Introduction to a review – ETX Capital Review
Every broker can find its place in the market because there are different types of customers whom brokers offer their services. Some brokers are better to some clients for their local regulation, speed of execution, prices, bonuses, customer support, even interface and also availability on different languages. Therefore, if a broker has something of these to offer, or very possibly excel or just be good enough in some others aspects, their portion of the market is guaranteed.
Of course, there might be brokers most traders find lacking any of advantages, or even having too much stepping stones to execute a decent trade. Such brokers are mostly not even reviewed, so readers usually expect to see a positive review for at least one important aspect of a certain broker.
This being said, we will here see a review of a broker which is according to these reviewing standards, at least a decent one, and you will decide is it a good and reliable one, and moreover, is it a suitable one for you.
Sometimes to get a decent insight into what a certain broker looks like, the best thing is to apply and trade with it. However, it isn’t always possible to deposit a broker’s minimum account just for the sake of a review. Luckily, there are demo accounts.
If there isn’t, well that broker has some major issues.
Anyway, ETX Capital does have a demo account, and it was possible to get into it by opening a demo account. Since it was all promising, it felt safe enough to open a live account too. This review was done after two months of trading with ETX Capital with real money. Aspects that were examined by asking were customer service, account opening process, depositing and withdrawing, broker security, all in order to get a better view and more accurate review.
Opening demo account
Steps to open a demo account are simple as password and username will get to you immediately. You can start your demo sessions. But when you want to switch to open a real live account, you could wait even for a week or two. The reason for this is being FCA registered company, and it requires identity and address confirmation. However, you might find that out only if you contact customer support. Things might be different now, but if that happens, call the customer support service for answers. This might be a good sign, as you see that it’s not an automated process as with opening a demo account. However, a quicker registration should have been better.
So now you will be prepared for waiting, and when (and if) things improve, you’ll only feel good about it.
Funding can take up to two days by wire transfer, and withdrawal is yet to be tried, but if it’s under a week, it’s excellent.
As for the customer support, the crew seems to ignore a registering client a bit, but after you become a registered one, they turn out to show more support, it takes less time to respond now. They don’t seem to hesitate when you send them an email asking whatever, be it technical issues, questions about platform or the conditions of the market. It appears that you can talk to them in German, French, Italian, Spanish, Chinese, Greek, and Danish, all that besides English of course. You can reach the crew any time between 7 am and 9 pm GMT, as the company is headquartered in London.
ETX Capital works under holding company Monecor Ltd. As earlier said, the company works regulated by the FCA, which is the British authority for Financial conduct. This means that it is obliged to entitle their clients to GBP 50 thousand in compensation. They have to have guaranteed limiting orders and stop losses. This is a remarkable feature, being regulated by the FCA.
Traders can use four trading platforms, which include the company’s platform ETX Binary, then there’s TX MT4, obviously based on MT4 to be used for forex, there is ETX TRADER, and ETX TraderPro. As the ETX Binary platform’s name reveals, it is used for trading binary options. As for MT4, it is used mainly for forex, but really there it is also used for other instruments which can be commodities, like Gold, Silver, Brent crude, natural gas, stock exchange companies from the USA and Germany, as well as indexes of major stock exchanges such are NASDAQ 100, S/P 500, DAX 30, UK FTSE 100 and others.
One of the differences between ETX Trader and MT4 platforms is that ETX Trader has more options for trading bonds and different obligations. For those who have larger accounts, they can use ETX TraderPro, which is – for the rest of it – as ETX Trader. ETX’s MT4 can be downloaded for using on mobiles, and it is generally user friendly. It has trailing and trading stops with one click.
The lack of trading competitions or promotions is pretty much filled in with rather fine bonus. For depositing at least $1000 you get another 30% onto your account, but a deposit of $10,000 would get you a “premium” account plus another $5000 on it. However, let’s note here that nobody gives away free money, so whatever bonus you get, you can’t withdraw it (it isn’t known if somebody actually gives away free cash!) but you can use it to trade with it. If, in case you empty your portion of your account, you can trade with the bonus money, and you can withdraw all that’s over the bonus money. Maybe you’ve read somewhere that this is a minus point to the broker, but in reality, it isn’t, because nobody gives money away just like that. If that was the case, than what would mean to the company if you deposit $1000 and withdraw $1300 the next morning?
As we mentioned MT4 platform, do note that ETX for now can provide only its own version of MT4 platform for execution on the market. The reason is that the provider of MT4 software has removed the option for instant execution. Why this is important to mention is because the advantages of the market execution such are processing trade instantly without the need for you to get requited. But scalping or trading in volatile times doesn’t get good because you get slippage. If you don’t understand it, than avoid it. Professionals will know what this means, but they don’t need this “advice”.
As for the slippage, it can vary between none and 2 or 3 pips. The slippage could rise to twenty or thirty pips in volatile times, just like with any other broker. ETX doesn’t offer management for your account. However, automatic trading is allowed, as well as following signals, or even hedging and scalping whenever you want to. You might find this also a big plus for ETX Capital.
The bonus will kick off for a minimal account of $1000, but the overall minimum is a hundred something be it USD, Euros or GBP. Your account will in turn be designated with your chosen currency. The minimum size for trading is one micro lot, or 0.01 lost. That is basically $1000 (or GBP or Euros), and that is another plus for traders who have smaller accounts. If you deposit your first $100, you won’t get your 30% bonus, but it’s thus not really expensive to give it a shot. There are 44 pairs on ETX MT4, where you will find alphabetically listed currencies which begin with pairs of AUD, then continue with pairs of CAD and until the end. This we mention so that you have an idea how the company tried to make it easy for clients to navigate through its system, and this is one example of the simplicity. Before saying a thing or two about learning centre, let’s just note that learners should keep with known currencies, as some interesting currencies from 2 and 3 tiered countries can be volatile.
As for learners, this is the section to say that there are a number of tools for learning. Free seminars held in major cities for clients from around the globe are something you already do expect from a broker that appears to be as serious as ETX is. However, it could have lack it. If you can’t find one that is close enough to you, social media is there to help, as well as videos from which you can distance learn.
Morning briefings are there to help you start your day with news and an insight into market, and this doesn’t only count as learning, but also a good tool for experienced traders.
As pointed out in the beginning, a major plus for ETX Capital is security. The company is UK-headquartered and it is FCA regulated which in start give a feeling of credibility. Those who tried could also witness that. Appreciated bonuses are also another plus, especially for beginners, but the (maximum) 60% of bonus which gets to be $6000 is something everyone can appreciate. ETX’s MT$ platform offers several financial instruments such are commodities, equities, gold silver, oil, natural gas, and many more.
Major flaw was time spent waiting to open a live account as it wasn’t automated. It doesn’t have to always be an issue, but it can obviously. However, once registered, the customer support gets really helpful. There could be another plus to it were there live chat, because sometimes traders feel more comfortable to contact their brokers via chat. Another minor flaw is not having webinars on regular basis.