ETX Capital Group is a financial firm based in London (UK) that provides a wide array of financial trading services for institutional, high-net-worth-individuals and retail customers. The firm has a long standing history within the financial markets and the London Stock Exchange. ETX Capital started in 1965 as Monecor Ltd. During that year, the company became a member of the London Stock Exchange. The company started to grow and in 2002 a new division was founded: TradIndex, which later would become ETX Capital. The name changes are due to new joint ventures and capital infusions from new partners. This gives ETX Capital credibility and a solid financial foundation to backup clients’ funds. The company offers access to to multi-asset and the derivatives market. The name “ETX” stands for the different services that are available to ETX clients: Electronic Trading, Telephone Trading and Execution Services.
In terms of Marketing, the company has also used the acronym as a representation for an Exciting Trading Experience. The registration number with the Financial Conduct Authority in London is: 124721. This broker is fully authorised and regulated under UK Financial Law. US-Traders are excluded and cannot open a trading account with ETX Capital. This is due to trading features, that are not allowed in the US.
Comissions & fees
The relationship between trading costs and margin is very important. ETX Capital doesn’t not charge any commission for transactions. This is good news, as this allows for a tight trading strategy. But the spreads are about or lower than average of compared forex brokers. ETX Capital shows good signs of a balanced spread to cost ratio. The required margins are not more than 0,11% and this allows for a leveraged account with a ratio of 200:1 for Forex trades. The tight spreads for the major Forex pairs help retail traders to maintain a positive profit expectancy. These will vary, depending on trading times and volatility, among other factors. Traders can see the changing spreads on ETX Capitals main page. We could see that for the most important pairs the spread is around 0.7 Pips per Trades, which is considered a medium spread ratio. The spread for Indices is around 1-2 points and for Gold it can be as low as 0.4 Pips per Trades.
In November 2010 ETX Capital invested heavily to further develop the trading platform and also included access to Metatrader 4. This gives traders great flexibility and different means to access the markets. Due to Metatrader 4, it is possible to use automated trading services (Expert Advisers) and also so called trading robots, which consist of software programs that trade the markets according to a pre-fixed set of rules and trading strategies. But to access lowest spreads traders are forced to use the ETX TraderPro platform.
ETX TraderPro, which is the in-house platform, that was designed and exclusively created for ETX clients. The ETX TraderPro has a clean and modern design. The platform offers different views and customizable settings. There are 3 pre-set layouts with different colour schemes. Traders are able to customize the layout and add different charts, charting tools and lists of favourite shares, CFDs, commodities, Foreign Exchange Pairs and Indices. One feature that is worth mentioning is the embedded Pip calculator. ETX Capital also offers a constant update about their actual and newest spreads and pip costs per trade. This is good in terms of transparency. The charts offer one-click-trading, right off the chart, trailing stops, different kinds of alerts and low spreads. The trading tools and market research options are limited in comparison to other brokers trading platforms.
Therefore, by choosing ETX Capital as a broker you will get not only an alternative of different tradable markets, worldwide financial indices, numerous equities, 50+ Forex pairs, a considerable number of commodities, CFD products or spread betting available for UK residents only. You will also find numerous powerful features that were previously available for institutional clients only.
The ETX Capital follows the strategy of tight spreads, since as tighter spread the smaller is the distance that the market in question has to move in, so you can benefit and enjoy truly competitive pricing.
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.
Is ETX Capital safe?
ETX Capital is an online trading name of Monecor (London) Limited, the firm headquartered in London and authorized by the Financial Conduct Authority, as well as the active member of the London Stock Exchange.
In fact, being an established firm under the strict rules of FCA, which actually is one of the strongest and most sharp regulators in the industry, means ETX Capital has appointed each and every rule to their procedures that ensure broker’s reliability.
These set of authorized controls including the most important thing to keep customer money secure that including but not limited to daily security checks for sufficient regulatory capitals, separation of the client’s funds which are also kept in investment-grade rated UK banks, participation in schemes that covers traders in case of insolvency and many more.
ETX Capital offers a mobile app for ios and android (App Store\Play Market), which uses a light version of ETX TraderPro. It looks a little bit different from the desktop/web platform, but is similar in terms of functionality.
The app is or traders that want to check on their trades on the go and/or need to change their positions while they are out of office. The execution is fluid and works well on any Smartphone or Tablet.
Obviously the charting and options for analysis are limited, also missing news.
In terms of Security the missing 2FA (2 factor authenthification) is a big negative aspect of the mobile app.
ETX Capital’s account opening contains 4 easy steps to sign up, which can be finished within a few minutes. There are no Account options, they offer one type for all. The only difference is the Platform to choose – We recommend the TraderPro Platform, due to the lower spreads they offer when using the in-house platform.
After your initial data follows questions about your financial background and at the end of the Sign-Up, there is a very simple questionnaire to evaluate your trading knowledge.
After the initial registration, you will need to verify your ID and residency. You must upload a national ID, passport, or driver’s license in order to verify your ID. For residency verification utility bills or bank statements are accepted.
You will most likely receive a call within a few minutes after your registration, to make sure you know how to finish your setup.
Deposit & withdrawals
The deposit methods are according to industry standards. Clients have the options to deposit by credit card, through wire transfer, calling by phone or even with a debit card. ETX Capital offers several options to obtain a bonus, depending on the deposit amount. There are special promotions and they can change, depending on the current marketing campaign. At the time of this writing, there is the possibility to receive a 20 £/€/$ free deposit bonus or 100 £/€/$ for the first 100 £/€/$ deposit. The bonuses go up to 3.750 £/€/$. Clients have to be careful, before claiming a bonus, as these will limit the withdrawal capacity of the account. If a bonus was used to trade, then the customer must close at least 10 trades within 60 calendar days. There is a requirement for a minimum deposit of at least 100 £/€/$.
Withdrawal can only be made to a Credit Card or by Wire transfer. If the Withdrawal amount is above 100 £/€/$, then the transfer will be cost free. Customers can have up to 5 cost free wire transfers per month.
ETX Capitals phone support is very good, fast response and multi/lingual support is offered. Definitely they have one of the best customer supports we have tested. Email support is good; mails usually get answered within a few hours or a day. Unfortunately ETX Capital does not spport 24/7, nor do they offer a live chat.
Despite the fact, that they do not offer educational videos at the time of this review – They have a solid educational program. They offer a lot of webinars about trading strategies, trading tools, technical analysis, event trading, etc. Also they have platform tutorials for both TraderPro and MetaTrader4. Additionally, they offer courses, which are basically articles to read, about trading fundamentals.
The research options of ETX Capital are very limited. Neither they provide a basic newsfeed, nor fundamental data. You wil find only a few basic news and analysis updated couple of times per week. The Charting tool in the TraderPro is industry standard – nothing more, nothing less.
In short ETX Capital has everything to prove the reliability and excellent reputation. Years of experience and long operation history of the ETX Capital parent company still keeps a broker at a strong position among institutional providers as well as maintain competitive offering to the traders.
Nevertheless the broker work with vast institutional clients, the retail traders will find ETX Capital expanded approaches too. Among the ETX Capital benefits, we have to admit their platform solutions, as well comprehensive and well-built educational system with a range of free materials available to traders of a different experience.
Therefore, ETX Capital is an ideal solution for a beginning trader or seasoned ones to enjoy and use powerful trading features. Overall, ETX Capital’s proposals feature a convenient way to trade and cooperate, hence the firm definitely has to be considered while choosing the broker for you to start trading or by the next trading step.