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ETX Capital Review

Steven Hatzakis

Written by Steven Hatzakis
Edited by John Bringans
Fact-checked by Blain Reinkensmeyer

October 13, 2022
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Despite a long-tenured history in the forex markets and outstanding customer service, ETX Capital struggles to keep up with industry leaders when it comes to trading platforms, tools, and research.

ETX Capital
4 Stars Overall
  • Minimum Initial Deposit: £100
  • Trust Score: 89
  • Tradeable Symbols (Total): 6000

Top Takeaways

Here are our top findings on ETX Capital:

  1. Founded in 1965, ETX Capital is regulated in one tier-1 jurisdiction, making it a safe broker (average-risk) for forex and CFDs trading.
  2. ETX Capital offers outstanding customer service. In 2020, the broker finished 2nd (out of 22) in our national testing from locations across the United Kingdom.
  3. To access the tightest spreads and largest range of tradeable symbols (over 6000), traders should use ETX Capital's Trader Pro platform (don't bother with MT4). Unfortunately, Trader Pro lacks depth in both trading tools and market research when compared to industry leaders such as IG and CMC Markets.

Overall Summary

Please Note: ETX Capital was not included in our last annual review. As a result, this broker's ratings may be outdated. Read our best forex brokers guide for a breakdown of the top rated forex and CFDs brokers.

Feature ETX Capital logoETX Capital
Overall Rating 4 Stars
Trust Score 89
Offering of Investments 4 Stars
Commissions & Fees 4 Stars
Platform & Tools 3.5 Stars
Research 3 Stars
Mobile Trading 3.5 Stars
Education 3.5 Stars

The ForexBrokers.com annual forex broker review (six years running) is the most cited in the industry. With over 50,000 words of research across the site, we spend hundreds of hours testing forex brokers each year. Here's how we test.

Is ETX Capital Safe?

Trust Score
89
ForexBrokers.com

ETX Capital is considered average-risk, with an overall Trust Score of 89 out of 99. ETX Capital is not publicly traded and does not operate a bank. ETX Capital is authorised by one tier-1 regulator (high trust), zero tier-2 regulators (average trust), and zero tier-3 regulators (low trust). ETX Capital is authorised by the following tier-1 regulator: Financial Conduct Authority (FCA). Learn more about Trust Score.



Feature ETX Capital logoETX Capital
Year Founded 1965
Publicly Traded (Listed) No
Bank No
Tier-1 Licenses 1
Tier-2 Licenses 1
Tier-3 Licenses 0

Offering of Investments

It is worth noting that there are nearly 6000 markets to trade Trader Pro – including single stock CFDs, compared to ETX Capital’s MT4 offering, which offers less than 200.

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

Cryptocurrency: Cryptocurrency trading is available through CFDs, but not available through trading the underlying asset (e.g. buying Bitcoin). Note: Crypto CFDs are not available to retail traders from any broker's UK entity, nor to UK residents.

Feature ETX Capital logoETX Capital
Forex Trading (Spot or CFDs) Yes
Tradeable Symbols (Total) 6000
Forex Pairs (Total) 79
U.S. Stock Trading (Non CFD) No
Int'l Stock Trading (Non CFD) No
Social Trading / Copy Trading No
Cryptocurrency (Physical) No
Cryptocurrency (CFD) Yes
Disclaimers Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients).

Commissions and Fees

ETX capital offers commission-free pricing on all platforms when it comes to its forex pairs. Therefore, the bid/ask spread represents the cost of trading, and will vary depending on the trading platform used. Comparing spreads on the Trader Pro platform versus MetaTrader, pricing is better on Trader Pro.

Spreads comparisons: On the MT4 platform, spreads averaged 1.01 pips on the EUR/USD currency pair using May 2018 data published by ETX Capital. Meanwhile, during the same period, average spreads on the Trader Pro platform were tighter at 0.81 pips for the same pair.

Included exchange data: 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). While data fee charges are sometimes rebated back to traders if minimum trading volumes are met, ETX Capital offers this data for free. The data encompasses over 20 exchanges, leaving just the commission per trade and any applicable spread when it comes to trading CFDs.

Feature ETX Capital logoETX Capital
Minimum Initial Deposit £100
Average Spread EUR/USD - Standard 0.81 (as of May 18)
All-in Cost EUR/USD - Active 0.81 (as of May 18)
Active Trader or VIP Discounts Yes
Execution: Agency Broker No
Execution: Market Maker Yes

Platforms and Tools

ETX Capital offers its own proprietary Trader Pro platform as well as MetaTrader 4 (MT4). Overall, ETX Capital’s MT4 offering doesn't compete with the Best MetaTrader Brokers. Furthermore, while the Trader Pro platform has several highlights, our testing left us wanting more.

Trader Pro advanced orders: With Trader Pro, traders can add a trailing-stop, GTC orders, as well as attach stop and limit orders to an OCO order. For an extra premium, traders can also add a Guaranteed Stop-Loss Order (GSLO), which can be helpful in volatile markets.

Trader Pro charting: In the charting section, there are nearly 60 indicators and 14 drawing tools, alongside a good range of popular chart types and time frames. All in all, these features are on par with industry standards. Charting package highlights include seamless zooming, real-time visual profit-loss tracking for open positions, and the ability to save charts views with any drawn trend-lines.

Phone orders only: Certain products on the platform show a phone icon and have the buy/sell button disabled. Unfortunately, these symbols can only be traded via phone using ETX Capital’s trading desk.

Feature ETX Capital logoETX Capital
Virtual Trading (Demo) Yes
Proprietary Platform Yes
Desktop Platform (Windows) Yes
Web Platform Yes
Social Trading / Copy Trading No
MetaTrader 4 (MT4) Yes
MetaTrader 5 (MT5) No
DupliTrade No
ZuluTrade No
Charting - Indicators / Studies (Total) 56
Charting - Drawing Tools (Total) 31
Charting - Trade From Chart Yes
Watchlists - Total Fields 7
View More

Research

When it comes to forex research, ETX Capital fails to deliver quality content in its platforms, and its overall range of research is below the industry standard. Traders seeking a research-rich trading experience should consider Saxo Bank or IG.

Feature ETX Capital logoETX Capital
Daily Market Commentary Yes
Forex News (Top-Tier Sources) Yes
Autochartist No
Trading Central (Recognia) No
Social Sentiment - Currency Pairs No

Mobile Trading

ETX Capital offers two mobile trading apps: Trader Pro and the default MetaTrader 4 (MT4) app. MT4 aside, the Trader Pro mobile app lacks research and news; otherwise, it offers a good foundation for trading.

Like the web-based version of Trader Pro, Trader Pro mobile offers advanced order types and the ability to save chart views (rare in the industry); watch lists also sync between the two platforms. Pros aside, like the web platform, a severe gap in forex news and research features is also present. Boosting research will go a long way toward improving an already impressive app.

Feature ETX Capital logoETX Capital
Android App Yes
Apple iOS App Yes
Mobile Alerts - Basic Fields Yes
Watchlists - Total Fields 7
Watchlist Syncing Yes
Charting - Indicators / Studies (Total) 56
Charting - Drawing Tools (Total) 31
Mobile Charting - Draw Trendlines Yes
Charting - Multiple Time Frames No
Forex Calendar No

Customer Service

To score Customer Service, ForexBrokers.com partnered with customer experience research group Customerwise to conduct phone tests from locations throughout the UK. For our 2020 Review, 330 customer service tests were conducted over six weeks.

Results

  • Average Connection Time: 1 minute
  • Average Net Promoter Score: 8.5 / 10
  • Average Professionalism Score: 9.5 / 10
  • Overall Score: 9.02 / 10
  • Ranking: 2nd (22 brokers)

Final Thoughts

Traders choose ETX Capital for its reputation built up over 50 years through its FCA-regulated offering. One of ETX Capital’s unique value-propositions is its voice-broking execution, through which traders can execute orders with dealers over the phone at no extra cost. Also, the broker finished Best in Class in the Customer Service category in 2020.

ETX Capital’s proprietary trading platform offers a fluid HTML5 interface, which makes it easy for traders to trade across nearly 6,000 tradeable products. That said, a lack of research capabilities remains a significant drawback.

About ETX Capital

Founded in 1965, Monecor London Limited (ETX Capital) obtained authorization from the Financial Conduct Authority (FCA) in 1995 and has been operating in the United Kingdom (UK) for more than five decades. The broker is also a member (not an actual publicly-traded company) of the London Stock Exchange (LSE).

Today, ETX Capital offers forex and CFD traders access to global electronic and voice-traded markets, with nearly 6,000 CFDs on 23 global stock exchanges, 60 forex pairs, and seven cryptocurrency pairs. Read more on Wikipedia about ETX Capital.

2022 Review Methodology

For our 2022 Forex Broker Review we assessed, rated, and ranked 39 international forex brokers over a three-month time period resulting in over 50,000 words of published research.

Each broker was graded on 113 different variables, including our proprietary Trust Score algorithm. This innovative scoring system ranks the level of trustworthiness for each broker based on factors such as licenses, regulation and corporate structure. Read about Trust Score here.

As part of our annual review process, all brokers had the opportunity to provide updates and key milestones and complete an in-depth data profile, which we hand-checked for accuracy.

Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors with quality data they can trust. Learn more about how we test.

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. Read more on forex trading risks.

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About the Author

Steven Hatzakis
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. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).


John Bringans
John Bringans

John Bringans is the Senior Editor of ForexBrokers.com. An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content.


Blain Reinkensmeyer
Blain Reinkensmeyer

Blain Reinkensmeyer has 20 years of trading experience with over 2,500 trades placed during that time. He heads research for all U.S.-based brokerages on StockBrokers.com and is respected by executives as the leading expert covering the online broker industry. Blain’s insights have been featured in the New York Times, Wall Street Journal, Forbes, and the Chicago Tribune, among other media outlets.


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