ETX Capital have a large UK client base but in recent years, they have seen new client growth in Europe and some client growth in Asia. They pride themselves on their ability to provide "cutting edge innovative technology" and their offered client access to over 6000 markets.
Below is my review of ETX Capital...
What I like...
They are FCA Regulated
ETX Capital is registered and regulated by the Financial Conduct Authority (FCA). This suggests that the broker meets a high standard of practice and that their services and policies are transparent. If ETX Capital were ever to go into administration, the FCA can compensate clients by up to £50,000.
They offer a range of Trading Platforms
ETX Capital offer their own bespoke trading platform as well as MetaTrader.
They offer a Reliable Trading Platform
Their trading platform is one of the best web-based trading platforms I have used to date. It is quick, reliable and offers an exceptional charting package (for a web-based platform offered by a retail broker).
What I don't like...
Their Spreads are not competitive
ETX Capital offer variable spreads. Generally, variable spreads are much more competitive than fixed spreads but the spreads at ETX Capital are very poor, especially when considering the size of the broker and it's market-share. The major Forex pairs are not too bad; the USDJPY is offered at around 1.4 pips, GBPUSD at 2.1 pips, EURUSD at 0.9 pips etc. But the spreads of less traded pairs rise astronomically.
Their overnight charges are too high
Overnight and financing fees are much higher than other brokers. If you are looking for a broker that offers competitive and positive overnight rates, check out Oanda.
Their guaranteed stop losses are expensive
Their guaranteed stop losses are also more expensive than most other brokers.
Their Customer Service is Appalling
My experience with ETX Capital's customer services has been very negative. Both times I have spoken to someone who has come across very rude and not well spoken.
Summary
ETX Capital offer what you need to trade from a single platform but is done come at an added cost. Their customer services needs to be greatly improved but overall they are a broker worth trading with.
To open an account with ETX Capital, please click here.
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