ETFinance Broker Review
The sister company of MagnumFX is the online CFD and forex broker ETFinance. The parent business Magnum FX Ltd includes both brokers. This Cyprus-based business keeps its registration with CySEC, the country’s regulator, current. Normally, this would grant a broker passporting privileges to all of the EEC nations, but ETFinanace is only one of the brokers that the UK has outlawed.
ETFinance Trading
According to our ETFinance review, the broker offers more than 50 forex pairs, including a good number of minor and exotic pairs.
Additionally, they offer a wide range of CFD options, including almost 20 cryptocurrencies, indices, commodities, and stocks.
The majority of similar brokers’ spreads are competitive with theirs. The broker provides the 1:30 maximum leverage that ESMA has imposed, shielding inexperienced traders from taking on risky trades.
Regulators are a Big Problem for ETFinance
Although the broker’s services might appear appealing, traders should think twice before choosing them given their past with regulators. One of the first businesses to be impacted by the FCA’s crackdown on online CFD brokers was its parent company.
On June 1st, 2020, the FCA imposed a ban against four businesses that had advertised their services to UK citizens using fictitious celebrity endorsements. The prohibition is still in effect, and neither ETFinance nor MagnumFX are able to provide any services to UK citizens.
Conditions for Trading ETFinance
The well-known MetaTrader 4 trading platform is used by ETFinance to offer its trading services.
Before making the $250 minimal deposit to start a trading account, investors can use demo accounts to learn more about the broker.
They accept standard payment methods like credit cards, wire transfers, and well-known online payment processors to fund accounts. Additionally to English, they also provide their services in Spanish and German.
CySEC regulates ETfinance as a broker. We caution you to exercise extreme caution when transacting business with this broker based on its client testimonials. Customers across the board complain that it is nearly impossible to withdraw money from this broker.
Conclusion: Investing with a company that is prohibited in one of the most well-known trading jurisdictions doesn’t seem like such a wonderful idea.
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