ETX Capital is a fast-growing, dynamic spread betting company based in the City of London. It provides investors with unrivalled levels of customer support from friendly, knowledgeable staff, all delivered with the utmost client confidentiality.
The story so far
1973 Monecor (London) Ltd is incorporated.
2000 Monecor joins interdealer broker Tradition as part of their institutional bond brokerage services.
2002 Monecor becomes the retail derivates arm of Tradition UK. Now known as TradIndex, it quickly establishes itself as one of the leading UK providers of retail derivatives achieving growth of over 100% year on year.
2002 to 2007 TradIndex sees the significant potential of the internet to allow individual traders to profit from the movement of global markets.
TradIndex is able to offer a form of speculating previously reserved for large banks and investment houses, known as derivatives trading. Once so complex to be out of the reach of the ordinary investor, TradIndex could offer a straightforward 50p-per-tic web-based spread betting platform focusing on the world's major markets in Europe, North America and Asia.
2007 A group of investors acquire Monecor
2008 They decide to relaunch TradIndex and choose the name ETX Capital to reflect the company's core business of electronic trading, telephone trading and execution services.
Authorised and regulated
ETX Capital is a trading name of Monecor (London) Limited, is authorised and regulated by the Financial Services Authority, FSA registration number 124721, and a Member of the London Stock Exchange.
Country: United Kingdom
Pros just about way up the cons
The major issue I have is the charts. There are large data gaps on day and weekly charts and you are unable to save your charts in a workspace which is realy annoying.
They recently split nymex into 2 markets; Daily and Intraday. They did this withought warning and they removed nymex from my watchlist. I had to figure out what they had done as no info was sent out. This was very poor service.
The spreads on nymex are prety good and the spread band is a nice touch.
You can open an account with no deposit.
Min stake is 50p.
No charge for deposits or withdrawals.
It is also easy to navigate.
Glossy on the outside... poor after a while
Recently Stops have not been triggered.
Ts and Cs say stops are not guaranteed which is fine if the market was particularly volatile.
However, when stops fail to be filled in what most would consider normal market conditions there is a problem.
Also, every email generated when placing a trade confirms that a trade has been accepted and executed.
Except it has not and they will adjust for any mistakes that they have make on pricing despite confirming orders have been filled and executed at stated pricing levels.
In short you cannot reasonably guarantee where you are with them.
The trading platform is reasonable but lacks much sophistication. Pivot Points for instance seemed to be calculated from 12 midnight not market opening which is terrible for resistance and support plays and not indicated anywhere.
I feel that I have wasted a lot of money by not looking around and trying other suppliers. My advice is avoid.
Good luck with your trading.
Better SB Firm than the majority
Quality platform, never personally had any issues with execution very limited slippage.
VGood customer service.
- Crap charts and wider spreads on some FX
In my opinion the positives far outweigh then negatives compared to others and am still using them
poor service & spreads
High spreads, terrible service and opaque pricing Look elsewhere.
Absolute money waste and too high spreads
1. Their spreads are too wide.
2. Their orders dont kick in at our entry points and we have to call them and by that time we lose money.
3. Stop loss is not guaranteed.
4. Their orders wont get cancelled when we click cancel.
Just about worth it...
They sport competetive spreads across a wide range of markets with very tempting low margins.nThe spreads on some instruments, such as specific Forex pairs like EUR/USD (currently 2 as of writing) and GBP/USD (currently 3 as of writing), are second best in the world of spread betting, but other pairs, such as EURGBP are in the top for lowest spreads (1 as of writing). It's really a trade off depending on what pairs you trade, however none of the costs are too unbearable and any negativity is outweighted by the sheer range of tradeable instruments, from Options and Bonds / Interest Rates, to Equities. You really do have access to the world markets with ETX's platform.
That being said however, I have experienced some negative issues where orders have not been filled and have simply disappeared, however this has only happened to me twice and hasn't happened since, and it's been a while now. The other negative regarding the platform is sometimes working orders take quite some time to show in the 'Open Positions' section, sometimes leading to confuse as to whether or not you have actually been filled in the heat of the moment.
In all, if you not trading very short term that requires lightening speed execution (which should be left to DMA brokers anyway!) and are willing to put up with very infrequent platform malfunctions, in return for a great array of instruments across a number of markets, then this broker could be the inimitable spread betting & CFD broker for you!
The best out there
You just have to use ig's graphs to minitor exact streaming price is your a scalper.
Tradindex are quickest and easiest to use, and best execution.
Alright to learn with
They have a fairly limited range of markets and their futures do not extend far enough forward.
They also do not allow for moving your stop when a trade is in profit.
However, they provide a virtual platform for learning on (and thus witnessing all their faults first hand without losing any money) and they have been fairly friendly when I have spoken to them on the phone.
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