ETFinance Review

1.832 · 31 REVIEWS

Magnum FX (Cyprus) Ltd

Updated: Aug 27, 2020 · ETFinance.eu  · Is this your company?

ETFinance is a forex broker. ET Finance offers the MT4, WebTrader and Mobile forex trading top platform. ETFinance.eu offers over 45 forex currency pairs, cfds, commodities, stocks, indices, gold, silver, bitcoin and other cryptocurrencies for your personal investment and trading options.

ETFinance

ETFinance.eu is part of Magnum FX (Cyprus) Ltd group. Known members of this group include MagnumFX.eu.

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: support@etfinance.eu, +8006 003 7004
Regional offices:
Regulators: CySEC #359/18
Prohibited countries:
Trading platforms: MT4, WebTrader, Mobile Trader
Web Trading: Yes
Mobile Trading: Yes
Currencies: (50+)
Cryptocurrencies: (30+) Bitcoin, Litecoin, Ethereum
CFD: (220+) Gold, Silver, Other Precious Metals, Stocks, Stock Indexes, Oil, Other Commodities
EAs/Robots: Yes
Scalping: Yes
Deposit Methods: VISA, MasterCard, Maestro, Neteller, Skrill
Withdrawal Methods: VISA, MasterCard, Maestro, Neteller, Skrill

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1.832 · 31 REVIEWS
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Traders Reviews

Ede, Netherlands,
Aug 25, 2020,
Registered user

Warning!!!

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

Hello,

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,
Guest

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,
Guest

Verified

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,
Guest

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,
Guest

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,
Guest

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.
 
Jason,
London, United Kingdom,
Apr 9, 2020,
Guest

They don’t leave you alone

Service use: Demo

Length of use: Have not used

Total nightmare company . Signed up and from that moment the phone calls never stopped . I contacted them and told the we had a sick member of the family and to call back in 2/3 weeks which they said fine but the calls carried on . Even telling me to invest now while covid-19 was effecting us . Still getting calls now 1 week after my account was supposed to be deactivated
 
Poederoijen, Netherlands,
Apr 2, 2020,
Registered user

Please be aware of these scammers

Service use: Live

Length of use: 0-3 Months

I was pressed to put in a large amount of money. I have lost all in one week. There is no option to retrieve your left over balance. As a start you will receive many supporting phone calls from your account manager. Who will promise you to guide you in the learning process how to read the investing options. You will gain some money and after a short while you will start loosing. You will receive daily calls to press you to add extra money to your account, not to put your account into danger. After you have done this, your account manager will call you less and less. Only when your margin is in so called danger, he will phone you to ask for more money. You will see your balance getting less and less, despite the fact that the provided guideline when to buy or sell will be in your favor. There is no possibility in your account to retrieve your remaining balance. There is no possibility to close your account by yourself. There is no possibility to get in touch with the management. Dear people, think twice before hoping to earn some money, I am sure that the system is manipulated by ETFinance in such a manner you can only loose.
 

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. https://www.forexpeacearmy.com/forex-reviews/16864/etfinance-forex-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: https://www.forexpeacearmy.com/community/tags/etfinance/

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