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Through its FCA-regulated entity, and with over 50 years in operation, ETX Capital offers 6,000 tradable symbols, including forex and CFDs, on its Trader Pro platform, while on MT4 it has higher spreads and a smaller range of markets available.

By Steven Hatzakis / April 3rd, 2018 / Updated: May 25th, 2018

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Trust Score
Dislikes
  • Limited research resources
  • Smaller range of markets on MT4 and wider spreads
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Founded in 1965, Monecor London Limited (ETX Capital) has been in the United Kingdom (UK) for more than five decades. It obtained authorization from the Financial Conduct Authority (FCA) in 1995, and expanded several of its trading names, which included the ETX brand in 2008.

The broker is also a member of the London Stock Exchange (LSE), where it has direct access to the exchange’s markets, in addition to offering forex and CFDs through its ETX Capital offering.

Today, ETX Capital offers forex and CFD traders access to global markets that offer over 6,000 CFDs on 23 global stock exchanges and 59 currency pairs. Trading is conducted via its own proprietary Trader Pro platform and the popular MetaTrader 4 (MT4) platform developed by MetaQuotes Software Corporation.

Trust Score

Trading with a forex broker that traders can trust is crucial to success. Forex fraud and scams are, unfortunately, common in the industry.

Here at ForexBrokers.com, we maintain the largest independent regulatory database available on the web. Using 28 different variables, we have created a proprietary 1-100 score (higher the better) of overall trustworthiness, which we call, Trust Score. Is ETX Capital safe? Here’s our trust summary.

ETX Capital
Trust Score82
Year Founded1965
Publicly-Traded Company (Listed) No
Regulated in Major Hub Yes
Regulated in Emerging Hub No
Authorised in the European Union Yes
CFTC Registered (USA) No
FCA Regulated (UK) Yes
IIROC Authorised (Canada) No
FINMA Authorised (Switzerland) No
ASIC Authorised (Australia) No
SFC Authorised (Hong Kong) No
MAS Authorised (Singapore) No
FSA Authorised (Japan) No
FMA Authorised (New Zealand) No
CySEC Authorised (Cyprus) No

Offering of Investments

The following table summarizes the different investment products available to clients of ETX Capital.

ETX Capital
Minimum Initial Deposit$£100
Currency Pairs (Total Forex pairs)59
CFDs - Total Offered6000
Exchange Traded Securities: US No
Exchange Traded Securities: International No
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD Yes

Commissions & Fees

ETX capital offers commission-free pricing on all platforms when it comes to its forex pairs. This means the bid/ask spread represents the cost of trading. That said, spreads will vary depending on the trading platform used.

For example, on its MT4 platform, spreads averaged 1.03 pips on the EUR/USD currency pair using July 2017 data published by ETX Capital. Meanwhile, during the same period, average spreads on the Trader Pro platform were slightly better at 0.83 pips for the same pair.

ETX Capital average spreads July 2017_

Considering there is no added commission, as spreads represent the all-in cost, ETX Capital fares well compared to its peers, in terms of pricing on its Trader Pro platform.

ETX Capital
Average Spread EUR/USD - Standard$0.95
All-in Cost EUR/USD - Active$0.83
Active Trader or Premium/VIP No

Customer Service

For our 2018 Forex Review, 129 customer service phone tests were conducted over three months. The data collected is institutional grade. On average, three questions were asked for each test. To score each test, the tests were divided into three separate groups and scores were given for the time taken to connect with each support representative and the ability of each representative to professionally (and thoroughly) answer each question. A Net Promoter Score was also given for the overall experience.

Results:

  • Average Connection Time: <1 minute
  • Average Net Promoter Score: 7 / 10
  • Average Professionalism Score: 7.6 / 10
  • Overall Score: 7.7 / 10
  • Ranking: 6th (43 brokers)

Research

ETX Capital provides news headlines in MT4 from Trading Central, and offers research on its website in the form of several weekly webinars, in which market analysts discuss live market conditions.

The company also recently launched TraderCast – developed by Activate TraderCast Ltd, as a premium research offering for traders who deposit at least £10,000. These customers get access to a dedicated client portal supported by the TraderCast community. However, this service is not found on the brokers website and must be requested manually.

Otherwise, ETX Capital’s blog is not very active and with not much else offered for research, this is not a category in which the broker excels. For example, during our review, we found no headlines in the Trader Pro platform, as the broker had not yet added any news feeds.

ETX Capital
Daily Market Commentary No
Forex News (Top-Tier Sources) Yes
AutoChartist No
Trading Central (Recognia) Yes
Delkos Research No
Acuity Trading No
Social Trading / Copy-Trading Yes
Social Sentiment - Currency Pairs No
Client Webinars Yes
Client Webinars (Archived) No
Videos - Beginner Trading Videos No
Economic Calendar Yes
Calendar Includes Forecasts No
Economic News Sentiment No
Trade Ideas - Backtesting Yes

Platforms & Tools

ETX Capital offers its own proprietary Trader Pro platform and the MetaTrader 4 (MT4) platform developed by MetaQuotes Software Corporation. To learn more about MT4, read our MetaTrader Guide. For this review, I used ETX Capital’s Trader Pro platform.

Trader Pro had a major overhaul in 2017 as it transitioned to HTML5 from its previous Flash-based structure, and I was pleased to see that the platform now runs more responsively and provides a smoother experience throughout.

ETX Capital Trader Pro web platform

The platform also has a few advanced features, such as complex order types found within a comprehensive trade ticket window. Traders can add a trailing-stop, guaranteed stop loss order (GSLO) for a premium, GTC orders, as well as attached stops and limit orders to an OCO order.

ETX Capital Trader Pro trade ticket

For an extra premium, traders can add a Guaranteed Stop-Loss Order (GSLO), which can be helpful in volatile trading.

What I liked most about the charts is the seamlessness of zooming in and out and the ability to save charts along with any trend-lines drawn.

Finally, it is worth noting that certain products on the platform show the word “VOICE” in place of buy/sell tabs. This means these products can be traded only by speaking to ETX Capital’s trading desk.

ETX Capital Trader Pro Rates

In the chart section, there are nearly 60 indicators and 14 drawing tools, alongside a good range of popular chart types and time frames. These features are on a par with industry standards. What I liked most about the charts is the seamlessness of zooming in and out and the ability to save charts along with any trend-lines drawn.

ETX Capital Trader Pro Charting

Another feature that stood out in the charts is that when there is an open position, the chart depicts a histogram showing either the profit or loss (P/L) for that trade, starting from the time the trade was placed to the present. Plotting P/L as a histogram over the candles is a nice visual technical traders will appreciate.

ETX Capital Trader Pro Chart histogram profit loss visual

All in all, Trader Pro has improved considerably after its upgrade this year from being a Flash-based platform to its current state running on HTML5. Other subtle tweaks in the platform layout, including the addition of support and education sections, further complements the software. Pros aside, adding news headlines would be a welcomed feature as they were still missing from the web platform experience.

Nonetheless, compared ETX Capital’s MT4 offering where spreads are slightly wider, the Trader Pro platform would be my first choice for manual trading.

ETX Capital
Virtual Trading (Demo) Yes
Desktop Platform (Windows) Yes
Desktop Platform (Mac) No
Web Platform No
Social Trading / Copy-Trading Yes
Proprietary Yes
MetaTrader4 (MT4) Yes
MetaTrader5 (MT5) No
cTrader No
Currenex No
ZuluTrade No
MirrorTrader No
Charting - Drawing Tools (Total)31
Charting - Indicators / Studies (Total)51
Watchlists - Total Fields7
Order Type - Trailing Stop Yes

Mobile Trading

ETX Capital offers two mobile trading apps – the MetaTrader 4 (MT4) platform developed by MetaQuotes Software Corporation, available for Android and iOS devices, and an app for the firm’s Trader Pro platform. To learn more about MT4, read our MetaTrader Guide. For this review, I used the Trader Pro mobile app for Android.

ETX Capital Trader Pro mobile android voice broking

Compared to a few bugs that I had experienced running the app on my Samsung Galaxy S8+ edge smartphone during last year’s review, the Trader Pro mobile app has since been improved and this time around ran smoothly. Besides syncing watch lists with the web version, which was a pleasure to see, the app comes loaded with six indicators and eight drawing tools.

Charts also loaded faster than the last time I reviewed the app, illustrating how the broker’s development efforts continue to move in the right direction. Another nice feature is the ability to save chart settings, which helps to align the experience with the web version. The option to save chart settings is not a feature usually available in mobile forex apps.

ETX Capital Trader Pro mobile android bitcoin chart

Like its web counterpart, the mobile version of Trader Pro has room to enhance its offering if it wants to compete with industry leaders. For example, while watch lists sync with the web platform, chart drawings do not, which is a feature Saxo Bank offers in its mobile app. Pickiness aside, the user experience has improved throughout, helping to lift ETX Capital’s ranking in this category.

ETX Capital
Android App Yes
Apple iOS App Yes
Charting - Draw Trend Lines Yes
Charting - Can Turn Horizontally Yes
Charting - Technical Studies/Indicators30
Watch List Syncing Yes
Trading - Forex Yes
Trading - CFDs Yes
Alerts - Basic Fields Yes

Other Notes

When trading single-stock CFDs across global exchanges, many multi-asset brokers pass along exchange data costs by charging traders a nominal amount per month (depending on the venue). These charges can sometimes be rebated back if minimum trading volumes are reached; however, ETX Capital offers this data free across over 20 exchanges, leaving just the commission per trade and any applicable spread.

Fees aside, it is worth noting that there is a greater range of markets available on Trader Pro – including single stock CFDs, compared to ETX Capital’s MT4 offering.

While traders may encounter limits on the maximum trade size that can be placed in MT4, ETX Capital’s trade desk can execute larger orders on the phone, there is no added cost for voice broking, and the max permissible order size is shown for each instrument within the platform.

Final Thoughts

Clearly, traders choose ETX Capital for its extensive range of market experience, its provision of voice execution, its reputation built up over 50 years through its FCA-regulated offering, and its LSE membership status.

The prospects for ETX Capital’s proprietary technology look promising, provided further refinements are made to bring Trader Pro up to par with its industry peers in the multi-asset brokerage category. Specifically, Trader Pro web needs to transition from Flash to HTML 5 to ensure proper security and compatibility, and the mobile experience needs to be improved. Considering ETX Capital’s in-house platforms offer more competitive pricing and a larger range of markets, it has the potential to enhance an already robust trading experience

Otherwise, MT4 remains a viable alternative at ETX Capital, even though the spreads are slightly wider and there is a smaller range of products that can be traded.

Methodology

For our 2018 Forex Broker Review we assessed, rated, and ranked 43 international forex brokers. Each FX broker was graded on 140 variables. Learn more.

Forex Risk Disclaimer

"There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses."Learn more.


Steven Hatzakis

Reviewed by Steven Hatzakis Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Over the past 19 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.

ETX Capital Competitors

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Ratings Overall

Summary

Commissions & Fees
Offering of Investments
Platforms & Tools
Research
Customer Service
Mobile Trading
Education

Best in Class

2018
21 of 43

Overall
  • Customer Service

Commissions & Fees

Commission Notes

The trading costs at ETX Capital for forex trading consist of the bid/ask spreads, which vary depending on the platform used, with the Trader Pro and MT4 platforms available to choose from.

    • Trader Pro platform: Spreads are generally 0.2 pips lower than the pricing ETX Capital offers on its MT4 platform.
    • MetaTrader4 (MT4) platform: Spreads are generally 0.2 pips higher than the pricing ETX Capital offers on its Trader Pro platform.

Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All data was obtained from a published web site as of 4/03/2018 and is believed to be accurate, but is not guaranteed. The ForexBrokers.com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.

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