Looking for a reliable trade partner is such a big issue. Finding someone whom you trust with all your integrity is difficult. Here in this review of ETX Capital we are briefing the process and operations and working of ETX Capital. I have tried to cover its pros n cons, minimum deposition and many more.
What is ETX Capital?
ETX Capital is a global CFD and Forex broker. Its parent company, Monecor is located in London and was established in 1965. It is regulated by the FCA which makes it safer to invest. ETX Capital was launched in 2002 under the name TradeIndex. But later it was renamed as ETX Capital. ETX stands for electronic trading(E), telephone trading(T), execution(X).
It has access to over 5000 assets over 6 markets.
ETX Capital account opening is hassle free and straight forward. It requires only a day to activate the trading account. They doesn’t offer types of accounts. It has only one type of trading account for all its customers.
Minimum Deposit Required:
The required ETX Capital minimum deposit is £100 or the currency equivalent.
How to open ETX Account:
- Give your name, email address, and telephone number
- Select the trading platform (TraderPro or MT4) and the base currency
- Add your address details, like country of residency
- Give your financial information and answer questions about your financial knowledge
- Verify your ID and residency. You can upload a national ID, passport, or driver’s license for verifying your ID. Utility bills and bank statements are accepted for residency verification.
ETX Capital Fees:
ETX Capital charges low forex fees, whereas it has high CFD fees.
On the other hand, deposit fees are zero but inactivity fees is high.
ETX Capital fee snapshot
|S&P 500 CFD||The fees are built into the spread, 0.5 points is the average spread cost during peak trading hours.|
|Europe 50 CFD||The fees are built into the spread, 2 points is the average spread cost during peak trading hours.|
|EURUSD||ETX TraderPro account: the fees are built into the spread, 0.7 pips is the average spread cost during peak trading hours.|
|Inactivity fee||$25 per month after at least 6 months of inactivity|
ETX Capital CFD fees for a $2,000 long position held for one week
|S&P 500 index CFD fee||$3.0|
|Europe 50 index CFD fee||$2.9|
|Apple CFD fee||$33.6|
|Vodafone CFD fee||$29.3|
ETX Capital forex benchmark fees of a $20,000 long position held for one week
|EURUSD benchmark fee||$6.7|
|GBPUSD benchmark fee||$4.7|
|AUDUSD benchmark fee||$6.3|
|EURCHF benchmark fee||$5.1|
|EURGBP benchmark fee||$6.9|
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Deposit and withdrawal:
Withdrawal and deposit process of ETX Capital is fast and charges zero fees.
Deposit: Deposit can take place through many of the methods, like:
- Bank Transfer
- Debit/Credit Card
- Giro Pay
- China Union Pay
ETX Capital offers 3 base currencies, GBP, EUR, USD.
Withdrawal: ETX Capital withdrawal is free for five per month. Beyond that, it charges $10 for one withdrawal. Furthermore, if you want to withdraw less than $100, a $10 fee will be charged.
The remaining option of withdrawal is the same as that of deposit.
ETX Capital Trading Platform:
It offers 3 types of trading platform: Web based trading platform, mobile application and desktop trading platform. It provides 2 options in the trading platform, TraderPro(In House) and MetaTrader4(Third Party).
ETX Capital trading platforms
|In-House vs. Third-Party||In-House||Third-Party|
|Web trading platform offered||Yes||No|
|Mobile trading platform offered||Yes||Yes|
|Desktop trading platform offered||No||Yes|
All the platforms are user friendly and have good customizability. You can easily find charts and assets. It has a good user interface which allows beginners to trade easily and efficiently. ETX Capital has provided desktop trading in 37 languages.
You can set alerts and notifications in the form of e-mail/push notification on mobile / notification on the desktop platform.
To set email or mobile notifications, you have to add your email address and your mobile MetaQuotes ID (it can be found in MT4 app’s settings). You can add them if you go to the Tools and then the Options.
At ETX Capital you can only trade CFDs, Forex and cryptos. It lacks other assets in comparison to its competitors.
ETX Capital product selection
|Currency pairs (#)||58|
|Stock index CFDs (#)||21|
|Stock CFDs (#)||2500|
|ETF CFDs (#)||89|
|Commodity CFDs (#)||26|
|Bond CFDs (#)||12|
Disclaimer: 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 provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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Research and Education
ETX Capital provides various research tools, involving charts, data bars, and news. However, these tools are poorly organized on their website. ETX Capital provides fundamental information on its tools namely ‘Economic Analysis’ and ‘Market Pulse’.
It provides a range of educational tools :
- Demo Account
- Educational videos
- Tutorial videos
- Text PDF
Though material is good but it is poorly organised. Beginners can enjoy learning through quality videos, but they get confused as it is difficult to track what syllabus is complete and what to do next. The only drawback it has in terms of education and research is that the material is not organized in a proper manner.
Is ETX Capital regulated?
Yes, it is regulated by the Financial Conduct Authority (FCA).
UK clients are protected under consumer protection schemes with an amount of £85,000. ETX Capital provides negative balance protection for forex spot and CFD trading, but only for retail clients from the European Union.
You can contact ETX Capital through phone support and email. You’ll get a fast and reliable answer but It lacks 24/7 availability.
|Easy account opening||High CFD fees|
|Low forex fees||Basic research tools|
|No withdrawal fees||Inactivity fee|
|Credit/Debit card available||No trading ideas|
|User friendly||No 24/7 support|
Bottom Line :
ETX Capital is a user friendly platform that helps you to perform your trading function easily. It provided a good amount of research and educational tools. It protects UK clients under consumer protection act.
On the other hand, it charges high CFD fees and products are limited to forex and CFDs. It does not have protection for clients belonging to other entities.
You can definitely give it a try since it is regulated by top financial institutions, no minimum deposits required and inactive fee only kicks after three months.