Scam brokers are generally non responsive. This happens with a lot of other red flags. Others are having spreads that outrun the trader’s capabilities to exhaust the capital. Sometimes the broker offers little or no transparency around the regulations section and that is also one of the biggest red flags.
ETFinance happens to be regulated by the Cyprus Securities and exchange commission and the contact management process is powered by a top notch CRM firm. Putting out a whole different dipartment of people just because the traders can have a seamless access to help is something that can happen only when the parent body is dedicated enough.
One of Magnum FX’s best subsidiaries, ETFinance is a regulated and legitimate broker, working around Italy, Belgium,and the UK. The broker provides a plethora of assets including stocks, indices, forex and cryptocurrencies to begin with. The traders can trade via the powerful MetaTrader4 Platform. Also, there is an option to trade from mobile as well as the desktop.
Founded back in 2018, the financial service provider is at par with the regulations asked for by the Cyprus Securities and exchange commission (CySEC). ETFinance covers a wide market that most of the competition fails to achieve. If the trader is attentive enough, then he or she can find out that the major areas of interest of the broker are indices, stocks. Cryptocurrencies and the most liquid of them all, forex.
The whole idea of ETFinance is more inclined towards the novice traders. The customer support provided by the broker is also exceptionally well oriented and the representatives are densely equipped with the knowledge they need to resolve issues.
The broker offers three chief trading accounts. Silver ,platinum and gold. Each having its own advantages and disadvantages. The disadvantages, however, are a subject to how well the trader is equipped with the ability to seize the opportunity. The expert trader won’t go for the silver account and the novice should not go for the platinum account.
All the three trading accounts are crafted for different people and different traders. A mix match of the accounts can create a problem for traders and hence, the disadvantages.
The silver account is meant for novices as the broker nowhere mentions the use of leverage in this account type. The traders are restricted from a lot of services that the broker readily provides in high account types. At the same time, each trader is provided with a dedicated accounts manager as well. This comes in after the fact that the tradable assets from the silver accounts section are similar to those of the higher account types.
The gold account has some services that are obviously not provided with the silver account like an option to use 1:500 leverage. The spreads here are low, as much as 0.5 pips. Considerable enough, such rates can easily be considered as bearings for the holder of a gold account.
Now this is something that the veterans will love. These people mostly trade complex trading instruments like the CFDs and that too, via leverage. This is a risky way to trade but since the veterans have been in the market for such a long time and know what to do and what not to do, it gets better and better for them as they trade with ETFinance. The Platinum account offers a virtual private network where all the skilled traders can exchange knowledge and trade together.
The broker does not work according to just one regulatory authority but a number of them that include the FSA and the AFM as well. The broker also happens to follow the regulations imposed by Sweden’s financial supervisory authority. With such regulations in place, it is hard for any broker, not just ETFinance, to look out for loop holes. Not that the broker does it on purpose but just for the sake of it, a thief won’t commit theft in a Cop-residential area.
It has to be kept in mind that regulations won’t guarantee the success of the trades that the trader commits but will for sure guarantee that the way those trades were placed is legit and, the methodologies applied to calculate the end results are all Non-biased. The whole idea of a legit and a non-scam broker is the body being regulated and unbiased and we as a team of researchers found that ETFinance is seriously regulated.
The customer support of the broker looks like it is bot oriented at first but as the trader gets to the insides of it, they realise that the support is actually very good and humane. The customer support system of the brokers handled by FreshWorks which primarily deals in providing CRM services to its clients. The firm is well known and reputed and hails from Chennai, the Tech hub of India.
The customer support system asks the traders frequently asked questions that the people are generally confused about and further, the tech support representative resolves more complex issues. The customer support provides its services five days a week from 0300-1800 GMT. traders can also use the number +8006 003 7004 to contact the broker individually.
With nothing fancy provided under the tradable assets section, the broker provides more than 300 CFD tradable assets. These assets overlook the whole idea of cryptocurrencies, forex, indices to begin with. All the assets are available to account holders of all the account types. The assets can not be traditionally traded; rather, the broker asks the trader to trade them via contract for differences or CFD. The assets traded via CFDs have a high potential for return and at the same time, are very risky. They should be learnt about, properly before the traders begin trading around these assets.
Trading Based Education Material:
The education material that the broker provides are good enough for a novice to take him
On a journey of becoming a better trader with time. The material is presented in the form of on demand videos, online lectures and a lot of other interactive things that the trader can use to enhance his or her trading skills. The traders can and should use all these techniques to get better with time.
The broker happens to be regulated and secure and hence, ETFinance is a safe and legit broker. There is no doubt about that fact. Since it is a CFD broker, it might get hard for the novice traders to make profits for the first few months but with consistency, anyone can make money in the market.