Home / Best Forex Brokers 2020 / ETX Capital Broker Review

ETX Capital Broker Review

FX Scouts By Jeffrey Cammack Updated: February 21, 2020
Overall Rating
4.12 / 5
Min. DepositGBP 100
Max. Leverage30:1
Min. Spread0.7 pips
RegulatorsFCA
Regulator Origin FCA
Broker TypeMarket Maker

Summary

ETX Capital is a market maker broker with a multi-asset focus that has been operating from its London headquarters for more than 50 years. Its award-winning platform, TraderPro, is popular amongst traders and spreads are competitive with other traditional brokers.

With award-winning technology and an emphasis on educating beginners, ETX Capital is a popular choice for new traders looking for a traditional broker with professional client service.

Reviews

Trust Rating
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
Beginner Friendly Standard
Bonuses
Our Review Process

Trading Conditions

Minimum DepositGBP 100
Base currenciesEUR, GBP, USD
Number of FX Pairs50+
Hedging Allowed Yes
Scalping No
Swap-Free Accounts No

Average Spreads

EUR / USD0.6
GBP / USD0.9
USD / JPY0.9

Company Details

Company nameMonecor (London) Ltd
Founded2002
Website Visit Website
TypeMarket Maker
RegulatorsFCA
Office locations London, Russia

Deposit & Withdrawal Methods

Supported Platforms for ETX Capital

Is ETX Capital Safe?

ETX Capital is the trading name of Monecor London Limited, a UK-based financial services company founded in 1965 and listed on the London Stock Exchange.

Regulated by the FCA (license number: 124721) since 2001 and CySec (licence: 096/08) since 2008, ETX Capital has won multiple awards for its trading tools, trader education and platform. Recent awards include Best Trading Tools 2019 (Online Personal Wealth Awards) and Best Online Trading Platform 2018 (Shares Magazine) for the ETX TraderPro proprietary trading platform. 

As a long-established, publicly-listed financial company with strict regulation and frequent industry recognition, ETX Capital is a safe broker to do business with.

Trading Conditions

ETX Capital is a market-maker broker and trading conditions are in line with what can be expected from brokers of this type. On offer are two live accounts – separated by platform – and 60+ FX currency pairs on instant execution. Leverage maximum in Europe is 30:1.

Account Types

The two account types are split by platform: MT5 and the proprietary ETX TraderPro and both accounts require 100 GBP (or currency equivalent) minimum deposit. Demo accounts are also available on both platforms and we recommend doing so if you do decide to use TraderPro, as it is quite different from popular third-party software.

TraderPro: If you do decide to use ETX Capital’s own platform you will be rewarded with slightly tighter spreads – minimum being 0.6 pips on the EUR/USD

MT4: The only real difference with the MT4 Account is the slightly wider spreads, on the EUR/USD you can expect a minimum of 0.8.

Spreads and Commissions

The spreads at ETX Capital are tight overall considering it is a market maker. 

Trading at ETX capital is commission-free on both platform choices.

Deposit and Withdrawal Fees

ETX Capital does not charge for deposits, but for withdrawals under 100 GBP, or currency equivalent, a 10 GBP administration fee will be charged.

Inactivity Fee

An inactivity fee of 25 USD will be charged every month for dormant accounts. A dormant account is one where no trading activity has taken place for 365 days. These charges are imposed to discourage money laundering.

ETX Capital for Beginners

Education is one of two main focus areas for ETX Capital. With awards for Best Education 2018 (Online Personal Wealth Awards), Best Forex Education 2018 (UK Forex Awards) and Best Trading Education 2018 (Shares Magazine), newcomer traders will find high-quality training material in a multitude of formats.

Educational Material

ETX Capital has targeted courses for different asset classes, webinars, ebooks and platform guides. The Learn Forex Course is a light 24-minute course designed to act as a quick starter guide to inspire confidence in the new trader. Other similar courses are available for learning indices, commodities, shares and cryptocurrencies.

While this course is unique in that it offers a different set of material for each of the asset classes, the content itself is limited and would leave a trader who was familiar with the basics of Forex trading lacking. Comparatively, the education section is thin compared to the education sections offered by other market maker brokers.

Analysis Material

All analysis material that ETX Capital has to offer is open to the public. The research team posts frequent analysis of both past and future events as well as a daily round-up. While this would not directly translate to trading opportunities, they do show traders what to look for and help newcomers stay on top of the news – be aware that, as ETX Capital is a multi-asset broker, much of the analysis relates to non-currency assets.

Customer Support

Multi-lingual customer support is available 24/5 by telephone or email.

Existing clients are provided with a separate phone number to shorten waiting times and personal account management.

Trading Platforms

ETX Capital ZAR Charts
ETX TraderPro

Winner of numerous awards, the ETX TraderPro software is proprietary and built for experienced traders. While MT4 is offered to less-experienced traders or those who want to use the industry standard, TraderPro provides more markets, customisation and trading tools. Recent awards TraderPro has won are:

  • Best Trading Platform – Online Personal Wealth Awards 2018
  • Best Trading Platform for Professionals – Online Personal Wealth Awards 2019
  • Best Forex Trading Platform – UK Forex Awards 2018
  • Best Online Trading Platform, Shares Awards 2018
  • Best Trading Tools – Online Personal Wealth Awards 2019

The MT4 platform is the most commonly used trading software in the CFD trading industry. With the ETX MT4 platform, traders can use Expert Advisors for automated trading, trade micro-lots, use MT4 hedging and one-click trading.

Free VPS is available for clients who deposit more than 2000 USD (or equivalent) and trade five lots per month. Should clients use a VPS and not reach the trading qualification a VPS subscription fee of 25 USD will be charged to the account balance.

Mobile Trading Apps

A mobile version of the ETX Trader Pro software is available for Android and IOS devices, but recent comments from the community suggest that the application is buggy and some of the main features do not work.

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of the ETX Capital offering. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.

ETX Capital Risk Statement

Trading Forex is risky, and each broker is required to detail how risky the trading of Forex CFDs is to clients. ETX Capital would like you to know that: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.6% 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.

Conclusion

Overall, ETX Capital is a solid, traditional broker. Its proprietary TraderPro platform is certainly one of the best in the business and the education material on offer is world-class, but the limited account types and average trading conditions are a bit of a disappointment. Highly recommended for beginner traders who want to get a good understanding of Forex trading relatively cheaply, but more experienced traders may want to look elsewhere.

Most retail CFD accounts lose money. Your capital is at risk.

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Overall Rating 4.12 / 5 3.89 / 5 4.09 / 5
Minimum DepositGBP 100GBP 100GBP 100
Regulation
FCA FCA
CySEC CySEC
ASIC ASIC
FSCA FSCA
MAS MAS
FMA FMA
ASIC ASIC
FSCA FSCA
B.V.I FSC B.V.I FSC
FSA FSA
Broker TypeMarket MakerMarket MakerMarket Maker
Trading InstrumentsCommodities, Cryptocurrencies, Forex, Indicies, EquitiesCommodities, Cryptocurrencies, Forex, Indicies, Equities, Vanilla Options, ETFsCommodities, Cryptocurrencies, Forex, Indicies, Equities, ETFs
Forex Pairs50+70+50+
Crypto Pairs5918
Read Full Review Read Full Review
Trust Rating 4 / 5 5 / 5 4 / 5
Trading Conditions 4.5 / 5 3 / 5 4.5 / 5
Trading Platforms 4.5 / 5 4 / 5 4 / 5
Deposit & Withdrawal 4.5 / 5 3 / 5 4.5 / 5
Education & Research 4 / 5 3 / 5 3 / 5
Assets Available 4 / 5 4.5 / 5 4.5 / 5
Customer Service 3 / 5 4.5 / 5 4 / 5
% Lose with this broker 81% of retail investor accounts lose money when trading CFDs with this provider 76.4% of retail investor accounts lose money when trading CFDs with this provider 71% of retail investor accounts lose money when trading CFDs with this provider
Leverage30:130:130:1
Spread0.7 pips0.7 pips0.9 pips
Hedging Yes No Yes
Scalping No No Yes
Account Types
  • MT4 (Standard)
  • TraderPro (Standard)
  • Standard (Standard)
  • Islamic
  • Professional (Standard)
  • Retail (Standard)
Swap-Free Accounts No Yes Yes
Trading Platforms MT4, ETX Plus500 MT4
Funding Methods Bank Transfer, Visa, Mastercard, Maestro, Skrill, Neteller, Unionpay Bank Transfer, Visa, Mastercard, Skrill, Paypal POLi, Visa, Mastercard, Skrill, Neteller, Paypal, Bank Transfer
Trading Commission Fees Included in Spread Fees Included in Spread Fees Included in Spread

Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. 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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Most retail CFD accounts lose money. Your capital is at risk.

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