If you live in the U.K. or somewhere in the Western Europe and meet the daytraders, many of them talk about their outstanding experience with ETX Capital and satisfied they are.
Me and my business partner Joe from BestOnlineForexBroker.com therefore decided to review ETX Capital at the end of 2018 just to figure out how good they really are.
Basic overview of ETX Capital:
- Very competitive trading fees (spreads & swaps)
- High range of tradable assets (currency pairs + crypto + CFD stocks)
- Perhaps the oldest broker in the world (established 40 years ago!!!!)
- Doesn’t accept USA traders
- No bonuses for new traders
- Scalping is not allowed
- Japanesse shares not available
- Islamic accounts (SWAP FREE) are not available
The opening of a trading account with ETX was simple and fast . In order to be able to trade with real money, only a minimum deposit of 100 USD or Euro was required. When trading on the foreign exchange market, a 30:1 leverage can be used if you are residing in EU (according to ESMA rules) and max 200:1 for non-EU traders. The smallest denomination of the trading lots goes down to 1,000 currency units, that is so called, a micro-lot, which gives the trader the desired degree of freedom in the choice of his positional variables.
With its offer of 65+ various currency pairs of foreign exchange, ETX Capital is clearly in the upper range and is able to compete against many other brokers. The exchange rate course presentation takes place with 5 decimal places, which promises a more accurate entry and exit for some hardcore traders. The spread is quite small and is variable or fixed. If the variable spread is chosen, the broker will start with 0.7 PIPs according to the broker’s website. At our two test times, however, we had a spread for EUR / USD of 1.4 PIPs, which is, of course, perfectly acceptable.
ETX Capital Trading platforms
- ETX Trader Pro – main platform, with spreads starting from 0.7 pips (EUR / USD), about 6,000 tradable instruments including 65+ currency pairs, along with a complete set of fully customizable graphics. In addition, the functionality “one-click trading” allows you to make highly accurate and fast trading decisions.
Our secret TIP: When registering an account, choose Trader Pro in case you are a beginner and you do not want to waste time with MetaTrader 4 or if you do not have the ambition to use the Expert Advisor software in the near future. You do not need to install anything else on your computer and you trade through an Internet browser on your PC / Apple or through the Mobile App.
- ETX MT4 – ETX finally offers the MetaTrader 4, allowing its customers to trade by installing their own Expert Advisors (EA).
ETX Capital tradable assets:
At the time of writing this review, there is over 3000+CFDs on Stocks, Indices, Bonds available…
Besides the forex trading, the broker is waiting for you with a really big offer: in addition to 65+ currency pairs you can speculate and invest into 27 bonds and 30 ctock indices. All in all there are 3000 CFDs on international stocks! This broker probably covers just about any major stock that you can think of and is traded on some stock exchange anywhere around the world. Traded is via the ETX TraderPro. This, of course, offers the advantage that no additional software is to be installed and you can practically from anywhere only with access to the Internet . TraderPro also provides a range of oscillators and other tools for technical analysis. With a few mouse clicks, Long or Short can be entered into the trading of a certain value.
The opening of the ETX Capital trading account was quite simple:
Compared to other providers in this area, registration in ETX Capital is quite simple and involves only a few steps. Simply click on this link to get to the website where you click on LIVE ACCOUNT OPENING and the following minimalist registration form is on the following page.
After completing the details, click NEXT and continue to the next step.
The second step will bring you to the web platform itself, the so-called Trader PRO platform. To deposit money and start trading, just complete the short form you can find on the right side.
Third step (identity verification)
In the last step, you need to verify your trading account, which is actually verifying your identity. You do not have to worry, all verification is done electronically.
What documents you will need to verify and account:
- Identity proof: Take a high resolution color picture of your ID or Passport from both sides
- Address proof: (Utility bill of some sort) .. it can be a statement from the bank or the mobile account, the electricity bill gas and other (always make sure the amount is blurred, only the name is important + the address to be seen)
The broker will ask you to upload these 2 documents / one citizen + one of the documents at the next point / electronically and then verify your identity whether you are a real person.
Verification process must be done with every EU regulated broker because this process is required by an international anti-money laundry laws. Now with the GDPR privacy laws, you can relax, since every EU regulated (licensed) broker works with your data discretly!
The broker ETX Capital offers very good trading possibilities for beginners as well as professionals. The fees that you will have to pay to this broker are absolutely competitive and the customer service as well as trading platforms execution speed was above average. Much better than with most market makers. ETX Capital offers very high level of funds security and reliability.
What was your experience with ETX Capital ? Comment below!