ETX Capital Review

ETX Capital Review - The Platform
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ETX Capital Review

Best brokers review 2020

(3.9)

ETX Capital has very good customer service, many educational tools and a lot of deposit and withdrawal options that are free of charge. The tradeable markets/product portfolio is rich, but the drawbacks are high commissions and fees, missing depth in their in-house trading platform and lack of research options.

General Overview

ETX Capital Group is a financial firm based in London (UK) that provides a wide array of financial trading services for institutional, high-net-worth-individuals and retail customers. The firm has a long standing history within the financial markets and the London Stock Exchange. ETX Capital started in 1965 as Monecor Ltd. During that year, the company became a member of the London Stock Exchange. The company started to grow and in 2002 a new division was founded: TradIndex, which later would become ETX Capital. The name changes are due to new joint ventures and capital infusions from new partners. This gives ETX Capital credibility and a solid financial foundation to backup clients’ funds. The company offers access to to multi-asset and the derivatives market. The name “ETX” stands for the different services that are available to ETX clients: Electronic Trading, Telephone Trading and Execution Services. In terms of Marketing, the company has also used the acronym as a representation for an Exciting Trading Experience. The registration number with the Financial Conduct Authority in London is: 124721. This broker is fully authorised and regulated under UK Financial Law. US-Traders are excluded and cannot open a trading account with ETX Capital. This is due to trading features, that are not allowed in the US.

ETX Capital Broker Review & Rating 2020

Name: Monecor Ltd.

  • Safety
    (4.2)
  • Comissions & Fees
    (3.5)
  • Investment Products
    (4.2)
  • Trading Platform(s)
    (3.8)
  • Mobile Trading
    (3.5)
  • Customer Service
    (4.45)
  • Account Opening
    (5)
  • Deposit & Withdrawals
    (5)
  • Research
    (3.1)
  • Education
    (4.1)
  • User Reviews
    (2.79)

Summary

ETX Capital has a very good customer service, educational tools and a lot of deposit and withdrawals options free of charge. The tradeable markets/product portfolio is very rich, but the drawbacks are high commissions and fees, low depth of the trading platform and lack of research options.

Overall
3.9

Pros

Many deposit and withdrawal options

Easy usage

Good customer Service

Cons

High fees

Inhouse trading platform lacks functions

Lack of research tools

Quick Overview

Regulation: FCA (UK)

Average EUR/USD spread: 0,81

Leverage: up to 200:1

Minimum deposit: $100

Products: Forex, Indicies , Commodities, CFDs, Cryptocurrencies

 

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.1% of retail investor accounts lose money when trading CFDs 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.

Safety

(4.2)

ETX Capital is the brand of Monecor Ltd, regulated by the Financial Conduct Authority FCA (UK) under number 124721. Due to the FCA regulation, investors have a protection with £85,000. Additionally, they offer a negative balance protection, for retail clients from the European union.

Comissions & fees

(3.5)

The relationship between trading costs and margin is very important. ETX Capital doesn’t not charge any commission for transactions. This is good news, as this allows for a tight trading strategy. But the spreads are about or lower than average of compared forex brokers. ETX Capital shows good signs of a balanced spread to cost ratio. The required margins are not more than 0,11% and this allows for a leveraged account with a ratio of 200:1 for Forex trades. The tight spreads for the major Forex pairs help retail traders to maintain a positive profit expectancy. These will vary, depending on trading times and volatility, among other factors. Traders can see the changing spreads on ETX Capitals main page. We could see that for the most important pairs the spread is around 0.7 Pips per Trades, which is considered a medium spread ratio. The spread for Indices is around 1-2 points and for Gold it can be as low as 0.4 Pips per Trades.

Market Min Spread Avg Spread
EUR/USD 0.6 0.81
GBP/USD 0.9 1.58
GBP/EUR 2 2.69
USD/JPY 0.9 1.06
AUD/USD 0.8 1.21

Trading Platform(s)

(3.8)

In November 2010 ETX Capital invested heavily to further develop the trading platform and also included access to Metatrader 4. This gives traders great flexibility and different means to access the markets. Due to Metatrader 4, it is possible to use automated trading services (Expert Advisers) and also so called trading robots, which consist of software programs that trade the markets according to a pre-fixed set of rules and trading strategies. But to access lowest spreads traders are forced to use the ETX TraderPro platform.

ETX TraderPro, which is the in-house platform, that was designed and exclusively created for ETX clients. The ETX TraderPro has a clean and modern design. The platform offers different views and customizable settings. There are 3 pre-set layouts with different colour schemes. Traders are able to customize the layout and add different charts, charting tools and lists of favourite shares, CFDs, commodities, Foreign Exchange Pairs and Indices. One feature that is worth mentioning is the embedded Pip calculator. ETX Capital also offers a constant update about their actual and newest spreads and pip costs per trade. This is good in terms of transparency. The charts offer one-click-trading, right off the chart, trailing stops, different kinds of alerts and low spreads. The trading tools and market research options are limited in comparison to other brokers trading platforms.

ETXCapitalTV YouTube Tutorial

User-friendly platform

Limited trading & research tools

No information about commission or swaps paid to the broker

Mobile trading

(3.5)

ETX Capital offers a mobile Platform, which uses a light version of ETX TraderPro. It looks a little bit different from the desktop/web platform, but is similar in terms of functionality.

The app is or traders that want to check on their trades on the go and/or need to change their positions while they are out of office. The execution is fluid and works well on any Smartphone or Tablet.

Obviously the charting and options for analysis are limited, also missing news.
In terms of Security the missing 2FA (2 factor authenthification) is a big negative aspect of the mobile app.

ETXCapitalTV YouTube Advertisement

User-friendly Platform

Limited Research & News

No secure login (2FA, TouchID, FaceID)

Customer service

(4.45)

Connection time

Calls <1 Minute

Email responses

<1 Day, few hours

Service availability

Mon 7:30am - Fri 9:00pm (GMT+1)

Live Chat

Not available

ETX Capitals phone support is very good, fast response and multi/lingual support is offered. Definitely they have one of the best customer supports we have tested. Email support is good; mails usually get answered within a few hours or a day. Unfortunately ETX Capital does not spport 24/7, nor do they offer a live chat.

Account opening

(5.0)

ETX Capital's account opening contains 4 easy steps to sign up, which can be finished within a few minutes. There are no Account options, they offer one type for all. The only difference is the Platform to choose - We recommend the TraderPro Platform, due to the lower spreads they offer when using the in-house platform.

After your initial data follows questions about your financial background and at the end of the Sign-Up, there is a very simple questionnaire to evaluate your trading knowledge.

After the initial registration, you will need to verify your ID and residency. You must upload a national ID, passport, or driver's license in order to verify your ID. For residency verification utility bills or bank statements are accepted.

You will most likely receive a call within a few minutes after your registration, to make sure you know how to finish your setup.

Your account will be ready within a day.

ETX Capital registration process

Deposit & withdrawals

(5.0)

The deposit methods are according to industry standards. Clients have the options to deposit by credit card, through wire transfer, calling by phone or even with a debit card. ETX Capital offers several options to obtain a bonus, depending on the deposit amount. There are special promotions and they can change, depending on the current marketing campaign. At the time of this writing, there is the possibility to receive a 20 £/€/$ free deposit bonus or 100 £/€/$ for the first 100 £/€/$ deposit. The bonuses go up to 3.750 £/€/$. Clients have to be careful, before claiming a bonus, as these will limit the withdrawal capacity of the account. If a bonus was used to trade, then the customer must close at least 10 trades within 60 calendar days. There is a requirement for a minimum deposit of at least 100 £/€/$.

Withdrawal can only be made to a Credit Card or by Wire transfer. If the Withdrawal amount is above 100 £/€/$, then the transfer will be cost free. Customers can have up to 5 cost free wire transfers per month.

Research

(3.1)

The research options of ETX Capital are very limited. Neither they provide a basic newsfeed, nor fundamental data. You wil find only a few basic news and analysis updated couple of times per week. The Charting tool in the TraderPro is industry standard - nothing more, nothing less.

We would wish for much more analysis and increase of market news, at least couple of times per day.

ETX Capital analysis page

Education

(4.1)

Despite the fact, that they do not offer educational videos at the time of this review - They have a solid educational program. They offer a lot of webinars about trading strategies, trading tools, technical analysis, event trading, etc. Also they have platform tutorials for both TraderPro and MetaTrader4. Additionally, they offer courses, which are basically articles to read, about trading fundamentals.

 

ETX Capital education page

User reviews

(2.79)

Finding unbiased user reviews is difficult in the forex or generally brokers market. While our research on Platforms like ForexPeaceArmy or TrustPilot we found a huge range of reviews from terrible to great. While reviews on FPA tend to be very negative and most likely biased as well, other Platforms like TrustPilot show a different picture. When looking into bad reviews, we often found similar phrases "lost all my money" as a reason. This is not the brokers fault, but usually shows the lack of knowledge of such traders. More serious are reviews about withdrawal issues, platform problems, hidden fees, etc. Those reviews we are looking more closely into.
ETX Capital is performing in the middle range of the reviewed brokers, neither very good nor very bad.

Trustpilot

Special Features of ETX Capital

Every trading firm or brokerage out there tries to have a different edge. At the end of the day, they all provide a software and a connection to the market. Most of them are passing orders back and forth. Some brokers differentiate themselves by the high level of customer service and others do it by providing cutting edge technology. ETX Capital offers a wide range of Educational training videos and webinars. They are really top notch in terms of trading education. There is a daily program on the main website, with ongoing webinars about trading and strategies. They have an eight-hour trading program that really covers a lot of ground. This course is offered free of charge and clients are able to discuss the latest news or trading strategies.

We also like the transparency about the spreads. If you go to ETX Capital’s website, you will find that current spreads and trading prices are shown. They update this data almost instantaneously, which is good for traders that need to calculate with a tight spread (for very short term trading strategies or day traders).

Final Observations and Comments about ETX Capital

ETX Capital belongs to a group of financial firms with a solid track record. Experience is always good, but more important is that ETX Capital is under British regulatory law. Another important aspect is, that customer funds are kept in segregated accounts and also with accredited British and German Banks. This is an important feature and contributes to a solid security strategy. The trading platform is one of the most sophisticated platforms out there and this makes ETX Capital an attractive broker for traders that want to take trading to the next level. Recommended.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.1% of retail investor accounts lose money when trading CFDs 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.

ETX Capital Broker Review & Rating 2020

Name: Monecor Ltd.

  • Safety
    (4.2)
  • Comissions & Fees
    (3.5)
  • Investment Products
    (4.2)
  • Trading Platform(s)
    (3.8)
  • Mobile Trading
    (3.5)
  • Customer Service
    (4.45)
  • Account Opening
    (5)
  • Deposit & Withdrawals
    (5)
  • Research
    (3.1)
  • Education
    (4.1)
  • User Reviews
    (2.79)

Summary

ETX Capital has a very good customer service, educational tools and a lot of deposit and withdrawals options free of charge. The tradeable markets/product portfolio is very rich, but the drawbacks are high commissions and fees, low depth of the trading platform and lack of research options.

Overall
3.9

Pros

Many deposit and withdrawal options

Easy usage

Good customer Service

Cons

High fees

Inhouse trading platform lacks functions

Lack of research tools

Disclaimer: In order to get the most comprehensive, objective and unbiased  reviews, some of the above ratings have been accumulated with the data from third-party platforms. Ratings and user reviews have been consolidated only from relaible and trusted sources such as ForexBroker.com, Investopedia.com, Brokerchooser.com, TrustPilot.com and ForexPeaceArmy.com

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Risk warning: Foreign Exchange and CFDs are complex and leveraged instruments and come with a high risk of losing money rapidly due to leverage. 60-80% of retail investor accounts lose money when trading Forex and CFDs. You should consider whether you understand how Forex and CFDs work and whether you can afford to take the high risk of losing your money.

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