ETX Capital is the broker name of Monecor (London) LTD which was established in 1965 and has grown ever since then. ETX Capital was launched in 2002 as a retail trading operation under the name TradIndex and then re-branded as ETX Capital. This was done in order to reflect the services offered and ETX is an acronym for electronic trading (E), telephone trading (T) and execution (X). A well-licensed and regulated online broker, ETX’s 55,000+ traders are treated to the company’s in-house developed proprietary trading platform, ETX TraderPro, and access to over 5,000 assets across six markets.
ETX’s instant execution model suggests an NDD operation. Spreads are tight and ETX Capital is transparent about all trading costs involved. Leverage is tiered and client funds are segregated. One thing that sets ETX Capital apart is that its parent company, Monecor (London) LTD, is listed on the London Stock Exchange (LSE). The proprietary trading platform won multiple awards for trading platform technology and education in both 2018 and 2019, though as a general rule, we prefer to test each broker ourselves rather than relying on ‘industry awards’ that may not be entirely unbiased .
Regulation and Security
Monecor (London) LTD, the owner and operator of ETX Capital, is registered in the UK under company number 00851820. During the course of this ETX Capital review we discovered that the company was incorporated on June 16, 1965, making it one of the oldest Forex brokerages in existence, and placing its birth as a company decades before the birth of the internet and online Forex trading. It is authorized and regulated by the Financial Conduct Authority (FCA) under registration number 124721. Clients funds remain segregated as mandated by the regulator and are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 in the unlikely case of financial default.
Monecor (Europe) LTD (ex Minden Investments and Insurance Advisers and Sub Agents LTD), an operating subsidiary of Monecor (London) LTD, was registered in Cyprus on September 13, 2002 under registration number C114460. It is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 096/08. As mandated by its regulator, funds remain segregated and protected by the Investor Compensation Fund (CIF). Since Cyprus is an EU member, cross-border regulation across all member states applies and the firm is compliant with the MiFID II regulatory framework as well as the 4th EU Anti-Money Laundering Directive.
More detailed information is provided on their website. Transparency at ETX Capital is respectable and the company is in full compliance with all regulations; traders can rest assured that their capital is well protected.
ETX Capital earns the majority of its revenues from spreads on currency pairs and commissions charged on CFDs. Spreads on currency pairs in the ETX TraderPro account start as low as 0.6 pips with an average spread of 0.81 pips in the EUR/USD. Traders who prefer to trade using the MT4 trading platform, will get EUR/USD spreads as low as 0.8 pips with an average spread of 1.01. CFD commissions for share trading in the ETX TraderPro account as well as the MT4 account are as low as 0.1%. ETX Capital provides a detailed list of all trading costs for both trading platforms on their website.
Swap rates on overnight positions also apply and ETX Capital charges the inter-bank market rate plus 1.35% annualized. Traders will get all the information inside the ETX TraderPro account from the deal ticket.
ETX Capital Trading Platforms
Customers can choose between three trading platforms:
- ETX Trader Pro
As the name suggests, this platform is geared towards experienced traders, or ‘pro’ accounts. As a result, you get a range of advanced features and comprehensive access to the financial markets. In particular, TraderPro reviews highlight the sophisticated charting tools. This allows you to choose and view numerous charts in different time frames simultaneously. This means you could view Ichimoku, Heikin-Ashi and line charts all at once.
On top of that, once you have your client login details, you get straightforward access to historical data, volume indicators, guaranteed stops and more. In addition, the platform comes with a news feed so you don’t have to turn to the likes of Bloomberg to stay in the know. Overall, opinions of ETX Capital’s TraderPro platform are positive. In fact, many believe it is up there in the rankings with the likes of the MetaTrader 4 and 5 platforms.
The Pro platform includes the professional client service which had made ETX a popular choice among full time traders.
The TraderPro platform also delivers free guaranteed stop losses. This a real bonus for traders who like to use stops to manage risk. The guaranteed stop ensure your trades are closed if the asset hits that price, regardless of the amount of price volatility.
- ETX MetaTrader 4
There is also a free MT4 download. This is ideal for traders who are already familiar with the system and would prefer not to change. This industry standard promises a range of features and superb security. It can be used for trading everything from Bitcoin and oil to the FTSE 100 and Swiss francs.
The MT4 free download will work for hedging, scalping techniques and plenty of other strategies. Users also have the added bonus that there is a wealth of educational resources available to help them get the most out of the platform.
ETX Capital recently withdrew their binary options offering in the face of the changes suggested by the European regulator – ESMA. These prohibited the supply of binary options to retail investors in Europe. As a responsible broker, ETX have removed the product to all traders.
An increasing number of individuals intraday trade directly from their mobile devices. So, is ETX Capital good in terms of mobile trading apps? Customer reviews would suggest yes. Mobile trading apps are available with all 3 trading platforms for iPhone, iPad and Android devices.
The app interface is sleek and straightforward to navigate. You get access to 5000 markets and you can enter and exit positions using price alerts, real-time charts, one-touch trading and a range of custom indicators.
In fact, results from user reviews point to the binary mobile app as among the best in the industry. For example, bringing up an energy stock quote and entering a position takes but a few seconds. Furthermore, mobile apps are kept secure with encryption and fast touch ID log-in. Finally, you can manage risk with trailing stop losses and limits.
ETX Capital Trading Instruments
When trading with ETX Capital, clients get access to thousands of markets which are tradeable. There is the choice of over 50 forex pairs in addition to Cryptocurrencies, commodities, equities, and financial indices. Commodities offered by ETX Capital include five metals, five energy, and nine soft commodities. In terms of equities, you can trade CFD stocks from the U.S., Australia, Singapore, South Africa, or 18 European countries.
Spreads & Leverage
ETX Capital prides itself on offering tight spreads with plenty of leverage. For forex, the spreads from ETX Capital start at just 0.6 pips for EUR/USD, a highly competitive rate. For equities, some stocks have indicative spreads of 0.08. Commodities have minimum spreads starting at 3 pips, and certain major indices have minimum spreads that start at 1 pip.
Many of the products from ETX Capital offer leverage rates of 100:1. Some of the MT4 products even offer leverage of up to 200:1 for professional clients and 30:1 for retail clients.
In addition, the broker undertakes to ensure that new traders are properly educated and ready to start trading. For that reason, Demo account is available for opening at any time, as well as the detailed and various levels of trading education that considered to be on a very high level comparing to its peers.
And of course, you would be trading with constant customer support services that are available and respond by phone or email, or an international number for non-UK traders.
As for the ETX’s spreads tariffs, since the broker has access to the institutional greed of pricing, the ETX Capital trading fees are built into the spread. As you can see below, the ETX spread is a very competitive offering among the market, as Forex spreads start at 0.7 pips for EUR/USD, Equities – 0.08 indicative spreads for some stocks, Commodities– minimum spreads starting from 3 pips, Indices– minimum spreads starting from 1 pip for certain major indices.
“Typical” spreads for noted pairs represent the median and are tracked during a specified time frame, however, Spreads may vary based on market conditions, including volatility, available liquidity, and other factors, for most recent quotes check official ETX Capital website or platform.
|Asset/ Pair||ETX Capital Spread|
|Crude Oil WTI||0.03|
Deposits and Withdrawals
ETX Capital offers a range of popular ways to deposit money into the trading account that allows you to choose among major Credit and Debit Cards except for AMEX, Wire Transfers, Online Bank Transfers, as well several forms of e-payment UnionPay, Skrill, Sofort, giropay and Neteller.
- Minimum deposit
A very pleasant addition is that the ETX does not charge fees for making deposits, while the minimum deposit amount set to a £100 or the currency equivalent.
For withdrawals, ETX Capital also applied a competitive proposal, as supplies each trading account by five withdrawals over USD 100 within each month without a processing fee or withdrawal fee. Further on, in case you wish to withdraw more funds than it will incur a charge of 25$ per transaction.
Trading Experience With ETX Capital Platforms
ETX Capital offers the MT4 terminal as the standard trading platform for Forex and commodities, while the ETX Trader and ETX Trader Pro versions can be used to trade all of the financial assets that are provided by the company. ETX Capital mobile traders are offered the option of the MT4 mobile app, which are the standard issue mobile trading platforms for both Android and iOS users.
Traders can expect to receive a welcome ETX Capital bonus that matches up to 20% on the initial deposit. ETX Capital does offer an excellent trading environment through their proprietary and ETX Capital MT4 platforms, but traders can experience significant price gaps and slippages, which can hinder a perfect trading experience. Traders should also be careful about the changing spreads, which can trigger stop losses without any significant market movement. Overall, ETX Capital does provide a stable trading environment that does not aim to revolutionize the Forex market but is reliable in almost all aspects of trading.