Breaking News

ETFinance Review 2024: Is Broker Safe or Scam?

ETFinance review
Min Deposit
Min Spread
Max Leverage
Broker Trust

Table of Contents

Last Updated on: 29th February 2024, 09:57 am

ETFinance is one of the leading CFD and Forex brokers that provide trading on different markets such as Forex, Indices, Commodities, Cryptocurrencies, and stocks. Read this review to collect complete details about the broker’s online trading platforms.

The broker stepped into the financial markets in 2018 as a brand name of Magnum FX Ltd, a registered company in Cyprus. The company was registered by the Cyprus Securities and Exchange Commission (CySEC) with the licence number 359/18. 

The broker provides trading on the most advanced 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. The broker also offers Demo and Islamic account features.

ETFinance’s services and features, with amazing educational and research tools and round-the-clock customer care, are what make it one of the major market makers.

The broker goes to a considerable extent to understand the needs of the traders. As a result, customer support is quick and convenient. The broker also offers a number of platforms for different sorts of traders. But before you start trading, ensure you have gained enough knowledge about the market.

The broker makes sure that all traders’ individual needs are met to the best of their abilities. In addition, it understands the value of having a speedy order execution. Users will be able to trade without fear of slippage thanks to a quick trade execution feature.

Pros and Cons


  • Commission-free trading
  • Wide range of tradable financial instrument classes
  • Quality educational video library
  • MetaTrader 4 platform available
  • User-friendly customer service available 24 hours a day, 5 days a week
  • No fees on depositing funds


  • MT5 & cTrader not available 

Is ETFinance a Scam Or Safe?

Magnum FX Ltd. offers its trading services under the name of ETFinance. Launched in 2018, the broker is regulated by the Cyprus Securities and Exchange Commission (CySEC).

The broker serves trading as per ethical trading standards and is registered across Europe under the local financial regulatory authorities such as FI, FSA, FMA, AFM, etc.

The company’s regulation licence 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 offers financial trading services all over Europe, but it does not allow traders from the UK, Germany, and Italy.

In addition, the firm does not offer services to the US and a number of other countries, but it is registered to provide cross-border services to other European countries.

According to the ETFinance website, the company additionally provides investors with additional safety by:

  • Holding client’s funds in segregated accounts with reputable Cyprus or European Economic Area credit institutions.
  • Being a member of the Investor Compensation Fund in the event that the company’s financial responsibilities are not met.

Considering all these points, it is right to say that ETFinance is a reliable broker. 

Types of Trading Accounts Offered

ETFinance offers three types of live trading accounts: 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. But before you start trading, do your own research about the industry and ensure you have gained enough knowledge about the market. 

Read complete details of each account from the given below points. 

Silver Account

Here are some of the features of a Silver trading 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

Here are some of the features of a Gold trading account:

  • 750+ trading assets 
  • 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

Platinum Account

Here are some of the features of the Platinum trading 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

Demo Account

A demo account 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

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 this account.

  • No interest/ swap charges on overnight positions
  • Instant free access to the MT4 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.

How to Open an Account on ETFinance?

Traders can open an ETFinance account 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
  • Portuguese

Next, click on the “Open Account” option available in the left corner of the broker’s website. Follow the below steps to open an account with the broker. 

  • After that, fill out the form by entering your 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. 
  • You need to fill in details about your past trading experience. 
  • 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. 
  • On the documents page, the broker will ask you to submit your identity verification documents. 
  • Traders need to submit a minimum deposit of $ 250. Now you are ready to trade on a live platform. 

Available Trading Platform


It is one of the most popular trading platforms you can access through mobile and desktop. Most traders prefer trading through the MT4 platform due to its analytics & technical indicators, user-friendliness interface, and security & protection. 

ETFinance trading platforms come in a variety of versions, including an online web platform, a downloaded application for Windows PCs, and a desktop application for Apple Mac computers.

These help in fast and efficient trading with the best available tools and applications.

MetaTrader4 is also compatible with macOS Mojave. ETFinance allows traders to trade on mobile devices such as the iPhone and Android smartphones.


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 advanced 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

Mobile Application

The mobile application of the broker allows you to access CFD trading on over 350+ assets. Through this mobile trading app, traders can access the market anywhere without carrying any additional devices rather than their mobile phones.

Overall, the MetaTrader4 mobile trading software allows you to verify transactions and open new ones while on the go. Because there are fewer trading indicators accessible than on a desktop or online trading platforms, functionality is restricted.

However, Traders may access several asset classes using the ETFinance app, including CFDs with this provider. The broker offers CFD trading on 50+ Forex currency pairs, Stocks, Commodities, Indices, and Cryptocurrencies.

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

Major Trading Assets to Trade-In

ETFinance offers 350+ financial assets for trading CFDs on commodities, Forex, cryptocurrencies, indices, and stocks. Below are some major financial instruments available on the platform.

(Risk warning: CFDs are complex instruments. Many new traders end up losing money rapidly when trading CFDs. So, understand the market trends and choose the market according to your trading needs before you enter any trade.)

  • Forex: 50+ Forex currency pairs 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. Trade in these stocks during the market hours. 
  • 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.

That’s all in this part. Let’s discuss the ETFinance fees in the next section.

Commission, Trading Fees & Spreads

The broker offers commission-free trading facilities to their clients with changeable, floating spreads over a wide range of instruments, which means clients are not subject to pay any trading fees. 

In comparison to other online brokers, ETFinance offers a low-cost trading experience. This is advantageous for persons who trade frequently, such as on a daily or monthly basis. In addition, the broker doesn’t charge any deposit fees, but it does charge inactivity fees.

On the other hand, the broker doesn’t charge spread betting fees. Spreads vary depending on the broker’s liquidity provider. Check out the spread for all three retail investor accounts here:

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

Maximum Leverage

The broker offers high leverage to their clients but restricts the margin as the account type. Leverage must be used smartly according to your trading capacity. Many new traders end up losing money rapidly due to leverage. 

Let’s check available leverage for different retail investor accounts:

Silver Account:

  1. To Trade 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. To Trade Forex: 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. To Trade Forex: 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)

Deposit and Withdrawal Process

The broker offers a range of popular payment options for deposition and withdrawal. The popular funding methods include 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 trading on the platform is $ 250. The withdrawal request takes 2 to 3 working days to process. Traders must note that withdrawal requests filled after 11 am GMT will be processed the next day.  

Conditions for Withdrawing Funds:

Withdrawals must be requested through the ‘My Account section, and the following information/documentation must be provided before making a request:

  • The beneficiary account’s full name (including first and last names) should match the trading account’s name.
  • The withdrawal amount is less than or equal to the account balance.
  • Full details regarding the deposit method, including any supporting paperwork required to perform the withdrawal in accordance with the deposit method.
  • For bank transfers, you’ll need an IBAN number, a bank reference, or a bank statement that includes the IBAN.
  • For credit card deposits, a copy of the credit card is required.
  • Account Statement

Educational Resources and Research Support

The brokerage consists of quality educational material such as an education library, packed high-quality videos that cover most trending topics, trading-related articles, and assets hub, etc. You can read these articles to understand how CFDs work?  

The broker also offers a range of great educational videos on topics including:

  • Forex indicators
  • Timing in Forex
  • MT4
  • Basic Forex Market Education
  • Fibonacci
  • Candlesticks
  • Chart formation patterns
  • Cryptocurrencies

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

On the other hand, the enhanced trading tools from ETFinance for MetaTrader4 are designed to enhance the overall online trading experience and provide traders with a competitive advantage.

ETFinance provides access to 20 unique trading tools, including feature-rich trade execution and administration programs, intelligent notification alarms, messaging capabilities, cutting-edge market data, and much more.

Customer Support

The broker’s customer support service team is available 24 hours a day, 5 days a week, from Monday to Friday (03:00 to 18:00 GMT). The qualified customer executive is always ready to clear your doubts related to online trading.

Traders can contact them through live chat support, phone calls, and email. The broker also provides a “Contact form” on their contact us page. 

You can contact the customer support team via:

  • Email: [email protected] 
  • Phone number: +8006 003 7004
  • Live Chat Support
  • User-friendly customer service available 24 hours a day, 5 days a week

Final Verdict

ETFinance is a brokerage firm that confers commission-free trading services on a wide range of instruments like CFDs on 50+ Forex currency pairs, commodities, stocks, indices, and others. 

The professional customer support team is available 24/5 for resolving clients’ problems. The support team in the Live Chat option is friendly and prompt.

In conclusion, ETFinance provides traders with unique advantages such as commission-free trading and the possibility to trade on the widely used MetaTrader4 platform.

The Client Area is easy to navigate, and users can easily open a new live or demo account, deposit and withdraw funds, and access online trading platforms. The online educational video library is also a useful feature for beginner traders and advanced traders alike.

Overall, it is right to say that ETFinance is a reliable broker.


Hello from FxReviewTrading! We aim to equip you with an array of objective appraisals, insightful commentary, and meticulous analysis. We uphold our commitment to precision through rigorous data validation and consultations with industry experts. It’s essential to recognize that, albeit rarely, minor fluctuations may arise. Please be assured that our dedication to delivering unbiased assessments, exhaustive scrutiny, and well-informed perspectives remains resolute.

We find it imperative to offer some advice on the matter of investing in financial instruments, commodities, and various assets, which inherently involve a significant level of risk. There is the potential for a complete loss of your invested funds. We strongly recommend engaging in such endeavors only if you possess a comprehensive understanding of the associated risks. It’s worth noting that FxReviewTrading refrains from providing investment advice or any form of financial guidance.

Your financial security is of paramount importance to us, and we fervently endorse the exercise of due diligence and seeking professional guidance when making investment decisions.


How Many Trading Accounts do ETFinance Offer?

ETFinance offers three types of retail investor accounts with the option of an Islamic account and a Demo account:

  • Silver Account
  • Gold Account
  • Platinum Account

What is Leverage, and How Much Leverage is Offered by ETFinance?

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.

The broker offers a maximum leverage of 1:30 for retail traders and 1:200 for professional traders.

Does ETFinance charge any Commission?

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