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

glasgow, United Kingdom,
Oct 21, 2019,
Registered user


Service use: Live Length of use: 0-3 Months
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.
2 traders have found this review helpful
telford, United Kingdom,
Nov 15, 2019,
Registered user

settlement declaration

Service use: Live
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 . 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..
2 traders have found this review helpful
Northwest, United Kingdom,
Nov 21, 2019,
Registered user

Starts off well, but the scam surfaces quickly

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

I have invited both support and Shmel to make an appearance and resolve this case publicly
2 traders have found this review helpful
uk, United Kingdom,
Nov 25, 2019,
Registered user

ET FINANCE SCAMS! ARE REAL! they have licence misuse u lose your money

Service use: Live Length of use: 0-3 Months
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 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.
4 traders have found this review helpful
Spain - España, Spain,
Dec 3, 2019,

Just another Cyprus scam

Service use: Live Length of use: 0-3 Months
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.
2 traders have found this review helpful
London, United Kingdom,
Dec 9, 2019,
Registered user

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

Service use: Live Length of use: 0-3 Months
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!!!
1 trader has found this review helpful
Gifty M1
Leeds, United Kingdom,
Jan 8, 2020,
Registered user

ET finance scammed me

Service use: Other Length of use: 0-3 Months
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???
1 trader has found this review helpful
Wells, United Kingdom,
Jan 20, 2020,
Registered user

High pressure

Service use: Live Length of use: 0-3 Months
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!!!!
2 traders have found this review helpful
jomon thomas
london, United Kingdom,
Jan 21, 2020,
Registered user


Service use: Live Length of use: 0-3 Months
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
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.
1 trader has found this review helpful
North East, United Kingdom,
Jan 25, 2020,
Registered user

ET Finance scam

Service use: Live Length of use: 0-3 Months
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.
2 traders have found this review helpful
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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