ETX Capital Review

ETX Capital are one of the oldest spread betting brokers in the UK.  ETX was founded in 1965 as Monecor and remains a member of the London Stock exchange.

They offer tight spreads as low as 0.7 on EuroDollar and 0.9 on other FX pairs.

ETX has won some pretty decent awards including: Money AM Awards 2012 Best Online Charts. Investment Trends Award 2013 Best Value for Money and UK Forex Award 2013 Best Forex Trading Tool & Software (more info).

What makes them stand out in a few words?

Good solid all rounder with a reputation for good support, tight spreads and wide market coverage.

ETX Capital Spreads, Commission and Financing Costs

Because ETX Capital are one of the biggest brokers in the UK their larger order flow enables them to offer tighter spreads.

A few examples of their costs and margin for spread betting and CFDs:

  • Forex costs on EURUSD spreads are as tight as 0.6 pips with a margin requirement of 0.5%
  • Indices like UK 100 start at 1 pip during the most active trading hours with margin at 0.5%
  • UK Shares like Vodafone and BP are 0.05% for FTSE 100 and 0.2% for non FTSE 100 with a £10 min charge for CFDs & margin rates from 5%.
  • Commodities like Crude Oil spreads are fixed at 0.04% with margin at 1%
  • Fixed Interest products like Gilt, Boble and US 10 year have spreads at of 0.01 and with margins starting at 0.4%
  • See all spread here

Market range and asset coverage.

Unlike some of the smaller brokers in the UK ETX Capital offers access to the major and minor Forex pairs, commodities, indices and wide range of global stocks.

Their market range is one of the largest in the UK and what makes them stand out above other brokers

See the full asset coverage here.

Main Advantages of ETX Capital

  • Tight spreads – which can reduce your trading costs
  • Guaranteed stops – to help reduce your risk
  • Trailing stops – for locking in profits
  • Commission free trading with spread betting
  • Tax free profits with spread betting (although you cannot claim losses against CGT at the moment)
  • Multi lingual service with the platform and services in over ten languages
  • Hedging facilities – which means you can run long/short positions on the same asset.
  • Experienced dealers
  • Excellent platform
  • Wide range or order types
  • Automated trading and API access
  • Good daily and event based analysis
  • Deposit funds via bank transfer & debit card
  • Open a demo account

Main Disadvantages of ETX Capital

  • If you don’t use your account you get a small inactivity fee. Although this will not take you into negative balances.
  • No direct market access – if you are a very large trading this is worth looking at.
  • No scalping, but you need DMA for this
  • Take a look at the ETX website

Education, Analysis and Added Value

Even though ETX caters to experienced traders they do offer regular webinars, in-house seminars, trader courses and are often present at trade shows around the country.

Their social media accounts show their most recent market analysis which is a combination of short term technical analysis and longer term fundamental trends.

Although you can subscribe to their analysis as it comes here.

ETX Trading Platforms.

Of course you trade online or even email orders in if your account is big enough to have a dedicated dealer, but if you’re happy trading online you have three platforms to choose from.

  • ETX Trader Pro offers: Tools, charts, indicators and a wide-array of tradeable markets. Made by traders, for traders.
  • ETX MT4 allows you to automate parts of your trading and trade with trade with Expert Advisors (EAs)
  • ETX Binary are bets on the up down direction of the markets. Binary trading offers limited risk bets that settle as quickly as 60 seconds.

FCA regulation

You can find ETX Capital on the FCA register as Monecor (London) Ltd here. However, ETX Capital is the only trading name and the holding company for the brokerage. If you are interested in the corporate structure of ETX Capital you can follow them on Bloomberg here.

Overall ETX Capital Review Summary

We like ETX Capital. You don’t really see anything bad about them online. ETX have a good reputation within the brokerage community and invest heavily in internal and external trading infrastructure.

As one of the oldest operating brokers in the UK, they staff are experienced and offer good support to both small and large traders with dedicated dealers to facility complex orders.

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