ET Finance Review – Should You Trust The Broker Et-finance.co Or Not?
As an FX and CFD broker, ET Finance is owned by Magnum FX based in Cyprus. They are in the financial market since 2018 and they have successfully developed themselves for years. Throughout their existence, they even became a sponsor of the Real Madrid basketball club.
Even though everything looks bright and shiny, there are some dark sides to trading with this broker. They’ll be elaborated on in our ET Finance review.
|Broker status:||Regulated Broker|
|Owned by:||Magnum FX|
|Minimum Deposit:||215 EUR|
|Types of Assets:||Forex, Stocks, Commodities|
|Free Demo Account:||No|
|Accepts US clients:||No|
Is ET Finance a Reliable And Regulated Broker?
ET Finance has regulations through Cyprus Securities and Exchange Commission (CySEC). This could be promising. If we exclude ET Finance reviews, all of this is very good for beginners.
However, we always prefer Tier 1 regulations like FCA, BaFin or ASIC which ET Finance doesn’t have. In addition to that, they got a warning from 3 other companies and a ban for trading in the UK due to false advertisements.
Whether it’s an advert about algo-trading or some non-existent offer, those are not allowed according to Tier 1 regulations. Of course, if the broker doesn’t provide advertised services.
On one hand, ET FInance is CySEC-regulated, but on the other hand, FCA banned their services in the UK. However, some clients experienced troubles with this broker according to ET Finance reviews.
Reasons for Using a Regulated Broker for Trading
Regulated brokers provide you with transparent trading conditions and a lot of educational tools. This is a huge advantage if you want to be a successful trader. The most important part is the security of the funds. If the company somehow disappears you have someone to contact.
Unfortunately, with this broker, we can see that customers are not satisfied with their services according to ET Finance reviews. Many had issues with withdrawals, therefore you can expect potential problems there.
Financial Watchdog’s Alerts
The only reason that might stop us from trading with this broker is the warning from the FCA (UK). If they found something irregular about this broker, then it must be big. We prefer to trade with FCA-licensed brokers because they provide a wide range of benefits and a higher level of security.
ET Finance Software
ETFinance offers trading through one of the most trusted third-party platforms, MT4. Through the company’s website, you can log in directly to the MT4 and access more than 150 assets.
MT4 is reliable and provides a wide range of TA tools, social trading, advanced charting and indicators, fast executions and many more. It’s just a matter of time before they will switch to an even more advanced version – MT5.
The good thing about MetaTrader is that it is available for download on any device. Whether it is iOS or Android, you can have access to it. It is beneficial for people who don’t have access to a desktop or laptop the whole time. At the time when the right opportunity comes up, you need to be ready to act quickly.
Trader’s Reviews of ET Finance
At the moment of writing this ET Finance review, we found 76 comments about this broker on Trustpilot. It is one of the most reliable platforms for customer experience reviews.
Unfortunately, this broker only deserved a 2.0 rating here with more than 60% of comments rated 1-star. People mostly complain about bad customer service and withdrawals. Check it out yourself.
What Financial Instruments Does ET Finance Include?
It was a surprise to see that they don’t offer cryptocurrencies. However, they want to comply with regulations and that might be the reason. Therefore, they offer 3 different classes:
- Forex USD/NOK, EUR/SEK, AUD/NZD
- Commodities oil, gold, platinum
- Stocks Facebook, Tesla, Starbucks
Whatever market you choose, you have very good spreads and defined leverage which is not dangerous.
ET Finance Service Countries
Throughout our research, we found that they are working with clients from:
As we mentioned, the UK forbade their services to UK citizens. Since there are many negative reviews about this broker, we would reconsider investing funds here and look for a different one.
List of ET Finance Account Types
The broker only offers 3 account types:
With the minimum requirement of 215 EUR, it is not much for the beginning. The main difference is that, with Gold and Platinum account types, you get a personal broker that is making sure your potential profits are maximized. Based on some user experiences that was not the case.
Can Customers Open A Free Demo Account?
According to the company’s website, they don’t offer a demo account. That is not a significant downside because their minimum is only 215 EUR.
However, considering that some licensed companies offer micro accounts, you can always look for that first. With a micro account, you can invest 10$ and see how you like the platform.
ET Finance Deposit and Withdrawal Policies
Deposits with this broker are very simple and they provide a variety of options. From Visa/Mastercard, Maestro card, Neteller, Skrill, and more. According to the company, withdrawals take up to 48 hours depending on the method used for a withdrawal.
Unfortunately, some clients experienced troubles during the withdrawal procedure.
ET Finance Terms and Conditions
T&Cs are straightforward with this broker. They cover every single legal field and that’s exactly how it should be since they are regulated. Unfortunately, nowhere on the website you can see trading conditions like leverage and spread unless you register and get to the platform directly.
It can be a method for luring clients besides false advertisements that FCA mentioned in their warning.
What Should I Do If I Have ET Finance Problem?
The best option is always to share your story on forums. That way other people can hear you.
However, the first thing to do is to contact the regulator. If you don’t know how to do that properly our expert team can give you advice on any steps during the procedure.
What Is ET Finance?
It’s a Cyprus-based FX and CFD trading company operating since 2018. They offer trading on stocks and commodities besides currency pairs.
Is ET Finance a Regulated Broker?
Yes. The company has a license from Cyprus Securities and Exchange Commission which is not a Tier 1 Regulator like FCA or BaFin in Europe.
Is ET Finance Available in the United States or the UK?
There is no confirmation that they offer services to US clients. However, the UK regulatory body – FCA – banned their services in the UK.
Does ET Finance Offer a Demo Account?
No. This broker offers only live trading accounts, starting with the 215 EUR minimum requirement.