In this ETX Capital review, we will take a look at a well known Forex, CFD and Binary Options broker based in London. ETX Capital is a subsidiary of Monecor (London) Ltd. which is listed on the London Stock Exchange.
As such they are well known in the trading community and can bring years of experience to their users. They were established in 2002 and are currently being used by over 50,000 traders globally.
For our FXaxe reviewers, ETX Capital was one of the most impressive brokers that we have had to review. They are fully regulated by the FCA and are hence one of the safest options on the market.
In our ETX Capital review, we also wanted to get a better sense of the trading experience for current users on the ETX platform. As such, we decided to also reach out to current traders for their views.
Visa, Mastercard, Amex, Neteller, Skrill, Bank Wire
USD, GBP, EUR
English, German, Spanish, French, Italian, Portuguese + 7 more
High / Low, One Touch, High / Low Spreads, Long Term
Option Expiry Times
60 seconds to 24 Hours
iOS & Android
ETX Capital Site
Our ETX Capital reviewers approached the broker as a potential client. From that perspective we land on ETX Capital’s homepage. We can see that the website has a clean and modern look to it. What we also found refreshing was the lack of offensive marketing material such as testimonials and glaring banners.
Traders could also easily find the information that they were looking for with a relatively easy to find navigation panel. This includes a short cut to their market of interest be it CFDs, Forex or Binary Options.
They also have a lot of information on the company including awards, education and platform types. ETX also segmented their potential new clients effectively by offering the benefits of the platform from the perspective of a new and an experienced trader. These were in the sections that either gave a reason for choosing ETX or switching to ETX.
The registration process for creating a live account at ETX is relatively straightforward and effortless. Our ETX Capital review team tested the process and were through in less than 2 minutes.
They also have a page that is fully dedicated to the spreads and commissions that traders could get either with a CFD or Spread betting. These are broker down by asset class and individual asset / forex pair.
ETX Capital Regulation
As mentioned, ETX Capital is UK based and is regulated by the Financial Conduct Authority (FCA). This is indeed one of strictest regulatory agencies in the world with a number of broker requirements to meet before being granted a licence.
These include minimum broker bank account balances in segregated accounts, dedicated compliance, recorded lines and director background checks. You can read more about broker regulation for information on the exact requirements.
ETX Capial is a brand of Monecor limited which has been registered in the UK since 1965. Their FCA registration number is 124721. They are located in the city of London with their offices located at One Broadgate, London EC2M 2QS. Their direct line is +44 (0)20 7392 1400.
Of course, the transparency, regulatory oversight and long track record has given us a great degree of comfort in ETX Capital. Not only are the trader protections that are in place extremely favourable, the cost of non compliance by the broker can be quite severe. The broker would not want to risk potential penalties from the agency.
Despite the extensive protections that an FCA license provides, ETX Capital is not allowed to offer their services to traders in the USA or Canada.
CFD Spreads and Leverage
ETX Capital has quite reasonable spreads on their CFDs and spread betting offer. This includes spreads from about 0.6 pips on some of the Forex majors like EURUSD, 0.08 on some stocks, 3 pips on commodities and 1 pip on some indices.
You can get a better sense of the current minimum spreads on the ETX website. We have included a sample of the FX major spreads.
Leverage on ETX Capital platform for most pairs is 200:1 but can be as high as 400:1 on some MT4 products. When trading on levered products, the margin requirement on these trades is about 0.11%-0.31%.
ETX Trading Platform
The trading technology was what really stood out for our ETX capital reviewers. The range of platform options that was available to the traders was truly impressive. Traders could make use of the web platform for Binary and CFDs, MT4 as well as an impressive mobile app for both CFDs and Binary.
In order to get the best sense of how the platform worked, we decided to create a live account and fund it with a the minimum deposit amount. Our FXaxe reviewers started on the Binary Options platform.
ETX Binary Options Platform
For the Binary Options web trading platform, ETX uses the markets pulse technology. This is given below on the web based version. They have a number of different option types that one can invest in and has up to 200% returns on some of the assets such as one touch options.
There were also a range of assets the trader could trade on. These included most major forex pairs as well as a number of indices, stocks and commodities. There were the simple High Low, Short term / Long term, One touch as well as spreads on the High Low option.
Something that we did find interesting was the short expiry time options that were available on ETX. This meant that the trader could conceivably trade options with expiries as short as 60 seconds.
Although there are a range of assets that one can trade on the ETX Binary Options platform, there was no charting functionality which was a slight disappointment. If the trader wanted to make the most of this they would have to use separate charting tools on the CFD platform perhaps.
The ETX capital binary option app is also quite impressive and allows the trader to monitor and trade their positions on an ongoing basis remotely. It has all the functionality of the web trader yet still does not include the charting tools.
ETX Capital CFD Platform
The technology behind the ETX CFD and Forex platforms is considerably more advanced than that of the Binary Options platform. The ETX TraderPro web based platform gives the trader access to over 5,000 markets globally.
We created a live account on their web based platform and funded it with the minimum trading balance ($100). From the start our reviewers were quite impressed with the extensive functionality on the platform.
Looking at the below screenshot of the platform, we can see that the trader can design a bespoke work space according to their trading needs. They can also adjust the colour scheme making it either dark or light.
If you would like to spec out the trading interface you would need to select the “display” icon at the top of the screen. This would allow you to choose from seven different pre-built layouts.
Placing a trade is also just as simple. You could either search for the asset in the bar in the top left or you could look for the exact asset in the left hand column.
Unlike the Binary Options platform, when trading on the ETX TraderPro there is extensive charting tools that you can make use of. These include candlestick charts, line charts, plot charts, HLOC, area charts and three line break charts. Of course, the trader also has access to a number of indicators and studies such as the RSI, Bollinger bands, OBV, volume and numerous others.
In terms of risk management, we were quite impressed to see that ETX capital offered trailing stops as well as guaranteed stop loss options.
As with the Binary Option platform, the TraderPro platform has a mobile application for iOS and Android phones. Our ETX Capital review team was quite impressed with the simplistic interface and the effortless trading experience.
The app can also be installed on tablet devices such that the advanced charting technology can be used. As you can see with the screenshot to the right, the trader can easily enter and exit trading positions with the prominent buy / sell buttons.
When our ETX reviewer entered a long GBPEUR trade, execution was as seamless as it is on the web based platform. When we entered the position we got a popup that asked us to define our trading parameters including the stop loss limits and the trade size.
For the more advanced traders who like to make the use of the extensive charting and risk management tools, ETX Capital provides the benefit of Meta Trader 4 connectivity. Connecting to a MT4 trading platform also allows the trader the option to use their own automated EAs (Expert Advisers).
These EAs allow traders to enter positions automatically given set parameters. Although ETX provides the hosted trading solution, the trader will need the EA to execute it’s code either on their personal computers or on a VPS (Virtual Private Server). Unfortunately, this is not something that ETX offers.
The range of trading functionality available on MT4 is beyond the scope of this review but if you would like advice on how to set up a MT4 trading platform a member of the FXaxe team would happily help you out.
One of the most important considerations for any trader is the level of customer support that they can expect from their broker. We were quite impressed to see that ETX capital offered phone support.
The phone support hours were 7:30am – 9pm GMT. We called in to test the expertise of the support staff. They were indeed professional and were able to address our minor concern in a relatively short period of time.
If you wanted to get hold of the customers support outside of the telephone hours then you could send them an email to firstname.lastname@example.org. They also have an extensive FAQ section that goes over all client concerns.
For those traders whose first language is not English, ETX also offers their support in over a dozen international languages. The full list is given in the overview above.
Deposits and Withdrawals
Given the FCA regulation of ETX Capital, making deposits and withdrawing funds is really efficient. What did impress the ETX review team though was that there were no fees applicable to client banking. This means that you could affordably deposit and withdraw funds.
The minimum deposit amount at ETX capital is $100 for the Binary and CFD platforms. They accept all major credit cards as well as bank wires. The funds are held in segregated client accounts with large and respectful banks in the UK.
For those clients who have accounts at Neteller and Skrill, ETX also has allows quick and easy payment through these channels.
One thing that we did discover when examining the fee structure at ETX was although they did not have charges on banking, they did have an inactivity fee. This is an unfortunate cost although it is relatively minor (25usd).
Education and Training
Something else that we found really impressive in our ETX Capital review was the additional services that they offered when it came to training and educational resources.
ETX offers a number of in person seminars in London for those traders who wanted to speak to members of their team and learn more about how to become better traders. These are free and for access to all interested traders.
For those traders that can’t make it to their seminars, they can also take part in the live webinars. These are also more regular than the seminars with one every two days.
Of course, one of the best ways for the trader to learn about trading is to practice through the benefit of a demo account. We tested both the demo and live accounts and can confirm that they are indeed one in the same in terms of functionality.
ETX Capital Rewards
Although FXaxe reviewers would view “awards” and “credentials” with suspicion, given ETX’s reputation, they deserve a mention. They have been awarded a number of broker awards from industry bodies.
These include UK Forex award for developing the best tools and trading software as well the 2011 and 2012 “Shares” award for being the best futures and options broker in Europe.
In conclusion, our ETX Capital review ended on a positive note. The broker does indeed deserve a lot of the recognition that they have received from a number of online publications.
Being regulated by the FCA (and not just registered) means that they have some of the most stringent protocols in place to protect retail traders. We also found the CFD platform to be incredibly efficient and powerful. Moreover, the option for traders to integrate with MT4 is an added bonus for EA trading.
Our ETX reviewers also appreciated the education and training resources that the broker was providing to their clients. This shows that they are interested in their client’s success as well as their long term growth.
Our reviewers also liked the client support that was on offer. Having a telephone number that they could call added a certain sense of client attention that many brokers seem to forget.
There were however, some drawbacks that we identified in our ETX Capital review. Firstly, the Binary Options trading platform did lack some functionality that one would expect from most brokers. These include tools such as charting and technical study tools.
When it came to the options themselves, we did not like the fact that traders could only trade a minimum of $10 on the options. This meant that there was less range for money management strategies.
While we did appreciate the fact that ETX did not charge any withdrawal and deposit fees, the inactivity fee that they levelled on accounts was slightly off putting.
Lastly, although there are many traders that would love to trade with ETX capital globally, they are not authorised to provide their services to clients in the USA and Canada.
Nevertheless, for most other global traders who want the benefit of trading with a well respected broker that has a top quality CFD and MT4 offering then ETX capital is the broker for you!