ETFinance is a multi-asset brokerage based in Cyprus, and is operated by Magnum FX, a leading Cyprus Investment Firm. It is regulated by the Cyprus Securities and Exchange Commission (CySEC). Offering a range of tradable assets, including cryptocurrencies, ETFinance provides opportunities for a variety of traders and investors. The broker offers crypto trading via CFDs, and award-winning platforms, but is it the best crypto broker for you? Our broker comparison will take a close look at what ETFinance crypto trading has to offer, but in short, here are some of the key features of the company:
- Crypto trading available via CFDs
- Award-winning trading platform
- Offers a range of other instruments
- 24/7 market access
- 1. Crypto Trading Offer: Trade with a reliable broker
- 2. Crypto Trading Costs: Low-cost broker for most traders
- 3. Accounts: Two account types with various perks and benefits
- 4. Crypto Trading Platforms & Mobile Trading: Good choice of platforms
- 5. Usability of the Website: Clean and simple
- 6. Customer Support: Room for improvement
- 7. Methods of Payment: Secure and convenient options
- 8. Additional Offers: Free training videos, account managers and demo accounts
- 9. Regulation & Deposit Protection: Regulated and licensed by CySEC
- 10. Awards: Uses the award-winning MetaTrader 4 platform
- 11. Our verdict on crypto trading with ETFinance
Trader Rating Total
Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin
MT4, Broker-owned Software
1.) Crypto Trading Offer: Trade with a reliable broker
ETFinance crypto trading allows customers to easily buy and sell a wide range of popular financial instruments, including cryptocurrencies. Digital currencies can be traded as contracts for difference (CFDs), meaning that clients can potentially make a profit (or loss, of course) by trying to predict the asset’s price movement between trade entry and exit. In CFD trading, it is only the price change that matters, not the asset’s underlying value. This allows traders to speculate on the rising or falling prices of fast-moving digital currencies, without actually owning the underlying asset. Crypto trading is mostly done directly through cryptocurrency exchanges, but trading via CFDs may be attractive to some crypto traders, offering more flexibility and the possibility to take advantage of leverage.
If you are a forex trader used to dealing with fiat currencies, however, then you are likely to be a little disappointed at the level of leverage offered when trading cryptocurrencies. Both retail and professional account holders at ETFinance can access leverage on cryptocurrency trading at 1:2. If you trade in a number of different instruments, then it is worth noting that ETFinance offers a wide range of tradable assets, as well as other ancillary services, such as the safekeeping and administration of financial instruments, including custodianship and related services.
- Good range of financial instruments and products
- Cryptocurrencies available as CFDs
- Leverage of 1:2 on cryptocurrency trading
2.) Crypto Trading Costs: Low-cost broker for most traders
ETFinance aims to keep costs low, with no trading fees or commissions on forex trading, and low commissions on other instruments such as commodities. Where no commission or trading fee is levied, as is the case with currency trading, the broker’s profit is, of course, taken from the spreads. Spreads are dynamic, so the spreads quoted at ETFinance vary, but are generally fairly tight, providing a reasonably cost-effective trading option for traders at all levels. Up-to-date spreads are clearly displayed on the website. When trading cryptocurrencies, either directly or via CFDs, it should be remembered that all digital currencies are highly volatile, meaning that frequent, large and sudden price movements are to be expected. This means that there is the potential for both big profits and significant losses.
Crypto traders should keep an eye on slippage, as this can have a big impact on trading costs. Slippage happens when there is price movement between placing an order and that order being executed, meaning that the order is filled at a different price than was expected. There is little that can be done about this, and it can work for or against the trader, but it is definitely something to be aware of when trading highly volatile assets such as cryptocurrencies.
- No commissions or trading fees on currencies
- Competitive spreads
- No protection against slippage
3.) Accounts: Two account types with various perks and benefits
Signing up for an ETFinance crypto trading account is easy, quick and secure. Clients can choose from a retail or professional account, with the retail account obviously being the one best suited to most private investors. Retail accounts are easy to open, and getting started is simple and intuitive. The main differences between retail and professional accounts are the leverage on offer and the margin closeout percentages. The differences in leverage offered on most instruments are significant, but crypto trading is the exception, with a maximum leverage of 1:2 available on both retail and professional accounts.
The margin closeout percentage on a professional account is 15%, whereas on a retail account, it is 50%. Professional account holders also have access to VIP Platinum Education, contests and other benefits. Both account types share certain perks, however, such as negative balance protection, the option of a dedicated account manager, and access to basic educational resources. Retail account holders also enjoy extra protective measures, via the Investor Compensation Fund (ICF). Depending on your trading activity, you may become eligible to recategorise your account, but you should carefully consider all factors before doing this.
- Good perks for professional accounts
- Retail account holders are protected by the ICF
- Maximum leverage for crypto traders is the same for both account types
4.) Crypto Trading Platforms & Mobile Trading: Good choice of platforms
ETFinance offers a few different platforms to suit the needs of various traders. Its WebTrader platform offers an excellent trading experience and is web-based, meaning that it can be accessed via any browser from any device. This is a state-of-the-art platform with intuitive navigation and a wide variety of technical analysis tools. There is also the possibility for traders to start with a demo account (valid for two weeks) so that they can find their way around the platform and see exactly which tools and indicators are on offer. For traders who are already using the award-winning MetaTrader 4 platform, that is a possibility here too.
ETFinance has the MT4 platform available to use on both desktop and mobile devices, and on PC and Macs, with its wide range of functions, features and integrations. ETFinance also provides easy mobile trading via a well-designed mobile app, which is available free for iOS and Android devices. The mobile app provides a surprisingly good user experience, with similar features to the browser-based WebTrader platform.
- Cutting-edge web-based platform, accessible from any device
- MT4 platform available
- Easy mobile trading via app or browser access
5.) Usability of the Website: Clean and simple
The website is very clean and ultra-modern with an extremely simple, uncluttered feel. Lots of white space and a minimalist design allow the user to focus on information and functionality. There is a top bar menu that leads users to all the most important information on the site, including products, education and legal documentation. Scrolling down the homepage will bring you to other useful sections, including contact options, where there is the opportunity to live chat with customer support staff and ask any questions you may have.
You will find information on exactly how to open your account, fund it, and get started with the platform of your choice. At the top right of the homepage, or any other page, you can sign into your account and set your language preferences. The website is extremely simple, and information can seem a little sparse, but on closer inspection, all the important information that you would expect to find is there, along with easily accessible support if you have questions or queries.
- Clean and simple design
- Easy to navigate
- Legal documentation and other important information are displayed
6.) Customer Support: Room for improvement
As mentioned above, the website is very simple, and information is a little sparse. This makes navigation easy, and for many customers, this is definitely preferable to a cluttered, complex design. However, we noted that at the time of our review, there was no general FAQs page or help section for new customers, which is a feature that most crypto brokers include, and many traders appreciate. A searchable help section, in particular, can be useful when new or potential customers have queries or need clarification on basic things such as account opening and funding.
ETFinance does provide an extensive video on demand (VOD) section, offering basic and advanced general trading tips, and there is a short but useful section on cryptocurrencies and crypto trading. The customer service section itself is fairly good, with the ability to contact customer support staff by phone or email, as well as by the very convenient and popular option of live chat. Customer support professionals are helpful and knowledgeable, and customer support is available 24 hours a day, Monday to Friday, with the phone line manned from 7am to 7pm GMT, Monday to Friday.
- No FAQs page or help section
- Live chat, phone and email options available
- Some form of support available 24 hours a day, five days a week
7.) Methods of Payment: Secure and convenient options
ETFinance customers have a range of secure and convenient deposit and withdrawal methods from which to choose. Customers are able to pay via some third-party online payment wallets such as Skrill and Neteller, as well as by major credit cards and debit cards. There is also the option to deposit and withdraw funds by bank transfer. Withdrawal requests must always be made online via the official “Client Area” within your account, and in order to withdraw, you will need to have verified your account, and provide full details of the method you used to deposit, including any supporting documentation.
You may, for example, have to provide a bank statement, including your bank’s IBAN or bank reference, in order to request a bank transfer. In accordance with international anti-money laundering requirements, traders can only transfer funds to a bank account held in the same name as the trading account. Withdrawals from active accounts are free, but the broker may charge a withdrawal fee of €50 if there is no significant trading activity on the account prior to withdrawal.
- Limited payment methods
- Verification and documentation needed for withdrawals to be processed
- High withdrawal fee on inactive accounts
8.) Additional Offers: Free training videos, account managers and demo accounts
Professional account holders at ETFinance can access VIP educational resources, contests and other benefits, but there are no promotions or bonuses currently being offered to retail account holders. Retail account holders can, however, access the general education section, a dedicated account manager, and a free demo account, available for two weeks. ETFinance crypto trading does offer a good basic education section, in the form of a VOD library, with a range of free training videos.
These cover basic trading tips, and feature a few video lessons specifically aimed at crypto traders, including a background overview of how digital currencies developed, the evolution of blockchain and cryptocurrencies, and the future of digital currencies. The videos can effectively be studied as an online course, with individual topics often having two or three lessons, covering successively more complicated aspects of the same strategy, technique or indicator.
- Some special offers and perks for professional account holders
- Free demo account, albeit with restrictions
- Plenty of training videos on a variety of topics, including a few specific to cryptocurrencies
9.) Regulation & Deposit Protection: Regulated and licensed by CySEC
ETFinance is operated by Magnum FX (Cyprus) Ltd, which is a leading Cyprus Investment Firm, and is fully licensed and regulated by CySEC. The broker is also governed by the European Securities and Markets Authority (ESMA), and provides certain types of protection to its account holders, such as the customer compensation protection provided via the ICF, which is available to all clients holding retail accounts with the broker. ETFinance keeps customer assets in segregated accounts, with secure European banks, meaning that in the event of insolvency, client funds are protected as the personal assets of the broker’s clients, rather than treated as recoverable assets owned by the company itself.
To further protect clients, ETFinance keeps all customer data and sensitive information secure, using rigorous firewalls and Secure Sockets Layer (SSL) encryption for top-quality data protection. Traders investing in cryptocurrencies should always educate themselves as to the unregulated nature and unusual legal status of digital currencies. Trading cryptocurrencies is completely legal, but it should be remembered that cryptocurrencies are not legal tender, meaning that they are not regulated by any national governments or central banks, and therefore carry unique risks and opportunities, compared to other investments.
- Fully licensed and regulated by CySEC
- Secure encryption and protection of customer data
- Cryptocurrency traders should be aware of unique risks in trading digital currencies
10.) Awards: Uses the award-winning MetaTrader 4 platform
Our crypto broker comparison review involved taking a quick look at where this broker stands out in comparison to other brokers in the field, and we generally assess this by looking at the awards it has won. As a relatively new brokerage, ETFinance has not yet had time to accrue awards and accolades within the industry, and as some crypto traders will be aware, awards available for crypto brokers are rare compared to the rest of the industry. On the plus side, ETFinance has made sure that one of its trading platforms, at least, is an award winner. As many traders will already know, the MetaTrader 4 platform is well known and highly respected by traders across the globe, and has won numerous awards in the past, including the Best Multi-Asset Trading Platform at the 2016 Finance Magnate London Summit Awards. The broker is also starting to get positive reviews on various broker comparison sites. For example, ForexBonusLab.com recently gave ETFinance a five-star review in an independent broker review.
- Relatively new broker, so has not yet accrued awards
- Offers the award-winning MT4 Platform
- Starting to receive positive reviews
Our verdict on crypto trading with ETFinance
ETFinance crypto trading offers an interesting option for traders interested in digital currencies, and as a multi-asset broker, it will no doubt attract crypto traders who want the option to branch out and invest in different products and instruments, such as forex and stocks, alongside their crypto trading activities. Retail accounts offer customer compensation protection, negative balance protection and multilingual support. The website is very user-friendly, as are the trading platforms, and MT4 traders have the advantage of access to a familiar platform. There is a demo account available, dedicated account managers and training videos, including a few dedicated to cryptocurrencies. We would like to see a searchable help section in the future, but customer service is responsive when queries arise. Adequate security measures are in place, with best practices followed regarding encryption, customer asset storage and compensation procedures. Crypto traders interested in trading digital currencies via CFDs will undoubtedly find ETFinance worth their consideration.
- Can trade cryptocurrencies via CFDs
- Licensed and regulated, with high-level security in place
- Choice of quality trading platforms, including MT4
- Relatively young company with few reviews or awards
- Demo account is restricted to only two weeks
- Fairly limited education dedicated to crypto trading