Is ETFinance Regulated? ETFinance Licensing and Regulation
Magnum FX (Cyprus) Ltd. is a leading Cyprus Investment Firms (CIF) licensed and regulated by Cyprus Securities and Exchange Commission (CySEC) under license number 359/18 as of 04.06.2018. Company’s registration number is 360548.
ETFinance was founded in 2018. Magnum FX owns ETFinance and is in charge of its administration. Magnum FX has registration number HE360548 and is registered in Cyprus. The Cyprus Securities and Exchange Commission regulates Magnum FX, they are licensed, and they have a license number 359/18 with a verifiable address and location at 79 Spyrou Kyprianou Avenue in Limassol, Cyprus.
Traders are supported by ETFinance to manually buy or sell assets via connection to providers of liquidity on the financial markets. A range of commodities and assets is offered by ETFinance, and these include products such as stocks, commodities, cryptocurrencies, and currency pairs. It is also important to show the clear distinction between ETFinance and other brokers and robots like Bitcoin Era or Bitcoin Trader.
Automated trading robots are believed to make use of trading algorithms that are sophisticated, which they claim can scan the market, and their trades generate profits for you, but this is not the case for brokers and platforms that allow traders to trade manually.
A partner broker must operate Crypto robots as crypto robots cannot take deposits as stipulated by the law. This is why regulated brokers assist crypto robots like Bitcoin Era in their transactions. ETFinance is a regulated and legitimate broker, and it will be made clearer by this review. It is important that traders make use of brokers that are verified and regulated.
Magnum FX is a big name in the investment firm, and ETFinance is its brand name. Cyprus Securities and Exchange Commission regulates Magnum FX regulates and licenses Magnum FX and, in extension, ETFinance. This regulation by the Cyprus Securities and Exchange Commission makes sure that the funds that belong to clients’ are covered heavily in segregated accounts. In a case where the brokers go broke, the clients are guaranteed some level of insurance.
Magnum FX provides its services with proper authorization to European Economic Area Countries.
ETFinance, Scam or Not?
ETFinance is not a scam as deduced from a lot of findings and reviews. ETFinance, which is a European broker, looks to be legal and legit. This is not from a baseless point of view; rather, it is a conclusion from reviews and investigations. As mentioned earlier, ETFinance is compliant with the General Data Protection Regulation and Essential Services Maintenance Act standards. They are certified and regulated by the Cyprus Securities and Exchange Commission.
ETFinance provides a lot of features for budding traders or the professional traders. These features are informative and educative, as well. They offer a range of assets that can be traded, new-age trading tools, and very good customer support.
It is important, though, to make it known that the ideal way to trade on ETFinance is to make use of crypto trading robots such as Bitcoin Trader. Inexperienced traders that are still budding and have not acquired the very strong skills in trading can adopt the plan of trading on ETFinance through Bitcoin Era, which automatically trades for you. Even an amateur without prior trading experience or background can make use of this platform.
Markets and Instruments
Customers have an array of assets they can pick from, which are offered by ETFinance. The financial assets include currency pairs, commodities, crypto pairs, indices, and stocks. You can actually see the offered assets on ETFinance even before you register on the platform.
ETFinance provides the most well-known trading platforms in the industry as far as trading platforms are concerned. Meta Trader 4 is the most popular trading platform, and it can be used on desktop and mobile applications. The Meta Trader 4 is available on the Google Play Store and App Store. This means that the trading platform is supported by both Android and iOS.
You can also trade with the Meta Trader 4 as the web-based platform even when it is not downloaded and install a platform suitable for desktop. This is one of the best advantages of ETFinance.
Signing Up on ETFinance
You can open an account directly on ETFinance, although most people would rather open on ETFinance through using an automated trading robot like Bitcoin Trader. If you open your account directly on ETFinance, you will not be able to make your trades automatic by using the automated trading robots. The trading algorithms used by robots are superior because they adopt advanced technologies like Artificial Intelligence and Machine Learning. These technologies scan market orders automatically. Automated trading robots like Bitcoin Era, is claimed to have a very high accuracy rate of over 90%.
You can, however, still choose to sign up on ETFinance without going through Bitcoin Era; you can do it on the website of the broker, after which you can start trading when you have deposited funds. The process is fairly easy, and your data are protected.
There are three types of accounts on ETFinance. The Gold, Silver, and Platinum are the three main types of accounts on ETFinance. The accounts offer different packages that alter your trading experience for the better as you upgrade. The least amount that can be deposited on a Silver account is $250.
Experienced traders can enjoy leverage of 1:500 if you make use of the Professional account provided by ETFinance. They can also enjoy the services of an account manager with unlimited market access.
Professional traders can enjoy leverage of up to 1:500, while retail clients can be allowed leverage of 1:30 on ETFinance. The asset clarification affects the leverage ratio to determine if it is more or less.
There are no hidden charges on ETFinance according to the broker’s website. Charges such as withdrawal and deposit charges are not taken by ETFinance. The platform makes it gains from the charge on spreads that they give to traders. Spreads that are as low as 0.03 pips are offered to traders by ETFinance. This broker prides itself on a platform that ensures the ease of trade and does not frustrate their traders with charges that are unfair.
There are always educational resources that are important to traders and their trades. Resources such as articles, VOD, Ebooks, economic calendar, earnings calendar, and tutorials or courses are vital to a trader, and they are provided by ETFinance. These resources can be used by both budding and experienced traders. The Video on Demand assists traders to get the best out of their trades.
The earnings calendar is most valuable to stock traders, which, as mentioned earlier, is provided by ETFinance. Using the Meta Trader 4 requires skills. These skills can be honed over time. There are tutorials provided by ETFinance that will teach you everything you need to know about Meta Trader 4. The Meta Trader 4 mobile is covered too.
In the nearest future, ETFinance may offer bonuses to customers or traders to make the use of their platform better and enhanced, but currently, they do not which is understandable since they already provide a lot of services that other platforms ignore as well offer the lowest or no charges on transactions as well.
The customer assistance is always available on the working days. Whatever issues a customer may have can be reported to the ETFinance support team. This standby support team rectifies the problems that could be bothering a customer or even answer questions that are important to their experiences on the platform. They can be contacted through phone, e-mail, or you could have a live chat when you submit a ticket form.
The website is versatile as it pertains to their use of languages. There are a lot of language options to ease communication between customer support and the trader. The languages available include English, Spanish, German, Dutch, Portuguese, and Italian.
- ETFinance can only provide these wonderful services that it offers to European Economic Area countries alone. Countries that fall under this include; Belgium, Denmark, Latvia, Poland, Malta, Luxembourg, Slovenia, Spain, Italy, and a lot more other. Only people in these countries can enjoy the services of this broker.
- Most platforms offer welcome bonus packages, but not this broker. The broker does not offer any bonuses currently, and this deters most traders as they seem to get it from other platforms.
- The leverage for retail accounts is small. It is a ratio of one to thirty. Other platforms offer up to one to fifty, but this broker has their maximum of for one to thirty. This does not go down well with a lot of traders who think they can get more.
ETFinance is undoubtedly a dependable and strong platform with good trading features. They make very valiant efforts and precautions to ensure that both customer data and funds are secured. The customer is assured of the best software security that will ensure that whatever they do on the ETFinance platform is not tampered with. Security issues have always been the biggest concerns for most of the traders in every platform. Cyprus Securities and Exchange Commission regulates and standardizes ETFinance. They make sure that they play by the rules and that they are always verifiable. The regulations check for malpractice and such other things. There are not a lot of regulated brokers in the investment industry. There are a lot of assets that are tradable on their platform. The numbers of tradable financial assets are well over 1000 financial assets, and you can trade any pair of your choosing.
ETFinances provides educative materials that help traders learn more than they already know. The educative materials are open for the developing traders and the experienced traders as well.
Frequently Asked Questions
ETFinance; are they a scam or not?
ETFinance is apparently a legit trading broker. This view is not unfounded but backed up by investigation and research. They are regulated by the Cyprus Security and Exchange Commission, which ensures that they play fair. They follow all rules that an online broker should abide by in their dealings, and most importantly, there has been no review by any customer that ETFinance is a scam.
How to open an account with ETFinance?
You register on the ETFinance homepage to create an account with the broker. The process is very easy, and you are not required to provide very sensitive information for simply opening an account.
Is ETFinance a robot-like Bitcoin Trader?
The broker is not an online trading robot. They are simply a Contract for Difference (CFD) broker that provides a platform for traders to transact and trade assets, commodities, stock, cryptocurrencies, and all. Unlike ETFinance, the trading robots are created to make gains for you when they trade for you while you only observe or monitor.
The account type that you have set up with the broker determines the amount that is set as a minimum for a trader. The silver account has its minimum to be set at $250. Other account types have their varying minimum deposits. You can only begin to trade after you have deposited at the least the minimum amount of your account type.
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