eFinno is a Cypriot brokerage brand owned and operated by Streams Financial Services LTD. The company is regulated and supervised by CySEC, with the license number 376/19.
Since it entered the big scene, the broker boasts a wide range of financial instruments, diversity in services and rich knowledge base. Our eFinno review points out major pros and cons, as well as particularities of the offer.
Being regulated by CySEC means subjecting your business to one of the strictest and most diligent financial authorities in the world. CySEC is known to religiously revise every firm they regulate and make sure the rule-breaching is never overseen.
While the company is apparently being labeled as reliable and their services satisfactory, bare in mind they’re still new. It will take time to build a good reputation, and about a hundred reviews do not show much.
Some of these accounts were registered just recently and during this year, so they have yet to gain publicity.
Nonetheless, the brokerage agency uses their presence on social platforms to market their services as lucrative, and promises amiable joining conditions and benefits.
The eFinno website has been active since December 2022, despite the firm’s incorporation in 2019. With the CySEC license, the brand is able to offer services in the EEA.
Although the statistics show their services are more wide-spread and present in these countries, too:
The basic web trader that represents the eFinno platform is the first major disadvantage we’d mention. Although easily navigated and with a customizable interface, the eFinno Multi software lacks the advanced trading tools featured on MT4 and MT5.
Professional traders may find the absence of a stand-alone desktop software lacking and unprofessional, which is a solid reason to choose another platform.
If there’s anything this business can be proud of, then it’s the diversity and number of total available tradable financial products:
Commonly named after most popular precious metals, the eFinno accounts mainly differ in the trading costs, access to instruments and the availability of educational materials. Better conditions and choices come with more expensive accounts:
Since the maximum leverage available in the EEA is 1:30, the brokerage agency doesn’t allow their customers a higher ratio than that.
As previously clarified, the trading costs are higher for lower-tiered accounts. For example, you start with spreads at 2.9 pips which is quite high. The spreads progressively drop until 0.1 pips for the Diamond account.
Lack of transparency considering the monetary transactions is somewhat worrying. Before you are able to access any proper information on this subject, you need a fully verified account, which means a detailed KYC.
On the other side, there’s some basic information withdrawals-wise included in the T&C doc. It refers to the minimum withdrawal amount being $100 and the processing time of up to 7 business days. For transfer methods and other particularities, you need a confirmed account.
As a regulated business, this platform operates within the EEA regulatory directive. However, brokers rise and fall, so no one is immune to payout troubles. In that case, be sure to immediately contact our customer service.
We provide advisory services and legal support in disputes. Contact us via the Online chat and you can book your free consultation at any time.
This is a brokerage house relatively new to the Forex market, since the site has existed since Dec 2022.
Yes, the CySEC regulation is confirmed. If you still encounter problems, contact us immediately.
The firm has their proprietary web trader and a mobile app.
There’s no separate doc of this type. T&C requires $100 as a minimum withdrawal.
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