ETX Capital Review 2021

ETX Capital has low forex fees and charges no withdrawal fee. On the other hand, stock CFD fees are high, as are financing rates.

How we ranked fees

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

First, let's go over some basic terms related to broker fees. What you need to keep an eye on are trading fees and non-trading fees.

• Trading fees occur when you trade. These can be commissions, spreads, financing rates and conversion fees.
• Non-trading fees include charges not directly related to trading, like withdrawal fees or inactivity fees.

In the sections below, you will find the most relevant fees of ETX Capital for each asset class. For example, in the case of forex and stock index trading the most important fees are spreads, commissions and financing rates.

We also compared ETX Capital's fees with those of two similar brokers we selected, CMC Markets and HYCM. This selection is based on objective factors such as products offered, client profile, fee structure, etc. See a more detailed rundown of ETX Capital alternatives.

To have a clear overview of ETX Capital, let's start with its trading fees.

ETX Capital trading fees

ETX Capital trading fees are average. 

We know it's hard to compare trading fees for CFD brokers. So how did we approach the problem of making their fees clear and comparable? We compare brokers by calculating all the fees of a typical trade for selected products.

We have chosen popular instruments within each asset class:

• Stock index CFDs: SPX and EUSTX50
• Stock CFDs: Apple and Vodafone
• Forex: EURUSD, GBPUSD, AUDUSD, EURCHF and EURGBP

A typical trade means buying a leveraged position, holding it for one week and then selling. For the volume, we chose a $2,000 position for the stock index and stock CFDs and $20,000 for the forex transactions. The leverage we used is:

• 20:1 for stock index CFDs
• 5:1 for stock CFDs
• 30:1 for forex

These catch-all benchmark fees include spreads, commissions and financing costs for all brokers. Let's see the verdict for ETX Capital fees.

CFD fees

ETX Capital has generally high stock CFD and stock index CFD fees.

Forex fees

ETX Capital's forex fees are low.

Non-trading fees

ETX Capital has low non-trading fees. It does not charge an account fee, and there is no withdrawal fee for the first 5 withdrawals each month. After that, you will be charged a £10 fee per withdrawal. There is also a fee for withdrawing less than £100.

There is no inactivity fee at ETX Capital. 

It's important to note that these types of charges are hard to find on the broker's official website, making the fee structure not very transparent.

ETX Capital's account opening is hassle-free and straightforward. Your account should be ready for trading on the same day.

Can you open an account?

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74.5% of retail CFD accounts lose money

What is the minimum deposit at ETX Capital?

The required ETX Capital minimum deposit is $100, or 100 units of your base currency – so £100 or €100.

Account types

ETX Capital has one basic live account type, and it only provides accounts for individuals, no corporate accounts are available.

Filling out the online application takes about 20 minutes. Afterwards, our account was verified on the same day.

How to open your account

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

Depositing and withdrawing funds are free at ETX Capital. The processes are fast and there are several options for both.

Account base currencies

At ETX Capital, you can choose from 3 base currencies. These are: GBP, USD and EUR.

Why does this matter? For two reasons. If you fund your trading account in the same currency as your bank account or you trade assets in the same currency as your trading account base currency, you don't have to pay a conversion fee.

A convenient way to save on currency conversion fees is by opening a multi-currency bank account at a digital bank. These offer bank accounts in several currencies with great currency exchange rates as well as free or cheap international bank transfers. Opening an account only takes a few minutes on your phone.

Compare digital banks

Deposit fees and options

ETX Capital charges no deposit fees. In addition to bank transfer and credit/debit cards, you can also use various electronic wallets, such as:

• Neteller
• Skrill
• Sofort
• GiroPay
• China UnionPay

A bank transfer can take several business days, while payment with a credit/debit card is instant.

You can only deposit money from accounts that are in your name.

ETX Capital withdrawal fees and options

ETX Capital withdrawal is free for up to 5 transactions per month. After that, there is a $10 charge per withdrawal. Furthermore, if you want to withdraw less than $100, you will be charged a $10 fee.

For withdrawal, you can use the same methods as for depositing funds.

How long does it take to withdraw money from ETX Capital? We tested the debit card 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?

• Log in to the web trading platform.
• Click on the 'Payment' section and select 'Withdraw funds'.
• Enter the amount you wish to withdraw and click on 'Proceed'.

Compare to other brokers

ETX Capital has a great web trading platform. It is user-friendly with a great search function and customizability. On the negative side, it lacks a two-step login and a clear fee report.

ETX Capital offers two trading platforms that each specialize for different device types. Here is a comparison:

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

Look and feel

The ETX Capital web trading platform is user-friendly. Features are easy to find after just a few minutes of use, and the platform is highly customizable.

Login and security

ETX Capital provides only a one-step login. A two-step login would make the platform more secure.

Search functions

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

• Type the name of the product you're looking for.
• Browse through asset type categories. For example, if you want to trade a US stock CFD, just click on 'Equities' and select the US market.

Placing orders

You can use the following order types: Market, Limit, Stop, Stop trailing, One-Cancels-the-Other (OCO). 

To get a better understanding of these terms, read this overview of order types.

There are also order time limits you can use:

• Good 'til cancelled (GTC)
• Good 'til time (GTT)
• Good ‘til date (GTD)

Alerts and notifications

You can set price alerts in the form of email or push notification for your mobile.

Portfolio and fee reports

ETX Capital has a clear portfolio report, but there is no clear report on fees. You cannot see a detailed breakdown of how much you paid in commissions or swaps to the broker.

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ETX Capital offers a great mobile trading platform. In functionality, it is the same as the web trading platform.

ETX Capital offers two mobile trading platforms, TraderPro and MetaTrader 4. We tested TraderPro's mobile trading platform as it is ETX Capital's own in-house trading platform. The platform is available in English.

TraderPro is available both for iOS and Android devices. We tested it on Android.

Look and feel

The mobile trading platform has a different design, but in functionality it is the same as the web trading platform. Though the web and mobile trading platforms are quite similar, we value simplicity and easy handling at mobile trading platforms. That is why ETX Capital's mobile trading platform has a bit higher score than the web trading platform.

Login and security

ETX Capital provides only a one-step login.

You can log in using biometric authentication, which is a convenient feature.

Search functions

The search functions are good.

Placing orders

You can use the following order types:

• Market
• Limit
• Stop
• Stop trailing
• One-Cancels-the-Other (OCO)

There are also order time limits you can use:

• Good 'til canceled (GTC)
• Good 'til time (GTT)
• Good ‘til date (GTD)

Alerts and notifications

It is quite easy to set alerts and notifications on the ETX Capital mobile platform.

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The desktop trading platform of ETX Capital is provided by MetaTrader. It is highly customizable, but lacks a two-step login and its design is outdated.

ETX Capital offers only MetaTrader 4 as a desktop trading platform.

The  platform is available in a wide range of  languages.

Look and feel

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

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

Login and security

Similarly to the web and mobile trading platforms, there is only a one-step login for the desktop platform.

Search functions

The search functions are OK. The assets are grouped by category. However, the categorization is a bit confusing as there are several forex and stock categories.

We missed a traditional search function, where you can just type in the name of an asset manually.

Placing orders

You can use the following order types:

• Market
• Limit
• Stop
• Trailing stop

There are also order time limits you can use:

• Good 'til canceled (GTC)
• Good 'til time (GTT)

Alerts and notifications

You can set alerts and notifications in the form of email or push notifications to mobile on the desktop platform. 

To set email or mobile notifications, you have to provide your email address and your mobile MetaQuotes ID (it can be found in the MT4 app's settings). You can enter this information by going to 'Tools' and then '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 under the 'Account History' tab: right-click on a position, then choose 'Save as Detailed Report'.

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74.5% of retail CFD accounts lose money

At ETX Capital, you can trade only CFDs, forex and cryptos. Other products like real stocks, ETFs, mutual funds, bonds, options and futures are not available.

ETX Capital is a CFD and forex broker that offers a large number of currency pairs and CFDs. Its overall product lineup lags behind some of its competitors.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.5% 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 has limited research tools. It lacks trading ideas, fundamental data and news. On the plus side, the charting tools are easy to use and advanced.

We tested both TraderPro and MetaTrader 4 research tools, but primarily reviewed TraderPro because it is ETX Capital's own platform.

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 you use.

However, it offers fewer technical indicators than several of its similar competitors.

You can use 80 technical indicators.

News feed

ETX Capital does not provide a news feed.

Other research tools you may enjoy

ETX Capital offers some analysis on its website. These are good quality and cover assets ranging from forex to stocks.

Compare research pros and cons

ETX Capital has great customer service that provides fast and relevant answers. However, it is not available 24/7.

You can contact ETX Capital via:

• phone
• email
• live chat

In our test of ETX Capital's phone support, agents were connected within a minute and provided relevant answers. We also liked the professional tone of the customer service team.

Similar to phone assistance, email support works well. We emailed ETX four times, and we received relevant and helpful answers in every case.

Live chat is also helpful, but if you don't provide answers quickly, the live chat platform closes.

Customer service availability depends on whether or not you are already a client:

• existing clients can reach out to ETX Capital between Sunday 9:30 p.m. and Friday 10:00 p.m., GMT+1
• non-clients can contact customer service between Monday 7:30 a.m. and Friday 9:00 p.m., GMT+1

We did miss 24/7 availability, however.

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74.5% of retail CFD accounts lose money

ETX Capital has great education services. From a demo account to webinars, you will find a lot of educational tools to help you learn.

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 can find webinars about trading strategies, trading tools, technical analysis, etc.

You can also find great ebooks to learn from, although they cover only a few topics.

There is even a glossary that helps you to understand unfamiliar words, expressions or acronyms. 

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74.5% of retail CFD accounts lose money

ETX Capital is regulated by the top-tier FCA, with a high level of investor protection. However, the firm is not listed on a stock exchange and doesn't hold a banking license.

Is ETX Capital regulated?

Yes, it is regulated by the UK's Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC).

Is ETX Capital safe?

To be certain if a brokerage is safe, we highly advise that you check two facts:

• how you are protected if something goes wrong
• what the background of the broker is

How you are protected

This is important because the regulator and the amount of investor protection differ from entity to entity. 

ETX Capital provides negative balance protection for forex spot and CFD trading, but only for retail clients. Professional clients are not covered by any negative balance protection.

Background

ETX Capital is the brokerage brand of Monacor Ltd, which was established in 1965. The longer track record a broker has, the more proof we have that it has successfully survived previous financial crises. Being in operation for a long time and regulated by a top-tier authority are all great signs for ETX Capital's safety.

Find your safe broker

ETX Capital is regulated by the UK's Financial Conduct Authority (FCA), a top-tier authority.

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

ETX Capital has some drawbacks, though. CFD fees are high. Its product range is limited to forex, CFDs and cryptos, and only limited research tools are available.

As the minimum deposit is not very high, there are 5 free withdrawals a month, and no inactivity fee, feel free to give ETX Capital a try.

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74.5% of retail CFD accounts lose money

Below you can find links to all aspects of ETX Capital in this comprehensive collection.

Lower fees, lower costs?

We detailed this in our ETX Capital fees article.

What about the minimum deposit?

Our ultimate guide to the ETX Capital minimum deposit is updated regularly.

How to start your ETX Capital account?

Look no further than our evaluation of the ETX Capital account opening.

How's their trading app?

Here's our expert view after checking the ETX Capital trading app.

Is the quality of customer service satisfactory?

All you need to know about the ETX Capital customer service.

Legit or scam?

Is ETX Capital legit features all the key aspects you need to look at to see if a broker is safe and legit.

Free or premium? Or both?

A glance at actual costs and whether ETX Capital is really free.

Is this broker good for beginners?

We checked it in Is ETX Capital good for beginners.

Should you buy your silver bullets on ETX Capital?

Research for silver bugs in the Silver buy on ETX Capital guide

I want to trade options, are they available at ETX Capital?

We explored the topic in Can you trade options on ETX Capital?