On its official website, ETX Capital claims that it is a global provider of cutting-edge technology. This claim is probably substantiated by ETX TraderPro, which is an in-house created, proprietary trading platform, that does indeed offer some rather interesting and cutting-edge features. Is it better than MT4 though? The best way to find out is to open an account with the broker and to give both trading platforms a try.
While experience-wise it is certainly not lacking, the broker does seem to struggle reputation-wise. Even as most reviewers give it a major thumbs-up, actual trader feedback points in a very different direction.
The complaints regarding the shortcomings of the brokerage are numerous and they cover most of its operational aspects. What exactly are we talking about? Some traders say that withdrawing any money from the broker is nothing short of an all-out battle. Apparently though, those who manage to get their hands on their money in several weeks’ time, are the lucky. Some people claim that as soon as they became profitable, the broker suspended their trading accounts, and while they were given back their initial deposits, they were never allowed to grab any of their profits.
Add to that the usual allegations concerning Stop Loss manipulation and the picture is not pretty.
Obviously, some of these complaints/allegations do not hold water. There are sore losers out there…the broker readily admits that up to 76% if its CFD traders end up losing money. Still, the sheer volume of complaints is overwhelming…there is definitely some cause for caution here.
The corporate background of the brokerage looks OK. The company that owns the ETX Capital brand is Monecor London Ltd. The operation is based and registered in the UK, it is listed at the London Stock Exchange and it is licensed and regulated by the FCA. The license number of the brokerage is 124721.
While the broker’s regulatory status is unquestionable, it is indeed a little peculiar as well. One would think that an FCA license is proof of MiFID compliance, but the operator is not particularly keen on accepting traders from countries outside the UK.
Residents from a number of countries such as the US, Belgium, Singapore and Canada are expressly barred from joining the broker.
Why is ETX Capital considered an attractive option for traders though?
The trading conditions offered by the broker are more than decent and they are definitely at the top of the list when it comes to drawing in traders.
The spreads are attractive and there is decent leverage available on most tradable assets, without going overboard in this regard. Leverage always means added risk, so keeping it under control is always a plus in our book.
The broker lists its trader support as one of its strengths too, but in this regard, there are too many complaints to really consider it that. Some say ETX support is just unresponsive.
The trading platforms offered by the brokerage are both great. One is the above mentioned ETX TraderPro, the other is MT4. A full range of trading apps are also part of the offer.
The safety of trader funds is obviously also a factor. The broker says that it is focused on client fund safety and that monies deposited by traders are kept in safe, investment-grade UK banks, in segregated accounts.
ETX Capital is the winner of Best Online Trading Platform at the Shares Awards 2018
ETX Capital Market Coverage
With more than 6,000 tradable assets on offer, the market coverage of ETX Capital is great – there is no question about that.
Of these 6,000+ assets, some 59 are FX pairs. Hands-down the most popular assets when it comes to trading, ETX’s FX pairs carry some of the most attractive trading conditions.
On the EUR/USD pair for instance, the spreads start from just 0.7 pips, and the leverage goes all the way up to 1:200. Obviously, exotic currency pairs feature larger spreads: on the USD/ZAR pair for instance, spreads start from 120 pips and the leverage is just 1:100.
CFDs offer largely similar trading conditions, with spreads starting from 0.5 pips and maximum leverages of 1:200. The more exotic the traded asset within this category too, the more adverse the trading conditions tend to be.
In regards to indices: the best trading conditions are featured on S+P, with spreads starting from just 0.7 pips and with the maximum leverage set to 1:200. Obviously though, the conditions are much less attractive on something like the China A 50, where the spreads start from 30 pips and the maximum leverage is 1:50.
The Stocks category features a massive selection of tradable assets – as one would expect it. The trading conditions are quite outstanding here too: spreads start from 0.08-0.10 pips and the leverage is 1:20 on most assets, though it can be as low as 1:6.
Some commodities always come with superb trading conditions, and this is no different at ETX Capital either. On Gold, spreads start from 0.3 pips, while on Silver, the minimum is 0.025.
The maximum leverage varies wildly, depending on the asset. On Gold, the maximum leverage is 1:200, while on Silver, it is 1:33.
ETX Capital Trading Platforms
As already mentioned above, the broker features two trading platforms, one of which is the ubiquitous (and much-appreciated) MT4, while the other is a proprietary creation: the ETX TraderPro.
TraderPro is the pride of the broker and with good reason. The trading platform is easy on the eyes and extremely capable when it comes to analysis, charting and drawing. The tools offered by the platform run a wide range, and there is a handy pip calculator available as well.
The trading interface can be customized by simply dragging and dropping its elements into place. It support watch lists as well as product information tabs.
Long story short: ETX’s TraderPro does indeed add an entirely new dimension to your trading efforts.
MT4 hardly needs an introduction to anyone who’s ever used it. By far the best and most capable trading platform, it is also fully customizable. The version that can be had for free off the ETX Capital website, comes with some 50 preinstalled technical indicators. There’s a vibrant marketplace out there for such indicators though, so traders are welcome to purchase additional ones and to install them. The platform also makes the creation of new indicators possible.
One of the most attractive and appreciated features of MT4 is its support for EAs. EAs (Expert Advisors) are essentially programmable auto-traders. As such, they work best with a VPS service, though whether or not ETC Capital supports such a service is unclear.
ETX Capital supports a single account type, the minimum required deposit of which is $100 – very accessible indeed.
To make that deposit, traders can use scores of deposit methods, ranging from wire transfers to Skrill and Neteller.
No fewer than 4 currencies are supported: USD, EUR, GBP and RMB.
The Bottom Line
With 50 years’ worth of experience under its belt, ETX Capital can be considered one of the veterans of the industry.
Its trading platforms are superb and its trading conditions are great too. Traders have a positively overwhelming range of deposit and withdrawals methods at their disposal and the minimum required deposit is more than accessible.
With all that, there’s quite a bit of negative feedback on the services of the broker, and that cannot be ignored.