ETFinance Review

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!

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!

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!!!

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.

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.

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!

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.

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

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.

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

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

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.

I've been trading with ETFinance very recently, so my position is not objective, but I still want to give my first opinion. On the first impression, in two months of trading, ETFinance has proven itself on a good side. What's positive is that there are many, many assets, there are training, there are swap-free accounts and many more. There is also training, so even beginners will feel comfortable. The spreads are lower than the market average, very good. I haven't noticed any disadvantages, so I can not say anything about them. Except that the website design is very pale, but it's a taste.

Quite a reliable broker, trading with them for two years. A little bit about the company, information from open sources. Magnum FX manages several brokerage agencies with different brands. In addition, the main domain of Magnum FX is ETFinance. Magnum FX (Cyprus) Ltd and its trademark ETFinance are licensed and controlled as they offer CFD trading services. ETFinance is licensed by the Cyprus Securities and Exchange Commission, also known as CySEC. This is a reliable license, so the regulations are clear. The trading process isn't controversial either, on the contrary I'm satisfied with the way it works, no problems. Btw there is a small disadvantage. ETFinance made the output process quite simple and easy. Withdrawal requests made after 11:00 GMT on a working day are processed on the next working day. However, according to the withdrawal and refund policy, the broker is entitled to charge a withdrawal fee of EUR 50 if there is no trading activity prior to submitting a withdrawal request. If you trade continuously and it is your main business, there will be no problem, but if you trade only occasionally as a hobby, you will have to pay a commission. That's not very cool.

I was informed that the trading is automated. I have been checking my account and it was trading. Today, I was asked how I was trading??!!
I ask for assistance to get my money back. I deposited £250 in January 2020. My account is not accessible.

I know a lot of people that trade, as ETFinance and other brokers. Among my fellows, I was first one to trade with ETFinance, primarly because the brokerage is regulated by CySEC. Whatever is going on, I know that I'm secured. I know that my brokerage is secure and I can don't worry. It was hard to explain some of my fellows why they want move to ETFinance, but I've this done and they are now of the same opinion :)

EtFinance is a good choice for CFDs trading. They’ve got spreads only and no other fees, use MetaTrader products for trading which I think is a plus, the number of assets in the list is very impressive. Most importantly, the company is working under CySEC regulation, so the funds are safe here. Well, trading has never been a safe haven for capital, but at least it's nice to know that the broker is working legally and won’t be able to steal your deposit and disappear. I’ve done 3 withdrawals so far, one arrived in 3 days, the other two were much faster.

The never payed me the sum that they scammed me, the issue is now forwarded to Cysec.

Prevous content was:
Since 3 weeks ago they agreed to pay 12k of 74k which they have scammed me. I haven't accept it. I have shared my bad experience in more forums and I have also created the facebok page (search for 'Etfinance scam people' in your facebook account). I will not give up until I recover all my money.
Previous I wrote:
Updated:
They wrote:
that they will increase the compensation refund in the sum of EUR 12,000.00

I wrote that I want all my money back which is 74000 EUR
The fight is still going on

Dec 11, 2019 - 1 Star They want to give me 7000 of 74000 (which they scammed me to lose). What a joke, Not acceptable.

Nov 21, 2019 - 1 Star Exactly the same experience as CKOne
I have lost almost 80k eur with trades I was recommended and lead into by my account manager, with the knowledge that I was not an experienced trader.
Repeatedly called by the account manager and persuaded to deposit more funds to trade and recover my losses.. convinced to open a professional trading account to recover lost funds by trading with larger volumes, and talked through the questionnaire answers to give in order to qualify as I was not an experienced trader.

The forex trades placed were advised late in the day and therefore needed to be left open overnight to profit from them as they opened with big negatives which I now know (having researched myself) is profit made by ETfinance. Also exotic forex trades advised on a Wednesday afternoon which I was not informed incurred a multiple swap with huge spreads. My account manager had even emailed me to advise me that closing the trades before the market closed was not a good idea!!!

Dec 16, 2019 - 1 Star Updated:
They wrote:
that they will increase the compensation refund in the sum of EUR 12,000.00

I wrote that I want all my money back which is 74000 EUR
The fight is still going on

Dec 11, 2019 - 1 Star They want to give me 7000 of 74000 (which they scammed me to lose). What a joke, Not acceptable.

Nov 21, 2019 - 1 Star Exactly the same experience as CKOne
I have lost almost 80k eur with trades I was recommended and lead into by my account manager, with the knowledge that I was not an experienced trader.
Repeatedly called by the account manager and persuaded to deposit more funds to trade and recover my losses.. convinced to open a professional trading account to recover lost funds by trading with larger volumes, and talked through the questionnaire answers to give in order to qualify as I was not an experienced trader.

The forex trades placed were advised late in the day and therefore needed to be left open overnight to profit from them as they opened with big negatives which I now know (having researched myself) is profit made by ETfinance. Also exotic forex trades advised on a Wednesday afternoon which I was not informed incurred a multiple swap with huge spreads. My account manager had even emailed me to advise me that closing the trades before the market closed was not a good idea!!!

Jan 3, 2020 - 1 Star Since 3 weeks ago they agreed to pay 12k of 74k which they have scammed me. I haven't accept it. I have shared my bad experience in more forums and I have also created the facebok page (search for 'Etfinance scam people' in your facebook account). I will not give up until I recover all my money.
Previous I wrote:
Updated:
They wrote:
that they will increase the compensation refund in the sum of EUR 12,000.00

I wrote that I want all my money back which is 74000 EUR
The fight is still going on

Dec 11, 2019 - 1 Star They want to give me 7000 of 74000 (which they scammed me to lose). What a joke, Not acceptable.

Nov 21, 2019 - 1 Star Exactly the same experience as CKOne
I have lost almost 80k eur with trades I was recommended and lead into by my account manager, with the knowledge that I was not an experienced trader.
Repeatedly called by the account manager and persuaded to deposit more funds to trade and recover my losses.. convinced to open a professional trading account to recover lost funds by trading with larger volumes, and talked through the questionnaire answers to give in order to qualify as I was not an experienced trader.

The forex trades placed were advised late in the day and therefore needed to be left open overnight to profit from them as they opened with big negatives which I now know (having researched myself) is profit made by ETfinance. Also exotic forex trades advised on a Wednesday afternoon which I was not informed incurred a multiple swap with huge spreads. My account manager had even emailed me to advise me that closing the trades before the market closed was not a good idea!!!

Dec 16, 2019 - 1 Star Updated:
They wrote:
that they will increase the compensation refund in the sum of EUR 12,000.00

I wrote that I want all my money back which is 74000 EUR
The fight is still going on

Dec 11, 2019 - 1 Star They want to give me 7000 of 74000 (which they scammed me to lose). What a joke, Not acceptable.

Nov 21, 2019 - 1 Star Exactly the same experience as CKOne
I have lost almost 80k eur with trades I was recommended and lead into by my account manager, with the knowledge that I was not an experienced trader.
Repeatedly called by the account manager and persuaded to deposit more funds to trade and recover my losses.. convinced to open a professional trading account to recover lost funds by trading with larger volumes, and talked through the questionnaire answers to give in order to qualify as I was not an experienced trader.

The forex trades placed were advised late in the day and therefore needed to be left open overnight to profit from them as they opened with big negatives which I now know (having researched myself) is profit made by ETfinance. Also exotic forex trades advised on a Wednesday afternoon which I was not informed incurred a multiple swap with huge spreads. My account manager had even emailed me to advise me that closing the trades before the market closed was not a good idea!!!

ETFinance is a SCAM! Exchange commission Regulators: CySEC #359/1
ETFinance is a trading name of MAGNUM FX (CYPRUS) LTD

You will end up losing everything.
They will manipulate you into investing all your savings and borrowing.

I did see the advertisement online. When you register at ET Finance, a manager will call you. They will trick you into believing them to trust them completely.

They even told me they will be helping in each stage to make the money but they just pressure you to invest by borrowing otherwise I will be losing all I invested.

They let you invest a small amount of money and later they want you to deposit bigger amounts. When your tradings are in minus they want you to borrow money to save your tradings...
everything disappeared from my account and they called to tell me that I lost money, I can not understand how it can happen with somebody with trading experience broker like ETFinance. How can they have a good a conscience scamming people?

This is not right. I lost around €21000 with ETfinance. I am so depressed and I need help. I really want my money back from the scammers.
Can anyone help me please?

I always act according to the law and demand each company, I'm working with, to act properly. When I was choosing broker (the first one), it was hard to understand the difference between registration and regulation and because of this I've chosen unregulated brokerage. Everything was good, however I decieded to transfer my funds to a regulated broker. This time I chose ETFinance. After around 6 months of trading I can say that conditions aren't different compared to previous brokerage (many people told me that regulated brokers provide bad conditions), but I have confidence that my brokerage is regulated by the EU authorities and I act according to the law.

For me, ETFinance is the best brokerage among many other brokerages, as it's based in the EU (Cyprus) and is regulated by Cyprus Securities and Exchange Commission (CySEC) that is the part of the European Union regulatory boards, so CySEC applies the same principles in regulations as other Security and Exchange Comissions throughout the European Union (or SEC equivalent). ETForex sometimes can seems to be 'typical broker', however, I can ensure you, that there are some interesting points that distinguish it from other brokerages and make it one of the best choice (on my own, of course, you may have different opinion).
ETFinance has reasonable spreads (if we compare quality of service and the spreads amount), 24/7 trading, as well as 24/7 support and convenient trading platform (Metatrader 4). As it is mentioned on the ETFinance website, the Metatrader is top-notch platform. Of course, usually brokerages praise their features, so I don't trust official websites, but in this case that's 100% true. Metatrader is world-recognized top-notch trading platform, that left all competitors to trail behind. As on my own, the major Metatrader 4 advantages are: fast order execution (yeah, it depends also on the brokerage itself and ETFinance is good in this matter), WebTrader version, that can be used in browser, a lot of indicators.
I think the things like licences aren't interesting for most people, but I will share some info. I think the main point is reliability - ETFinance is reliable enough. As I said, it's regulated by CySEC and the license number is 359/18. I checked it - everything is clear.
So, finally, ETFinance is 100% regulated, European Union based brokerage with good trading conditions and order execution, that's basically reasons why I trade it :)

The only thing that I don't like in this brokerage is it's name. For sure, that's just my own taste, but I like more cool names. However, in trading regard there is almost no equals that can stand against vs ETFinancr and I know what I'm talking about, that's not just blah-blah. I trade with ETFinance for around 3 years, but I tested other brokers as well (before ETFinance and even when I was already trading with this brokerage, just to keep control over market) and no one of brokers didn't seem to me to be better than ETFinance. Brokerage is CySEC regulated with ECN market execution (as far as I know, that's the best type of order execution even possible). Despite all this perks, spread policy is really fair, brokerage don't robb me with countless comissions, fees and 'pay for this first'. I just pay spreads and get well-quality service, that's the sign of quality.

I'm with ETFinance for 2 years and I there was no problems or occassions for that time. Brokerage is well, 100% regulated by the EU authorities (CySEC) and in case there even can be some problems, you can always contact with regulator and get refunded or your issue will be resolved in any other way.
I was excited of education opportunities there. Yeah, I don't need such education, but is conducted in so great way. On official website there is separated section, that contains VODs (videos on demand), blogs, tutorials, courses and even (!!) Ebooks. Why is that so great? Cause each material is short and up-to-date, with no blah-blah, brokerage just delivers really useful info for all novice traders. Looking on this educational opportunities, I'm a little bit upset that I'm experiened enough and can't use them. hah :)

In fact, major part people need 2 things: reliable order execution and reliable withdrawals. I can even bet, that most people don't need a fast withdrawals, but fast is a synonym of "reliable". My experience with ETFinance proves that this broker is like this. It's regulated by CySEC and there's no lags when executing orders and withdtrawals are also fast and I always get them in time. So what I need more?

That's really important to answer before you will make a decision. What you need determines what you will get and you should be guided by your NEEDS, not your desires or reviews. Your NEEDS is what really matter. Also, you should understand you needs clearly, with no rubbish. Analyze your trading experience and draw up what you really use. When I was choosing a broker, I clearly understood that my brokerage should be trusted, regulated and with good reputation. Than I go to analyze and seek for brokerage that fit my needs. I rejected many brokers, as they try to offer you not good service, but some so-called outstanding features, that you won't use, but will be excited with. After a long time of analyzing I decided to choose ETFinance for the number of reasons. I need brokerage with Metatrader 4 and Webtrader - ETFinance has this. I need my brokerage to be regulated and ETFinance is regulated by CySEC that is the part of joint authorities of the European Union finance regulations. The spreads with ETFinance are also quite tight and even when market turns to be extremely volatile I pay around 2.5 pips and that's extremely rare, usually they don't exceed 2 pips. Support service in ETFinance is quite responsible and you can easily get all needed info. As for me, that's the mix that turn me to work with this brokerage. I can rely on it, I know it is regulated and trading conditions are okey. There's no features that aren't needed and brokerage don't try to draw your attention with some ghostly opportunities. I don't mean each person should has such set of needs, but I think 90% of traders need just reliable brokerage, so I can suggest ETFinance.

I like ETFinance mainly for twor reasons. First of all, this broker is fair and 100% EU regulated, so I don't even care about my funds and their security, as I know everything will be okey. CySEC is the part of the EU SEC regulation body, so it apply the same standards as SEC regulator in any of the EU countries. Secondly, I like that ETFinance has long list of assets, as sometimes it happens that broker is cool, but there is no enough assets to trade with and you have no options to choose. ETFinance is not like this and you can choose whatever you want from their vast list of assets.

The account manger will manipulate you into investing all your savings and borrowing. This is a scam. I am in the process of taking action against this company having lost £30,000.

I hereby confirm that my complaint was duly resolved by the Company and I have been provided with comprehensive information and explanations in relation to the matter.
Therefore, I no longer have any complaints against the legal entity Magnum FX (Cyprus) Ltd and brand name ETFinance and I duly confirm that I will safeguard any Confidential Information in regard to the Company.

Jan 19, 2020 - 1 Star ET FINANACE - SCAM with Cyprus Securities and Exchange commission [ CySEC] under license number 359/18.
ETFinance is a trading name of MAGNUM FX (CYPRUS) LTD registration number HE 360548
https://www.etfinance.eu/
October 2 /2019
I saw an advertisement in Facebook , I clicked on it and somebody called Gal B contacted me from ETFINANCE and introduced that he is my manger, helping to do the trading through ETFINANCE . As per his advice I started to trade and misleading by gaining my trust and he also introduced me to his Manager some body called Sahal. They both talking to me and my wife to invest in ET finance to make a good profit . They even told us they will be helping in each stage to make the money but They just pressurised to invest by borrowing otherwise we were losing all we invested. Overnight I made £18000 and Gal B called me to invest that to make profit , please see the details below .
Next day everything disappeared from my account and Gal B called to tell that you lost money, I still don`t understand how it can happen if somebody with trading experienced broker like ETFinance.
I am working in the night and have a family ,with 3 children, all my hard earned money I believed and trusted ETFinance is a a good broker to help with trading. I need Justice and all my Money I invested and gained by trading all together £43500 is with ETfinance . I am happy for ETFinance to take their broker fee and I need rest of the money. Please somebody give me advise how can I get my money back from this scammers.

This started off very friendly & seems helpful. However, the 'financial manager' was asking how much I had in savings, and gave a lot of examples of how much I could earn if I invested all of it. I explained that I was just testing the water & was not prepared to invest more than the initial amount (£250) I felt pressed to invest more, even though I had not even one transaction completed. I decided I was uncomfortable & said I would withdraw my money. I then got a further call from a 'manager' who said that I should give it a go & that he would not risk his reputation for only £250. If it was such an insignificant amount, why were they so keen on pressing me to continue? Smelt a rat & required refund only to be told that I would lose £50 charges!!! Rip off, scam, do NOT get involved!!!!

Hi! So i saw their advert when i was watching a movie and i clicked on it. Someone called me that day said so many good things and told me to deposit £200 which i did, when i went home my boyfriend told me to stop so i requested for my money back and only got £155 because i did not trade with the money so i call et finance and was told if i put in some fund and trade with it, i will get my £45 back so i was told the deposit £3245, which actually was my uni fee and i told my account manager ( ohad is his name) and he said not to worry that i will get more money. I did get the £45 back and was encouraged to trade 2 positions. Within a few days i was called by someone who claims to be my account manager's manager and said I have made a profit of £500 but i was not told to close the trade and be mindful that firstly I was new to trading and secondly i didn't know how to close a trade. The next day i received call saying my accounts is in a minus so i convinced (forced) to deposit £3000 so that i can recover my losses which i did, we opened a new trade which automatically closed it self next day with a loss of £630. My accounts manager called again and qe closed all the trade and opened different trade with the idea of gaining back all my loss. There was one trade which i noticed was getting higher swaps and i wanted to close it but was told to leave it because i will profit more, there was one i tried closing it myself at home but it would not because it was frozen by them, on the day of uk elections my accounts manager called me that i should add more funds since they will see large movements so i borrow money from my sister and i deposited £2000. The next day i called and withdrew £1000 because i promised my sister i will give back her money. My accounts manager told me to leave the trade alone and let them work so at the and am was left with a balance of £1103.09 instead of 7290. I have requested for a withdrawal of the 1103.09 but how do i get £6186.91 back because that is my uni fees and my credit card money which is now having interest on it. And why do they give you an account manager who sit down for you to lose all your income. Please help???? Should i report it to my bank or get lawyer. Please help???

UPDATE!! My dispute has been dealt with and solved to my full Satisfaction.

Nov 14, 2019 - 1 Star I have lost almost £4000 with trades I was recommended and lead into by my account manager, with the knowledge that I was not an experienced trader.
Repeatedly called by the account manager and persuaded to deposit more funds to trade and recover my losses.. convinced to open a professional trading account to recover lost funds by trading with larger volumes, and talked through the questionnaire answers to give in order to qualify as I was not an experienced trader.

The forex trades placed were advised late in the day and therefore needed to be left open overnight to profit from them as they opened with big negatives which I now know (having researched myself) is profit made by ETfinance. Also exotic forex trades advised on a Wednesday afternoon which I was not informed incurred a multiple swap with huge spreads. My account manager had even emailed me to advise me that closing the trades before the market closed was not a good idea!!!

Stop losses were calculated for me that did not account for the leverage rate, and therefore the trades did not close when I had requested them to.

I am trying to recover my lost money from ETfinance but have only just started proceedings.

DO NOT be sucked in like me, and watch this space!!!

wondering why they have CYSEC regulation? Because it sounds European but it’s closer to a fiscal paradise, if they’d do what they do (manipulate the platform, harrasing calls, many many calls, make you invest, manipulate clients through the phones) with a good regulation (say FCA from UK) they’d revoke their license in seconds. If you where scammed by these fraudsters contact your country’s financial regulator and CYSEC which is the sh*tty regulator that ETFINANCE has. ETFINANCE «regulation» is CYSEC number 359/18 , the more people suing them, the faster they will have to stop with the scam.

You can for yourself search many many brokers with CYSEC regulation that have scammed thousands of people, for example IRONFX. There are many more examples. CYSEC regulation is not a guarantee of security. DO NOT TRUST THIS PERSONS. THEY WANT YOUR MONEY AND THE PLATFORM IS MANIPULATED. THEY WILL DO ANYTHING NECESSARY TO GET YOUR MONEY. DO NOT TRUST ETFINANCE. IT IS JUST A BIG SCAM.

I have been scammed by ET Finance
I have tried to get my money back but they repeat it is my fault because the customer assumes the bid.
But the pressure that is put on is so great - The managers get you to a place where you trust that they are mangers to help you to understand the system, but really what they are doing is for you to disclose your assets in a very subtle way and then squeeze you into fear to clear the account that is now in negative equity and spiralling into danger. They do not help you to understand you can get out by closing your accounts and take the loss- but just to clear up the problem.
I have lost a larger amount of money like Pejeck and Cormack12 - also the use of the same tactics as many have spoken about - putting on the same bids - on few times I was directed to put bids on when I told them I did not agree or wanted to put a smaller bid, I was made to think that I was making a mistake. or logically not thinking straight when their charts were showing something different.
Each time the bids that the managers suggested went against their suggestions. and I was left in negative equity. and was told, well the market does what it does (you) put the bid in, I idid not make you, but they were the so called experience managers. This is a CORRUPT COMPANY who gain your trust and then for a while let you think you are doing well.
But really they are waiting for a moment when you are deep in with negative equity and then when you are freefalling in a downward motion, put so much pressure on you , Otherwise what honest company with fundmanagers would allow a new Client / Customer to deal in such large amounts with no help or advice as to responsible bidding. There is no warnings given when the managers are getting you to bid on markets.
Be careful the calls come on Tuesdays and Wednesdays when they are circling you to bid on the exoctics market when the fees are so high, thousands even that you pay as soon as you reach the 10pm time and you will get charged for bidding. TRIPLE TIME so if the normal swap is for a normal day 400, you will on the TRIPLE SWAW PAY 1,200 AS A SWAP FEE. The manager said oh yes on Wednesdays its TRIPLE FEES. did I not say, - NO HE DID NOT SAY but by then you have entered the bid - to avoid triple swap you have to close before the time that particular market closes some markets close at 4,30 pm, another thing that these experience managers forget to mention.
These company ETFINANCE SHOULD NOT HAVE A LICENCE TO TRADE and beguile innocent ordinary people to their LEGAL ROBBERY through their site. Please Please, - IF you are searching about this company DO NOT USE ETFINANCE OR MAGUMFX to bid your hard earned cash or savings. - I DO NOT KNOW HOW TO STRESS THIS ENOUGH TO ANY PERSON WHO WANTS TO DO THIS. they will gain your trust for a few weeks, and then TRAP YOU. AS countless of us here have found.
There is no recourse and you are made to feel like you did this to yourself as I have been told.
But like others I told them many times I was a beginner and just trying it out and did not want to get deep into debt, but they did not care, I was in the end ensnared into thousands and am living in a state of shock at the loss and made to feel
like it is all my fault. when the company is somehow getting away with it many
times over, ensnaring honest people to part with their money. I know it makes no sense, but this entrapment is very real and you end up living a night mare.
correct it. I would love to hear from anyone with what we can do. Forex peace army, It is difficult to talk openly here when the company is monitering this. I would love to go to a place of foreexarmy and talk more of help and advice, is it possible for Forexpeacearmy.com to speak to those of us who have been SCAMMED in a private way . I am just asking as I feel there is a situation that has maybe not been considered after reading your site of the people who access this site for help.
I am so angry and at a loss of knowing what to do next hence finding this site. can forexpeace get in-touch please.

I was taken through to this brokers site after clicking a link to open a trading account. I googled it quickly and most sites seem to cite it as safe or trustworthy. I deposited the opening £200 and was on my way.

An account manager then contacted me (shmel.da) and said he was going to explain how forex worked and how to become a professional trader. In order to become a professional trader, you need ten trades. These were not legitimate - Shmel.da advised me to open and close ten trades quickly on the .m! forex markets. When this was done he asked for some more money up to £1000 to upgrade the account and start trading. The next day we made some small profits around 10%. I ddi not understand how he was calculating the volume I was being told to put into the trades. I asked and was told he would tell me in time as it would confuse me and just to trust him for now.

We proceeded to trade and I thought I was getting the hang of it. He phoned me late yesterday and highlighted several exotic pairs that were volatile. I picked another, but he was adamant that the USDTRY and USDMXN were the trades to place. He calculated volume of 4.0 and I put 2.0 in to protect my investments. He said no and to put another 4 into the same trades. He again asked for more money, I explained I had already loaned some to make up the professional acount and I had no more. He became very rude, telling me what I made per month and I wa slyign to him about my income. I should get credit cards and take more loans form family to put into the account. I said no.

Later on, I got another call to say the markets were closed and there was a swap comission coming up that I wouldn't meet and all my money would be wiped out. So to survive the night I would need to deposit a further 6500 into the account. I said I wanted to speak to Shmels manager. Another person came on the phone and then said I only needed £2000 and I only needed the margin to reach 200% I transferred an amount to get the margin to 200% then Shmel called me back again but they said I needed to upgrade to a silver account (deposits of up to 4K more).

I woke up this morning to see ~4k balance has been removed from my account and I had open trades that were still killing the account. I have closed most of them off with losses of £20, £120 and £900. There is one trade left (USDTRY) I am leaving running to try and make the smallest loss on before applying for a withdrawal. So far I have put around £9000 into my account and if I'm lucky, I will be withdrawing ~£3000. My account manager is now unavailable and their email address has blocked me. I have logged a complaint with the service desk.

Last note about withdrawal, you can only withdraw what you put in direct to your card. If you want to withdraw any 'profits' made you have to transfer them to your bank and there is no space for UK bank sort codes. I also raised a service desk about this, which remains unanswered.

All in all, it looks as though this company lures in new/aspiring traders with a little taste of how the market works, then runs this exotic pair scam and takes their brokerage fee from your equity which you can't recover from. Highly recommended to avoid, I will also be raising this with CySec. My thread on the forums is here:

https://www.forexpeacearmy.com/community/threads/etfinance-eu-scam-some-help.62704/

I have invited both support and Shmel to make an appearance and resolve this case publicly

Having reached an agreement - which I cannot disclose I must add this declaration:

I hereby confirm that my complaint was duly resolved by the Company and I have been provided with comprehensive information and explanations in relation to the matter.
Therefore, I no longer have any complaints against the legal entity Magnum FX (Cyprus) Ltd and brand name ETFinance and I duly confirm that I will safeguard any Confidential Information in regard to the Company.

Nov 5, 2019 - 1 Star I have a similar experience to a much worse degree & after several bad advice have lost over £100k with ETFinance.eu . I was also new to trading & they kept telling me the trades will turn positive & to protect my investment - I should have stopped right at the start. Now I have asked them to return the small balance that I have left in the account - around £24k - but so far 2 weeks & I received nothing & no reply to emails. I have to start some kind of proceedings now..

I had a complaint with ETfinance but after contacting their support team. All is
settled to my complete satisfaction.

Oct 7, 2019 - 1 Star This company has adverts on Facebook pretending that Daniel Radcliffe (Harry potter) is a client and endorses their products. It is all a scam . They will assign an Account Manager to you who will persuade you to deposit large sums because he has an opportunity for you to make a lot of money. (does that sound familiar?) Needless to say., all the money lost in a matter of hours. The platform they use MT4 would not respond to my p/word or actions . Etfinance provided a p/word which i could not change back. Follow my thread in the Forexpeacearmy forums.