ETFinance Review

1.78 • 33 REVIEWS
Out of business Magnum FX (Cyprus) Ltd
Updated: Mar 7, 2023
ETFinance is a forex broker. ET Finance offers the MT4, WebTrader and Mobile forex trading top platform. offers over 45 forex currency pairs, cfds, commodities, stocks, indices, gold, silver, bitcoin and other cryptocurrencies for your personal investment and trading options. is part of Magnum FX (Cyprus) Ltd group. Known members of this group include,

Website is down. Company seems to be out of business.

Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 500:1
Minimum to Open Live: Unknown
Established: 2016
Address: KPMG Center, 1 Agias Fylaxeos Street, 2nd Floor – Office 1, 3025 Limassol, Cyprus
Contact:, +8006 003 7004
Regional offices:
Regulators: CySEC #359/18
Prohibited countries:
Trading platforms: MT4, WebTrader, MobileTrader (MobileApp)
Web Trading: ✅ Yes
Mobile Trading: ✅ Yes

Trading Instruments

Currencies: (50+)
Cryptocurrencies: (30+) Bitcoin, Litecoin, Ethereum
CFD: (220+) Gold, Silver, Other Precious Metals, Stocks, Stock Indexes, Oil, Other Commodities

Trading Conditions

EAs/Robots: ✅ Yes
Scalping: ✅ Yes

Managed Accounts & Social Trading

Deposit Methods: VISA, MasterCard, Maestro, Neteller, Skrill
Withdrawal Methods: VISA, MasterCard, Maestro, Neteller, Skrill
* Please check broker website for more information
1.78 • 33 REVIEWS

Recent User Reviews of ETFinance

Makati, Philippines,
Oct 6, 2021,

This is a SCAM!

Service use: Live Length of use: 0-3 Months
Be warned! I lost $39,000. This is a scam. They manipulated the result so all ur assets will turn negative in the end and won't ever turn around!
Middlesbrough, United Kingdom,
Dec 6, 2020,
Registered user

Coerced into investing

Service use: Live
I lost nearly £30,000 very quickly. Scammed all the way and pressurised into getting large loans. I told them repeatedly that I did not have any experience with money markets and was told not to worry because my manager will help me. They used my ignorance to make money. I do not know how they are still registered!
J.van de Bor
Ede, Netherlands,
Aug 25, 2020,
Registered user


Service use: Live Length of use: 0-3 Months
In my personal experience this company used adverts with fake celebrity endorsements, aggressively pushed me to invest money continuously, understood that I was a complete novice but still made me a professional trader by making me complete documents when I did not match the criteria needed. They gave me false promises of high profits without risk.

I have lost everything, all my money to this company and when I called to complain, 2 women their laughed at me.

Stay away from this company, they are no good!!!
Cheshire, United Kingdom,
Jun 3, 2020,
Registered user

No stop loss, massive lots, ask for deposits

Service use: Live Length of use: 0-3 Months

Technically i think the tools and MT4 integration are good. It is fast, reliable, and i manage to take funds 2 times (very small in comparison of what I deposit). If you refuse all their calls, it might be good for you?

How it started: I have been lured by an add on a Facebook that were really looking like a scam (be millionaire with a forex robot). I decided to give a try knowing the potential danger. I end up getting contacted by ETFinance to setup a forex account. I was sceptic and did some review. But it looked quite legit. They used to have FCA protection. So i gave a try.
What had alerted me in the first place is their love for phone calls. How can they pay those guys to call me for hours? It means they got big funds for "marketing". My other, Binkbank, never called me in 10 years.
Then I started to use the standard account, but the customer service pushed me relentlessly to open the professional account. They were so pushy and showing me the opportunity i was missing, that i end up funding the account by chunk of thousands. In end up loosing more than 14000 GBP.
In the beginning i had luck and win around 15 K. Then Friday night (all my position were closed) customer service call me again to push me to open trades. I was reluctant, I wanted to have a good weekend. Nevertheless I was tired and fell for it. I open 6.5 lots on RBOB-APR20 and some diversification. But in a matter of hours (dinner time) I lost the 15 K i won during the week. (no more margin).
As well, what i did not like with this broker is that they push you top open position without stop loss, so that the price action can live his life before hitting your target. Highly dangerous give the lot size they recommend.
Their technic: they call you relentlessly and share their screen and show you opportunities, makes calculation on houw much you could win and ask you to deposit more in order to play with the leverage and win big. But in the end I loose everything....
Anyway, they are stopping business with UK customer on the 4th of June.
Hope that review can be helpfull.
1 trader has found this review helpful
Fritz Langar
Wiesbaden, Germany,
May 24, 2020,

Many assets and good trading conditions

Service use: Live Length of use: over 1 Year
My review is quite banal, but I decided to write it because many people are interested now in trading with this broker.
1. Is ETFinance a regulated broker? Yes, the information on the broker's website and the CySEC website confirms it. The broker is fully licensed.
2. How good are the account conditions? There are three different accounts in total. The most initial one is Silver. I trade with Gold, because spreads are much more favorable there. There are about 800 assets available.
3. A broker provides a personal account manager. The manager is professional and can help with advice. It is true that sometimes the manager is demonstrating lack of flexibility in regard of the trading methods, but I take it with understanding.
4. Withdrawal of funds is quite fast - takes about 2-3 days, there are no commissions.
In general, ETFinance is good and, what's important, offers really good trading conditions.
Danny Mathos
Setúbal, Portugal,
May 21, 2020,


Service use: Live Length of use: 3-6 Months
The broker has got many awards and it’s fully legal. Trading conditions are very favorable compared to similar CFD brokers. These are the main advantages.
The minimum deposit is 250 euros - reasonable enough imo.
Verification process took several days. Registration is instant, but it takes time to verify the customer’s identity (required by all the legal brokers). Trading experience is good, no complaints.
Thumbs up!
Emil Pietrzak
Pabianice, Poland,
May 21, 2020,

Approved for CFD Trading

Service use: Live Length of use: 3-6 Months
I’ve been trading here for several months already and had a chance to withdraw some profits already. So generally I’m satisfied with the experience. There are enough assets presented, both traditional and exclusive. Spreads are narrow + 0 commissions, which pleases me the most.
The demo is only available for 7 days but can be prolonged upon request. This is the disadvantage in my opinion. 7 days is enough only if you’ve got some experience with MT platform already. I did have such an experience so this was not a problem for me.
Proper regulations is definitely a huge plus to the choice of this particular broker.
Lee Tho
Kuala Lumpur, Malaysia,
May 20, 2020,

Quality service

Service use: Live Length of use: 6-12 Months
I had a lot of doubts and even wanted to register an account with an unregulated broker first. The reason is that regulated brokers have to apply leverage caps, so any european legal broker must not provide the leverage above 1:30 to its retail traders.
Yet, after opening a demo account here and trading for a little while, I understood that I actually don’t need more leverage for discrete trading. I can’t manage over 5 simultaneous positions anyway, and my $500 account multiplied by 1:30 lever is enough to trade with no worries. Yet, I have to warn that I always apply stop loss orders and don’t allow any significant drawdowns to happen to my account.
The broker provides excellent executions and connection with MT4. Was also nice to find exclusive ETFs among the assets they allow to trade. I’ve always wanted to know how it feels to be the owner of Cannabis industry, LOL. Finally DONE :P
Nhlanhla Jansen
Lagos, Nigeria,
May 20, 2020,

Regulated and inexpensive

Service use: Live Length of use: 6-12 Months
My experience with the broker is positive. I know CFDs trading has its risks, yet for me it’s just a business risk that my offline business also bears. The unlimited opportunities for scaling the trading results is definitely worth it.
This broker was chosen because it’s regulated by a respectful EU authority, they charge spreads only and there are no extra commissions, including those on withdrawals. Spreads are rather tight and that’s the most important thing that matters in daytrading.
Uppsala, Sweden,
Apr 28, 2020,
Registered user

Profesional Scammers

Avoid this company at any cost.
Very dangerous scammers with a big army of Ukrainian callers from Kyiv.

Frequently Asked Questions

Is ETFinance a good broker?

Unbiased traders reviews on ForexPeaceArmy is the best way to answer if ETFinance is a good broker.

Please come back often as broker services are very dynamic and can improve or deteriorate rapidly.

Additionally, we'd recommend to check recent ETFinance community discussions:

What is ETFinance?

ETFinance is an online forex broker. ETFinance offers following assets to be traded on Metrader 4, Webtrader and mobile App.
  • Forex currency pairs
  • Crypto pairs
  • Indices
  • Commodities
  • Stocks

Is ETFinance regulated?

ETFinance is a brand name of Magnum FX (Cyprus) Ltd.

Magnum FX (Cyprus) Ltd. is licensed and regulated by Cyprus Securities and Exchange Commission (CySEC) under license number 359/18.

What is the maximum leverage for ETFinance?

ETFinance offers a variable maximum leverage based on the category of the account.
  • Retail account is 30:1
  • Professional account is 500:1