ETFinance Review

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!!!

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.

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.

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.

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.

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!!!

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!!!!

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.

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.