It’s always refreshing to find a trading platform that consolidates multiple types of trading on the same website. You could delve into assets; dip your toes into the waters of crypto trading or try forex trading easily.
All you need is a single trading account. An app to help you keep up with your trades when you are too tired to reach for your laptop could also be essential. But before we talk about apps, here’s an overview of ETFinance.
- Founded in 2018
- Headquartered in Cyprus
- Regulated by the Cyprus Securities and Exchange Commission (CySEC)
- Minimum Deposit–$250
- 0% commission
- Trading Platform: MT4
ETFinance provides an extensive list of tradable markets. These are:
|Class||Number of Assets||Examples|
|Forex||50+||EUR, USD, JPY|
|Asset Index||5+||Indices, Crypto Pairs|
|Indices||20+||DOW, AEX, CAC|
|Stocks||150+||Apple, Amazon, Facebook|
|Commodities||17||Sugar, Coffee, Natural Gas|
|CFDs on Crypto||Multiple||Bitcoin, Litecoin, Ethereum, Dash|
ETFinance charges 0% trading fees, so you can trade any of these markets conveniently without worrying about charges.
Trading Platform: Meta Trader 4
ETFinance features the most popular trading platform: Meta 4. Besides popularity, MT4 is an exceedingly user-friendly platform. You can get started with little help and use multiple features for advanced trading.
In case you’ve never traded before, MT4 gives you access to some of these essential trading features:
- A market order to help you buy and sell
- A pending order for advanced trading
- Buy and sell limits to automate trading
- Mobile Responsive
- Features to customize trading
- Lots of technical indicators
- Trading signals
Getting Started: Creating an Account and Provide Documents
Getting started on ETFinance takes ten to thirty minutes. It begins with creating an account and making a deposit so that you can start to trade.
Like most trading exchanges, ETFinance asks for your name, email address and phone number to create an account for you. After that, specify whether you want a personal or business account.
Next up is a short questionnaire. It asks about your goals, your employment status and your level of education.
After that, the exchange asks for personal identification details. Precisely, you’ll need to provide a driving license, a copy of your passport or a national ID. A utility bill to confirm proof of your residence is also required.
Once you are done, the next process is to deposit money to your account. ETFinance supports these banking options:
- Bank Transfer
- Credit Card
As mentioned, the minimum deposit for ETFinance is $215. If you are new to trading, consider opening a demo account before you risk your money. A demo account enables to simulate trading for as long as you want.
Also, consider visiting the education section of ETFinance to find tutorials and trading guides before you get started. You could participate in webinars, sign up for courses and read helpful articles about trading.
Trading on ETFinance
There are four types of traders on ETFinance: Silver, Gold, Platinum and an Islamic account. Your account type determines your minimum spread, maximum leverage and the quality of customer support you get.
Luckily, everyone has the chance to become a platinum trader. The Islamic account, on the other end, allows you to trade on a raw pricing deal. It also comes with zero interest or swap charges.
All in all, you’ll have access to enough markets regardless of your account type. And as mentioned, trading on the MT4 platform is straightforward even to beginners. It’s secure and works smoothly on both the web and through mobile apps.
New traders have access to a maximum leverage of 1:30. Gold and platinum-level customers can trade with leverage of 1:500 maximum.
For the uninitiated, leverage helps you trade with more money than you actually have. With a leverage of 1:10, you could trade with an amount ten times than you have in your account.
The biggest advantage with leverage is that it helps you earn a lot more money than without it. Unfortunately, it also comes with a huge risk. When things go the wrong way, you can lose your money pretty fast with leverage.
As such, it requires careful use. In fact, experts advise that you avoid taking enormous leverage unless you are exceedingly experienced.
ETFinance provides customer channels using three channels:
- Phone contact, Monday to Friday
- Liver chat support
- Email at support2etfinance.eu
Online ETFinance reviews show the trading company has an active customer support department. The team replies to queries and complaints through all its contact channels. So, you can be sure in case of any issues; someone will help you.
Besides trading, you can also make money referring people to join ETFinance. You could earn up to $800 for each person. Again, you also get money each time people you referred trade on the platform.
ETFinance Pros and Cons
- EU license
ETFinance operates with a license from Cyprus, a member of the EU. The license is legitimate and gives the company the power to serve all EU citizens. There are several more benefits to having this license.
For example, ETFinance is required to adhere to strict data policies. It stores traders’ money in a segregated account and also allows external audits.
- Lots of Currency Pairs
ETFinance provides hundreds of trading markets. To put it into context, you could trade one item per day and not finish all of them within a year. The trading markets are also diverse: forex, indices, crypto and metals, to name a few.
- Good Spreads
A spread means the difference between the bid and the asking price. Tight spreads ensure you keep your trading expenses to a minimum. High spreads can accrue your costs fast. ETFinance provides spreads of 0.03 to 0.07, which is at par with the industry average.
- MT4 Trading
Every trader expects to find an MT4 platform on a modern trading website. That’s because it’s exceedingly user-friendly and has everything a trader needs. You can use it on the web or via an app. It loads fast and smoothly.
- Multiple Language Support
You can trade using English, Dutch, Italian, Portuguese, Spanish or German languages. You can also acquire customer support in your native language for your convenience.
- Low Leverage for Beginners
Although experts receive a maximum leverage of 1:500, beginners have to settle for the industry minimum of 1:30.
ETFinance is a legitimate broker. It’s licensed by a reliable regulator (CySEC) and has been operating for over two years. Against that backdrop, it’s a convenient trading platform for someone who likes to trade multiple instruments.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.