eFinno Forex Broker

eFinno Forex Broker - Complete Information Guide

1. Broker Overview

eFinno, officially known as Streams Financial Services Ltd, is a Cyprus-based broker founded in 2019. The company is registered at 284 Makarios Avenue, 4th Floor, 3105, Limassol, Cyprus, under registration number HE 387124. As a privately held entity, eFinno operates primarily in the retail forex market, providing a platform for individual traders to access various financial instruments.

The broker's main clientele includes traders from countries such as France, the United States, and Israel, although it is essential to note that it does not have regulatory coverage in these regions. eFinno has established itself as a player in the online trading space, focusing on delivering user-friendly trading experiences and a range of educational resources to support its clients.

Since its inception, eFinno has made strides in expanding its services and improving its platform, which includes proprietary trading tools and educational initiatives designed to enhance trading skills. The company aims to democratize access to investment opportunities across global markets, making it a relevant choice for those looking to explore forex and CFD trading.

The business model of eFinno primarily revolves around retail forex trading and CFDs, allowing clients to trade various asset classes, including stocks, commodities, indices, and cryptocurrencies. This diverse offering positions eFinno as a broker that caters to a wide range of trading preferences and strategies.

2. Regulation and Compliance Information

eFinno operates under the supervision of the Cyprus Securities and Exchange Commission (CySEC), which is known for its stringent regulatory framework. The broker holds a license under license number 376/19, ensuring that it adheres to local and European financial regulations that promote transparency and investor protection.

The regulatory license is valid across the European Union, which allows eFinno to operate within the parameters set by CySEC. This includes compliance with necessary investor protection protocols, such as the segregation of client funds. Client funds are held in separate accounts to ensure that they are protected in the event of the company's insolvency.

eFinno is also a participant in the Investor Compensation Fund (ICF), which provides additional security for clients by offering compensation up to €20,000 for eligible clients in case of the firm's failure. The broker employs robust Know Your Customer (KYC) and Anti-Money Laundering (AML) measures to ensure compliance with international standards, thereby minimizing the risk of fraud and illicit activities.

3. Trading Products and Services

The eFinno broker offers a diverse range of trading products, catering to various trading strategies and preferences. The broker provides access to over 450 CFD assets, covering several asset classes, including:

• Forex: A wide array of currency pairs, including major, minor, and exotic pairs.
• Indices: Trading opportunities on major global indices such as the AUS 200, EU 50, and IT 40.
• Commodities: A selection of commodities, including Brent oil, gold, coffee, and copper.
• Stocks: CFDs on shares from prominent companies across various sectors.
• Cryptocurrencies: Access to popular cryptocurrencies like Bitcoin, Ethereum, and others.

eFinno also emphasizes continuous product updates and innovation, aiming to add new financial instruments based on market demand and trends. The broker's retail trading services are designed to be accessible for individual traders, providing various account types and competitive trading conditions.

For institutional clients, eFinno may offer tailored services, including white-label solutions and asset management services, although specific details regarding these services are less publicly disclosed.

4. Trading Platforms and Technology

eFinno utilizes a proprietary trading platform known as eFinno Multi, which is designed to provide a user-friendly interface for traders. The platform is web-based, allowing users to access their accounts from any device with internet connectivity.

While eFinno does not currently support MetaTrader 4 (MT4) or MetaTrader 5 (MT5), the proprietary platform offers essential trading features and tools suitable for both novice and experienced traders. The platform includes advanced charting capabilities, technical analysis tools, and market news updates.

In addition to the web-based platform, eFinno offers a mobile application compatible with both iOS and Android devices, enabling traders to manage their accounts and execute trades on the go. The broker ensures that its platform operates on secure servers and employs advanced technology infrastructure to facilitate smooth trading experiences.

The execution model at eFinno is primarily market-making, which means that the broker acts as the counterparty to client trades. This approach allows for competitive spreads and efficient order execution. However, the absence of API access for automated trading may limit options for algorithmic traders.

5. Account Types and Trading Conditions

eFinno offers several account types tailored to meet the varying needs of its clients. The available account types include:

• Silver Account: Requires a minimum deposit of $500, with spreads starting from 2.9 pips and leverage up to 30:1.
• Gold Account: Requires a minimum deposit of $10,000, offering improved spreads starting from 2.2 pips and leverage up to 300:1.
• Platinum Account: Requires a minimum deposit of $50,000 and provides competitive spreads starting from 1.8 pips.
• Diamond Account: The minimum deposit is not publicly specified, but it offers the best trading conditions, including spreads from 0.1 pips and lifetime access to educational resources.

All account types have a stop-out level of up to 50%. eFinno does not offer a demo account, which is a notable limitation for new traders looking to practice before committing real funds. The broker does not provide bonuses or promotions, focusing instead on transparent pricing and competitive trading conditions.

6. Fund Management

eFinno supports various deposit and withdrawal methods to facilitate seamless fund management for its clients. The accepted deposit methods include:

• Bank Transfers
• Credit/Debit Cards (Visa, Mastercard)
• E-wallets (Apple Pay, Google Pay)

The minimum deposit requirements vary by account type, with $500 for the Silver account and $10,000 for the Gold account. Deposits are typically processed quickly, allowing clients to start trading without significant delays.

Withdrawal methods mirror the deposit options, ensuring that clients can access their funds conveniently. The minimum withdrawal amount is set at $100, and the processing time for withdrawals may take up to 7 business days. eFinno does not charge any fees for deposits or withdrawals, which enhances its appeal to cost-conscious traders.

7. Customer Support and Educational Resources

eFinno places a strong emphasis on customer support and offers multiple channels for clients to seek assistance. Support options include:

• Phone Support: Available at +357 25 055782
• Email Support: Clients can reach out via the provided email address.
• Social Media: eFinno maintains an active presence on platforms like Twitter, Facebook, and YouTube.

The support team is available during regular business hours, but specific service hours are not publicly detailed. eFinno provides support in multiple languages, catering to its diverse client base.

In terms of educational resources, eFinno offers various tools to help traders improve their skills, including:

• Webinars and Tutorials: Covering fundamental trading concepts and strategies.
• Market Analysis Services: Daily market insights, news updates, and research reports.
• Trading Tools: Including economic calendars and trading calculators.

These resources aim to empower traders with knowledge and insights, enhancing their trading experience.

8. Regional Coverage and Restrictions

eFinno primarily serves clients in regions such as Cyprus, France, and the United States. The broker's services are accessible across the European Economic Area (EEA), leveraging its CySEC regulation. However, it is important to note that eFinno does not accept clients from certain jurisdictions, including those where it lacks regulatory oversight.

The broker's operations are concentrated in Limassol, Cyprus, which serves as its headquarters. Despite its presence in international markets, residents from countries such as Israel may not receive the same level of regulatory protection as clients in the EU.

In summary, while eFinno broker presents a comprehensive suite of trading products and services, potential clients should carefully consider their local regulations and the broker's limitations in their respective regions before opening an account.