ETX Capital Review 2020

ETX Capital is one of the most leading firms, providing financial services for a long time. The UK based broker offers forex and spread betting. This ETX Capital review details every information, hidden aspects, their fee, spreads, research, and their services.

ETX Capital Review
4.3/5
78% of retail CFD accounts lose money

Short Summary

Minimum Deposit

£100

Assets

Forex, CFDs, and Cryptos

Demo Account

Yes

Islamic Accounts

No

Caution: 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 CFDs with this broker. Your capital is always at risk.

ETX Capital facilitates its clients by their flexible conditions. However, it lacks some major qualities of the best forex broker at some points. Here is a table showing the advantages and disadvantages of working with this provider.

Pros
  • Provide spread betting
  • Educational content is good
  • Free deposit and withdraw
  • Trading Platform is awesome
Cons
  • Poor research tools
  • Trading fee is high

Introduction

78% of retail CFD accounts lose money

Working for decades and having more than five thousand clients each month, this firm offers robust services. This broker is named ETX, which denotes electronic trading, telephone trading, and execution services.

Year Founded

The parent brand of this company Monecor Ltd, was since 1965. However, in 2002  this company was founded as Tradinex. Later it was relaunched, in 2007.

Owner

In 2007, JRJ Group from UK and BXR Group from Netherland had a partnership and turned its name to ETX Capital. The key persons of this company are

  • John Wilson, Executive Chairman.
  • Andrew Edwards, CEO
  • Joe Rundle.

Headquarters

The head office of ETX Capital is located in London in the United Kingdom.

Choosing clients

ETX Capital is UK based and it accepts clients from selected countries. Here are the names of countries that are accepted by this broker.

Acceptable Clients

ETX Capital accepts clients from Pakistan, India, Bangladesh, Israel, and Australia. European countries are also eligible to work with them. This firm also accepts clients from some Middle- East countries.

Not Acceptable

Clients from Iran, Iraq, and Zimbabwe are not acceptable. US residents also cannot work with ETX Capital.

Regulation

78% of retail CFD accounts lose money

ETX Capital is fully regulated by a top-tier. The Financial Conduct Authority of the UK regulates this broker. 124721 is the registration number. The legal entity of this company is Monecor Ltd.

Tidbits related to the regulation of this company.

  • It does not have any banking license.
  • Mostly clients belong to the top-tier authority.
  • It is not listed on the stock exchange, which is not supposed good.
  • Also, the financial information of this firm is not publicly available.

Safety

ETX Capital review is good about its safety and protection. Regulation by a top- tier (FCA) and working for almost more than 50 years, it has a good record in the financial books.

  • According to the regulations of FCA, the client’s fund is instructed to put in a segregated account to face the unexpected market volatility.
  • The protection of client data is also their foremost duty.
  • They also provide a negative balance protection to their clients. The compensation is a lump sum amount of £85,000.

FCA has already made such regulations that protect the broker and investor rights. This the reason that the brokers of the UK are the best and qualified brokers of the world.

Assets

ETX Capital CFDs, Forex, and Cryptos. It covers more than 5,000 trading instruments of the financial market.

Currency pairs
55+
Bond CFDs
12
Commodity CFDs
25+
ETF CFDs
85+
Stock CFDs
2000+
Stock index CFDs
20+
Cryptos
5

Fees & Margins

78% of retail CFD accounts lose money

  • ETX has a high trading fee on CFDs and Forex.
  • Non- trading fee is average.
  • No charges on withdrawal.

Trading Fee

Have a look at the spreads commissions and the leverage for the retail customer.

Assets Spread Leverages
Equities
0.8 pips min
1:5 to 1:10
Currency Pairs
o.6 pips min
1:30
Commodities
0.025 pips min
1:10
Stocks Indices
1 pip
1:5
CFDs
0.5 pips min
1:20
Cryptos
Variable
--
  • Leverage has a fixed rate for retailers. Professionals can change their leverage. They can enjoy leverage up to 1:300 but they are not eligible for the negative balance protection.
  • Margin requirements also vary as the exchanging rates of market changes.

 Non-Trading Fee

The fee deducted when you are not trading is the non-trading fee.

  • An inactivity of 6 consecutive months costs you $25 per month.
  • The first five withdrawals in a month are free of cost, but the 6th withdrawal and onwards will charge an additional $10.

Account Opening

78% of retail CFD accounts lose money

ETX Capital provides an easy account opening.

  • It is digital.
  • Account opening is fast. It takes only a few hours.
  • The minimum deposit is average not very high.

You can open your account by following these easy steps right after viewing the application form.

  • Provide your name, contact number, and e-mail.
  • Choose your base currency.
  • Select your trading platform.
  • Provide your residential details.
  • You also have to provide your financial details and status like job, business, assets, and worth.
  • Fill out the questionnaire regarding financial market knowledge.
  • Provide documents for verification of your identity and residency. You can use your pictures of your id card, driving license or passport to show identity. For residency, you can share detail and pictures of your bank statement, electricity or utility bill, and credit card detail.

Types of Accounts

78% of retail CFD accounts lose money

ETX Capital offers live account type, and it only serves the individual accounts. This account is for retail and professional ones. For a professional account, you must have at least 2 of the following.

  • A residential house of your name and assets of at least €500 thousand.
  • You must have traded for a minimum of 10 times each quarter.
  • Experience in the financial market.

Professional traders can enjoy more leverage.

  • ETX does not offer a corporate account.
  • Islamic and a swap-free is also not available at this firm.

Deposits & Withdrawals

78% of retail CFD accounts lose money

ETX Capital offers multiple ways of payments.

  • Deposits are free.
  • Withdrawals are mostly free.

For Deposits, you can use,

  • Debit and Credit cards.
  • Bank transfer.
  • Electronic Wallets, like Skrill, Neteller, and Paypal. You can use many other electronic wallets.

Bank transfer can take some time. However, payment via card is instant.

For withdrawal, you can use the same methods mentioned above. The first five withdrawals of a month are free. You have to pay $10 after it for every transaction. A withdrawal of less than $100 also deducts money.

To withdraw, follow these steps.

  • Log into your trading platform
  • Click on the “Payment” section.
  • Select “Withdraw funds”.
  • Add your desired amount to withdraw.
  • Click on proceed.

A wire transfer is faster as it takes 2 business days. However, other methods are a bit slower and take 3 to working days.

Account Base Currencies

There are only 3 currencies as the base currencies.

They are EUR, GBP, and USD. The trade and transaction except your selected base currency, makes you pay a conversion fee.

Trading Platform

78% of retail CFD accounts lose money

ETX offers two trading platforms.

  1. MetaTrader 4 is a third party platform.
  2. ETX Trader Pro which is the own trading platform of ETX Capital.
  • It is available in many languages.
  • Trader Pro has won many awards.
  • It is available on the web and mobile.
  • The desktop version of this software is not available.

Charting Tools of Trader Pro

  • It has more than 60 indicators including Bollinger Bands.
  • Eight styles of chart type including CandleStick chart.
  • You can draw lines and tables to set up prices and trades.
  • The Fibonacci tool is available to find the hidden traits of the platform.

Here we will discuss about the ETX Capital as it is owned by the company.

Web Trading Platform

  • It has a good design.
  • The software is updated.
  • Search functions are also good. You can find anything easily.
  • You can place basic order types along with trailing (the stop price at a fixed amount below the market price with an attached “trailing” amount. As the market price rises, the stop price rises by the trail amount, but if the market price falls, the stop-loss price doesn’t change, and a market order is submitted when the stop price is hit.), and One-Cancels-Other termed as OCO (when a new trade executes, the former trade is canceled automatically).
  • The time limits you can set are Good ’til canceled (GTC), Good ’til time (GTT), Good ‘till date (GTD)
  • Login is a single-step which is less secure.
  • You can also set price alerts and notifications.
  • The fee report is not clear. You are unable to see the trading history, commissions, and swap charges properly.

Mobile Trading Platform

The features of the mobile trading platform are the same as that of the web trading platform.

  • It is available on Android and iOS.
  • This platform is also user-friendly.
  • Being a mobile platform, it should also facilitate by providing a face or a fingerprint login. But it doesn’t provide any kind of facility like this. You have to log in to your account by a single-step verification process.
  • Search functions are also good.
  • The time limits you can set are Good ’til canceled (GTC), Good ’til time (GTT), Good ‘till date (GTD).
  • You can set basic order types like market, stop, limit, trailing, and OCO.

Desktop Trading Platform

ETX Capital offers MT4 for desktop trading.

  • MT4 is available in 99 languages.
  • You can set basic order types like you can set in mobile and web version of it.
  • Search functions are just average.
  • You can set up price alerts and notifications. All you need is to enter your MetaQuotes ID.
  • It is outdated.

Ratings

Desktop Trading Platform – Average

Mobile Trading Platform – Excellent

Web Trading Platform – Good

Research

78% of retail CFD accounts lose money

ETX Capital review about its research is not good.

  • The Trader Pro has weak research tools.
  • Its charting tools are good with more than 60 indicators.
  • But it lacks quality data and new feed.
  • There are no trading ideas available on this platform.
  • Fundamental data on anything is not available. Although it provides a section of “Analysis” at its official website.

However, MT4 has quite some better research tools than Trader Pro.

Education

78% of retail CFD accounts lose money

ETX Capital has a good review regarding providing education.

  • They provide a demo account to practice with having a virtual cash in it.
  • You can find helpful and easy articles provided by this broker.
  • They also conduct webinars.
  • However, they do not have any educational videos in their record.

If you visit their official website, you will find a section of “education” which provides necessary and good education related to each asset, trading and forex market.

Bonus and Promos

ETX provide sometimes bonuses. However, on a deposit of $1000 for trading, you can enjoy a free trading course. This course is helpful to be a pro trader of forex.

Customer Services

78% of retail CFD accounts lose money

ETX Capital review about their services is good.

  • You can contact them by e-mail and phone support.
  • Live support is not available.
  • They give relevant answers to their queries.
  • The customer support of this firm is very responsive.
  • They do not provide services 24/7, but24/5.
  • Live chat is also unavailable.
  • The clients of the ETX Capital can contact them between GMT+1 Sunday 9:30 pm and Friday at 10:00 pm. However, people who are not the clients of ETX Capital can contact between GMT+1 Monday 7:30 am and Friday 9:00 pm.

ETX Capital Review

78% of retail CFD accounts lose money

Overall, the ETX Capital review is more than just good. Regulation by a top-tier has made it more safe and reliable. They are reputable and qualified brokers with the best services over the globe. Their deposits are also low. The educational system is also good. Low and tight spreads also attract the customer. Their clientage is also adequate. ETX Capital has also won many awards. Since 2020, ETX Capital has won 4 awards this year.

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