Set up in Cyprus during 2019, under the jurisdiction of the EU, ETFinance is a newcomer to the world of stock broking. This means that they do not have the benefit of a reputation built up over many years of trading. Because of this, it’s almost as though they are playing catch-up with other brokers. Throughout this ETFinance brokerage review, we’ll be looking at the services and features that are on offer at ETFinance, as well as discovering how their platform stacks up against other brokers.
- Newcomer to stock broking, so they don’t have a large following
- EU regulations govern their activities
- Their services are created to be of a high quality
Stock Trading Offer
Customers have access to two different types of accounts when trading at ETFinance. The first account that is on offer is the beginner account. While it is called a beginner account, it still allows traders complete access to all of the features and the trading platforms at ETFinance. The second account is their professional account. This is for traders who can prove that they are professionals who then gain access to higher leverages and as such have the ability to carry out more trades at higher volumes.
When traders wonder about the question, is ETFinance good, the range of stocks on offer should answer that enquiry. With over 150 different stock CFDs available to traders, it is very easy to find any major company that is listed on the stock exchange. This gives traders the ability to focus on both long and short-term trading techniques.
There is also a range of indices and commodities available for CFD trading. Traders therefore have a much wider range of potential choices when it comes to deciding on their trading strategy.
- Traders can trade in over 150 different stock CFDs
- Commodities and indices are also available
- Two types of trading account are on offer to traders
Stock Exchanges and Trading Centres
At ETFinance, it is possible to trade at a number of different stock exchanges. This ability to trade on indices ensures that different trading strategies can easily be accommodated. The Nasdaq 100, FTSE 100, S&P 500, and DOW30 are all on offer at ETFinance, as well as a number of other exchanges.
- Nasdaq 100, DOW30, and FTSE 100 are all on offer at ETFinance
- There are more stock exchanges on offer than just those that are most popular
When using the beginner ETFinance brokerage account, there are no fees in place. This is also a strategy that ETFinance chose to put in place for the professional account, even though there is no trading volume limit on that account. Because they are a new company to the market, they have chosen to keep costs low in order to set them apart from their competitors. They have also ensured that the spreads for ETFinance stock trading are kept at a low level; the spreads can fluctuate, though, as obviously the market can sometimes dictate how the spreads lie. This all makes ETFinance one of the lowest cost brokers on the market in terms of pure trading.
ETFinance have also chosen not to charge an account fee to their customers. This means that the accounts can be used without paying a monthly charge. On top of that, there is also no charge for making a deposit or withdrawal with ETFinance. There is no limit on the number of transactions that you can carry out and as such, this helps to keep costs even lower. This all comes together to make ETFinance one of the cheapest brokers across all parameters.
- Commission fees are nil, with only the spreads adding cost
- There are no account fees in place
- Financial transactions do not incur an additional charge
The platform that is available is one of the most vital points when deciding where to trade. A simple stock broker comparison will make it clear which broker has the best platform choices on offer. In order to find the best stock broker, a solid platform that you can use without barriers is vital. The level of choice that ETFinance offer surely puts them in the running as one of the best brokers around. Their WebTrader platform is available through any web browser and offers a very simple experience. While it will not compete with some of the market-leading platforms out there, it still offers a great user interface, analytical tools, and a two-week demo account. This comes together to make a great beginner platform.
That does not mean that more advanced traders will be left out. ETFinance also have MetaTrader 4 on offer to their customers. It offers a huge range of features to traders, including a social trading feature and a simple user interface. The ability to go through a huge range of analytics means that MetaTrader 4 is the usual choice for advanced traders.
There are two ways to use mobile app-based trading with ETFinance. The first way is by using the MetaTrader 4 mobile app. If you use MT4 on desktop, then this makes sense, as it will offer a seamless transition from desktop to mobile trading when you are on the go. If you use the WebTrader app then the ETFinance mobile app would be the better choice as it offers a more similar experience.
- MetaTrader 4 is available for use for all traders
- The WebTrader platform is also available but is a more beginner-based platform
- There are two different mobile apps available to traders
Usability of the Website
One of the first things you notice when carrying out a broker comparison is the quality of their website. ETFinance offer customers an excellent website to work on and the layout of the site makes it simple to navigate. All links are located at the top of the screen, which makes it a simple task to find everything that you may need. This is especially true when it comes to finding the products that ETFinance have to offer – they are located right at the top of the page, so navigating to them is as easy as it gets. The legal information is also included in the links at the top, which makes it a simple task to verify any legal information you may require before using ETFinance.
When looking at the site, there is also no danger of straining your eyes. This is because the design is pleasant and uses colours that are not harsh to look at. With a simple light blue and white colour scheme, it means that reading through the ETFinance website is on the whole an enjoyable experience.
- All relevant information can be found at the top of the page
- The colour scheme is easy on the eye
- Navigation is a simple task
ETFinance offer their customers both a live chat and telephone option in order to get instant resolutions to issues. However, both of these methods have operating hours that limit when they can be used. They are both open from 7am until 7pm GMT during the week and from 8am until 5pm GMT at the weekend. This does make it harder for customers to solve problems in the evening or if they are in a different time zone. It is also worth noting that the live chat can often cut users off and assign them to a new agent, who will not be aware of how far you had progressed with the previous agent. The phone number could incur charges depending on where in the world you are, so it is important to check before making any calls to them.
Using email support is another option to customers, and is useful for issues that are more complicated and for letting ETFinance know about a problem when other help avenues are closed. Throughout the process of this ETFinance brokerage review, we found that ETFinance are attempting to offer a top-class service in order to break into a very competitive broker market. However, the operating hours combined with the less than reliable live chat does mean that customer service has some areas that are ripe for improvement. As they are a new company though, these are small issues that could be resolved quite quickly.
- There are live chat and phone services for immediate problem resolution
- The live chat is not always reliable
- As a new company, any issues could be ironed out over time
Methods of Payment
When opening an ETFinance stock trading account, the first worry will be what financial transaction methods are on offer. ETFinance cover most bases by offering the ability to use both credit and debit cards. This is covered by both Visa and Mastercard services, so the majority of cards on the market can be used at ETFinance. There are no fees for any transactions at ETFinance, so there are no additional costs to making deposits or withdrawals. Once a request for a withdrawal has been processed, it takes from one to three days to be processed.
ETFinance also allow the use of e-wallets. The two that are accepted are Skrill and Neteller. There are also no additional charges when making deposits or withdrawals with e-wallets, so using this method also keeps costs at a minimum. Deposits are made almost as soon as they are sent and withdrawals usually complete within minutes but can take up to an hour.
Because safety and security is paramount with ETFinance, they utilise SSL to carry out all transactions. This makes sure that ETFinance stock trading keeps all transactions as secure as possible. Both transaction methods can be carried out as many times as you like without incurring additional fees, which means that there will be no unexpected costs to eat into your profits. E-wallets offer a faster withdrawal method if speed is most important.
- Visa and Mastercard are both options at ETFinance
- Skrill and Neteller are e-wallet options for traders
- Additional withdrawals and deposits do not attract extra fees
ETFinance do not offer customers a large number of extras. This is not a negative in the grand scheme of things, because ETFinance do actually offer customers quite a lot with their accounts. The ability to make unlimited trades without any commission, and unlimited deposits and withdrawals without any fees do make up for the limited number of extra offers. However, there are still a few small features that help to make ETFinance one of the best new brokers around.
The education section at ETFinance is currently in the process of being built up. As there is only an economic calendar and a small VOD section, it is not comparable with some other education resources out there. The VOD is definitely a useful tool, as it gives a 12-lesson video series on starting out trading. It looks as though the education section is still under construction at the moment, which means there could be more content on the way.
Beginner traders also have the opportunity to use a two-week demo account when they use the WebTrader platform. This means that they can spend two weeks trading, risk free. This does mean that they will not be able to make any profit over this time, but it gives them the opportunity to improve their knowledge of both trading and how the platform works.
- Traders can use a demo account for two weeks
- The VOD section has some educational video on offer to traders
- The economic calendar allows advanced traders to know important dates related to trading
Regulation and Deposit Protection
ETFinance stock trading offers customers an extensive listing to prove that they are compliant with the relevant licences and regulations. At the top of their website is a legal menu, which opens up to show two options. The first option, GDPR, is the General Data Protection Regulation. This shows that ETFinance comply with the data protection regulations that they are required to, and shows their customers exactly what their rights are in terms of data protection. It also shows where customers can and cannot opt out of certain data usage methods.
The second part shows that ETFinance are a part of CySEC. This is an EU regulator and is one of the major financial regulators. This is reassuring, as it shows that ETFinance are legitimate and must behave in the appropriate manner towards their customers or they risk losing their licence. Overall, the licencing for ETFinance is at an excellent level.
- They are a part of the GDPR
- They are regulated by CySEC
- All of this information is available at their website
ETFinance do not have any awards at the moment. This does not mean that they are not good enough to win any awards; it is purely a case of them not having entered for any yet. This is due to them being a new broker and as such, they have not been eligible for entry.
ETFinance is a new broker and needs to carry out various measures to build up its reputation. So far, they have managed to do this with quite a great deal of success. They offer their customers a commission-free trading platform, no commission on deposits or withdrawals, and they allow for a two-week demo account to be tried out. This gives customers a wide range of benefits over many of the much bigger names on the market.
While they do have a lot of positives going for them, there are also some negatives. Firstly, their customer service is not 24/7. This means that if there is a burning issue and it is outside of business hours, there is no way to solve the problem. There are also parts of their website that are still under construction, which could be off-putting for some people.
Overall, though, ETFinance is an excellent new broker that has a great deal of potential moving forward. The issues that they have are relatively minor and can easily be solved with minimal effort.