Brief Look at ETFinance
ETFinance, despite holding a CySEC (Cyprus Securities and Exchange Commission) license, has garnered controversial reviews regarding its legitimacy and business practices. Established in 2018, the company immediately faced various claims, particularly concerning its aggressive marketing tactics, high-pressure phone calls, and withdrawal difficulties.
Some clients reported issues with withdrawing funds and non-transparent fees, including a €15 bank transfer fee and substantial inactivity fees of up to €500 per month.
In June 2020, CySEC partially suspended the activities of Magnum FX (Cyprus) LTD, ETFinance's parent company, due to its failure to act fairly, honestly, and professionally in the provision of financial services. The initial suspension was set for one month, and the company was subject to certain restrictions, including a ban on registering new clients.
Due to these concerns, ETFinance has been added to the blacklist.
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