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ETX Capital Review

Steven Hatzakis

Steven Hatzakis | November 20th, 2019

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% 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. This content is intended for information and educational purposes only and should not be considered investment advice or investment recommendation.

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.

Top Takeaways for 2019

After spending several hundred hours testing 28 forex brokers over six months for our third annual forex broker review, here are our top findings on ETX Capital:

  • Founded in 1965, ETX Capital is regulated in one tier-1 jurisdiction, making it a safe broker (average-risk) to trade forex and CFDs with.
  • To access the tightest spreads and largest range of tradeable symbols (over 6000), traders should use ETX Capital's Trader Pro platform. Our testing left us unimpressed with ETX Capital's MetaTrader offering, which offers wider spreads, less than 200 symbols, and no copy trading.
  • ETX Capital's proprietary Trader Pro platform lacks depth in both trading tools and market research when compared to industry leaders such as IG and Saxo Bank. That said, the mobile app fared much better in our testing.
  • ETX Capital offers reliable customer service. The broker finished 10th (out of 23) in our national testing from locations across the United Kingdom.
  • The weakest area of the ETX Capital offering relates to its forex and CFD market research. Education is also lacking, making ETX Capital a poor choice for beginners.

Overall Summary

FeatureETX Capital
Overall 3.5 Stars
Trust Score79
Offering of Investments 3 Stars
Commissions & Fees 4 Stars
Platform & Tools 3.5 Stars
Research 3 Stars
Mobile Trading 4 Stars
Customer Service 4 Stars
Education 2.5 Stars

Is ETX Capital Safe?

help 79
Trust Score

ETX Capital is considered average-risk, with an overall Trust Score of 79 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.

FeatureETX Capital
Year Founded1965
Publicly Traded (Listed) No
Bank No
Tier-1 Licenses1
Tier-2 Licenses0
Tier-3 Licenses0
Trust Score79

Offering of Investments

Rank: 17th (of 28)

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.

Offering Comparison

FeatureETX Capital
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs)60
CFDs - Total Offered6000
Social Trading / Copy-Trading 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. 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.

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Fees Comparison

FeatureETX Capital
Minimum Initial Deposit$£100
Average Spread EUR/USD - Standard0.81 (as of May 18)
All-in Cost EUR/USD - Active0.81 (as of May 18)
Active Trader or VIP Discounts No

Platforms & 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.

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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.

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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.

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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 2019 Review, 229 customer service tests were conducted over six weeks.

Results

  • 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)

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.

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.

ETX Capital Trading Features

FeatureETX Capital
Virtual Trading (Demo) Yes
Proprietary Platform Yes
Desktop Platform (Windows) Yes
Web Platform No
Social Trading / Copy-Trading No
MetaTrader 4 (MT4) Yes
MetaTrader 5 (MT5) No
cTrader No
Charting - Indicators / Studies (Total)51
Charting - Drawing Tools (Total)31
Charting - Trade From Chart Yes
Watchlists - Total Fields7
Order Type - Trailing Stop Yes

ETX Capital Research Features

FeatureETX Capital
Daily Market Commentary Yes
Forex News (Top-Tier Sources) Yes
Weekly Webinars Yes
AutoChartist No
Trading Central (Recognia) No
Delkos Research No
Social Sentiment - Currency Pairs No
Economic Calendar Yes

Mobile App Features

FeatureETX Capital
Android App Yes
Apple iOS App Yes
Trading - Forex Yes
Trading - CFDs Yes
Alerts - Basic Fields Yes
Watch List Yes
Watch List Syncing Yes
Charting - Indicators / Studies30
Charting - Draw Trend Lines Yes
Charting - Trend Lines Moveable Yes
Charting - Multiple Time Frames Yes
Charting - Drawings Autosave Yes
Forex Calendar No

2019 Review Methodology

For our 2019 Forex Broker Review we assessed, rated, and ranked 28 international forex brokers over a six month time period. Each broker was graded on 81 different variables and, in total, over 60,000 words of research were produced.

While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.

All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors 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." Learn more.


Steven Hatzakis

About the author: 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. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.

Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. All data was obtained from a published web site as of 02/18/2019 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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