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Broker Information

  • Company Name: Monecor London Ltd
  • Founded: 1965
  • Country: United Kingdom
  • Phone: +442073921494

Platform Info

  • Platform: MetaTrader 4, TraderPro
  • Dealing Desk: Yes
  • Web Based: Yes
  • Mobile Trading: Yes

Broker Services

  • Regulators: FCA
  • Minimum Deposit: $100
  • Leverage: 30:1 Retail, 200:1 Professional
  • US Clients: No
  • Funding Methods: Wire transfer, bank transfer, major credit/debit cards, Skrill, Paypal, Neteller
  • Pairs Offered: 59

ETX Capital Review

Launched in 2002, ETX Capital is undoubtedly one of the veterans of the online Forex / CFD industry. Over the years, he managed to accumulate a lot of comments from the merchants, the usual negativity of the Internet with regard to some withdrawal problems, which were then handled, but the majority is good.

The quality of ETX Capital support is also frequently criticized in various forums / merchants’ forums. In general, we will have to say that, apart from the suspicious preponderance of the negative feedback, there is nothing really out of the ordinary that happens in this respect in ETX Capital.

The corporate owner of the ETX Capital brand is Monecor (London) Ltd, an entity listed on the London Stock Exchange. The transaction is authorized by the FCA and its license number is 124721. It might be worth noting that until 2007, the brokerage operated as TransIndex. Its current name came into force later, when it was re-launched.

While its FCA regulation gives the broker the right to sell their services in most of the EEA, there are some countries that are excluded from their list of accepted jurisdictions. These countries are the United States, Canada (without surprises, really), Belgium and Singapore. However, the broker’s official website makes it clear that the aforementioned FCA license is only really valid for the United Kingdom.

The broker keeps the funds of its merchants in segregated bank accounts, therefore, if there is ever an insolvency problem, these funds will not be used to reimburse the creditors of the operation.

The brokerage is also a member of the Financial Services Compensation Plan, which means that it offers its clients guarantees of up to a maximum of GBP 50k on their deposits.

Knowing the above, why would you want to open an account with ETX Capital and start trading there? What are the main points of sale of the corridor?

While your reputation may not be impeccable, at least the broker is honest and forthright about the prospects of those who operate there. He states on his website, for example, that approximately 79% of those who take advantage of their propagation and CFD betting services end up losing money. That’s not a point of sale, right? But it is necessary due to the new rules of the ESMA that came into force on August 1, 2018.

The broker has support in many languages, including Spanish, German, Polish, Czech and Mandarin Chinese. It has a great security of customer funds, as detailed above, and offers good commercial conditions, which means low margins and high leverage.

The broker’s market coverage is also decent and makes the trade available to his customers on the go.

ETX-Main

Account Types

In this sense, the broker has chosen not to configure several different options for its operators. In short: there is only one type of real money account, which requires a minimum deposit of $ 100. Once you make this deposit, you will be inside. That is all.

The maximum leverage available in this real money account is 1: 200.

ETX Capital Trading Platforms

The agent has two trading platforms: ETX TraderPro itself and MT4, built in the company.

Interestingly, of the two, TraderPro is considered the main platform of the corridor. As such, it offers advanced graphics, various commercial tools and technical indicators, as well as access to more than 5,000 markets.

There is also a useful pips calculator available on the platform, as well as an interesting drag-and-drop ticket function.

In general, the TraderPro platform is definitely not a disappointment, even when it is launched into the water with MT4.

On the other hand, MT4 still governs the perch when it comes to usability and usability. After all, it is a fully customizable business environment, which allows operators to code their own technical indicators, custom scripts and EAs, or install new ones from third parties.

The EAs are obviously among the most popular features of MT4. However, it should be borne in mind that EAs work best with an adequate VPS service, which allows them to operate 24 hours a day. To request access to VPS, operators must contact ETX Capital Support, by email or by phone.

The MT4 version of ETX can be downloaded for free from the site. It comes with an impressive amount of pre-installed technical indicators, and also has a mobile version, which can be used to perform operations anywhere.

MT4 supports a wide range of order types and supports micro batches and covers.

ETX-TraderPro

Market Coverage 

As already mentioned, the broker’s market coverage is excellent. It offers more than 50 currency pairs, and the commercial conditions in the majors are really very attractive. To put that in perspective: the differential in the EUR / USD pair starts from 0.6 pips, and the leverage from 1:30.

The CFD offer of the broker focuses on the shares, although it is safe to say that one will not have to enter the possession of any physical asset in the case of commodities.

Trading conditions in CFDs cover a relatively broad range. For stocks in the United Kingdom and the United States, spreads start from 1 pip or even 0.5 pips. In Chinese and South African stocks, on the other hand, they start from 16-20 pips, so there is a big difference.

Deposits/Withdrawals 

The broker supports a surprisingly large number of currencies and, in fact, charges inactivity fees on accounts that are not used.

The first line of accepted deposit / withdrawal methods consists of bank transfers, online bank transfers and several credit and debit cards. All major cards are accepted, with the exception of AMEX.

Skrill, Neteller and China UnionPay are also accepted. The money deposited through these methods takes 3 to 5 business days to settle the accounts of the merchants.

Those who want to deposit EUR can also use Sofort and Giropay.

The broker does not charge additional fees with any of the deposit / withdrawal methods mentioned above.

ETX Capital Support

The broker supports a surprisingly large number of currencies and, in fact, charges inactivity fees on accounts that are not used.

The first line of accepted methods of deposit / withdrawal consists of bank transfers, online bank transfers and several credit and debit cards. All major cards are accepted, with the exception of AMEX.

Skrill, Neteller and China UnionPay are also accepted. The money deposited through these methods takes 3 to 5 business days to settle the accounts of the merchants.

Those who want to deposit EUR can also use Sofort and Giropay.

The broker does not charge additional fees with any of the deposit / withdrawal methods mentioned above.

The Bottom Line

ETX Capital is a bit difficult to break. The corridor is regulated (by the FCA, not less and not by any two-bit organization), and everything seems to be really legitimate. This makes the negative comments of the customers discussed above even more confusing.

However, apart from that, the services of the broker seem to meet our quality standards, and in some cases, even exceed them …

Please note that certain products and / or multiplier levels may not be available to traders in EEA countries due to legal restrictions.

 

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