Broker Trusted Point
When the broker is in business for more than 50 years, we expect marvellous services and operationality. We expect the broker to be utterly advanced, trustworthy, and proficient. Sadly, that is not the case with ETX Capital. The broker has been in the market since 1965 and struggles to keep up with the highly dynamic and changing trading environment. The broker fails to be up to the mark regarding imperative services like research, tools, and trading platform. This review will list some significant aspects that dictate that the broker is not worth your hard-earned money.
ETX Capital safe or not?
We are not sure to say whether ETX Capital is safe to trade with or not. Here is the tea of our ambiguity. First of all, the assets and securities and not publicly traded with ETX Capital. Secondly, the broker does not hold a banking license. There is just one regulatory authority supervising the broker. Therefore, we would advise traders and investors to think twice and research thoroughly before investing with the broker.
The broker offers two main account types. The standard live account has minimal features and services. The minimum deposit for this account is as high as 100 Euros. The only other account available for trade is the Trader Pro account for professional traders. This account is costly and needs extra skills to pursue trade-in. For average and fresh traders, the opportunities with a standard account are quite restricted.
Trading products and instruments
ETX Capital claims to offer trading in a wide range of instruments like forex, indices, commodities, crypto and more. But when examined closely, each category of the instrument has a minimal number of assets or securities.
Moreover, one can trade cryptocurrencies only through CFDs and not by trading underlying assets. Numerous trading instruments are available only on the Trader pro account and not on other account types.
The broker offers its own TraderPro trading platform for professional accounts and MT4 trading platform. ETX Capital’s MT4 platform is very cumbersome to navigate and lacks swift mapping. The fee report is not available with these trading platforms. Now safe and secure login of two-step.
The mobile application is convoluted and all over the place. There is no structure and system of tabs and pages. Therefore, many new traders and investors may find it challenging to navigate through the application.
Commissions and spreads
When it comes to CFD trading, the trading fees charged by the broker is enormous. The spreads start from 1. 01 pips. An inactivity fee of 25 dollars is set by the broker every month when the account is inactive for more than six months.
The withdrawal fee is not charged for the first five withdrawals. But after that, a 10 dollars fee is charged per transaction. There is a rollover, and overnight charges are included, which vary according to the position’s trading product and size.
All the fees mentioned above can translate into a hefty amount and eat up a significant chunk of the trader’s profit.
Other more competent and well-reputed brokers like HFTrading, TradeATF offer better services at lesser costs and trading charges.
Deposit and withdrawal
The deposit and withdrawal options available with ETX Capital are conventional and sparse. Also, withdrawal can take several days to be completed. Other brokers take up and process millions of withdrawals per day. We cannot understand what is stopping ETX Capital.
Research and Education
When it comes to research and education, ETX Capital fails miserably to deliver content to its clients. The overall range of research tools is below the level set by the industry. For educational material, the content available with the broker is narrow and cramped up. There are no VODs or courses available.
The research tools are a vital part of trading activity. They help in finding righteous trading positions and precise entry and exit points to those trades. We do not think that the broker cares anyway about the growth and success of its clients.
Customer Service and Support
The customer service and support offered by the broker is dissatisfactory and inadequate. The response time for phone calls is somewhat elongated. The mails are not replied back to for days and sometimes even weeks. Also, there is no live chat feature offered by the broker.
So when we want our queries or issues to be solved immediately, we cannot rely on ETX Capital.
The account opening process of ETX Capital is somewhat ambiguous and confusing. The broker does not mention anything about the process of account opening on its website. When you click on the “open account” tab, you see a page pop up asking you to fill in your personal details and make up a password. That’s all. Nothing is mentioned about what happens next. This can create hesitation and suspicion in the minds of potential clients.
Disadvantages of trading with ETX Capital
- There are limited account options available with the broker. There is only one standard live account. This means there are no benefits for traders that bring enormous capital to the table.
- The trading platforms are quite tricky and challenging to navigate through. This reduces the whole user experience for traders and investors.
- The live chat feature that almost all brokers offer is absent with ETX Capital. Also, the email and phone customer service are feeble too.
- Very sparse and restricted education and research material are available.
- The trading fee and charges for CFD trading are too high as compared to average costs.
- The assets are not publicly traded, and the broker does not hold a banking license.
We do not think it would be the right choice to go with ETX Capital. The broker has been in the market for half a century, and still, the services and functionalities are not up to par. The broker was not even listed in the annual reports of 2021.
Does ETX Capital offer an MT5 trading platform?
No, the broker doesn’t offer MetaTrader 5 for trading. An MT4 trading platform is available with ETX Capital.
What kind of research material is available with ETX Capital?
ETX Capital provides limited research tools for its clients. The overall range of research tools is below the level set by the industry.
What are the disadvantages of trading with ETX Capital?
Here are some major disadvantages of trading with ETX Capital:
- Limited account options
- Poor user interface
- No banking license
- Limited educational material
- Elongated response time of customer support and service
- No live chat feature
- No MT5 trading platform
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