ETX Capital Overview
|Platform||ETX Binary, ETX Trader, ETX TraderPro & ETX MT4|
|Minimum account size||$100|
|Minimum lot size||0.01|
|Spread on EUR/USD||1.5 pips|
|Payment methods||Credit/ Debit cards, Neteller, Union Pay, Skrill and Wire Transfer|
|Accepts USA traders||No|
- Low minimum account size
- Demo account available
- Average number of assets
- No live chat support
- USA traders not accepted
ETX Capital is a financial company that provides online trading in spread betting, CFDs and forex. It was founded in 2002 by Monecor Limited and is authorised and regulated by the Financial Conduct Authority. According to their website, they have a platform that suits whatever trading style. Sounds good but is there any truth to this?
ETX Capital has 4 platforms to offer: ETX Binary, ETX Trader, ETX TraderPro and ETX MT4. The ETX Binary is for those who want to speculate on call and put options. The ETX Trader is ideal for those who are still new to spread betting and want to minimize the risks. The ETX TraderPro is for the more serious trader as it offers trading tools and fully customizable charts. Last but not the least the ETX MT4 is designed for traders who are into technical analysis and those who want to make automated traders.
The availability of various platforms that are designed for different trading needs is the main reason why I am giving ETX Capital a platform score of 9/10.
ETX Capital’s platform design is very basic and I find this as an advantage because it doesn’t take too much system resources and it simplifies the overall browsing experience. I did notice a few hiccups though but it’s negligible for now. This is the reason why I am giving this broker a Design score of 4/5.
The minimum deposit at ETX Capital is $100, a little lower than the requirements of most brokers in the market. Such amount is suitable for those who have a conservative capital to start with because they won’t need to shell out a huge amount just to open an account. Based on my scoring system, ETX Capital gets a minimum deposit score of 4/5.
Minimum Lot Size
The minimum lot size is 0.01. This will definitely be an advantage for traders who have a preference for investing with a much smaller lot size. This also gives traders the ability to control the risks and for this reason, I am giving this broker a Minimum Trade Score of 4/5.
Currently they only have around 90 assets which is less than what I expected. This is the reason why I am giving them a Tradable assets score of 3/5.
With this broker, the spread on the EUR/USD currency pair is 1.5 pips and is considered to be tight. This can make significant difference when the profits and losses are tallied and for this I am giving this broker a Payouts score of 8/10.
Most forex traders today are getting frustrated with the delay in the processing time of their withdrawals but with ETX Capital, it takes a matter of 5 days to get the funds back based on my actual test. This is the basis for the Withdrawal Time score of 9/10.
Deposit and Withdrawal Methods
Funding your account with this brokerage firm is possible using commonly used banking methods like credit cards, debit cards, Neteller, Union Pay, Skrill and Wire Transfer. This warrants ETX Capital a Deposit and Withdrawal Methods score of 5/5.
This broker doesn’t have a live chat support so you need to contact them via phone or email. The service was satisfactory with an average waiting time. The conversation that I had with their support agent over the phone took more around 20 minutes as I he had to ask me several questions before answering my query. For this ETX Capital gets a score of 12/15 for Support.
Based on the tests that I made, re-quotes occasionally happen causing the slippage rate to spike up when there are movements in the market. Such conditions are not that good for traders especially when market prices are highly volatile and for this, ETX Capital gets a Quote Accuracy Score of 8/10.
ETX Capital is authorised and regulated by the Financial Conduct Authority. However most of the feedbacks that can be found on trusted forex sites and trading forums showed that most of their clients were not happy with their trading experience. This warrants a Reputation score of 13/20.
In terms of service quality and platform stability, I find ETX Capital to be on the average side. What they offer is a trading environment that is generally favorable for their traders but the number of customer reviews and feedbacks that I’ve seen is making me think twice of continuing my membership with them because I’d still prefer to be with a broker that has a solid reputation.
Final Score: 79/100