Been Scammed By This Broker? We Can Help!
Investing online is growing in popularity. Whether you prefer Forex, CFDs, cryptocurrency or other investment vehicles, finding a broker, setting up an account, and starting to trade has never been easier. However, it is also easier for unscrupulous parties to take advantage of unsuspecting traders. There are man trading scams online and it is important to know what to look for.
ETX Capital is regulated by the FCA or the Financial Conduct Authority. It is always important to look at licensing first. However, does that meant that ETX Capital is a scam or legit? If you want to know more about a broker or if you have lost money in an investment scheme, contact Trader Defense Advisory for information and resources so can get the process started for returning your funds to you.
ETX Capital’s parent company is Monecor, which is a London-based firm that was founded in 1965. It is regulated by the FCA or the Financial Conduct Authority, a First-tier regulatory authority in the United Kingdom. This is a good sign so far, but it is no guarantee that the broker is legit. Always work with a broker that has a current license from a top-tier regulator.
The main takeaway from our investigations is that ETX Capital seems like a legitimate broker, with some advantages and disadvantages which will be explored in this article. However, it should be noted that two-thirds of investors lost money on CFDs with this firm. This may be more of an indication of the inherent risk of CFDs rather than flaws with ETX Capital in general.
The summary of our evaluation is that ETX Capital is a quality broker. They have a reliable license, opening an account is easy, there is a low minimum deposit. ETX Capital offers good customer service, a satisfactory platform, and investor educational resources.
The drawbacks we found with ETX Capital were its fees, some of which were higher than average, the small selection of products, and the lack of research available for investors. As mentioned above, two-thirds of CFD investors lost money with ETX Capital, but this may be a caveat about CFDs rather than ETX Capital.
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ETX Capital does not have a withdrawal fee for initial monthly transactions, which is a definite advantage. However, does have a $25 inactivity fee, which is higher than many other brokers and a higher than average fee on CFDs. For various CFD products, ETX Capital ranged from double the fee to a few dollars higher. This is a disadvantage also considering how risky CFDs are, to begin with.
However, this broker has reasonable withdrawal fee. The first five monthly transactions are free, and after five, the fees are just $10. The $25 inactivity fee after six months is higher than average. For traders who avoid trading high-priced and risky CFDs and keep their accounts active, the fees are not too onerous.
ETX Capital Accounts are fast and easy to open with a low minimum of 100 pounds sterling. Account opening is fully digital without any paper forms to send. It is possible to begin the process of opening an account and have it completed and verified in one business day. Traders can deposit and withdraw money with a debit or a credit card with no deposit fee. You can also withdraw money through a bank transfer or electronic wallet.
We were pleased with the features offered on ETX Capital platform, particularly its ease of use, a strong search, and customizable features. The one drawback to this platform is that it had a one-step login where a two-step login would have provided tighter security.
The mobile trading platform allows traders to make trades on the go easily with a variety of order types and the same user-friendly and advanced search features available on the regular platform. One slight criticism of the desktop platform is that the design is outdated, but many of the features are still efficient.
With all of ETX Capital’s other advantages, including its impressive platform, good service, and ease of account opening, one might think that its selection of investment products would be generous. Unfortunately, this broker only offers Forex pairs, CFDs, and cryptocurrency trading. These are all high-risk trading vehicles that can involve significant losses. It is recommended to work with a broker who also offers stocks, ETFs, commodities, and other investments.
From our investigation, ETX Capital seems to be legitimate, but several disadvantages provide cause for concern.
The choice of whether to use ETX Capital’s brokerage services is yours. If you need information or feel you have been cheated by ETX Capital or any other broker, we can provide immediate assistance. Trader Defense Advisory is staffed with experts who understand the financial industry and the methodology of scams. We can help you investigate scams and work towards the goal of retrieving your funds.
What are the signs of scam brokers? Here are a few of many dubious practices:
If a broker has exhibited any of these behaviors, contact Trader Defense Advisory experts immediately.
Time is of the essence when it comes to tracking down a scam broker. They are known to disappear quickly under alternate identities and to take your money with them. Trader Defense Advisory has decades of combined expertise in spotting scams, tracking them down, and working as an advocate to help clients retrieve their money. Consult with our experts today!