts are designed for fulfilling the requirements of retail and professional traders. Collect complete details of each account from the given below points. 

Silver Account

  • 750+ Assets 
  • Minimum deposit: $250
  • Minimum Spreads: 0.07
  • Maximum Leverage: 1:30
  • Customer Support 24/5 
  • The deposit commission is Zero.
  • Hedging
  • Fifth Decimal
  • Islamic Account feature

Gold Account

  • 750+ tradable instruments 
  • Minimum deposit: $250
  • Minimum Spreads: 0.05
  • Maximum Leverage: 1:200
  • Customer Support 24/5 
  • The deposit commission is Zero.
  • Dedicated Account Manager
  • Webinars & Videos
  • Swap Discount: 25%
  • Hedging
  • Fifth Decimal
  • Islamic Account feature

Platinum Account

  • 750+ tradable instruments 
  • Minimum deposit: $250
  • Minimum Spreads: 0.03
  • Maximum Leverage: 1:200
  • Customer Support 24/5 
  • The deposit commission is Zero.
  • Dedicated Account Manager
  • Webinars & Videos
  • Swap Discount: 50%
  • Hedging
  • Fifth Decimal
  • New Alert
  • Free VPS
  • Islamic Account feature

Demo Account Feature

A demo account feature is the best platform for improving your trading strategies and skills. Professional traders can also try out their new plannings, which they will apply during live trading. A demo account is a place where beginners can make themselves familiar with the market environment and trends. 

Islamic Account Feature

An Islamic Account feature is available in all three accounts: Silver Account, Gold Account, and Platinum Account. Traders who are followers of sharia law can activate this feature in their opted account. Check key features of an Islamic account.

  • No interest/ swap charges on overnight positions
  • Instant free access to MT 4 trading platform. 
  • No spread widening
  • Leverage: 1:200 (Professional clients)
  • No hidden costs or re-quotes
  • No upfront commission 
  • The unbounded time limit for holding a position.

ETFinance Review: Account Opening

Traders can open an account on the ETFinance broker’s platform through five simple steps: Account, Personal, Questionnaire, documents, and deposit. Traders who do not feel comfortable with the English language can fill in forms in their native language. The broker’s website supports four languages: Spanish, Dutch, Netherlands, and Portuguese. Next, click on the “Open Account” option available on the left corner of the broker’s website. Follow the below steps to open an account on the ETFinance platform. 

  1. Visit official website of ETFinance and click on the “open account” tab.
  2. After that fill the form by entering their first name, last name, email address, country code, phone number, and password on the first page. Now click on the proceed button available under the form. 
  3. You need to fill in details about your past trading experience or market details you traded before on the next page. 
  4. Now on the third page, traders have to answer questions related to trading. After completing this, the page will jump onto the document verification page. 
  5. On the documents page, the broker will ask you to submit your identity verification documents. 
  6. Traders need to submit a minimum deposit of $ 250. Now you are ready to trade on a live platform. 

ETFinance Review: Trading Platform


It is one of the most popular trading platforms you can access through mobile and desktop. Most traders prefer trading through the MT 4 platform due to its analytics & technical indicators, user-friendliness interface, and security & protection. Users can access the MT 4 platform via both Android and iOS devices. 


ETFinance WebTrader allows you to track different trades, which helps you to create better strategies. It supports 11 different languages and consists of a user-friendly interface. In addition, it provides SSL solutions for enhancing the safety of data transmission.

Some features of WebTrader are:

  • Full history of trades
  • In-built platform support
  • Real-time balance level
  • Multilingual support
  • Automatic Stop Loss/Take Profit functions
  • One-click account switching
  • Live support

ETFinance Review: Mobile App 

The ETFinance mobile application allows you to access CFD trading over 350+ assets. Through the ETFiance mobile app, traders can access the market anywhere without carrying any additional devices rather than your mobile phone. In addition, it provides you complete access to trading tools, instant account synchronization, and one-tap trading options. 

  • Full account customization
  • Real-time balance level
  • One-tap trading options
  • Multi-device compatibility
  • Live chat
  • Automatic Stop Loss/Take Profit functions
  • Multilingual dedicated support

ETFinance Review: Trading Instruments

The broker provides 350+ financial assets for trading via CFDs such as commodities, forex, cryptocurrencies, indices, and stocks. Check here instruments classes available at the ETFinance brokerage platform.

  • Forex : 50+ forex are available. Some of the major, exotic, and minor pairs are USD/ZAR, EUR/USD, EUR/DKK, GBP/JPY, AUD/CHF, and others. 
  • Commodities: More than 17 commodities are available such as Sugar 11, Coffee, Corn, natural gas, Brent crude oil, etc.
  • Stocks: 150+ stocks are available such as Apple, Amazon, Facebook, BMW, DAIMLER, BARCLAYS, etc.
  • Indices: More than 20 indices are provided here, Like CAC, FTSE, IBEX, AEX, DAX, DOW, VIX, etc. 
  • Metals: 4+ metals are available such as XAGUSD, XAUUSD, PLATINUM, COPPER, and others.

ETFinance Review: Commission & Spreads

ETFinance provides commission-free trading facilities to their clients with changeable, floating spreads over a wide range of instruments. Spreads are totally based on the broker’s liquidity provider. Check here the account wide-spread for ETFinance. 

Silver account 

  • Minimum Spread: 0.07 
  • Maximum Spread: 3.1

Gold Account

  • Minimum Spread:0.05
  • Maximum Spread: 2.1

Platinum Account

  • Minimum Spread:0.07
  • Maximum spread: 2.1

ETFinance Review: Leverage

ETFinance provides high leverage to their clients but restricts the margin as the account type. Leverage must be used smartly according to your trading capacity. Check here account-wise leverage for ETFinance.

Silver Account

  1. Forex : 1.30
  2. Stocks / Equities: 1:5
  3. Silver & Gold (metals):1:20
  4. Indices: 1:20
  5. Commodities: 1:10

Gold Account

  1. FX: 1:30 (Retail) & 1:200 (Professional)
  2. Stocks / Equities: 1:5 (Retail) & 1:40 (Professional)
  3. Silver & Gold (metals):1:20 (Retail) & 1:100 (Professional)
  4. Indices: 1:20 (Retail) & 1:100 (Professional)
  5. Commodities: 1:10 (Retail) & 1:100 (Professional)

Platinum Account 

  1. FX: 1:30 (Retail) & 1:200 (Professional)
  2. Stocks / Equities: 1:5 (Retail) & 1:40 (Professional)
  3. Silver & Gold (metals):1:20 (Retail) & 1:100 (Professional)
  4. Indices: 1:20 (Retail) & 1:100 (Professional)
  5. Commodities: 1:10 (Retail) & 1:100 (Professional)

ETFinance Review: Deposit and Withdrawal

A good range of payment options is available such as credit/debit cards, bank wire transfers, and e-wallets like Neteller, Skrill, Vpay, etc. 

The deposition process will take place instantly. The minimum deposit for ETFinance is $ 250. The withdrawal request should be processed in 2 to 3 working days. Traders must note that withdrawal requests filled after 11 am GMT will be processed the next day.  

ETFinance Review: Educational and Research Support

The brokerage consists of quality educational material such as education library packed high-quality videos that cover most trending topics, trading-related articles, assets hub, etc. 

The broker’s research support section consists of the most popular tools such as economic calendar, earnings reports season, trading signals, etc. 

ETFinance Review: Customer Support

The broker’s customer support team is available from Monday to Friday (03:00 to 18:00 GMT). The ETFinance customer executive is always ready to clear your doubts related to trading. Traders can contact them through live chat support, phone calls, and email. The broker may also provide a “Contact form” on their contact us page. Check here the contact details of the ETFinance brokerage firm.

ETFinance Review: Final Verdict:

ETFinance is a brokerage firm that confers commission-free trading services on a wide range of instruments like forex, commodities, stocks, indices, and others. The broker was founded in 2018 and regulated by the Cyprus Securities & Exchange Commission (CySEC) with the license number 359/18. The broker is operated by Magnum FX Ld, Cyprus, with the registration number: HE 360548.

Silver, Gold, and Platinum accounts are available for professional and retail traders. The broker offers variable spreads and leverages based on account type. ETFinance customer support team is available 24/5 for resolving client’s problems.


ETFinance broker has four types of trading accounts with the option of an Islamic account:

  • Bronze 
  • Silver 
  • Gold
  •  Platinum

Leverage is a loan that brokers offer to their clients for a high market opening position. With the initial funds, traders can use the leverage ratio to open a high market position in the market and trade. However, the risk is also enhanced with the leverage, so it should be used efficiently. 

ETFinance has a maximum leverage of 1:30 for retail traders and 1:200 for professional traders.

ETFinance has no commission charges; however, for certain trading or deposit and withdrawal, traders can have to pay commission charges.

Spreads are the imbalance between the bid and offer price of the instruments. ETFinance has spreads charges for the various instruments it has to offer, and the trading accounts have the following spread charges: 

  • Bronze: Spreads from 2.0 pips 
  • Silver: Minimum spreads 0.07 pips 
  • Gold: Minimum spreads of 0.05 
  • Platinum: Spreads from 0.03 pips

ETFinance has the following trading markets: 

  • Assets index
  • Forex trading 
  • Metals trading 
  • Indices trading 
  • Stock trading 
  • Commodity trading 
  • CFD trading 
  • Cryptocurrency trading
  • ETFs trading 

ETFinance is a regulated forex broker with the authorisation of Cyprus Securities and Exchange Commission (CySEC) with license number 359/18.

Yes, the broker has education and research support available for its clients. Traders can have the following: 

  • Economic calendar 
  • Trading articles 
  • Earnings reports season 
  • Assets hub 
  • Trading courses

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