ETFinance isn’t one of our top rated brokers right now. Who is?
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Coming under the jurisdiction of the EU means that ETFinance manages to instantly provide a reputable example of its reliability, even as a new broker. This is because it is based in Cyprus. While ETFinance is a new broker that has only just come onto the scene, it offers low prices and uses market-leading technology to give its customers what they want. We have put together this ETFinance brokerage review in order to discover whether ETFinance can live up to the promises that it makes.
- Low prices and high-quality services
- EU regulated, so they are reliable
- Uses cutting-edge technology to power its services
CFDs on Stock Trading Offer
This review of ETFinance has found that it offers a range of services to its customers. When trying to find out the answer to the question, is ETFinance good, the first step almost always leads to the range of underlying assets such as shares that it offers customers. The broker currently has over 150 stock CFDs on offer to customers and includes the majority of the biggest names on the market in its list. This ensures that customers have access to some of the largest companies on the stock exchange.
ETFinance also allows for both commodities and indices CFDs to be used to trade. From there, customers can utilise their knowledge to trade in the specific area they are most comfortable with. This adds to the CFDs on stocks that are available at ETFinance and gives traders a wider range of choice.
There are two separate accounts on offer at ETFinance. The first is the retailer account, which all traders are signed up to initially. Once the trader is able to prove that they are a professional trader, either through documents in their possession or through their trading history, they will gain access to a professional account. This does not differ from the beginner account in terms of the features that are on offer, but it does allow traders access to a higher leverage amount.
- Shares, commodities, FX and indices CFD trading are available
- Retail and professional accounts are on offer
- Professional account offers higher leverage amount
Stock Exchanges and Trading Centres
Traders can easily diversify their portfolio when using ETFinance. Part of the reasoning behind this is because it offers the ability to trade across indices. This means that a range of a leading indices from around the globe are available for CFD trading, including the US – DOW JONES 30 ,GERMAN – DAX 30, BRITISH – FTSE 100and the AUSTRALIAN ASX 200.
- A varied portfolio is easily achievable at ETFinance
- Offers ability to trade across indices
- DOW 30, S&P 100 and other popular exchanges indices are all available for CFD Trading
Trading Conditions
Opening an ETFinance brokerage account gives traders the option to open a retail account, and if they comply with the relevant criteria to be treated as a professional client, , a professional account is also available. On both of these accounts, there are no commissions on trades, which helps to keep costs at a minimum. There are also very low spreads when taking part in ETFinance CFD trading on stocks – this does sometimes fluctuate with the market though. With no trading volume limit in place with the professional account, ETFinance is one of the competitive brokers on the market. This could potentially be due to ETFinance realising that it is behind other brokers in terms of reputation and as such is choosing to keep costs low in order to prove itself to traders.
All accounts at ETFinance have no additional cost attached to them. This means that ETFinance is not offsetting its commission-free trades by charging to use its accounts. The broker also helps to keep costs at a lower level by not charging for deposits or withdrawals while trading. This allows traders to move money around between their accounts without having to worry about how transaction fees may affect their yield.
- Commission costs are limited to just the spreads and rollovers
- No account fees for the retail or professional account
- Using any transaction method is free, so there are no costs on deposits or withdrawals with active account
Trading Platform
This review of ETFinance has found that there are three ways to trade with the broker. When carrying out a broker comparison, this is more than the majority of other brokers out there. This makes ETFinance the best broker in terms of available platforms to traders. The first platform that is available is the WebTrader. This is a browser-based platform that gives traders access on any device that has internet access and a web browser. Not only does it include a range of useful analytical tools, but it also has a simplified navigation platform to make sure that beginner traders have no issues. The WebTrader platform also includes a demo account that can be used for two weeks in order to get used to using ETFinance Trading Platform.
The second option is well known within the trading industry. MetaTrader 4 is the main trading platform that ETFinance offers to its customers. It has a wide range of features that makes trading easy. This includes a simple-to-navigate interface and a wide wide range of analytical tools. MT4 also has a mobile version of the app that allows traders to keep working on the go.
- A browser-based platform is available
- MetaTrader 4 is the main platform on offer
- Both MT4 and a custom mobile app are available to traders
Usability of the Website
Using the ETFinance website is an excellent experience. When carrying out a broker comparison, it came out as one of the best sites on the market right now. This is because it is designed to a very high standard. Users are able to easily find any section of the website due to the menu that is located at the top of the page. This lays out all of the different sections and has drop-down menus for parts that have a number of different details. Both the products that ETFinance offers and the legal information are accessible from the menu right away. This means that there is no need to spend a great deal of time searching for the section you need.
The overall design of the ETFinance website is very pleasing on the eye. It uses a gentle colour scheme that helps to limit the amount of eye strain.
- Easy to navigate around the site
- Most important sections are right at the top of the page
- Nice colour scheme makes it easy to look at
Customer Support
When carrying out this ETFinance brokerage review, we found out a great deal of information about the customer support options. Most notably, ETFinance offers customers a wide range of different customer support options. The broker offers a phone number and live chat support that is open from 7am until 7pm GMT, Monday to Friday. On Saturday and Sunday, it is open from 8am until 5pm GMT. This means that the support is not a 24/7 option for customers. The live chat support also seems to have a problem, where the agent that is dealing with your complaint will get cut off and replaced midway through dealing with your issue. This could be a teething problem, with ETFinance being quite a new broker. The call charges for ETFinance depend on where you are based in the world, so it is worth looking into how much it would cost to call them before you decide to use the phone instead of the live chat.
ETFinance also offers its customers email support. This means that if there is an issue that requires a more long-form explanation, then sending it via email will allow this to be carried out. Because ETFinance is quite a new company, there is not much information available about how well its customer service deals with complaints or issues. This does not mean that its customer service is not up to standard, but at the same time, it also does not mean that it is of the highest quality either.
- Live chat, phone and email support are all available
- All customer support has operating hours in effect
- Too early to know the full quality of the customer service
Methods of Funding
ETFinance trading can be quite stressful to new traders. Without the knowledge of how financial transactions work, it can often confuse people who are not well versed in these matters. Fortunately, ETFinance covers both a traditional and more modern financial method for its customers. Both credit, debit cards are covered in addition to wire transfer at ETFinance, and there are no additional charges for making deposits. All deposits should be made instantly, while withdrawals may take between one and three business days.
When using more modern methods at ETFinance, just like with the more traditional methods, there are no charges for deposits . One benefit that e-wallets offer though is that their withdrawal times are massively cut down, taking up to an hour at the most.
When getting involved with ETFinance trading, it is nice to know that it uses Secure Sockets Layer (SSL) technology to ensure that financial transactions are carried out in a safe manner. This instantly gives a sense of wellbeing to customers. There are no limits to the number of free deposits and withdrawals you can make when using ETFinance. The only real difference between using modern and traditional banking methods is that the e-wallets offer much faster withdrawal times.
- Skrill and Neteller can be used and offer fast withdrawal times
- Visa and Mastercard can also be used
- Unlimited no-fee deposits are allowed
Additional Offers
In terms of additional offers at ETFinance, it has already laid out the majority of what it offers with its accounts and payment methods. With zero fees on trades, deposits, it ensures that costs are kept to an absolute minimum when carrying out ETFinance trading. However, this does not mean that it has nothing more to offer to its customers.
When using the WebTrader platform to trade with ETFinance, there is a two-week trial account available to traders. This means that it is easy for beginner traders to practice both using the platform and trading without having to risk real money. While this might not be exciting to advanced traders, for new traders, it means that they can easily begin using ETFinance without having to learn on the job. This does add to the beginner appeal when it comes to using ETFinance.
There is also an educational video on demand (VOD) service available at ETFinance in its education section. This includes 12 lessons that introduce traders to the basics of different types of trading. It will not make you an expert overnight, but it does help to create a solid foundation to move forward in the trading world. There is also an economic calendar available, which has some use for more advanced traders. The education section would be improved by the addition of some articles, but as a new site, it will take time to build up what it offers to customers.
- Free two-week demo account for new traders
- Economic calendar available for more advanced traders
- No articles as of yet, but ETFinance does have time to build up its library
Regulation and Deposit Protection
During this review of ETFinance, we found that it is very well regulated. This is shown by the broker being more than willing to make it easy for customers to view just exactly what its regulations are. At the top of the homepage, there is a menu tab for the legal section. Here, ETFinance shows just exactly how it is regulated. The first section is the General Data Protection Regulation (GDPR) section. ETFinance lays out exactly how it is allowed to use the data that the customer provides when they sign up. In addition to this, traders can opt out of certain uses of their data. It shows that ETFinance is open and upfront about what it does with customer data.
The second section contains information detailing how the broker is regulated. ETFinance is regulated by the “CySEC”, which is one of the largest financial regulators within the EU. This shows that although it is a fairly new broker, it is still trustworthy. In addition to this, ETFinance retail clients covered under the Investors compensation funds in case that the broker is going out of business, they will be able to get compensation for their funds.
- Data protection regulations are in place
- ETFinance is regulated by the CySEC
- Compensation cover is in place for traders
Awards
ETFinance does not have any awards at this moment in time. This is because it has not been running long enough to be entered for any. While there are no guarantees that it would win any awards if it took part, it is also unfair to say that it would not win any either. Until ETFinance has been running for over 18 months, it is unfair to judge it on its lack of industry awards.
Conclusion
ETFinance is a new broker that is making big waves in the industry. By offering a distinct lack of fees to its customers on deposits, withdrawals on their accounts, it shows that it is willing to lower trader costs in order to bring them on as customers. This is excellent for new traders as they are more likely to take a chance if the costs are low. In addition to this, if it helps to raise the broker’s reputation, then it could attract more experienced traders to its service.
While this review of ETFinance has found that there is a wide range of positives, there are some small negatives as well. The customer service has a few small issues, the main one being that it is not open 24/7. Over time, ETFinance may see this and change how it works, but at the moment, this is still an issue. Also, the education section includes some “Lorem Ipsum”, which shows that the website has not been finished yet. This may put off potential clients if they see it.
Overall, ETFinance is a very good broker. The issues surrounding the broker are very minor ones that can be fixed quite easily. For new traders, ETFinance is definitely a broker worth trying out.