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ETX Capital Review - Is it scam or safe?

ETX Capital Review - Is it scam or safe?

RATING: 3 / 1 REVIEWS ETX Capital
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Beware! Despite their solid regulation ETX don't bother paying their partners. If you dare to ask for your commissions you risk to get your affiliate account deactivted.

 

Trading Accounts

 

Account type Minimum deposit Minimum trade size Maximum leverage Average Spreads
TraderPro 
£ 100
0.1
1:200
1.2 pips on EUR/USD
MT4
£ 100
0,01 
1:400
1.2 pips on EUR/USD

  

ETX Capital`s clients are offered a choice of two account types depending on the trading platform selected. In addition, there is also a demo account available, which is always appreciated by newbies.


The Company


ETX Capital is a trading name of London-based Monecor Limited, licensed and regulated by the Financial Conduct Authority (FCA), and also a member firm of the London Stock Exchange and was established back in 1965.


The broker provides trading services to its customers, which include forex and CFDs, binary options, as well as spread betting, which is tax-free in UK. A variety of products are available to trade, including indices, commodities, stocks and currency pairs.


Security of Funds


Monecor Ltd., operating under the ETX Capital brand, is authorised and regulated by the Financial Conduct Authority (FCA) and UK regulation is renowned for applying strict rules and standards. Brokers have to meet numerous requirements, such as to keep clients` funds in segregated bank accounts separated from the company’s own funds.

 

What is more, FCA-regulated companies are required to prove their financial stability and to hold a minimum of €730 000 in order to operate legitimately. Similar minimum capital requirements apply in other jurisdictions: Cyprus-based brokerages are required to hold € 1 million; those based in Australia are obliged to possess at least $ 1 million; and US forex brokers must hold a minimum of $ 20 million.


Furthermore, an additional guarantee to clients’ funds is provided, as clients of FCA-regulated entities are entitled to participate in a government compensation scheme called the Financial Services Compensation Scheme (FSCS). In the event that the regulated company becomes insolvent, traders can claim compensation up to 50,000 GBP. Similar compensation schemes apply in other countries, for instance all CySEC-regulated companies are members of the Investor Compensation Fund, which secures the claims of covered clients and provides them with compensation of up to 20,000 EUR per person, if the Cyprus-based broker is unable to fulfill its obligations.


Trading Conditions


Minimum Initial Deposit
ETX Capital requires £100 or equivalent in another currency from clients to start with. This initial capital amount is considered average. In comparison, other UK-based forex brokers, like FxPro, require $500 as a minimum initial deposit, and XM, for instance, demands just $1 from clients in order to start trading.


Spreads & Commissions
ETX Capital offers variable spreads ranging with regard to different products and charges no commission fees.
As regards forex, the minimum spreads start at 0.7 pips, and the average value is 1.2 pips on EUR/USD, which is average. In comparison, another UK broker, FxPro, offers variable spreads, the minimum being 0.6 pips and the average 1.4 on EUR/USD for its commission-free MT4 accounts. You may look up real-time spreads of 15 leading brokers here.


Leverage
This broker offers different leverage levels, depending on the type of trade and the instruments traded. Basically maximum leverage for CFDs is 1:133 and for currency pairs up to 1:200 (1:400 for selected products on the MT4 platform).


Maximum leverage levels of 1:200 and 1:400 are both standard for the forex market. In comparison, other UK-based brokers provide similar leverage rates: Admiral markets, for instance, offer leverage up to 1:500 and HY Markets – up to 1:300. In case, however, you need higher leverage, you can find more forex brokers offering leverage equal to or exceeding 1:500 here. Keep in mind that higher leverage involves higher risk, not only the probability of multiplied profits earned on a small deposit. It is a double-edged sword.


Trading Platform


ETX Capital provides its clients with a choice of two basic specialized platforms, so they can sele

ct the one that best suits their needs: their in-house platform ETX TraderPro and ETX MT4 – a hosted MetaTrader 4 platform.
ETX TraderPro is targeted at experienced traders and allows them to choose from multiple chart formats.

 

 

As regards the MT4, this is the preferred platform by most traders, since it enables clients to fully automate their trades by choosing from a number of Expert Advisors (EA) and let the software do all the work. Additionally, MT4 offers a variety of technical indicators, extensive back-testing and advanced charting package. Here is a list of more forex brokers offering MT4 platform.


Additionally, this broker has developed a specialized platform for trading binary options, called ETX Binary, allowing clients to trade with a wide range of expiry times, from a month all the way down to a minute.


All trading platforms offered by ETX Capital are also available on iPhone, iPad and Android devices.


Methods of Payment


The broker accepts customer deposits and allows withdrawals via wire/bank transfer, online bank transfer and major credit/debit cards are accepted (except AMEX).


No fees are requested by ETX Capital, except for withdrawals under GBP 100 or equivalent currency.


Conclusion


ETX Capital is a well-regulated broker, offering a number of instruments through both its proprietary platform and the popular MT4 under reasonable trading conditions. To sum up the above, here are the advantages and drawbacks with regard to this broker:

 

Pros  Cons
FCA-regulated No significant weaknesses
Variety of platforms offered
MT4 available  
Competitive spreads  

 

Latest news about ETX Capital
No news about ETX Capital . Check back later.
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Traders` reviews for ETX Capital

Spread

Pros

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

Pros

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Customer service

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Summary

Pros

Cons

 

 

Fraud - rob your money

I was trading for one year and then they freezed my account and now charging dormant fee and taking my money. Suddenly they ask my documents, which I obviously have send them on the first place when I started my account and start trading. Now they asking documents which I send them again but they do not accept and get your money from here and there. Just a scam.

First Last 05/05/2017
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