ETX Capital is a Forex and CFD broker owned and operated by the holding firm Monecor Limited, a member company of the London Stock Exchange. It is authorized and regulated by the Financial Conduct Authority and can legally offer financial trading services to customers from all over the world. In addition to Forex and CFDs, ETX Capital also provides traders with access to other types of trading markets such as spread betting and binary options. The company was established in the beginnings of the 70’s and its growth has been driven by its excellent customer support as well as quality service and products.
Trading Offer
You name it and chances are that the company has it. ETX Capital is a well known broker in the industry offering Forex, spread betting, CFD trading and binary options. Moreover, with ETX Capital you get access to thousands of tradable markets including financial indices, lots of equities, over 50 Forex pairs and a good number of commodities. The company offers four specialized platforms traders can choose according to their style and these are ETX Trader, ETX Trader Pro, ETX MT4 and ETX Binary. It also has accounts to suit everyone’s needs.
With a deposit of just $100 for the first platform, ETX Trader, customers can choose the deposit level that is the most suitable for them. Moreover, the platform setup ensures that traders cannot lose more than what they put on the table. ETX Trader Pro, on the other hand, offers customizable charts as well as tight spreads, while with ETX MT4 users can bring their own expert advisors to the platform. The newest platform is ETX Binary and it enables customers to trade binary options with several expiry times. The first three platforms also have demo versions you can try out.
As previously mentioned, the company covers a wide variety of underlying markets such as currency pairs, commodities, indices and equities. Some of the tradeable assets include over 50 FX pairs, trading equities such as Apple, Facebook and Netflix, commodities such as silver, gold and platinum and indices such as Japan 225, Hong Kong 40 and Wall Street. Traders can make Orders i.e. open or close a trade in a specific market, give Stop Loss Order instructions etc. They can also set trading limits they are comfortable with. The company doesn’t allow scalping.
Spreads, Fees, Margins
ETX Capital offers tight spreads on several different underlyings with lots of leverage. The tighter the spread, the smaller the distance a specific market has to move so as to make a difference between loss and profit. The company offers spreads on Forex that begin at 0.7 pips for the FX pair EUR/USD. Equities have 0.08% spreads for certain products, while the min spreads on commodities is 3 pips. For some major indices the min spread is 1 pip.
Furthermore, the company also charges certain fees for roll over and account inactivity. Other fees are defined under Clause 5 (Our Charges) in the broker’s Terms and Conditions. In addition, in the Risk Warning Notice, the company addresses margins saying that any market losses exceeding the margin will be taken from a trader’s account. To maintain a trade, customers might be called upon to deposit extra margin at short notice.
Bonus Information
Those that will sign up today can get up to $5,000 welcome bonus at ETX Capital. The bonus is available only to new customers that will open accounts on ETX Trader, ETX Trader Pro or ETX MT4 platform till the end of October. Traders must make a qualifying deposit of at least $200 to get the bonus. Therefore, for a deposit between $200 and $499, you get a 10% bonus. Deposits over $25,000 get the max bonus amount of $5,000. Once you make the qualifying deposit, contact the customer support service to receive the bonus. This money, however, will stay in your account and cannot be cashed out until you meet the release criteria. To satisfy these criteria, your account must be completely authorized and you must close trades of 300% of the bonus amount within 90 days on Forex, commodities and/or indices with a specified value per point or a number of contracts. This excludes equities and micro CFDs.
ETX Capital doesn’t offer other types of bonuses, but if you contact the customer support service and ask for a bonus, you might get one. The company also doesn’t have a VIP program.
Website
The website of the company is user friendly and easy to navigate. All important categories such as Forex, CFD trading and Markets can all be found on the homepage on the main menu. They also have appropriate sub categories so you can easily find your way around. ETX Capital also offers a download software platform and is available on the go. Traders can take positions wherever they are on the move thanks to the full range of ETX mobile trading apps. All four trading platforms are available on Android powered smart phones and tables as well as on iPhones and iPads.
Additional offers at ETX Capital include an economic calendar that displays the upcoming economic events and an excellent news center. ETX produces daily and weekly financial updates in both video and written form and users can check them out for free. There are also YouTube videos regarding certain market trends as well as a live market commentary. Another useful and helpful aspect about the company is the educational tools. There are trading seminars and webinars, an in-depth course in trading, useful articles about Forex, spread betting, CFDs, binary options, platform use and markets and so on. Beginners, in particular, can find the educational center very useful.
Last but not least, all new customers at ETX Capital can open a demo account and try out the platforms available. This account is very practical and useful especially if you are new to online trading and it is an excellent way to get to know what the company offers. In addition, ETX also has a live feed of the FX latest prices displayed on the homepage and it is also available on social media such as Twitter.
Banking and Payment Options
Unfortunately, the company only accepts Visa and MasterCard as payment methods. Other banking options are Wire/Bank Transfer and Online Bank Transfer. To fund your account, click on the Add Funds button. Then select your credit or debit card. The minimum deposit amount is $100. It is also possible to transfer funds, for example between your spread betting and CFD account. For this transfer, you should contact the customer support service.
To cash out your money, go to your account and click on Withdraw Funds. Afterwards, fill in the provided form with the necessary details. The general processing time is one working day, while the withdrawal arrival time is between2 and 5 working days, depending on the chosen method. The company may also ask you to provide documentation such as a utility bill or a copy of personal ID or passport in order to verify your identity and prevent fraud. Such documentation is usually provided when you request a cashout. There are no fees requested by ETX Capital for making transactions to and from traders’ accounts. Banking is available in 17 different currencies such as USD, GBP, EUR, HKD, CHF, DKK, CZK and AUD among others.
Additional Details of the Broker/Company
The customer support at ETX Capital is available from Monday to Friday from 07:30 to 21:00. Its support agents are always at standby to resolve all problems and answer all questions. New account holders that need help or assistance with something can call on the free phone or on the international phone number. There can also send an e-mail to the support. Existing customers can also call on the provided trading deck phone number and support services number as well as send an e-mail. The site also has a separate help center where customers can search for answers to common questions related to online trading.
ETX Capital is operated by Monecor Limited. It is authorized and regulated by the Financial Conduct Authority with Financial Services register number 124721. As a regulated company it allows users to take part in a government sanctioned compensation program called the Financial Services Compensation Scheme. According to this scheme, customers can get compensation of up to $50,000 if ETX goes liquidation. The company also has a good conflict of interest policy. One of the ways it deals with conflict is accepting it but taking necessary steps to protect traders’ interests. It can also disclose the conflict and obtain a trader’s consent to act.
The predecessor of ETX Capital was founded in 1965 and ETX has been offering virtual trading since 2002. Today it offers trading in more than 6,000 instruments across 20 different markets. It operates with 150 employees in the UK and has offices in several other international locations. If you are searching for a good range of markets with favorable trading conditions, excellent and helpful customer service and mobile trading capability, ETX is the best choice. The company also has a good partnership program. It has also won several awards over the years. For example, it is the winner of the Best Spreads Betting Provider award given by the City of London Wealth management Awards 2015.
Conclusion/Experiences/Comparison
With four superb online trading platforms, an excellent welcome bonus, a wide range of trading markets, excellent educational opportunities and a top notch account security, customers will have no problems and will enjoy trading at ETX Capital. ETX is run by a global and recognizable firm and the company is an award winning broker focused on its customers, regardless if they are beginners or pro traders. The broker always ensures that users get a safe and regulated online trading environment. All this is proven by the long track record of the company, therefore, it is highly recommended.