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ETX Capital Review 2019

4.1 4 stars · Jun 2019
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78% of retail CFD accounts lose money
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ETX Capital logo

ETX Capital is a global CFD and FX broker. Its parent company, Monecor (London) Ltd was established in 1965. Monecor (London) Ltd is listed on the London Stock Exchange and is regulated by the Financial Conduct Authority (FCA).

ETX Capital is considered safe because it has a long track record, is listed on a stock exchange, and is regulated by a top-tier regulator.

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.

Recommended for forex and CFD traders looking for great funding and withdrawal processes and easy to use platform.

Pros
  • Free and multiple deposit and withdrawal options
  • Easy and fast account opening
  • Great educational tools
Cons
  • High trading fees
  • Only CFDs, forex, and crypto offered
  • Basic research tools

ETX Capital pros and cons

ETX Capital offers a lot of deposit and withdrawals options and they are free of charge. It has also a user-friendly and fast account opening. There are a lot of educational tools with great quality.

ETX Capital has high trading fees. The product portfolio is limited as it offers only CFDs, forex, and crypto. You can use only charting as a research tool. There are no trading ideas, fundamental data, or news.

Compare to other brokers

ETX Capital review
Fees 2 stars

ETX Capital has high trading fees and financing rates. The non-trading fees are average.
Pros
  • No withdrawal fee
Cons
  • High trading fees
  • Inactivity fee
  • High financing rate
ETX Capital Fees snapshot
Assets Fee level Fee terms
US stock fee High 0.02 per share, min $15
EURUSD fee High The fees at TraderPro account are built into spread, 0.81 pips is the spread cost
US tech fund fee - Not available
Inactivity fee Average $25 per month after 1 year of inactivity

We ranked ETX Capital's fee levels as low, average or high based on how they compare to those of all reviewed brokers.

To get things rolling, let's go over some lingo relating to broker fees. What you need to keep an eye on are trading fees, financing rates, and non-trading fees.

We also compared ETX Capital's fees with those of two similar brokers we selected, XTB and XM. This selection is based on factors like products offered, client profile, fee structure, etc.

Let's start with the trading fees.

Trading fees

ETX Capital trading fees are high.

The trading fees are slightly different at TraderPro and MetaTrader 4 platforms. In this review, we calculated with the fees at the TraderPro platform.

It is super hard to compare trading fees for CFD brokers. What did we do at Brokerchooser? Instead of quoting long fee tables, we compare brokers by calculating all fees of a typical trade for three assets.

These are the assets we chose:

  • Apple, a large US stock
  • Vodafone, a large European stock
  • EURUSD, a popular currency pair

A typical trade means buying a position, holding it for one week and then selling. For the volume, we chose a $2,000 position for the stocks and $20,000 for the EURUSD transaction.

This super catch-all benchmark includes spreads, commissions and financing costs for all brokers.

Here is the verdict. ETX Capital has higher fees than its competitors.

ETX Capital fees benchmarked
  ETX Capital XTB XM
Apple benchmark fee $33.4 $18.1 $3.9
Vodafone benchmark fee $31.8 $24.4 $5.2
EURUSD benchmark fee $23.4 $17.1 $20.0

Financing rates

ETX Capital financing rates are generally high.

It's not a piece of cake to calculate the financing rate as on the website there is limited information about this. However, the customer support team gave a lot of help to understand the calculation.

Financing rates are charged when you hold your leveraged positions for more than a day. It can be a significant proportion of your trading costs.

ETX Capital annual financing rates
  ETX Capital XTB XM
Apple financing rate 10.2% 6.0% 6.7%
Vodafone financing rate 8.4% 3.1% 4.4%
EURUSD financing rate 5.9% 4.1% 4.6%
EURGBP financing rate 5.4% 1.7% 1.9%

Non-trading fees

ETX Capital has average non-trading fees. It doesn't charge account fee and withdrawal fee if you withdraw up to 5 times per month. If you withdraw more than 5 times, there is a $10 fee.

The inactivity fee is average, ETX Capital charges $25 per month after 1 year of inactivity.

ETX Capital non-trading fees
  ETX Capital XTB XM
Account fee No No No
Inactivity fee Yes No Yes
Withdrawal fee $0 $0 $0

ETX Capital review
Account opening 5 stars

ETX Capital account opening is hassle-free and straightforward. Your account is ready for trading on the same day.
Pros
  • Fast account opening
  • Fully digital account opening
  • User-friendly
Cons
None

Can you open an account?

ETX Capital accepts customers from all over the world. There are only a few exceptions. For example, you can't open an account if you reside in the USA, Canada, China, Japan, Singapore, Belgium, France, Russia, etc.

What is the minimum deposit at ETX Capital?

The required ETX Capital minimum deposit is $250 or equivalent in other currencies.

Account types

ETX Capital has one live account type, and it only serves individual accounts, no corporate accounts are offered.

How to open your account

ETX Capital account opening is fully digital, fast, and straightforward. You can fill out the online application within 20 minutes. After, our account was verified on the same day.

To open an account at ETX Capital, you have to go through these steps:

  1. Give your name, email address, and telephone number
  2. Select the trading platform (TraderPro or MT4) and the base currency
  3. Add your address details, like country of residency
  4. Give your financial information and answer questions about your financial knowledge
  5. Verify your ID and residency. You can upload national ID, passport, or driver's license for verifying your ID. Utility bill and bank statements are accepted for residency verification.
ETX Capital review - Account opening

ETX Capital review
Deposit and withdrawal 5 stars

ETX Capital's deposit and withdrawal are cost-friendly, fast, and can be done in several forms.
Pros
  • Credit/Debit card deposit and withdrawal
  • Free withdrawal
  • No deposit fee
Cons
None

Account base currencies

At ETX Capital, you can choose from three base currencies: EUR, USD, and GBP. This is similar to XTB's offer but lags behind XM.

Base currencies at ETX Capital vs similar brokers
  ETX Capital XTB XM
Number of base currencies 3 4 7

Why does this matter? Two things. First, if you fund your account in the same currency as your bank account, you won't be charged a currency conversion fee. Second, if you trade assets in the same currency as your account base currency, you will not have to pay a conversion fee.

A convenient way to save on the currency conversion fees can be to open a multi-currency bank account. Revolut or Transferwise both offer bank accounts in several currencies with great currency exchange rates as well as free or cheap international bank transfers. The account opening only takes a few minutes on your phone.

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Deposit fees and options

ETX Capital charges no deposit fees. Besides the bank transfer and credit/debit cards, you can use a lot of electronic wallets:

  • Neteller
  • Skrill
  • Sofort
  • GiroPay
  • China Union Pay
ETX Capital deposit options
  ETX Capital XTB XM
Bank transfer Yes Yes Yes
Credit/Debit card Yes Yes Yes
Electronic wallets Yes Yes Yes

The bank transfer can take up to three business days, while transfers from credit and debit cards and electronic wallets arrive instantly. You can only deposit money from sources which are on your name.

ETX Capital review - Deposit and withdrawal - Deposit

Withdrawal fees and options

ETX Capital withdrawal is free of charge for up to five per month. Beyond that, it is $10 for one withdrawal. Furthermore, if you want to withdraw less than $100, a $10 fee will be charged.

For withdrawal, you can use the same channel as at deposit.

ETX Capital withdrawal fees and options
  ETX Capital XTB XM
Bank Transfer Yes Yes Yes
Credit/Debit card Yes No Yes
Electronic wallets Yes No Yes
Withdrawal fee $0 $0 $0

How long does it take to withdraw money from ETX Capital? We tested the debit withdrawal and it took 2 business days.

You can only withdraw money to accounts in your name.

How do you withdraw money from ETX Capital? You can withdraw money from ETX Capital by following these steps:

  • Log into the web trading platform
  • Click on the "Payment" section and select "Withdraw funds"
  • Add the amount you wish to withdraw and click on proceed

Compare to other brokers

ETX Capital review
Web trading platform 4 stars

ETX Capital has a great web trading platform. It is user-friendly with a great search function. On the negative side, it lacks two-step login and a clear fee report.
Pros
  • User-friendly
  • Good search function
  • Good customizability (for charts, workspace)
Cons
  • No clear fee report available
  • No two-step (safe) login
ETX Capital Platforms to Choose From
Trading platform Score Available
Web 4 / 5 stars Yes
Mobile 5 / 5 stars Yes
Desktop 3 / 5 stars Yes

ETX Capital offers two trading platforms which differ in the devices the platforms are offered for:

ETX Capital trading platforms
  TraderPro MetaTrader 4
Own / third-party trading platform Own Third-party
Web trading platform offered Yes No
Mobile trading platform offered Yes Yes
Desktop trading platform offered No Yes

In this review, we tested the TraderPro web trading platform as it has only a web-based platform. It is available in English.

Look and feel

ETX Capital's web trading platform is user-friendly. You will easily find the features.

It is also highly customizable.

ETX Capital review - Web trading platform

Login and security

ETX Capital provides only a one-step login. A two-step login would be more secure.

Search functions

The search function is good. There are two ways you can search for an asset under ‘Market Search':

  • you type the name of the product 
  • you browse through asset type categories. For example, if you want to trade with a US stock CFD, you just click on the equities and select the US market.
ETX Capital review - Web trading platform - Search

Placing orders

You can use the following order types:

  • Market
  • Limit
  • Stop
  • Stop trailing
  • OCO

If you are not familiar with the basic order types, read this overview.

There are also order time limits you can use:

  • Good 'til canceled (GTC)
  • Good 'til time (GTT)
  • Good ‘till date (GTD)
ETX Capital review - Web trading platform - Order panel

Alerts and notifications

You can set price alerts in the form of email and push notification on your mobile.

Portfolio and fee reports

ETX Capital has a clear portfolio report but lacks a clear fee report. You can't see how much commission, swap you paid to the broker.

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78% of retail CFD accounts lose money

ETX Capital review
Mobile trading platform 5 stars

ETX Capital offers a great mobile trading platform. In functionalities, it is the same as the web trading platform.
Pros
  • User-friendly
  • Good search function
  • Good variety of order types
Cons
  • No two-step (safe) login

As you can see in this table, ETX Capital offers two mobile trading platform. We tested TraderPro's mobile trading platform as it is ETX Capital's own trading platform. It is available in English.

TraderPro is available both on any iOS or Android devices. We tested it on Android.

The mobile trading has a different design, but in functionalities, it is the same as the web trading platform. Though the web and the mobile trading platforms are really similar to each other, we overweight simplicity and easy-handling at mobile trading platforms. That is why ETX Capital mobile trading platform has a bit higher score than the web trading platform.

ETX Capital review - Mobile trading platform

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78% of retail CFD accounts lose money

ETX Capital review
Desktop trading platform 3 stars

The desktop trading platform of ETX Capital is provided by MetaTrader. It is highly customizable, available in a lot of languages, and has a clear fee report. On the negative side, it lacks two-step login and the design is outdated.
Pros
  • Good customizability (for charts, workspace)
  • Price alerts
  • Available in several languages
Cons
  • No two-step (safe) login
  • Does not look nice

As you can see in this table, ETX Capital offers only MetaTrader 4 as a desktop trading platform.

The desktop trading platform is available in exceptionally lot languages.

ETX Capital desktop trading platform languages
Arabic Bulgarian Chinese Croatian Czech Danish
Dutch English Estonian Farsi French German
Greek Hebrew Hungarian Indonesian Italian Japanese
Korean Latvian Lithuanian Malay Mongolian Polish
Portuguese Romanian Russian Serbian Slovak Slovenian
Spanish Swedish Tajik Thai Turkish Uzbek
Vietnamese          

Look and feel

The desktop platform has great customizability. You can easily change the size and the position of the tabs.

However, the platform feels outdated and some features are hard to find. For example, it took time until we found how we can add an asset to the watchlist.

ETX Capital review - Desktop trading platform

Login and security

Similarly to web and mobile trading platforms, ETX Capital provides only a one-step login.

Search functions

The search functions are OK. You can find the assets in categories. However, categorization is a bit confusing as there are more forex and stock categories.

We missed the classical magnifying search function when you can type the assets' name manually.

ETX Capital review - Desktop trading platform - Search

Placing orders

You can use the following order types:

  • Market
  • Limit
  • Stop
  • Stop-loss

There are also order time limits you can use:

  • Good 'til canceled (GTC)
  • Good 'til time (GTT)
ETX Capital review - Desktop trading platform - Order panel

Alerts and notifications

You can set alerts and notifications in the form of e-mail / push notification on mobile / notification on the desktop platform. 

To set email or mobile notifications, you have to add your email address and your mobile MetaQuotes ID (it can be found in MT4 app's settings). You can add them if you go to the Tools and then the Options.

Portfolio and fee reports

ETX Capital has clear portfolio and fee reports. You can easily see your profit-loss balance and the commissions you paid.

These reports can be found at the Account History tab. We didn't find a way to download them. 

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78% of retail CFD accounts lose money

ETX Capital review
Markets and products 2 stars

At ETX Capital, you can trade only with CFDs, forex, and cryptos. It lacks real stocks, ETFs, mutual funds, bonds, options, and futures.

ETX Capital is a CFD and forex broker with a high amount of currency pairs and CFD offered. Its product offer is better than the competitors'.

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.

  ETX Capital XTB XM
Currency pairs (#) 58 48 57
Stock index CFDs (#) 21 34 18
Stock CFDs (#) 2,500 1,600 1,200
ETF CFDs (#) 89 87 0
Commodity CFDs (#) 26 21 15
Bond CFDs (#) 12 - 0
Cryptos (#) 5 16 5

You can't change the default leverage level of the products. We think this is something you should be in control of.

ETX Capital review
Research 1 stars

ETX Capital has very limited research tools. It lacks trading ideas, fundamental data, and news. As a plus, the charting tools are easy to use and advanced.
Pros
  • Good interactive chart
Cons
  • No analyst recommendations for stocks, bonds, etc.
  • No fundamental data available
  • No/Poor quality news flow

We tested the research tools on the TraderPro trading platforms. Just like those platforms, the research tools are available in English.

Trading ideas

ETX Capital does not provide trading ideas.

Fundamental data

ETX Capital does not offer fundamental data.

Charting

ETX Capital has great charting tools. You can easily edit and save the charts.

It offers more technical indicators than its competitors.

Technical indicators at ETX Capital vs similar brokers
  ETX Capital XTB XM
Technical indicators 56 23 31
ETX Capital review - Research - Charting

News feed

ETX Capital doesn't offer news feed.

Other research tools you will enjoy

ETX Capital offers some analysis which can be found on the website.

These analyses have great quality and cover assets from forex to stocks.

ETX Capital review - Research - Analysis

Compare research pros and cons

ETX Capital review
Customer service 4 stars

ETX Capital has great customer service. You will get fast and relevant answers. However, it is not available 24/7 and the live chat is missing.
Pros
  • Fast response time
  • Relevant answers
  • Professional tone
Cons
  • No live chat
  • No 24/7 availability

You can contact ETX Capital via:

  • telephone
  • email

ETX Capital has telephone support. During our tests, agents were connected within a minute and gave relevant answers. We also liked the professional tone the customer service team had.

Just like telephone support, the email support works well. We emailed them four times, and we got answers within a few hours for all our emails. The answers were also relevant and helpful.

The customer service's availability depends on whether you are an existing client or not:

  • the existing clients can reach out to ETX Capital between GMT+1 Sunday 9:30 pm and Friday 10:00 pm
  • the non ETX Capital clients can contact the customer service between GMT+1 Monday 7:30 am and Friday 9:00 pm
ETX Capital review - Customer Service

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78% of retail CFD accounts lose money

ETX Capital review
Education 5 stars

ETX Capital has a great education. From a demo account to webinars, you will find a lot of educational tools. On the negative side, general educational videos are missing.
Pros
  • Demo account
  • Trading platform tutorial videos
  • Good production quality
Cons
  • No educational videos

At ETX Capital you can learn in the following ways:

  • Demo account
  • Platform tutorial videos
  • Webinars
  • Quality educational articles

We liked that there is a wide range of webinars. For example, you will find webinars about trading strategies, trading tools, technical analysis, etc.

You will find ebooks which have great quality but covers only a few topics.

There is even a glossary which helps you to understand the unfamiliar words, expressions, acronyms. 

ETX Capital review - Education

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78% of retail CFD accounts lose money

ETX Capital review
Safety

ETX Capital is regulated by the top-tier FCA. Its parent company is listed on the London stock exchange.
Pros
  • Regulated by top tier financial authority
  • High level of investor protection
  • Listed on stock exchange
Cons
None

Is ETX Capital regulated? Yes, it is regulated by the Financial Conduct Authority (FCA).

ETX Capital is the brand of Monecor (London) Ltd and is a UK -based CFD and forex broker. Is ETX Capital safe? To be certain, it is best to check two things: how you are protected if something goes wrong and what the background of the broker is.

How you are protected

This is important for you because the investor protection amount and the regulator differ from entity to entity. This is not an issue in this case as all customers are covered by Monecor (London) Ltd. This means that due to the FCA regulation you get an £85,000 investor protection.

ETX Capital provides negative balance protection.

Background

ETX Capital's parent company, Monecor (London) Ltd was established in 1965. The longer the track record of a broker, the more proof we have that it has successfully survived previous financial crises.

Monecor (London) Ltd is listed on the London Stock Exchange. This is a good sign as companies listed on major exchanges need to be transparent.

Being in operation for a long time, being listed on a stock exchange, and regulated by a top-tier regulator are all great signs for ETX Capital's safety.

Filter the brokers by investor protection

ETX Capital review
Bottom line

ETX Capital is regulated by the top-tier FCA.

On the plus side, you can use a lot of deposit and withdrawal options and they are free of charge. We liked the seamless and hassle-free account opening. There is a wide range of educational tools and they have great quality.

ETX Capital has some drawbacks though. The trading fees are quite high. Its product range is limited to FX, CFDs, and cryptos. The research tools are limited. 

As there is only a small minimum deposit, there are 5 free withdrawals, and inactivity fee only kicks in after three months, feel free to try ETX Capital.

ETX Capital main features and highlights

🗺️ Country of regulation UK
💰 Trading fees class High
💰 Inactivity fee charged Yes
💰 Withdrawal fee amount $0
💰 Minimum deposit $250
🕖 Time to open an account 1 day
💳 Deposit with credit card Available
👛 Depositing with electronic wallet Available
💱 Number of base currencies supported 3
🎮 Demo account provided Yes
🛍️ Products offered Forex, CFD, Crypto

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78% of retail CFD accounts lose money

ETX Capital logo

ETX Capital is a global CFD and FX broker. Its parent company, Monecor (London) Ltd was established in 1965. Monecor (London) Ltd is listed on the London Stock Exchange and is regulated by the Financial Conduct Authority (FCA).

ETX Capital is considered safe because it has a long track record, is listed on a stock exchange, and is regulated by a top-tier regulator.

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.

Recommended for forex and CFD traders looking for great funding and withdrawal processes and easy to use platform.

Compare to other brokers

Overall 4 stars

Pros
  • Free and multiple deposit and withdrawal options
  • Easy and fast account opening
  • Great educational tools
Cons
  • High trading fees
  • Only CFDs, forex, and crypto offered
  • Basic research tools

Fees 2 stars

Pros
  • No withdrawal fee
Cons
  • High trading fees
  • Inactivity fee
  • High financing rate

Account opening 5 stars

Pros
  • Fast account opening
  • Fully digital account opening
  • User-friendly
Cons
None

Deposit and withdrawal 5 stars

Pros
  • Credit/Debit card deposit and withdrawal
  • Free withdrawal
  • No deposit fee
Cons
None

Web trading platform 4 stars

Pros
  • User-friendly
  • Good search function
  • Good customizability (for charts, workspace)
Cons
  • No clear fee report available
  • No two-step (safe) login

Mobile trading platform 5 stars

Pros
  • User-friendly
  • Good search function
  • Good variety of order types
Cons
  • No two-step (safe) login

Desktop trading platform 3 stars

Pros
  • Good customizability (for charts, workspace)
  • Price alerts
  • Available in several languages
Cons
  • No two-step (safe) login
  • Does not look nice

Markets and products 2 stars

The available asset classes to trade:

  • Forex
  • CFD
  • Crypto

Research 1 stars

Pros
  • Good interactive chart
Cons
  • No analyst recommendations for stocks, bonds, etc.
  • No fundamental data available
  • No/Poor quality news flow

Customer service 4 stars

Pros
  • Fast response time
  • Relevant answers
  • Professional tone
Cons
  • No live chat
  • No 24/7 availability

Education 5 stars

Pros
  • Demo account
  • Trading platform tutorial videos
  • Good production quality
Cons
  • No educational videos

Safety

Pros
  • Regulated by top tier financial authority
  • High level of investor protection
  • Listed on stock exchange
Cons
None

AUTHOR OF THIS REVIEW

Gergely Korpos
Gergely Korpos
Co-founder, CPO
Gergely's aim is to bring more clarity into personal investing. He has 10 years of experience in financial markets with GE Money, KPMG and MOL. He concluded thousands of trades as a commodity trader and financial portfolio manager

METHODOLOGY

Everything you find on Brokerchooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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