ETX Capital Review
By Steven Hatzakis
February 18th, 2019
Last Updated: March 22nd, 2019
The ForexBrokers.com Annual Review (3 years running) is among the most cited in the industry. Our Head of Research, Steven Hatzakis, is frequently referenced as a leading analyst covering forex brokers and cryptocurrency. Learn more.
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 which includes voice-broking services.
Today, ETX Capital offers forex and CFD traders access to global markets that offer over 6,000 CFDs on 23 global stock exchanges, 59 currency pairs, and five crypto assets.
Despite a long tenured history in the forex markets and mostly competitive rates, ETX Capital struggles to keep up with industry leaders when it comes to trading tools and research.
- Long-standing history and FCA regulatory status.
- Experienced voice-broking trade desk.
- Wide range of markets available.
- Limited research resources.
- Smaller range of markets on MT4 and wider spreads.
Trading with a forex broker traders can trust is crucial to success. Unfortunately, forex fraud and scams are common in the industry. To help investors find trustworthy brokers, we have created a proprietary 1-100 score (the higher the better), which we call Trust Score.
|Publicly-Traded Company (Listed)||No|
|Regulated in Major Hub||Yes|
|Regulated in Emerging Hub||No|
|Authorised in the European Union||Yes|
Commissions & Fees
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 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 1.01 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 slightly better at 0.81 pips for the same pair.
- 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.
|Minimum Initial Deposit||$£100|
|Average Spread EUR/USD - Standard||0.95|
|All-in Cost EUR/USD - Active||0.81|
|Active Trader or Premium/VIP||No|
Platforms & Tools
While the Trader Pro platform has improved considerably after its upgrade from being a Flash-based platform to its current state running on HTML5, limited features are offered.
- 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.
- 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.
- 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.
- 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.
- For an extra premium, traders can add a Guaranteed Stop-Loss Order (GSLO), which can be helpful in volatile trading.
- 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.
- 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.
- Adding news headlines would be a welcomed feature as they were still missing from the web platform experience.
- Best Forex Trading Platforms 2019
- Best FX Brokers for Copy Trading 2019
- Best MetaTrader Brokers 2019
|Virtual Trading (Demo)||Yes|
|Desktop Platform (Windows)||Yes|
|Social Trading / Copy-Trading||Yes|
|Charting - Indicators / Studies (Total)||51|
|Charting - Drawing Tools (Total)||31|
|Charting - Trade From Chart||Yes|
|Watchlists - Total Fields||7|
|Order Type - Trailing Stop||Yes|
To score Customer Service, ForexBrokers.com partnered with customer experience research group Customerwise to conduct phone tests from locations throughout the UK. For our 2019 Review, 229 customer service tests were conducted over six weeks.
- Average Connection Time: <1 minute
- Average Net Promoter Score: 6.5 / 10
- Average Professionalism Score: 4.3 / 10
- Overall Score: 6.2 / 10
- Ranking: 10th (23 brokers)
- View Infographic
When it comes to forex research, ETX Capital fails to impress.
- ETX Capital offers 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.
- Several webinars are provided each week, in which market analysts discuss live market conditions.
- While the broker does provide research-related content via email, ETX Capital’s blog is not very active.
- During testing for our 2019 review, we found no headlines in the Trader Pro platform, as the broker had not yet added any news feeds.
|Daily Market Commentary||No|
|Forex News (Top-Tier Sources)||Yes|
|Trading Central (Recognia)||No|
|Social Trading / Copy-Trading||Yes|
|Social Sentiment - Currency Pairs||No|
The Trader Pro mobile app lacks research and news; otherwise, it is a good foundation for 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.
- Besides syncing watch lists with the web version, which was a pleasure to observe, the app comes with four chart types, six indicators, and eight drawing tools.
- 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. The mobile app also supports multiple advanced order types, including End-of-Day (EOD) and trailing stops, among other types available within the trade ticket tab.
- 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.
- Unfortunately, the app lacks news and research, leaving a gap in ETX Capital’s mobile offering.
- Adding a broader range of indicators to the charts and news and research to the app would be a welcome improvement to an already good foundation.
|Apple iOS App||Yes|
|Trading - Forex||Yes|
|Trading - CFDs||Yes|
|Alerts - Basic Fields||Yes|
|Watch List Syncing||Yes|
|Charting - Indicators / Studies||30|
|Charting - Draw Trend Lines||Yes|
|Charting - Trend Lines Moveable||Yes|
|Charting - Multiple Time Frames||Yes|
|Charting - Drawings Autosave||Yes|
Offering of Investments
The following table summarizes the different investment products available to ETX Capital clients.
|Currency Pairs (Total Forex pairs)||59|
|CFDs - Total Offered||6000|
|Cryptocurrency traded as actual||No|
|Cryptocurrency traded as CFD||Yes|
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.
Clearly, traders choose ETX Capital its reputation built up over 50 years through its FCA-regulated offering, as well as its LSE membership status. 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.
ETX Capital’s proprietary technology looks promising. The platform has been updated to HTML5 and has a fluid user interface, which makes it easy for traders to search across 6,000 tradeable products. That said, there is still further room for refinements to the research content available on the platform.
ETX Capital’s in-house platforms offer more competitive pricing and a larger range of markets, compared to its MT4 offering. 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.
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.