General Information & Regulation
ETFX is a forex broker founded in 2017, operated by two companies, one based in Vanuatu (ET Service Limited) and the other based in New Zealand (Golden Finance Limited), both of which hold licenses under the Vanuatu VFSC (now revoked) and New Zealand FSPR respectively. ETFX appears to target the Chinese market and has set offices in China.
Market Instruments
ETFX offers investors financial assets in Forex currency pairs, gold, silver, CFDs, and crude oil. Tradable instruments available on the ETFX platform seems not that rich compared with most traders who can offer stocks, ETFs, crypto currencies, and more.
Minimum Deposit
ETFX offers only one standard account with a minimum initial deposit of $500. The initial deposit requirements is considered high. Actually, most brokers only require an initial deposit of around $100 to $200.
ETFX Leverage
When it comes to trading leverage, the maximum leverage level for forex instruments, oil, Gold & Silver is up to 1:200. Inexperienced traders are not advised to use such high trading leverage, as it is too risky.
ETFX Spreads & Commissions
The average EURUSD spread on ETFX for standard accounts is 1.9 pips, higher than the industry average, with most brokers offering EURUSD spreads between 1.1 and 1.5 pips. We all know that high spreads mean higher trading costs.
Trading Platforms
ETFX offers traders the most popular MT4 trading platform available, and the charting package on this platform is second to none. What's more, the MT4 trading platform offers a wide range of custom software add-ons, a large number of technical indicators, and support for automated trading systems.
Deposit & Withdrawal
After browsing through the ETFX website, regarding payment methods, it is clear that ETFX only supports traders to deposit and withdraw funds to their investment accounts via UnionPay cards, which is too limited a payment method for clients.
ETFX Cons
Some ETFX Drawbacks Include:
1. Unclear regulation
2. High spreads & high transaction costs
3. High minimum initial deposit requirements
4. Limited payment options
5. No cryptocurrency trading
2022-11-28 18:16
2022-11-27 15:25
2022-11-27 00:06
