ETX Capital is a reliable brand in the retail Forex and CFD market. Monecor Ltd, its parent company, was established in 1965, and it’s listed on the London Stock Exchange. ETX Capital is based in London but serves clients from Europe and different parts of the world. Through its proprietary TraderPro platform, traders can access over 6,000 financial products across Forex, Cryptocurrencies, stocks, indices, and commodities.
Pros
· ETX Capital is licensed and regulated by the FCA, which is a tier-1 regulator.
· It accepts clients from different parts of the world, including India, Indonesia, Australia, and EU residents.
· With the broker’s TraderPro platforms, a trader can choose from over 6,000 tradable instruments.
· The broker is not a dealing desk broker, so clients have direct access to the markets.
· Both the broker’s proprietary platform and the MT4 platform is equipped with advanced trading tools, such as advanced charts, one-click trading, and a range of technical indicators.
· ETX Capital offers highly competitive spreads when compared to other big brokers.
· The broker also offers rebates to clients, depending on volume traded.
· ETX Capital has a wide selection of free educational resources, including manuals, user guides, seminars, webinars, and tutorial videos.
· It charges no withdrawal fees in the first five months.
· Its customer service is very responsive and supportive.
Cons
· While the customer service is very supportive, ETX Capital has limited channels through which the customer support staff can be reached. It doesn’t yet have reliable live chat.
· ETX Capital does not offer negative balance protection for its traders.
· Its account options are limited. Most traders only qualify for the standard account, and there are not many bonuses and incentives.
· It charges inactivity fees.
· It does not accept U.S. clients.
Overall Ranking
Overall
Investment Opportunity
Commissions & Fees
Safety
Research
Smartphone Usage
Customer Service
Education
Platforms & Tools
Overall
Investment Opportunity
Commissions & Fees
Safety
Research
Smartphone Usage
Customer Service
Education
Platforms & Tools
Extended Review and Information
Founded in 1965 as Monecor (London) Ltd, ETX Capital has a long history in the financial markets. Initially, it focused on institutional and professional traders but gradually made its way to the retail Forex world. It offers Forex, spread betting, and CFDs on a wide selection of financial instruments. Being a London-based retail broker, it is regulated by the Financial Conduct Authority (FCA). It provides its clients with its advanced trading platforms: TraderPro and MetaTrader 4 platforms.
How to Open your Account
You can practice on demo account before going live. Opening a live account with ETX Capital is quite straightforward, and the account can even be ready for trading on the same day. You click on the live account button on the broker’s website and fill in the details. Most traders sign up for the standard live trading account, which requires a minimum deposit of £100.
But those who qualify as ‘Pro’ clients, may sign up for that. To qualify as a professional trader, you must have relevant experience in financial services, be worth more than €500,000 in liquid assets, excluding your residence, and have traded more than 10 times each day in the last four quarters.
Trading Instruments Available
ETX Capital offers a wide selection of trade-able instruments across multiple asset classes, including Forex, commodities, indices, Cryptocurrencies, and single stocks. There are over 60 currency pairs, even exotic pairs, to choose from.
Available commodity CFDs include Gold, Silver, Palladium, Copper, crude oil, heating oil, corn, cotton,and others. Major market indices from all over the world, including FTSE 100, DJIA, Japan 225, Poland 20, and others, as well as thousands of single stocks, are also available to ETX Capital’s clients.
Deposits and Withdrawal Methods
There are several ways to fund your trading account with this brokerage firm. The commonly used funding methods are bank wire transfers, credit cards, debit cards, PayPal, Neteller, Sofort, Union Pay, GiroPay, and Skrill. You can choose the currency — EUR, USD, and GBP — in which you run your account.
Withdrawals can be made via the same channels. In the first five months, withdrawal is free of charge, but after that, withdrawals may attract a $10 fee, especially if the amount is less than $100.
Interface
There are several ways to fund your trading account with this brokerage firm. The commonly used funding methods are bank wire transfers, credit cards, debit cards, PayPal, Neteller, Sofort, Union Pay, GiroPay, and Skrill. You can choose the currency — EUR, USD, and GBP — in which you run your account.
Withdrawals can be made via the same channels. In the first five months, withdrawal is free of charge, but after that, withdrawals may attract a $10 fee, especially if the amount is less than $100.
Education and Research
ETX Capital has a lot of educational resources for both beginners and experienced traders. There are platform guides, CFD trading guides, and guides to indices trading. In addition, there are free eBooks and online webinars.
But on the aspect of research, the broker fails to deliver enough in its platforms, and its overall range of research is not on par with its peers.
Commissions and Fees
For this broker, there is no commission for trading the Forex market. In other words, the cost of trading currency pairs is only reflected in the spreads, which vary with the platforms. The spreads tend to be lower on the TraderPro platform than on the MT4 platform.
Commissions are charged for trading CFDs on other assets, such as stocks. While other brokers may have other fees, such as monthly data fees, for single stock CFDs, ETX Capital provides the data for free.
Customer Support
ETX Capital doesn’t have the live chat option, so you have to contact them through phone or email. However, the customer support staff are very responsive and interact with the clients in a friendly manner.
They can be reached all through the trading hours — 24 hours a day, from market open on Sunday to market close on Friday.
Awards
This broker has been recognized by the industry for providing quality services. Over the years, it has won several awards, but these are the most recent ones:
· Best Spread Betting Platform in 2018, from ADVFN Financial Awards
· Best Education Award in 2018, from Online Personal Wealth Awards.
· Nominated for the Best Trading Platform in 2018, from Online Personal Wealth Awards
Regulations and Jurisdictions
ETX Capital is based in London, so it is authorized and regulated by the Financial Conduct Authority (FCA), which is a popular tier-1 financial regulator. Its U.K. clients are subject to the compensation plans provided by the Financial Services Compensation Scheme (FSCS), so they may receive up to £50,000 compensation in the event of bankruptcy.
Furthermore, the broker is subject to the EU’s ESMA regulations.
Conclusion
ETX Capital was initially established as Monecor (London) Ltd, which was serving professional and institutional traders, but it later found its way to the retail Forex world. It has a unique trading platform and offers a wide range of trade-able instruments. However, it needs to improve its customer service channels and protect against negative balance.
Overall, we recommend this broker to professional traders and those who are looking to gain the benefits of having a larger account. ETX provides great service to both intermediate and experienced traders who trade in mid-high volumes, but it appears difficult to make full use of ETX Capital as a beginner other than their average education system.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of retail investor accounts lose money when trading with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. This does not constitute as investment advice or personal recommendations as your specific financial circumstances have not been considered. No warranty is given in regards to the accuracy and completeness of information. Past performance is not an indicator of future results.