ETFinance Review – Trade Currencies and Other Assets With a Regulated Broker
For both new and experienced traders in the financial markets, finding the right brokerage platform that matches their trading style and demands can be a significant challenge. This is true, even though the task of selecting a broker look simple for anyone who doesn’t understand what it involves.
For instance, even though there are thousands of brokers out there, some of them integrate a higher commission rate on trades than their competitors. There is also the chance that a broker offers account types that do not match the portfolio of a prospective client.
Another challenge could be the brokerage firm not offering a robust collection of tradable assets, or even in some cases, not having any regulatory background. The issue of regulation is especially vital since, in some cases, it gives the trader confidence that their funds will be fully refunded in the case of any unprecedented loss.
Putting the above factors into perspective reinforces our earlier statement that finding a reliable broker can be a significant challenge to those who wish to invest in the financial market.
Happily, though, there are still a few brokerage platforms that could satisfy the needs of the different classes of investors and day traders. ETFinance, an EU-based broker, is one such broker, and in this article, we’ll review the platform and why it stands out among most of its competitors.
Fully Regulated and Reputable Brand
While most brokers have a very shady background, especially with regulators, ETFinance isn’t. The platform is operated as a brand under Magnum FX Ltd, a company that is duly registered with the Cyprus Securities and Exchange Commission (CySEC).
Clearly, obtaining such regulatory status is not an easy feat. Otherwise, every broker out there would do acquire the necessary license. But ETFinance likely took this step to instill confidence in their clients.
Among other tedious requirements, the company would be subject to regular external audits, file regulatory reports, and maintain an operating capital not less than EUR 750,000. That amount shields the company from suddenly going bankrupt.
For customers, being a member of the Investor Compensation Fund for Customers of Cyprus Investment Firms means that ETFinance will also maintain a EUR 20,000 backup for client funds, to cover for unavoidable losses.
Lastly, trading on ETFinance means trading with a globally reputable firm as the company is an official sponsor of the Real Madrid Basketball team, one of the largest soccer establishments in the world.
Diverse Asset Trading
Traders can invest in nearly every kind of asset on the financial market using ETFinance. The platform offers the option to trade currencies, stocks, indices, commodities, ETFs, and even CFDs based on cryptocurrencies.
Therefore, instead of opening multiple accounts with different brokers to access these markets, you can have them all in one place using ETFinance.
User-Centric Account Options
With a clear understanding that different strokes go for different folks, ETFinance offers multiple account options for different classes of retail and professional traders.
For newcomers, a Silver plan is available, which includes 0.07 minimum spreads, leverage up to 1:30, and full customer support access throughout working hours between Monday to Friday.
Experienced traders can flex their muscles with the Gold plan that has a higher 0.05 minimum spreads and leverage between 1:400/1:500 for professionals. The plan also features, hedging, a dedicated account manager, and access to a plethora of educational tools.
As one would expect, the Platinum plan covers all the benefits of the lower plans and other benefits such as a Free VPS, swap discount up to 50%, and news alerts to monitor price-influencing developments.
Meanwhile, ETFinance also offers an Islamic trading account that caters to those of the Muslim faith, by ensuring that no kind of interest is charged on their trading positions even if they stay overnight. Although some other brokers also claim to provide this kind of account, they often breach customer trust by transferring charges to a different type of fee.
Metatrader 4 and Mobile Support
Both new and seasoned traders enjoy the numerous features of the Metatrader 4 trading platform. The experience does not change with ETFinance as the broker also integrates the popular trading interface.
Clients can also expect to use Webtrader or even the mobile app if they wish to trade assets on the go.
Excellent Customer Support
At the times where you’re encountering technical issues on your brokerage platform, the last thing you want is not having a customer support agent to attend to your inquiries promptly.
Well, it is likely that such technical difficulties will happen on ETFinance. Still, even when it does, users can expect prompt customer service feedback, either via email or the Livechat support feature on the website.
There is also phone support available between 8 to 20 GMT on weekdays, just in case you find that method more efficient.
Knowledge is power, and the right knowledge is worth even more. On ETFinance, traders get access to a wide range of educational materials in different formats that include webinars, e-books, videos, tutorials, calendars, and full courses.
Note, though, that you must sign up for any plan higher than the basic package to get access to these materials.
Multi-Language Website Support
Unlike most competitors that offer their website content in only English, users can explore ETFinance in six additional languages aside from English. These supported languages include Spanish, Italian, Portuguese, Swedish, Dutch, and German.
As we noted at the onset, finding a reliable brokerage service can present a significant challenge because of several factors.
However, regulated and efficient brokerage firms like ETFinance are some of the most significant contributors to the continued existence and growth of the financial market. These brokers meet the need of traders of different calibers, ensuring swift and secure trade execution at all times.
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