Some brokers have been in operation for decades now, but this does not mean that they have built their reputation and that they can be trusted. For instance, ETX capital has been in operation since 1973. ETX Capital is the trading name used for the holding company, Monecor Ltd. So Is ETX Capital a Scam? Let us find out in the below Review.
Product: ETX Capital
Owner: Monecor Ltd.
Price: Minimum $10
Clients: Binary options traders
Overall rating: (2.3 / 5)
What is ETX Capital?
ETX is a UK based financial company. The company provides customers with multi-assets markets derivatives. These assets are traded through financial spread betting and contract for difference (CFDs) products. The company uses the trade name Monecor (London) Limited. In 2002 Monecor (London) Limited launched a retail derivatives arm called TradIndex. Monecor acquired its trade name ETX capital after it was acquired by a joint venture between UK-based JRJ Group and the Netherlands-based BXR Group whereupon TradIndex was relaunched with its new name in 2007. This is a brief introduction of ETX capital, continue reading to know what they do.
Is ETX Capital a Scam?
Is ETX Capital a scam or not? So far this is the oldest broker that I have come across. When I was making the choice on whether to write the review or not, I was certain that the broker had a good reputation since he has been on the market for decades. These thoughts were proven wrong when I came across several users complaining about the platform. Here is one that i came across,
Horrible broker unless you never want to withdraw money. It took more than two weeks, over 20 emails, a cancelled transaction (thank you xe.com) and 5 phone calls to get them to transfer the money to me. This is after taking 15 GBP for not making a trade. I also lost over $160 USD due to the exchange rate change from the cancelled transaction to the one I was finally able to make. No apologies, just slow response and terrible service.
We are going to focus on this broket to establish whether the broker is a legit broker or is just another scam?
ETX Capital Customer Care
In any kind of business customer care is a very important department of the business. Customer care team can ring your customers or totally chase them away from your business. ETX capital has their own team. They communicate and help users using their website by emails and phone. They not only use English but also in other languages such as French, Chinese, and Italian. Multiple languages would be an asset if their customer service proved useful and reliable.
If you are an international user ( based out of UK) then you would have to call their international line. When you choose to go this way, you will more likely to wait for a while and definitely, the call will be dropped. Most of the likely event, you would get no customer care agent to help you out with your query. The ones you get have an attitude or they are usually unable to help.
The broker offers 24hour trading. Their customer care helplines are only opened and free to call from 7.30AM to 9 PM London time. This is another issue for international users due to time differences in different time zones. The question is why have a 24-hour trading platform while you cant help out at any time needed?
ETX Capital Account Types
There are three types of accounts available at ETX capital.
- The Binary Account
- The MT4 Account
- The TraderPro Account
The accounts are designed and made specifically for different people with different skills and experience in forex trade.
The binary type of account available at ETX capital is focused to those who wish to trade at a fast pace. The problem with this account is while trading using it you are limited by noticeable lag. This affects most of the trades and profits. The only pro is that you don’t have to spend much time or commit yourself to this type of account. But we advise that you save yourself time, money and energy by looking for a broker who is worth it.
The MT4 account is for traders who prefer automated trading. They claim the User Interface is more technical than others but after investigating, we realized that it’s not just technical but downright confusing. Even experienced traders had a hard time using their MT4 platform. ETX Capital would do well with doing a complete overhaul of not only their MT4 platform but their entire company as well.
You could argue that MetaTrader is a good software and it is the brokers who are evil and take advantage. I say if it were really solid as a software nobody would be allowed to trick orders’ execution. A software like Metatrader 4, that can be tricked and whose behavior can be altered using external add-ons, is just not to be trusted.
The last option is the TraderPro account. This is geared towards more seasoned traders. The issues with this one are endless; the more features the more problems. The alerts are late; the indicators are misleading and so on. The only thing you get from this account is the above average urge to throw your computer across the room. Don’t let that happen, get your self the right broker.
ETX Capital Platforms
The problems with this broker are endless. I wonder why owners of this broker sites are so greedy and are all after money. Because before they solve our money problem they should solve their first. Why would you start a business selling just promises that you cant deliver? My reasons for saying this is because the cons on this broker are too many; their customer service is poor, their bonuses are late if they actually arrive at all, and their accounts don’t deliver what they promise.
Currently, they are only using two platforms:
- ETX Capital Proprietary Platform
- ETX MetaTrader4 Platform
They boast that their Proprietary Platform that it is known for its speed, simplicity, and power yet while you use it you experience directly opposite of what they say. the platform is very slow, too complicated and complex. When reading their website, you develop a certain urge to use the platform but after actually using it you realize that the platform is a joke. ETX Capital Proprietary Platform is just another disappointment.
Next is an MT4 platform which without a doubt is the more popular of the two. It is used by every trading company on online trades. Surprisingly, this platform performs better and is noted for its applicable customization. However, when compared to another Trade platforms using the platform, you realize that ETX Capital’s version is horrible.
ETX Capital Services for Bitcoin
ETX Capital offers some several premium services on Bitcoin. Clients in the platform trade Bitcoin as a spread bet or as a CDF (contract for differences) through its trade platform. This was confirmed early this year. While focusing on cryptocurrencies, the broker is so new to crypto and trust you wouldn’t want to risk your money on a broker who just became aware of cryptocurrencies. Get a good broker with a reputation on cryptocurrencies to trade bitcoin with.
After taking everything into account, we will advise staying clear of ETX Capital. You’ll only be treated poorly by their customer service unit and practically robbed of your first deposit and time. Just like others who have been there before.
Like other people here on January 15 – SNB day, I opened profitable orders. The platform has allowed them to open and close, and the price was correct. I earned approx 3.2k€. But broker next day without my knowledge, trade in my account and wiped over 3500 euros profit. I think it is completely unfair and also illegal. I tried to contact them 3 times with E-mails without any answers ! IF the not answer, I’ll appeal to FCA. I’ll like other people in same situation to leave a negative review & contact me so we can do a complain together.
It does not prove itself to be a reputable company. With all the bugs in their platforms and the cons surrounding their website, we find it even risky investing money with this broker.
My verdict is the broker is not much of a scam. But the broker needs to go back to the basics and come up with something that is more reliable. Also, they should improve their customer services. In the meanwhile stay away from the broker.
Being in operational for nearly five decades, you would expect that the broker should have nearly a 100% reputation. They are are other brokers that are barely one year old and are doing so well. You know immediately you give clients chances to doubt you, they actually stop working with you. Because you take their money for granted. ETX capital has taken their customer for granted and now they face the music. Frankly, I don’t think it would be offensive to call ETX Capital a scam. Try out other trade platforms ETX capital has failed our legit test.
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I wish you the best!
Crypto trader and blogger on: