ETX Capital is a well-respected online broker that offers FX and CFD trading on a multitude of underlying assets including indices, equities, currencies and cryptocurrencies. The owning and operating company is Monecor (London) Limited, regulated by the British Financial Conduct Authority (FCA) – Reference number is 124721.
Editor’s Note: Why ETX Capital Sucks in 50 Words
They offer a proprietary web-based platform called ETX TraderPro, which can be a bit confusing in the beginning. Don’t get me wrong, the platform is feature-rich and customizable, which are good things but for a new trader, unfamiliar with said platform, it will be somewhat overwhelming.
Why ETX Capital Doesn’t Suck in 50 Words
We are talking about a regulated company, with years of experience. The regulatory agency is the British Financial Conduct Authority, which offers a higher level of protection and safety than say… CySEC. Although a CySEC regulated broker is better than an unregulated broker, I’d rather go for one with FCA regulation.
Is ETX Capital a Scam?
Monecor (London) Limited is not only registered with the British FCA but also regulated by them. That means the level of control is increased and the possibility of ETX Capital being a scam is limited. Because of their regulation, they take complaints very seriously and traders’ funds are insured up to 50,000 GBP through the Financial Services Compensation Scheme. Please do not believe that if you lose up to 50K trading, someone will give your money back; this insurance covers traders’ funds in the event of ETX bankruptcy (or other limited instances). For further increased security, traders’ funds are held in segregated accounts in German or British banks.
The company was originally incorporated in 1965… yup ’65. In 2002 they launched a retail branch called TradIngdex, which was renamed ETX Capital in 2007. Bottom line is that we are dealing with an experienced, highly regulated, trustworthy brokerage that seems to enjoy a positive reputation online.
Should I Open an Account with ETX Capital?
ETX Capital is one of the “big guys” when it comes to online trading, so the answer to the title question should be Yes. However, if you are looking for an extremely user-friendly broker, this may not be it. Their web-based, proprietary platform is very complex and as I’ve said above, can be a bit difficult for beginners. The other choice is Meta Trader 4, which is my favourite but again, not something for a complete beginner. On the other hand, the days of overly simplistic trading platforms (think BO trading) are gone, so if you want to trade, might as well learn to do it on a proper trading interface.
Education is a big part of their website: they talk about the risk of trading, how to manage and reduce it, they offer a few strategies and explain some of the features of their platform. They have a wide range of webinars, which is always a good thing for the newcomer trader but also for more advanced users. Also, they feature a section for Market Analysis but unfortunately it wasn’t updated since January 2017 and considering that I’m writing this in March of 2019… well, it’s totally useless.
Accounts are not structured in the “classic” way of Beginner, Silver, Gold, VIP, etc. but instead ETX Capital offers the possibility to open a Meta Trader 4 account or a TraderPro account. The main difference between the 2 is the platform you’ll be trading on and all other trading conditions are the same.
Overall ETX Capital is a solid brokerage, with a good background, fair trading conditions and regulation coming from one of the most influential financial authorities – the British FCA.
The company can be contacted at phone +44(0)2073921400 and email [email protected]
ETX Capital Complaints
So far, no major complaints have surfaced but we did find a few unsatisfied customers regarding ETX Capital voiding the profits of some of their clients. The issue was later resolved and other than that, clients seem to have a positive opinion about this brokerage. Keep in mind that all brokers will have unsatisfied clients at one point or another; in fact, that is true for all companies, no matter the field they activate in.
ETX Capital Regulatory Warnings And Announcements
There are no warnings against ETX itself but the UK Financial Conduct Authority has warned that a company called Apex Tradex has cloned the website and details of ETX Capital (Monecor London Ltd). However, at the time of writing, the fraudulent site has been shut down. See FCA warning here.
ETX Capital Bonus
This broker offers a range of promotions to their clients but none of them are shown on the website. The only information provided is that clients should contact support if they need to know more.
ETX Capital Withdrawal
Withdrawals are extremely fast (1 working day processing time; additional 3-5 days will pass until the money reaches you) and can be performed via bank/wire transfer, major credit cards (except AMEX) and e-wallets (Skrill, Neteller, China UnionPay, Sofort and GiroPay). The withdrawal will be made through the same method used for depositing. If you withdraw more than 100 USD, ETX will not charge a fee for the first five (5) monthly withdrawals. Consequent ones will incur a $25 fee.
ETX Capital Extras
The huge experience ETX has on the market can be considered an extra, as well as the solid FCA regulation of the owning company, Monecor (note that binaries are not regulated by the FCA). As for trading, the normal features are available, without anything extraordinary. We can note here the webinars, news and a blog containing financial articles.
ETX Capital Ratings
User Friendly 17/20
The platform may get some time to get used to but it has useful features and solid functionality. The website is clean and with well-structured information but the only available language is English. Sure, this is the “official” language of the internet, but I guess more options should be available.
Range Of Markets, Spreads And Leverage 16/20
ETX Capital offers a huge range of CFDs on equities: according to their marketing material, thousands of equities. Although I haven’t counted them all, I tend to believe they are in the thousands because I got tired of scrolling down and the list still kept going. You’ll find the regular FX currency pairs, many commodities and only a few cryptocurrencies (Bitcoin, Bitcoin Cash, Ethereum, Ripple and Litecoin). In normal market conditions, the spreads are very tight (just 0.7 for EUR/USD, and 0.9 for GBP/USD). Normally required margins are 5% but for crypto, it will be higher (50%).
Deposits And Withdrawals 18/20
ETX Capital doesn’t specify a minimum deposit or a minimum withdrawal but sums lower than 100 USD will be charged a fee. Deposits and withdrawals can be made through major credit/debit cards (excluding AMEX), wire transfers and online banking (these methods may differ depending on regional restrictions). The processing time for payments is very fast: 1 working day and additional 2-3 working days (or 3-5 working days in some cases) must pass until the money reaches you.
Fees And Support 16/20
There are no commissions for opening an account (which is normal for any broker). The first five (5) withdrawals of the month are free (if they are above 100 USD) and consequent withdrawals incur a processing fee of $25 each. Like most brokers, ETX Capital charge an inactivity fee. An account shall be considered inactive if there has been no trading activity for a period of 365 days and as a result, a fee of 20 EUR (or equivalent in account currency) will be charged monthly. If you decide to reactivate the account by trading again, the last three inactivity fees will be refunded to your account. Live Chat support is not available.
Website Extras 11/20
ETX Capital is one of the oldest brokerages around, regulated by the FCA but although these are major advantages, the website or platform does not stand out with something extraordinary.
ETXCapital Overall Ratings 83 + Regulated (+3) = 86/100