ETX Review 2026

Key Takeaways

ETX Capital was founded in the UK in 1965, renamed OvalX in May 2022 and stopped operating on 17 March 2023, when clients were invited to move their accounts to Capital.com.

• The broker was regulated in the UK by the Financial Conduct Authority (FCA). Its UK operator, Monecor (London) Ltd, entered voluntary liquidation in 2023, and its FCA authorisation is now cancelled.

• ETX Capital clients were covered by the Financial Services Compensation Scheme (FSCS) up to £85,000.

• ETX Capital, as the European trade name of Monecor (Europe) Ltd, was regulated by the Cyprus Securities and Exchange Commission (CySEC).

• In 2020, the firm received the “Best FOREX trading support” gong at the Global FOREX Awards.

• The broker provided access to over 5,000 markets in asset classes such as FOREX, indices, commodities, cryptocurrencies and shares.

• ETX Capital offered two main retail account types and one professional account type.

• The broker provided clients with the choice to use its proprietary platform, ETX TraderPro, or the more familiar MetaTrader4 (MT4).

• ETX Capital offered market access covering five asset classes.

• ETX Capital customers could trade in Contracts for Difference (CFD) in classes such as FOREX, stock indices, cryptocurrencies and commodities.

• ETX Capital offered reasonably competitive spreads and commissions across its account types, although its fees were not universally competitive.

• ETX Capital clients could access a wide range of news-based research and education materials in its research repository.

• The broker put a lot of emphasis on trade execution speed. It claimed that 94% of its trades on MT4 are executed in 30 milliseconds or less.

Overall Summary

ETX Capital was established in London in 1965. From starting out as a mortgage bonds specialist, the firm diversified its product portfolio to include stocks and derivatives. Initially known as TradIndex, the firm rebranded in 2002 to ETX Capital. The online broker started as the retail derivatives arm of the founding company.The firm is proud to broadcast that the acronym, ETX, is derived from its main services, which are “Electronic trading, Telephone trading and eXecution.” The broker puts a premium on attracting the best professional talent it can find. Whether they are developers, analysts or customer support individuals, the company strives to harness and develop their skills to produce a high-quality trading experience for clients.This focus on excellence is borne out by the broker’s success during awards season. In 2018, it was named the “Best FOREX trading platform” at the prestigious UK FOREX Awards. In 2020, the firm received the “Best FOREX trading support” gong at the Global FOREX Awards. ETX Capital strives to create a personalized service that caters for all types of traders. It facilitates this through its award-winning ETX TraderPro platform, which can be used on desktop and mobile.With access to over 5,000 markets, the broker leverages its long history to offer attractive products in asset classes such as FOREX, indices, commodities, cryptocurrencies and shares. The firm rebranded as OvalX in May 2022, but it stopped serving clients on 17 March 2023, when clients were invited to move their accounts to Capital.com. Its UK operator, Monecor (London) Ltd, entered voluntary liquidation in 2023 and was dissolved in May 2026, so the broker is no longer available to traders.

Who Is ETX Capital Good For?

Until it closed in March 2023, ETX Capital (later OvalX) was a well-rounded broker that offered suitable service to traders of all experience levels. It does not stand out in any product segment, nor does it seek to concentrate strongly on any type of trader. As with all brokers, ETX Capital welcomes high-volume clients as it drives trading traffic, but the broker is also happy to accommodate new traders.As an FCA and CySEC regulated broker, ETX Capital concentrated on the UK and Europe as its home markets. As the broker no longer operates, the points below are kept for reference only:

Is ETX Capital safe?

ETX Capital UK (Monecor (London) Ltd) was regulated by the FCA in the UK under Financial Services register number #124721. Its FCA authorisation is now cancelled: the firm stopped operating in March 2023, entered voluntary liquidation in September 2023 and was dissolved in May 2026. While it operated, it was a member of the FSCS, which covered eligible clients up to £85,000.ETX Capital Europe was the trade name used by Monecor (Europe) Ltd, which was regulated by the CySEC under license number 096/08, in compliance with the Markets in Financial Instruments Directive (MiFID II). Although the broker was regulated by these two oversight bodies, it is now closed, so it cannot be recommended to traders today.As mandated by European Securities and Markets Authority (ESMA) rules, the broker was compelled to announce on its Website that 74.5% of retail investors in its stable lost money trading CFDs. It is difficult to infer anything about the running of this broker by this number alone, but clients should come to trade CFDs with full knowledge of the risks. The broker Website notes that if one of the banks that holds trader funds on its behalf goes insolvent, then the losses will be shared by traders proportionally according to the amount of money held with the affected bank. That said, the broker uses top-tier banking partners, so the likelihood of such an insolvency is low.

Offering of Investments

ETX Capital is a top CFD trading provider that offers clients access to:

• FOREX.

• Indices.

• Shares.

• Commodities.

• Cryptocurrencies.

Traders will get instant execution, which is one of the hallmarks of this broker. They will also get access to diverse and intuitive charting tools, dynamic risk management and customizable workspaces on its powerful platforms.With access to 5,000+ markets, traders can enjoy reasonably low commissions when they trade in a range of asset classes. ETX Capital also offers mostly good spreads and deep liquidity from several banking partners that help it to source the best volume deals.

Account Types

ETX Capital offers three main account types:Standard Account – This account is best suited to new traders. They must maintain an account balance of €100 to remain in good standing. Deposits and withdrawals are free. Traders get access to helpful 24/5 client-service teams. The account also comes with access to the broker’s educational repository that contains class-leading online trading courses and content.Premium Account – This account is designed for more experienced traders. It is expensive, as clients must maintain a balance of over €10,000 in their account to retain good standing. Traders will get access to all the benefits of the standard service, as well as additional perks like a personal relationship manager who can perform several functions such as providing market data, technical analysis, as well as fielding trade enquiries.Professional Account – Professional traders get the benefit of bespoke products and personalized trading conditions. As this is a professional account, fees are naturally lower because the account is heavily incentivized toward active trading. Qualifying for this account is not easy. Traders must meet two of the following three criteria:Have over €500,000 of liquid assets, excluding your house.

• Experience of working in financial services.

• Make at least 10 significantly sized trades in each of the past four quarters.

Clients must be aware that choosing to become a professional trader means they forego the cover provided to them as retail clients under CySEC rules. Professional traders give up important protections, like negative balance protection and leverage caps. Professional clients also agree to stop receiving risk warnings that retail clients are required to receive.High Net Worth Equities – The broker also offers a special program to traders who are most interested in trading equities and options. Though not a full-fledged account type, the so-called High Net Worth solution is serviced by a customer desk that provides the best and most responsive service to clients. The benefits of this service include:Superior margin rates.

• Rapid order execution.

• Personalized service by equity experts.

• Round-the-clock access to the trading desk.

• Diverse product basket.

• Real-time portfolio valuations.

 Account Opening

It is no longer possible to open an account with ETX Capital (OvalX), as the broker stopped accepting clients when it closed in March 2023. While it operated, traders signed up via an application portal that took a few minutes to complete and could open a live account within a few hours.

Demo Account

The broker also offered a demo account hosted on MT4. Traders can practice their strategies without the risk of losing money. The demo allows clients to practice skills while receiving the same facilities as the live account, such as rapid execution with one-click trading.

Deposits and Withdrawals

ETX Capital clients can make deposits easily by logging into their account window and indicating the desired amount they wish to deposit. As with most brokers, ETX Capital can only accept deposits from an account in the name of the trader. Supported deposit methods include credit/debit cards, bank transfer, Skrill, Neteller, and China Union Pay.ETX Capital does not charge for deposits, but traders are advised to confirm with their bank or payment provider that they do not charge any deposit fees.

Withdrawals

Making a withdrawal with ETX Capital is simple. Once traders make their withdrawal request, the broker’s back-office team will respond with a confirmation email. Withdrawals under £100 attract a £10 processing fee. The broker allows each client five withdrawals for any amount over £/$/€100 per calendar month without a processing fee. Any number of withdrawals above that will attract a charge of £10 per withdrawal.

Customer Service

ETX Capital offers traders access to a responsive customer service desk. Clients can contact the team by phone or email. New clients have a smaller contact window and can only reach the customer service desk from 08:00 hours to 18:00 hours UK time on Monday to Friday. Existing account holders can reach the customer trading desk from Sunday 21:00 hours to Friday 20:00 hours UK time.

Commissions and Fees

ETX Capital’s overall fee structure is mid-priced in the marketplace. With regard to the broker’s trading fees, such as commissions, spreads, financing rates and conversion rates, it has a mixed bag in terms of competitiveness. For example, in the case of stock CFD and stock index CFD fees, ETX Capital does not fare well against its peers. Holding a long position with this broker on an entry level amount such as $1,000 on the S&P 500 Index CFD fee will cost traders $3, which is as much as three times the amount charged by similar-sized brokers.On the other hand, ETX Capital's FOREX fees are average. The broker’s FOREX spreads start from only 0.6pips on the EUR/USD pairing, and 0.9pips for the GBP/USD pairing. However, a cursory glance at the industry’s pricing levels will reveal that these are not the lowest rates around as they fall in the middle of the road.The broker fares better with its non-trading fees, such as withdrawal fees or inactivity fees. ETX Capital does not charge an account fee, and there is no withdrawal fee for the first five withdrawals of each month. There is also no inactivity fee at ETX Capital, which is rare for retail brokers.
Meanwhile, the broker’s overnight funding fees are fixed at 0.0054%, which it claims are competitive when compared to other market players. Traders will normally find it difficult to calculate this amount on their own and are forced to take the broker’s word for it.

Leverage

As per European rules, the maximum leverage available is 1:30 for major FOREX pairs. Minor pairs can be leveraged up to 1:20 and commodities up to 1:10. The broker adheres strictly to these rules. Professional traders can get access to much higher leverage amounts, but in doing so give up many of the safeguards available to retail clients.

Platforms and Tools

ETX Capital uses its proprietary platform in conjunction with the popular MetaTrader suite. Traders can choose the platform they are most comfortable with as all the account types can be run through the broker’s proprietary platform and MetaTrader.

ETX TraderPro

This in-house ETX Capital platform allows experienced traders to stay in step with market movements through its advanced features, peerless research tools and robust charting package. Clients can also access over 60 momentum indicators that will give them unrivalled information to make better decisions.Traders also get the benefit of dynamic Risk Management through the platform’s helpful interface that makes it easy to understand their risk levels before execution. The broker also offers free educational material on risk strategy and position sizing to help traders manage their exposure. Through customized workspaces, traders can create and save up to 10 workspaces that allow them to drag and drop charts to create personalized watchlists.

ETX MT4

Traders who choose the well-loved MT4 platform can keep ahead of the game by analyzing market information, performing trades, and interacting with Expert Advisor (EA) trading robots. ETX Capital’s bespoke MT4 platform features peerless execution speed. On average, 94% of ETX trades on MT4 are executed in 30 milliseconds or less.Clients can trade in micro-lots, allowing them to trade in smaller amounts to reduce their exposure. Through one-click trading, they can adapt to dynamic market movements, giving them the chance to open positions with a single click. Traders can hedge their positions by going long and short on identical markets at the same time. Clients can also get access to a Virtual Private Server (VPS) service that enhances speed to market.

ETX MT4 Remastered

ETX Capital’s new app for MT4 Download has been designed for elite traders. Through the powerful Connect Tab, traders can stay connected to the markets by instantly accessing breaking news, insightful analysis and a detailed economic calendar.Mini Terminal is a new way for traders to enjoy the range of benefits that will fully enhance their trading experience. This is an intuitive way to place pending orders and save order templates through multi-screen support. Traders can develop watchlists for their favored symbols and create order templates to make trading easier and faster.

Mobile Trading

The ETX TraderPro app is available on Android and iOS. Traders can enjoy most of the benefits of the desktop platform, such as user-friendly charting developed for mobile trading. The powerful charting package allows users to keep tabs on global markets. Traders can execute trades directly from charts, compare up to eight different markets and watch over 80 technical indicators.Risk management becomes so much easier with adjustable position sizing and a range of different order types. Traders can save their preferences, create watchlists, and curate an interface that is designed according to the goals they want to achieve.All this is made possible by low-latency connectivity, where traders can easily change between desktop and mobile. All devices are connected and are updated seamlessly as the account performs transactions. Traders do not face delays as their trades are executed instantly, meaning they do not lose out on price opportunities.

Research and Development

ETX Capital has a detailed analysis section that allows traders to stay informed on the markets through regular news updates, commentary and expert analysis. The section is filled with insightful material, as many as two to three articles per day, that allow traders to stay abreast of worldwide market developments. There are also supplementary think pieces written and developed by broker staff who have extrapolated learnings from breaking news. In our view, the news-heavy analysis section allowed for a more immersive and real-time learning format, as opposed to the static research material that some other brokers use.

Education

The ETX Trading Academy is an award-winning knowledge base that takes education to the next level. Using a third-party expert named Corellian, ETX Capital can offer traders the benefit of the experience of industry veterans who can pass on their knowledge.The Corellian mentors are selected for their positive track records as successful traders, or their experience in the financial services industry. The courses are well-developed and are tailor-made to provide maximum benefit to every course attendee.The popular Webinar series features a range of helpful topics such as “Crisis Control Trading,” “Learn to trade like a professional trader” and “Trading a busy lifestyle.” This shows that the broker is thinking not only about the high-level topics, but also about everyday questions traders of all experience levels might ask.

Final Thoughts

In our assessment, ETX Capital was a well-run broker that could adequately serve most traders. It was regulated by the FCA and CySEC and had a long trading history, but it stopped operating in March 2023 and is no longer available. Its platforms are well-developed and offer a comprehensive set of features from which traders to select. ETX Capital has a strong product offering that caters to low-skilled traders and elite clients alike.The broker’s research and analysis section is designed as a newsfeed, which is an immersive and interesting way to embed learning. The educational section is headlined by insightful and expert-led Webinars and features a large range of written material. The customer service desk is run by responsive teams, but there is no live chat option.The main drawback of this broker is its fees, which consist of competitive pricing sandwiched by expensive fees on selected products. Another drawback in a globalized world is that the broker is clearly only focused on its UK and greater Europe markets.

Conclusion

This broker is no longer an option for any trader, because it closed in March 2023 and its clients were invited to move to Capital.com. While it operated, it suited UK and Europe-based novice and intermediate traders, and professional traders could make use of the company’s elite trader incentives. Its research and educational facilities are solidly built. With diverse market access, traders will not easily run out of products in which to invest. The company had a long trading history, but its UK operator entered voluntary liquidation in 2023 and was dissolved in May 2026. Traders looking for a similar service should choose a broker that is currently regulated and operating.

ETX Capital in Brief

ETX Capital (renamed OvalX in 2022) was a well-established broker until it closed in March 2023. While it operated, traders found comprehensive market access, customizable platforms, mixed fee levels and helpful customer support, as well as rapid execution speeds and well-designed analysis and education sections.

Review Methodology

The team at Arincen collected more than 120 pieces of data covering more than 100 licensed FOREX companies. Data collection was done in three ways:

1. Companies’ websites.

2. Other websites that have ranked FOREX companies.

3. A survey questionnaire (referred to here as Survey “1”) was sent to the companies invited to participate in the exercise.

We have identified 12 criteria for our assessment, each containing several aspects and carrying its relative weight. These include licensing, deposits and withdrawals, number of assets, etc.

Afterward, we validated the data by:

1. Registering with FOREX companies as a secret shopper and/or as Arincen.

2. Survey number “2,” in which we asked these companies’ customers for meaningful feedback and past experience.

The next step saw us evaluate and rank each company, relying on the hard work of 15 Arincen employees. We were cautious in ensuring the most accurate assessment possible, including considering different languages and the various mobile-app operating systems, e.g., Apple, Samsung, etc.

To add credibility to our research project, we sent a final and third survey (referred to here as Survey “3”) to enable participating FOREX companies to evaluate our research and whether it accurately reflects the realities on the ground. We were fortunate enough to receive a mark of 9.9 out of 10! We have kept the margin of error to a minimum, which stood at a measly 1%. To learn more about how we came up with the evaluation, please click here.