ETFinance Broker Review 2020
Things have never been better in the online trading space, and the wave of recent investment into Fintech by industry players means online traders are spoiled for choice when it comes to choosing a broker these days. Founded in 2019, ETFinance are one of the newest players in an increasingly competitive market and look to provide a comprehensive trading platform supported with a wealth of educational features. In this through ETFinance brokerage review, we will give you a comprehensive overview of ETFinance stock trading to help you figure out which is the best stock broker out there for you.
- Strictly regulated under CySEC
- Reasonably tight spreads on offer
- Promising educational resources
- Responsive and experienced customer support
Trading on ETFinance: Industry standard with a few unique twists
ETFinance is one of the newest trading platforms out there and gives access to live trading 24 hours a day on a variety of financial assets and instruments, including stocks, indices, currencies and commodities. A portfolio covering as wide a variety of financial instruments as this is great for users as it means you can keep your portfolio sufficiently diversified. When compared to some of the other platforms mentioned in this ETFinance brokerage review, ETFinance certainly keeps pace with the competition when it comes to the trading offerings. Setting up an account on the platform is a smooth process.
Upon entering your details, you will then be required to submit a questionnaire along with a few identity-confirming documents. Although this might seem like a bit of extra hassle, this is very much industry standard under current regulatory requirements, and it is assuring to see ETFinance complying with these conditions. In our review of ETFinance, we certainly won’t take any points off for meeting their legal requirements. Also of note are the educational offerings available at ETFinance. These come in the form of an extensive video-on-demand library of well-thought-out instructional content aimed at making novice traders more competent. Also included is an ‘Economic Calendar’, which nicely lays out all of the important upcoming global events that will have an impact on the financial markets. This is a great addition and helps to get you thinking like a pro trader.
- Easy account setup
- Decent selection of financial assets and instruments
- Solid market coverage
Exchanges and markets on offer
Given that ETFinance has a licence issued by a European Union regulatory body, they can offer cross-border services to users in all EEA countries. Notably, ETFinance is not currently licensed to provide their services to users based outside of the EEA. In terms of the exchanges on offer, ETFinance provides a decent spread of markets across forex, commodities, metals, indices and stocks.
In this regard, customers using the platform shouldn’t find themselves unduly restricted in terms of what markets they can access and when. Furthermore, trading is supported 24 hours a day, which means all the major markets around the world are supported, with the notable exception being cryptocurrencies. Given the direction the industry as a whole seems to be taking, it is hoped that ETFinance add this soon as cryptocurrencies are quickly becoming part of a well-diversified portfolio.
- Trading offered to users in all EEA countries
- All major financial markets covered
- Trading supported 24 hours a day
ETFinance stock trading: getting to grips
Currently, ETFinance does not charge any fees on a per-trade or account basis, which means you can invest without incurring any additional costs. Much like the best stock broker platforms out there, ETFinance will make their money on the spreads they offer to customer—meaning the difference between the bid and ask prices—with tighter spreads being better for the customer. From the information available, the spreads on offer seem reasonably comparable to other similarly sized platforms out there. If leverage trading is your thing, ETFinance has you covered. Although they have to comply with the ESMA regulations that limit how much leverage can be offered, users can still avail of up to 1:30 leverage for day-to-day transactions.
For those users looking for more leverage, if you get classified as a ‘pro user’, you can gain access to 1:500 leverage for forex trades and 1:125 on most other assets offered by ETFinance. While ETFinance can’t do much about the European-wide ESMA regulations, it is good to see them offering options to get around those restrictions for more advanced, professional traders who are okay with shouldering a little extra risk. Below is a breakdown of a sample spread on forex exchange rates:
- No commission or fees charged on trades
- Spreads compare favourably to other similarly sized platforms
- Solid leverage rates offered on both basic and ‘pro’ accounts
ETFinance stock trading platform: multiple options for beginner and advanced users
When it comes to the actual trading experience on offer, ETFinance offers what is very much an industry-standard experience. This is not necessarily a bad thing, however, as you don’t particularly want your brokerage of choice to favour innovation over usability and robustness. ETFinance gives its users a number of options when it comes choosing a platform, which includes a web trader, MetaTrader 4 or the mobile app. More experienced users will immediately notice the inclusion of the MetaTrader 4 platform, which is well known as one of the most robust and usable trading platforms out there, having won several industry awards in the past.
The web trader option is essentially a browser-based version of the trading platform that allows users to make trades without having to download the separate MetaTrader 4 platform. Although not having quite as extensive features as MetaTrader 4, ETFinance’s web trader is more than usable and gives you quick access to the markets without the lengthy setup of stand-alone software. Another option is the mobile trader app, which gives you quick access to your account on the go. With most traders using these platforms on a part-time basis these days, this is likely to be of great use to ETFinance’s user base. On first impressions, the mobile app seems decently robust and easy to use, in an albeit more limited form.
- Makes use of the award-winning MetaTrader 4 trading platform
- Robust and responsive browser-based web trader
- Mobile app to take your trades on the go
ETFinance website: sleek aesthetic that is robust and responsive behind the scenes
Overall, the ETFinance website is pretty slick and has a pleasing white and blue aesthetic that gives it a distinctive look. But when it comes to a trading platform, aesthetics won’t mean much if the website isn’t usable. In this case, ETFinance does not disappoint, and users will find the website well laid out and reasonably easy to navigate. The top of the webpage features an intuitive navigation bar that gives users easy access to the most useful information.
Contact details for customer support are available at the bottom of the page at all times, which makes it easy to access the live chat whenever necessary as you're browsing through the site. One notable feature missing, however, is a search bar, which would make a nice addition to the website. However, given how well laid out the website is overall, it doesn’t necessarily matter a huge amount and doesn't detract too much from the platform's functionality.
- Pleasing aesthetic that gives the website a distinctive look
- Intuitive, user-friendly website that is great for beginners
- Minimalist, uncluttered interface
Customer support: responsive, knowledgeable and accessible
The customer support team is available to ETFinance traders on a 24/5 basis, which means there is a dedicated team of professionals and customer support agents on hand should you have any technical queries. While it would be nice to have this support available 24/7, given that most of the markets you will be trading will only be available five days per week, 24/5 coverage should be adequate for most users.
One of the areas where ETFinance is lacking compared to some of the other platforms mentioned in this review of ETFinance is its social media presence. While not strictly part of the customer support offering, one of the primary ways that users interact with the customer support team is through various social media channels such as Twitter and Facebook. As such, it would be good to see ETFinance beef up their social media presence in the coming months with a view to increasing their outreach options.Visit Broker at: www.etfinance.eu
- Customer support available 24/5
- Customer support available via phone, email and live chat
- Minimal social media presence
Methods of payment: transferring funds to your ETFinance account
Topping up your ETFinance brokerage account is a relatively quick and painless affair, and the developers of the platform are clearly trying to make it as customer friendly as possible. Funds can be quickly withdrawn using a variety of payment options, and customer deposits will be protected using the highest possible security and encryption levels in the banking industry. Importantly, ETFinance do not charge any transactions fees, which presents users with a significant amount in savings compared to some of the other platforms mentioned in this review of ETFinance. Notably, the platform has ‘Neteller’ and ‘Skrill’ built into the website, which are two popular online money transfer services. Users can also use Visa, Mastercard and Maestro debit cards to top up their accounts if none of the above options are preferable.
- Neteller and Skrill money transfer services supported
- No commissions or transaction fees on deposits or withdrawals
- ETFinance adhere to industry-leading security protocols
Additional offers: no bonuses available
As is very much standard these days, it does not cost anything to open up an account with ETFinance. When you do open an account, new users can avail of a two-week demo trading account that allows users to get fully acquainted with the trading platform before committing real funds on the open market. This is a good way to get a feel for the platform, particularly for novice users or more advanced ones with multiple accounts. Although common across most platforms these days, it is still a nice feature to have.
However, one of the areas where ETFinance is notably lacking is when it comes to sign-up bonuses and promotional offers. Given how crowded the online brokerage market has become these days, it is commonplace for rival platforms to try and out-do each other by offering sign-up bonuses and promotional offers. These are a great way to attract users to your platform, particularly in the early days when you are still trying to build up a name for yourself. ETFinance don’t appear to have any available currently, and this definitely stands out compared to some of the other brokers covered in the broker comparison section of this website.
- No sign-up bonuses
- Free to open an account
- Two-week demo account available for new users
Regulation & licensing requirements: what to know
In the online Fintech space, where being assured of the security of your sensitive financial information is of the utmost importance, ensuring that your chosen broker is compliant with all the pertinent regulations is incredibly important. With this in mind, you will be glad to find out that when it comes to regulatory compliance, everything at ETFinance is above board, and it seems like they are going out of their way to publicise this fact. The legal and compliance information is incredibly easy to find on the website, and a shortcut to the ‘Legal’ section of the website is clearly visible at the top of the page should you need it.
ETFinance is an approved domain held under ‘Magnum FX (Cyprus) Ltd’, who are a leading investment firm licensed and regulated by ‘Cyprus Investment Firms’ (CIF) and the ‘Cyprus Securities and Exchange Commission’ (CySEC). CySEC is one of the leading regulatory bodies in this space and, as a member of the committee of the ‘European Securities and Markets Authority’ (ESMA), is subject to laws and regulations that ensure high levels of investor protection and the efficiency of the financial markets. Additionally, ETFinance is a member of the investor compensation fund for Cyprus investment firms.
- Regulated and licensed under CySEC
- Additional protection under the investor compensation fund for Cyprus investment firms
- Legal and regulatory information easy to find through the website
Industry awards: a new platform with plenty of potential
As one of the newest entrants into the online brokerage space, ETFinance doesn’t have any significant awards to their name as of yet. However, with all the buzz being created around this new platform, we don’t expect this to last very long, and they may very well begin accumulating accolades soon.
ETFinance do provide users access to the award-winning ‘Webtrader’ and ‘MetaTrader’ platforms, however, which attests to their commitment to providing users with the best possible experience they can. While the lack of awards might ring alarm bells for some, you have to remember that ETFinance is a very young platform compared to some of the other platforms mentioned in this stock broker comparison, and a lack of awards doesn’t necessarily indicate a lack of potential.
- No major awards as of yet
- Plenty of industry buzz around ETFinance—so watch this space!
- Provide access to the award-winning MetaTrader and Webtrader platforms
Conclusion: sticks to a proven formula without taking too many risks
To sum up this review of ETFinance and to answer the question posed at the beginning— ‘is ETFinance good?’—this reviewer’s experience has been generally positive. Additionally, we hope to have given you a comprehensive overview of the platform and the trading experience on offer as a well as a good sense of how it compares to some of the other leading brokerages out there.
Overall, ETFinance offers a relatively standard trading experience, and everything you have come to expect is offered, such as a diverse range of CFDs and other financial instruments as well a solid trading platform that gives you all the control you could want over your portfolio. Where ETFinance comes into its own, however, is the education and knowledge section of the website, which offers a great resource for new and novice traders. Developing this aspect of the website is a smart move for ETFinance as it allows them to cater to a underserved section of the market while also offering enough advanced options to keep those novice traders trading with them for years to come.
Strengths and weaknesses:
|· Uses award-winning MetaTrader and Webtrader platform software||· Little in the way of promotional offers or sign-up bonuses on offer|
|· Unique education and knowledge resources for novice users||· Minimal social media presence|
|· Tight spreads on offer with no additional fees or commission rates||· Few extras for pro accounts beyond more leverage|
|· Around 1,000 assets to choose from in total|
|· Decent leverage on offer for pro users|