ETX Capital

Our comprehensive ETX Capital review examines everything from trading costs to regulatory safety to help you make an informed decision. By analyzing platform features and real-user feedback, we address the critical question: is ETX Capital a good broker for your trading needs?

Is ETX Capital Legit and Safe?

ETX Capital was a historically legitimate and highly regulated broker, but it permanently closed its trading services in March 2023 after rebranding as OvalX.

What Is ETX Capital? Company Background

ETX Capital was a prominent financial brokerage operated by Monecor (London) Limited, a financial services institution originally founded in 1965. Initially specializing in mortgage bonds, the firm entered the online retail trading space in 2002 under the name TradIndex. The platform was officially rebranded as ETX Capital in 2007, quickly establishing itself as a household name in the United Kingdom for financial spread betting and CFD trading.

In October 2020, Swiss private equity firm Guru Capital SA acquired Monecor (London) Limited. Following the acquisition, Guru Capital integrated the Italian fintech savings app Oval Money into the brokerage, leading to a comprehensive corporate rebranding to OvalX in May 2022. However, the consolidated company faced significant operational hurdles and escalating losses, ultimately resulting in the decision to wind down the business. On March 17, 2023, the broker officially ceased all trading operations. The company's active clients and remaining assets were migrated to rival broker Capital.com, and Monecor (London) Limited was formally dissolved on May 9, 2026.

ETX Capital Regulation

Historically, ETX Capital was overseen and regulated by the Financial Conduct Authority, the Cyprus Securities and Exchange Commission, and the Financial Sector Conduct Authority. These regulatory bodies represent top-tier authorities known for their strict compliance standards and rigorous oversight of retail brokerage firms. Traders can reference the FCA official database to check the historical licensing records of the broker's parent company. You can check FCA official to verify ETX Capital's license by searching license number 124721.

The following table details the key regulatory licenses and investor protections previously held by ETX Capital across different jurisdictions:

Among these entities, the UK FCA registration offered the strongest financial safeguards, securing retail clients' balances under a comprehensive deposit compensation scheme.

Which ETX Capital Entity Serves Your Region?

Because the broker has permanently discontinued its services, no new accounts can be opened under any of its historical regulatory entities. However, when the broker was active, clients were onboarded under different entities based on their geographic location:

• UK residents were onboarded under Monecor (London) Limited, which provided the ultimate protection of the Financial Services Compensation Scheme (FSCS) up to £85,000.
• European Union clients were assigned to Monecor (Europe) Ltd, bringing their accounts under CySEC's jurisdiction with €20,000 in deposit insurance.
• International traders outside the UK and Europe fell under the South African branch, which utilized segregated banking but lacked state-backed investor compensation.

While some brokers utilize offshore entities in jurisdictions like Vanuatu or the Bahamas to offer higher leverage, ETX Capital did not route retail clients through unregulated offshore shells, keeping onboarding standards highly regulated and uniform.

Restricted Countries

Prior to closing its doors, the broker maintained strict geographic limitations due to local regulatory constraints.

• Restricted jurisdictions: United States, Canada, Belgium, Japan, North Korea, Iran.

Client Fund Protection

While active, ETX Capital implemented strict client fund protections to ensure the absolute safety of retail investor capital. All retail deposits were held in fully segregated bank accounts with major Tier 1 financial institutions, including Barclays and the Royal Bank of Scotland, separating client assets entirely from the broker's operational money. Additionally, retail accounts were protected by mandatory negative balance protection under FCA and CySEC guidelines, ensuring traders could never lose more than their account balance. When the platform ceased operations in March 2023, these funds remained securely separated, enabling a smooth wind-down process where users could safely withdraw their remaining balances or transfer their capital directly to Capital.com.

ETX Capital User Reviews and Trustpilot Rating

ETX Capital, under its rebranded name OvalX, holds a Trustpilot rating of 4.5/5 based on approximately 265 reviews, reflecting highly favorable user sentiment prior to its operational closure. Verified as of June 2026, the overall rating indicates that a majority of long-term retail clients were highly satisfied with their trading experience before the broker officially discontinued its operations.

On the positive side, user feedback frequently highlighted the broker's relationship-driven service and standard software support:

• Proactive Account Management: Reviewers consistently praised named account managers for providing regular, highly customized weekly phone calls summarizing key market announcements.
• Straightforward MT4 Setup: Traders found it exceptionally simple and efficient to execute their trading strategies using the broker's standard MetaTrader 4 (MT4) integration.

Conversely, recurring complaints on the page focused on operational friction and communication gaps:

• Slow Email Support Response: Several users expressed frustration with sluggish customer support, reporting that their emails regarding account issues went completely unanswered for multiple days.
• Onboarding and Compliance Rejections: A segment of prospective traders experienced friction during the sign-up phase, noting that their live accounts were repeatedly rejected due to strict compliance standards.

To get a detailed perspective of what former clients experienced during the platform's active years, you can See ETX Capital reviews on Trustpilot.

ETX Capital Account Types

ETX Capital offered a simplified, single-tier standard account structure with a $100 minimum deposit, capping leverage at 1:30 for retail traders to comply with strict regulatory guidelines.

ETX Capital Account Types and Minimum Deposit Requirements

While many retail CFD brokers overwhelm users with complex, multi-tier pricing structures, ETX Capital prioritized simplicity by providing a standardized trading environment for all retail participants. This structure meant that regardless of capital size, every retail client traded under identical execution parameters, platform access, and market spreads.

The practical implications of the broker's account structure are outlined below:

• Standard Account: Requires a minimum deposit of $100, serving as a highly accessible entry point for casual retail traders.
• Premium Client Package: Tailored for traders depositing $10,000 or more, offering high-net-worth clients dedicated account relationship managers and prioritized client service.
• Professional Account: Reserved for experienced investors who met strict regulatory size and volume criteria, allowing leverage up to 1:200 at the cost of relinquishing retail compensation protections.

The Standard Account operated on a commission-free model for foreign exchange and commodities, meaning the broker's operational fees were built entirely into the spreads. For example, minimum spreads started at 0.6 pips on the EUR/USD pair, presenting a competitive pricing model for retail traders who preferred a simplified, spread-only system. However, for shares CFDs, a commissions-based model was applied (typically starting at a minimum of $15 for US equities), which made small-scale stock trading relatively expensive.

The $100 entry barrier was highly accessible, making it easy for beginners to start trading live. However, because retail leverage was capped at 1:30 in compliance with FCA and CySEC rules, traders had to put up significantly larger margin requirements compared to offshore, high-leverage brokers. For example, opening a 1-lot position on EUR/USD required roughly $3,333 in margin under 1:30 leverage, making the low deposit threshold mostly symbolic for traders aiming to manage substantial position sizes safely.

Does ETX Capital Offer an Islamic Account?

Historically, ETX Capital offered swap-free Islamic accounts to clients of the Muslim faith upon request; however, this feature was completely discontinued following the rebranding to OvalX, leaving the broker with no Shariah-compliant account options before its closure.

For traders requiring swap-free conditions to comply with Islamic religious laws against interest (riba), this meant that holding overnight positions would always incur a standard swap fee. Because no swap-free alternative was available in its final years, Islamic traders had to either close their positions before the daily market cutoff or look for alternative Shariah-compliant brokers.

ETX Capital Fees and Trading Costs

ETX Capital's pricing sits in the mid-range of the retail market, offering competitive, commission-free spreads that start at 0.6 pips on its proprietary TraderPro platform but charging relatively expensive swap rates for holding overnight positions.

ETX Capital Trading Fees (Spreads / Commission Fees / Swap and Overnight Fees)

The primary cost of trading on ETX Capital was built directly into the buy/sell spread rather than upfront transaction fees. The spread level varied significantly depending on whether a trader utilized the broker's proprietary TraderPro terminal or the standard MetaTrader 4 (MT4) platform:

• TraderPro Spreads: Averaged a tight 0.83 pips on the benchmark EUR/USD currency pair, representing an efficient option for active day traders.
• MetaTrader 4 Spreads: Averaged a wider 1.03 to 1.2 pips on the EUR/USD, indicating that users who preferred the standard MT4 system paid a premium for platform convenience.

For foreign exchange and commodities, the broker maintained a commission-free model. However, share CFDs operated on a separate pricing structure. While the broker waived commissions on a select group of its top 250 stock CFDs, standard equity trading was highly commission-intensive. Buying or selling US shares carried a minimum commission of $15 per trade, and European shares incurred a minimum commission of €10, which made small-scale stock trading relatively cost-prohibitive for retail traders with smaller account balances.

Additionally, holding leveraged positions past 10:00 PM GMT triggered swap and overnight funding fees. ETX Capital calculated these fees using standard Interbank Tom-Next rates plus a fixed markup of roughly 0.0054% daily. Crucially, swap rates for long (buy) positions were widely criticized by traders as expensive compared to discount competitors, creating a notable cost burden for swing traders who held positions open across multiple days or weeks.

ETX Capital Non-Trading Fees (Inactivity Fees / Currency Conversion Fees)

In addition to daily market execution costs, ETX Capital imposed several administrative fees that could erode dormant capital. Historically, the broker charged a monthly inactivity fee of $25 (or £15/€15 equivalent) if an account saw no trading activity for a consecutive period of 6 to 12 months. This inactivity penalty was designed to recover the overhead cost of maintaining inactive balances. However, during the OvalX rebranding phase, the broker permanently eliminated the inactivity fee, ensuring that long-term investors were no longer penalized for holding inactive accounts.

Currency conversion fees also applied to accounts trading assets denominated outside their native base currency. If a GBP-denominated account traded US share CFDs, ETX Capital applied a standard 0.5% currency conversion fee to all profits, losses, and margin adjustments. This conversion premium meant that international traders had to incorporate a 50-basis-point friction fee into their risk calculations whenever they crossed international asset classes.

ETX Capital Deposits & Withdrawals

ETX Capital provided a highly secure funding ecosystem with zero deposit fees and up to five free monthly withdrawals over $100, though smaller transactions were penalized with a standard $25 processing fee.

The broker supported a broad variety of payment channels for funding trading accounts:

• Payment Methods: Credit/Debit Cards (Visa and Mastercard), Bank Wire Transfer, Neteller, Skrill, Giropay, and Sofort.
• Processing Speed: Card and e-wallet deposits were processed within one business day (often arriving instantly), whereas standard bank wire transfers required 1 to 2 days and international bank wires took up to 5 business days.
• Minimum Limits: The platform maintained a minimum deposit threshold of $100 and set a minimum withdrawal limit of $15.

While deposits were entirely free, the broker applied strict rules regarding withdrawals. Traders were allowed up to five free withdrawals per month, provided the requested payout exceeded $100. Any withdrawal below $100, or any request made after the fifth monthly limit was exceeded, triggered a $25 processing fee.

Regarding payment complaints, official records from the UK Financial Ombudsman Service (such as case DRN-2484245) confirm that some clients faced prolonged delays when attempting to withdraw large sums. In these documented instances, the broker paused withdrawals and requested updated bank statements to verify the originating deposit source for funds older than 12 months. While these verification requirements caused significant frustration and delays for users, they reflected the broker’s strict adherence to regulatory anti-money laundering (AML) protocols rather than liquidity shortages or systemic withdrawal failures.

ETX Capital Trading Platforms, Conditions & Experience

ETX Capital delivered a versatile trading experience by offering its advanced proprietary TraderPro platform alongside standard MetaTrader 4, providing market-maker execution and up to 1:30 retail leverage across over 5,000 instruments.

Does ETX Capital Support MT4, MT5 & Mobile Trading?

ETX Capital supported MetaTrader 4 and its proprietary TraderPro platform on web and mobile devices, but it never integrated MetaTrader 5 or cTrader into its software suite. Because the broker focused heavily on optimizing its custom technology, its development resources were directed toward the TraderPro web terminal, which was completely rebuilt from Flash to highly responsive HTML5 in 2017 to improve loading speeds and execution stability.

To help traders decide between the two active platforms, the table below highlights their technical differences:

Both platforms featured dedicated mobile trading apps for iOS and Android. While the MT4 mobile app provided a standard, globally familiar layout, the TraderPro mobile app was custom-tailored to support complex multi-chart layouts, price alerts, and instant execution directly from interactive mobile charts.

What Can You Trade on ETX Capital? (markets and instruments)

ETX Capital offered access to over 5,000 tradable instruments including forex, stock CFDs, indices, commodities, and bonds, with spread betting exclusively available to UK residents. This vast library allowed traders to construct highly diversified portfolios, though asset availability differed heavily depending on the client’s chosen trading terminal.

The practical parameters of the asset offering are described below:

• UK-Specific Spread Betting: UK clients were granted tax-free spread betting on thousands of markets, offering a distinct financial advantage over standard CFD accounts.
• FCA Cryptocurrency Ban: Cryptocurrency derivatives were completely phased out for UK retail accounts in 2021 to ensure alignment with strict local FCA regulations.
• Platform Asset Limitation: Traders using the MT4 platform were severely restricted in asset choice, as only a small fraction of the broker's 5,000+ assets were mapped to the MetaTrader system.

The core tradable asset classes included:

• Forex: Over 60 global currency pairs.
• Shares: Thousands of international equity CFDs from the US, UK, and European markets.
• Indices: Major stock indices, including the FTSE 100, DAX 40, and S&P 500.
• Commodities: Energies (Brent and WTI crude), precious metals (gold and silver), and soft agricultural products.
• Bonds & Interest Rates: Key government treasuries and gilts.

ETX Capital Leverage, Margin & Order Execution

ETX Capital operated primarily under a market-maker execution model, restricting retail leverage to a maximum of 1:30 in compliance with strict FCA and CySEC regulations. As a market maker (dealing desk broker), the firm quoted its own prices using aggregated liquidity from major Tier 1 banking partners. While a market-making structure can introduce a theoretical conflict of interest, it enabled the broker to provide highly stable execution speeds—claiming that over 94% of MT4 trades were processed in under 30 milliseconds— and to offer risk-mitigation features like Guaranteed Stop-Loss Orders (GSLOs).

Leverage and margin limits were tiered strictly by asset class to safeguard retail clients from excessive volatility:

• Major Currency Pairs: Max leverage of 1:30 (requires 3.33% margin).
• Minor Currency Pairs, Gold, & Major Indices: Max leverage of 1:20 (requires 5% margin).
• Commodities & Minor Indices: Max leverage of 1:10 (requires 10% margin).
• Individual Equities: Max leverage of 1:5 (requires 20% margin).

International clients onboarding through the South African branch (FSCA) or qualified professional traders who opted out of retail protections could access higher leverage limits up to 1:200 or 1:400, depending on the asset class and account equity.

ETX Capital Research Tools & Educational Resources

ETX Capital provided highly comprehensive educational materials and webinars for beginners, but its independent research tools were relatively basic compared to industry peers. The broker's daily research output was limited to short-form market commentary and standard technical analysis briefings posted directly on its website. To compensate for this, the broker offered a premium analytics portal called TraderCast for high-net-worth clients who deposited over $10,000, providing these VIP users with live, real-time market webinars and interactive sentiment analysis tools.

For educational resources, the platform stood out as an industry leader:

• Webinar Libraries: The platform regularly hosted free weekly webinars covering fundamental topics like risk management, candlestick charting, and margin mathematics.
• Interactive Trading Courses: Beginners received access to complete structured online courses, user guides, and comprehensive PDF manuals to assist them in navigating platform features.
• Risk-Free Demo Accounts: Prospective clients could utilize a fully functional demo account to practice trading strategies under real-time market conditions.

How Good Is ETX Capital Customer Support?

ETX Capital was widely recognized for its high-quality, London-based customer support, offering multi-lingual assistance and dedicated account managers 24 hours a day, 5 days a week. Unlike many modern brokers that route retail queries through automated chatbots, this broker maintained a highly personalized approach, assigning physical relationship managers to retail clients to help resolve technical and administrative problems.

The customer service channels operated through three main mediums:

• Telephone Support: Direct phone lines routed to the Finsbury Circus headquarters in London, with local numbers provided for multiple European countries.
• Email Support: Specialized departments for onboarding, funding, and technical troubleshooting.
• Live Chat: Interactive web-based chat support available directly through the TraderPro and MT4 platforms.

Support services were offered in multiple languages—including English, French, Spanish, German, Polish, Czech, Greek, and Mandarin—allowing the broker to resolve complex regional disputes and guide international clients seamlessly through compliance requirements.

Who Is ETX Capital Best For?

ETX Capital was best suited for UK-based spread betters and retail beginners who valued strong regulatory safety and high-touch customer service, while it remained less ideal for high-volume scalpers.

Is ETX Capital Good for Beginners?

Yes, ETX Capital was highly suited for beginners who prioritized comprehensive educational resources and direct phone support over institutional-grade pricing. The broker lowered the financial entry barrier with an accessible $100 minimum deposit, enabling novices to enter the live markets with minimal risk capital. Furthermore, rather than forcing beginners to rely on online forums, the platform offered direct access to personal account managers and regular educational webinars. This high-touch human support, combined with an intuitive proprietary trading app, provided an excellent transition phase for newcomers learning to navigate market volatility safely.

Is ETX Capital Good for UK Spread Betting?

Yes, ETX Capital was an outstanding choice for UK-based traders seeking tax-free financial spread betting with strong FCA client protection. For British residents, spread betting represents a highly efficient alternative to CFD trading, as any profits are completely exempt from Capital Gains Tax and UK stamp duty under current tax laws. The broker integrated this feature directly into its custom TraderPro platform, allowing users to spread bet on over 5,000 global financial markets. By offering spread betting within an FCA-regulated environment, the platform provided the ideal combination of tax efficiency and world-class investor safety for UK retail accounts.

Is ETX Capital Good for Scalpers?

No, ETX Capital was not an ideal broker for scalpers or high-frequency day traders due to its market-maker execution model and wider-than-average spreads on MT4. High-frequency scalping strategies rely on razor-thin spreads and institutional execution feeds to generate profit over micro-movements. Because this broker acted primarily as a market maker and charged average EUR/USD spreads exceeding 1.0 pip on its MT4 platform, the transactional drag was too high for scalpers. Additionally, the lack of MetaTrader 5 support and raw-spread (ECN) accounts meant that algorithmic scalpers lacked the high-performance execution environment required to run aggressive trading systems profitably.

Best for: UK retail spread betters and educational-focused beginners · Less ideal for: High-frequency scalpers and algorithmic day traders

Compare ETX Capital with Other Popular Brokers

ETX Capital offered a more personalized, support-driven approach compared to major institutional giants, though its core trading platform fees and asset counts were often outmatched by larger competitors.

ETX Capital vs IG

The single biggest difference between the two brokers is that ETX Capital focused on a highly personalized, client-manager service model, whereas IG offers a massively superior market reach of over 17,000 assets and deeper institutional liquidity. While the former required a $100 minimum deposit, IG enforces no minimum deposit for standard bank transfers, making the entry barrier even lower for casual retail traders. In terms of pricing, EUR/USD spreads on the TraderPro platform averaged 0.83 pips, whereas the rival broker provides a highly competitive average of 0.6 pips on the same pair. Additionally, both platforms share top-tier FCA regulation in the United Kingdom; however, the larger broker provides a significantly more comprehensive suite of advanced charting packages and specialized Direct Market Access (DMA) accounts.

Takeaway: ETX Capital is the better choice for hands-on, human account management; IG suits high-volume traders requiring extensive market access.

ETX Capital vs OANDA

The most significant distinction between these platforms is that ETX Capital specialized in tax-free UK spread betting, whereas OANDA operates primarily as a global, non-dealing-desk forex specialist with a heavily optimized proprietary mobile app. In terms of market entry, the UK broker maintained a strict $100 minimum deposit limit; by contrast, OANDA has a $0 minimum deposit requirement for its standard accounts. Regarding platform costs, ETX Capital’s spreads on the MT4 terminal averaged 1.1 pips; on the other hand, the US-based competitor provides average spreads of 1.4 pips on MT4, making the former cheaper for MT4-centric traders. Both brokers maintain regulatory approvals from tier-one bodies like the FCA, but the US-based broker provides much broader geographic availability, accepting residents from regions where the UK broker did not operate, including the United States.

Takeaway: ETX Capital is the better choice for UK spread betting; OANDA suits global currency traders seeking no deposit minimums.

ETX Capital vs FxPro

The defining difference between these brokers is that ETX Capital utilized a traditional market-maker model with standard MT4 support, whereas FxPro provides a highly advanced multi-platform environment including MT5 and cTrader alongside No-Dealing-Desk execution. The former offered a single-tier commission-free standard retail account; FxPro, on the other hand, features raw-spread accounts with a flat commission of $4.50 per lot, delivering tighter spreads starting at 0.0 pips for high-frequency day traders. While both companies maintain strict CySEC and FCA regulatory protections, their execution models differ significantly. The UK-based market maker routed trades through its own desk with guaranteed stop losses, but the competitor relies on a pure STP/ECN model to execute trades in under 12 milliseconds without requotes.

Takeaway: ETX Capital is the better choice for risk-controlled spread betting with guaranteed stops; FxPro suits technical day traders who utilize MT5 and cTrader.

ETX Capital Broker Quick Verdict

This ETX Capital review concludes that the broker was a solid, highly reliable choice for UK residents prioritizing tax-free spread betting and personalized client relations, though its wider MT4 spreads and market-making execution made it less competitive for high-frequency day traders. For those seeking active services, clients were successfully transitioned to Capital.com following the platform's permanent closure in March 2023.

Editorial Transparency: This ETX Capital review is based on information from the official ETX Capital website, current regulatory filings, and independent third-party sources such as Trustpilot. We cross-checked the broker's regulation and license details, account types, trading and non-trading fees, deposit and withdrawal terms, platforms, and real user feedback to ensure accuracy and objectivity. This content is for educational purposes only and does not constitute financial advice; trading CFDs carries a high risk of losing money. Last updated: June 2026.