ETFinance – what we know and have as facts about it; This is a trade name of Magnum FX (CYPRUS) LTD, authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 359/18. This license allows it to conduct various financial services, including receiving, transmitting, and executing customer orders.
We have found in the Terms and Conditions document that the company will act as an agent and not as a principal on behalf of the client. Clients’ orders are executed via third party brokers and market makers – so-called liquidity providers. The company’s execution venues are OTC (over the counter) markets. This means ETFinance uses the Straight Through Processing (STP) model to execute orders. STP brokers usually gain from the spread and traded volume regardless of whether customers win or lose The STP model assumes that there is no conflict of interest between the client and the intermediary company.
We also found that there are some posts in the forums about using fraudulent practices to push clients to deposit more and more money and to open orders with larger quantities.
So far, we have not received any complaints from customers of ETFinance. If you have any criticism to share with us or feel annoyed by ETFinance, please fill in the form below, detailing your case. Once we have made your case public, we may attempt to mediate between you and ETFinance if you wish.