ETX Capital is the trading service brand of Monecor LTD. Since ETX Capital’s formation, the brand has extended Monecor’s tradition of excellent customer service and ethical practices (regulated by the FCA) into a variety of financial markets. With their Forex trading branch, the user will be trading on the behavior of international currencies. We’ll take a closer look at what has separated ETX Forex Trading from the the pack in our review below.
Many readers will be familiar with currency spread betting already, but I’ll give a quick review. Currencies change their innate value all the time, according to forces instituted by governments and due to the behaviors of markets and consumers around the world. You can bet on the way one currency will perform, relative to another on this and other platforms. If the currency performs as you predicted, in excess of a certain point (called a spread), then you win yields based on how much the currency grew or declined, in the direction you anticipated. Because currency behavior is based on real world events, it is possible to guess, with some degree of accuracy, what these currencies are going to do. You can also make a lot of money doing it. $4 Trillion is trades on Forex every day.
Users are able to bet on 50+ different paired currencies. New users should also take note of leverage rates. The higher the rate (as high as 200:1), the lower the initial wager that a new investor will have to make in order to make a trade. The spreads themselves can be variable or fixed, but they tend to be low. ETX has managed to be competitive in this market by offering tight spreads, great platforms and interfacing, and great customer service.
A Closer Look
ETX makes it easy to learn the ropes of currency spread betting. They offer new users plenty of educational opportunities, up to the minute financial data, and low minimum bets. I already had some experience in this kind of trading, but I found the interface easy to use and customize, despite being new to the program.
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As stated earlier, spreads are very often < one pip. New users should take note of whether the spread for their chosen currency pair is fixed or variable. Variable is good, because it keeps the spreads as low as possible, but users should make sure the spread they think they are betting on is still in place. All of this information is prominently displayed.
Customer support is another area where ETX really shines. I have used chat and even phone options and have always found quick information from real people. They also offer email and even fax service. In my analysis of the program, I didn’t actually have any problems, but I did contact customer support just to see how they fared. They exceeded my expectations. Their support is also available in 8 major languages, so your ability to reach qualified support is very good indeed, no matter where you are.
ETX capital also meets all regulatory requirements by the Financial Conduct Authority. Client accounts are segregated, their financial calculations are always accurate and up to date. This regulation gives traders the confidence that, should disaster strike, they can be compensated by the government, up to fifty-thousand pounds if ETX liquidates.
There is a bit of a learning curve with a trading platform this sophisticated, but that is to be expected. Experienced traders should take to it like a duck to water, however. I enjoy using this service, and I’ve found that, when combined with some of ETX Financial’s other services, I’m able to bring most of my daily trading behaviors under one digital roof. Spread betting on currencies is my favorite type of spread betting. It’s simple to understand and I tend to do pretty well at it. This kind of investment is a risk, of course, but ETX Financial makes it about as transparent and easy as it can be, and I recommend them on that basis.