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ETX Capital provides Forex, CFD and Binary Options trading, as well as a special type of forecast - spread bets, which are tax-free in the UK. The diversified portfolio includes indices, commodities, stocks and currency pairs.
history of the company
ETX Capital has a rich history. The company was founded in 1965 and specialized in mortgage bonds. In 2002, the company opened a retail derivatives division called TradIndex, which was later renamed ETX Capital.
Fund security
ETX Capital is the trade name of Monecor Limited, a London-based company licensed and regulated by the Financial Conduct Authority (FCA), and is also a member firm of the London Stock Exchange.
UK regulation is renowned throughout the world for its stringent rules and standards. Brokers must meet numerous requirements, such as keeping customer funds in bank accounts separate from the company's own funds.
Moreover, companies regulated by the FCA must prove their financial stability and have a minimum of 730,000 euros in order to operate legally.
In addition, an additional customer funds guarantee is provided as customers of FCA regulated companies are eligible to participate in the Government Compensation Scheme (FSCS). In the event that a regulated company becomes insolvent, traders can claim compensation up to £ 50,000.
Trading conditions
ETX Capital offers two types of accounts, ETX TraderPro and ETX MT4, according to the platforms offered.
Minimum deposit
ETX Capital set up a deposit of £ 100 or the equivalent in another currency. This initial capital amount is considered average. In comparison, other UK Forex brokers require a minimum initial deposit of $ 500. But in our rating you can also find those brokers whose work starts from $ 1.
Spreads and commissions
ETX Capital offers variable spreads depending on different products and does not charge any commission.
As for Forex, minimum spreads start at 0.7 pips and average 1.2 pips in EUR / USD.
Leverage
This broker offers different levels of leverage, depending on the type of trade and the instruments being traded. Basically, the maximum leverage for CFDs is 1: 133, and for currency pairs it is up to 1: 200 (1: 400 for products on MT4 platform).
Maximum leverage levels of 1: 200 and 1: 400 are standard in the Forex market.
Trading platforms
ETX Capital has two trading platforms to choose from: TraderPro and ETX MT4.
ETX TraderPro is geared towards experienced traders and allows them to choose from several chart formats.
In terms of MT4, this platform is the choice of most traders around the world as it allows clients to fully automate their trades. In addition, MT4 offers many technical indicators, extensive back testing, and an advanced charting package. MT4 allows you to hedge (open two opposite orders on one trading instrument).
In addition, this broker has developed a specialized binary options trading platform called ETX Binary, which allows clients to trade with a wide range of expiration times - from a minute to a month.
All trading platforms offered by ETX Capital are also available on iPhone, iPad and Android devices.
Significant services
ETX Capital cooperates with 200ForexCashBack, where they promise compensation to every trader who opens an account with ETX Capital in the amount of at least $ 200.
Education
The ETX Capital website has a separate Training section:
schedule of webinars. They are not conducted in Russian, mainly English, Spanish, there are also other languages; training courses are held, details need to be clarified in technical support. The duration of the course is 8 hours, they are free only for those clients who have opened a deposit of at least £ 1000; seminars; Road Shows are periodically held - the management team of the company, analysts meet with clients in different countries of the world.
Support service
The site has a section of frequently asked questions, which is divided into eight blocks, which greatly simplifies the work of traders. If the answer to the question was not found, then you can contact the support service by phone or e-mail. It is surprising that such a broker does not offer online chat.
Ways of payment
The broker accepts customer deposits and allows withdrawals via bank transfer, online transfer and credit / debit cards.
ETX Capital does not charge any fees, except for withdrawals of up to £ 100 or equivalent.
Criticism of traders
Despite the fact that the company has been in business for a long time, traders did not have the best opinion about this broker. In the CIS countries, almost no one works with ETX Capital, so it is extremely difficult to find Russian-language reviews.
But in other countries the situation is no better. There are a lot of reviews and reviews in which traders say that ETX Capital is filling orders at strange prices. For some, the account balance is reset to zero on their own. In addition, the technical support is not the best work.
The cooperation with 200ForexCashBack is even criticized, many traders claim that they have not received any cashback.
Pros:
regulated broker; selection of trading platforms; MT4 is available.
Minuses:
high deposit; no online chat.
ETXCAPITAL is a company whose task is to provide intermediary services to traders. Brokers / Crypto exchanges provide access to currency / cryptocurrency trading, first of all. Also, many of them, if we are talking about brokers, give the opportunity to make transactions with company shares, bonds, commodities, precious metals, indices, cryptocurrency and other assets. A private person can make transactions with all these instruments only on a trading platform, access to which is provided by a broker or a crypto exchange.
In addition, thanks to such companies, an individual can operate in the market with amounts significantly exceeding the amount of his own funds. This is called the provision of leverage. For example, having a deposit of 1,000 USD with a leverage of 1:400, a trader can make transactions for 400,000 USD.
As well, the broker / crypto exchange opens access to analytics, auxiliary tools, trading signals. Without all this, modern trading is impossible.
ETXCAPITAL profits from traders' trades, usually in two main ways
.
First – most common. Using spreads. This word refers to the difference between the best prices for buying and selling a certain asset at a particular moment. Moreover, in a transaction between a trader and a broker, the price is one, and between the broker and market users - another. The mediator takes the difference.
The second method is easier to understand. This is a fee for each operation performed. Most often it has a standard value, but can also be measured as a percentage.
Therefore, the company is interested in attracting as many clients as possible and that they conduct active trading.
How honest brokers / crypto exchanges should work and how they work, we found out. And now let's look at how scammers act, they are also called kitchens.
The most common way to cheat – is to twist quotes. Broker / crypto exchange gives the trader quotes that differ from the real market. There is a substitution of data in order to make operations unprofitable. The deposit is reduced, and then completely reset. At the same time, the trader thinks that his operations were made on the market, but in fact – just on the site of scammers.
Bonus – traps. They are generously distributed for anything: registration, account replenishment, etc. Only after that, in order for the client to withdraw his own money mixed with bonus money, it will be necessary to fulfill a number of actually impossible conditions. For example, to conduct trading operations in the amount of ten times more than the size of the deposit.
The User Agreement may also mask a clause that allows the broker / crypto exchange to dispose of the client's money. Inattention when reading such an agreement most often turns into a complete loss of the deposit.
One of the key points – it is the place of registration and regulation of the company's activities.
First let's talk about registration. As a rule, traders are more trusted by companies either from their own country or from an economically developed country, for example, a member of the European Union. Of course, compliance with UK law is reassuring, and compliance with the laws of an unknown island in the Indian Ocean does not mean anything to most at all.
On fact, most brokerage companies are registered offshore, and we are talking not only about small offices, but also about world leaders. Saint Vincent and the Grenadines, Belize, Marshall Islands, Mauritius are popular offshore zones among companies. Registering there, companies pay significantly less taxes than in the place of actual location, which is sometimes carefully hidden.
If a trader has claims against such a company, then it is likely that he will have to deal with it in accordance with the laws of the same conditional Belize. It is possible to be physically present there at court hearings. And this is extremely expensive and difficult.
No is it worth running like fire from just the word «offshore»? As an answer, we will cite the names of companies that are not related to brokerage, but with an impeccable reputation and also save on taxes with the help of offshore registration: Apple, Pfizer, Microsoft, General Electric, Intel.
And here we come to the second important point – this is the regulation of the broker / crypto exchange. First of all, it is carried out at the level of the state where the company is registered. Each country has its own regulatory body for brokering. So, in Russia it is the Central Bank of the Russian Federation. The trader can find permits on the websites of such authorities. But there are also supranational structures. For example, the International Financial Commission, which is an independent self-regulatory organization, specifies disputes between its members – brokers and their clients.
If there is no information on the broker's website / crypto exchange about the regulation of its activities or license, then it is almost certainly a scammer. Or on the site there is data on some license issued by him, but this information is not confirmed anywhere else. Most likely, these are also scammers.
When choosing a brokerage company, or crypto exchanges, study its history. Look at the links to its experts. If one of the leading TV channels in the economic news for 5 years in a row refers to the opinion of the analyst of the broker in question – this is good. If the broker / crypto exchange assures that it has been working for 15 years, but there is no information about it on the Internet at all – this is bad.
It is important to pay attention to reviews about the company. And read them not only on the website of the broker itself / crypto exchange. In the kitchen, they will certainly be only praiseworthy. It is better to view as many sites as possible.
Pay attention solely to the specifics in the offers on the websites of brokers / crypto exchanges. Honest companies openly write about interest, spread size, minimum deposit, etc. Scammers lure loud streamlined phrases about a rich tomorrow, a stable income, mislead with incomprehensible terms about multi-sites, superfunctions and so on.
Specify the company's connection with well-known brands, financial institutions, public organizations. For example, it can be sponsored. Large brokers / crypto exchanges sometimes hold social promotions. Scammers will definitely not do this.
Therefore, the process of choosing a broker / crypto exchange is complicated. But if you approach it carefully, it will allow you to enter the world of trading, which has made millions of people rich around the world
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Before any trade and choosing a broker You must always read reviews on this site and on other sites. Companies who are honest, have a rating of above 3.8. Also there is always the risk of loss when trading CFDs. Be careful and read the disclosure on the website of the company you chose. ETXCAPITAL received a score of 1 of 5 on our resource.