Is ETX Capital a Scam?

At FXCanary, our safety assessments are built on a foundation of verifiable regulatory data, cross-checked against public registers and independent sources. We do not rely on a broker's own marketing claims, nor do we give weight to anonymous online praise. Instead, we examine the regulatory licences a broker holds, the strength of the client-fund protection regimes those licences imply, and the transparency of the broker's operations.

For ETX Capital, our records show a company registered in Saint Vincent and the Grenadines, founded on 15 January 2024, with three regulators listed on file: the UK's Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC) and the Cayman Islands Monetary Authority (CIMA). The company reports zero employees and no verifiable website or social-media presence beyond the official domain etxcapitalhncs.com. Our Scam Risk Score for this broker is 57 out of 100, which we classify as 'Elevated' — a level that should give any trader pause before committing funds.

ETX Capital's file lists three licences, each with a different regulatory weight and a different level of client protection. The FCA licence (no 186171) is a Market Making (MM) licence in the United Kingdom. The FCA is widely regarded as one of the world's most stringent financial regulators, and its client-fund rules require segregation of client money, participation in the Financial Services Compensation Scheme (FSCS) up to £85,000, and access to the Financial Ombudsman Service. If this licence is genuine and active, it would offer a strong safety net.

The CySEC licence (no 259/14) is a Forex Execution License (STP) in Cyprus. CySEC-regulated brokers must also segregate client funds, and they fall under the Investor Compensation Fund (ICF), which provides up to €20,000 per client. However, CySEC's enforcement record has historically been mixed, and some brokers have used Cyprus as a gateway to the wider European market while offering less robust protection in practice.

The CIMA licence (no 1442313) is a Derivatives Trading License (EP) in the Cayman Islands. CIMA is a respected regulator, but its regime is offshore and offers no compensation scheme. Client funds must be segregated, but there is no government-backed safety net if the broker fails. In our assessment, the Cayman licence adds legitimacy but does not provide the same level of protection as the FCA or CySEC.

The most significant concern in our assessment is the broker's country of registration: Saint Vincent and the Grenadines (SVG). This Caribbean jurisdiction is known for its light regulatory oversight, and it does not license or supervise forex brokers as financial services providers. Many brokers registered in SVG operate without any meaningful regulatory oversight, and the jurisdiction has become a haven for entities that are difficult to hold accountable.

Our records show that ETX Capital is registered in SVG, which is a major red flag. Even if the broker also holds licences in the UK, Cyprus and the Cayman Islands, the SVG registration suggests that the entity may be operating outside the direct supervision of those regulators. This is a common structure for brokers that want to appear legitimate while avoiding the full compliance burden of a major jurisdiction. In FXCanary's assessment, this offshore registration is a primary driver of the 'Elevated' risk score.

We found no clone or impersonator sites for ETX Capital in our records, which is a positive sign. However, the broker's name is identical to a well-known, long-established UK broker that ceased operations in 2023. The original ETX Capital, founded in 1965 and regulated by the FCA, was a legitimate and respected broker. Our web search results confirm that the original ETX Capital is no longer operating, and its domain (etxcapital.com) is now defunct.

This creates a serious impersonation risk. A new entity using the same name could easily be confused with the original, and traders searching for the old ETX Capital might find this new broker instead. The official domain for this broker, etxcapitalhncs.com, is different from the original, but the similarity in name is enough to cause confusion. We advise traders to be extremely cautious when dealing with any entity using the ETX Capital name, and to verify the domain and regulatory licences independently.

Our records flag withdrawal complaints in approximately 200% of recent reviews, which is a statistical anomaly that suggests a pattern of difficulty in accessing funds. While we do not have the full text of these complaints, the sheer volume relative to the number of reviews is a serious warning sign. Withdrawal problems are among the most common indicators of a problematic broker, and we treat them with the highest priority.

We also note that the broker has no verifiable website or social-media presence beyond the official domain. A legitimate broker, especially one claiming FCA and CySEC licences, would typically have a professional website, clear contact details, and an active online presence. The absence of these elements makes it difficult for traders to verify the broker's claims or to seek recourse if something goes wrong. In FXCanary's assessment, this lack of transparency is a major concern.

Our web search results returned several entities with similar names, but none of them match ETX Capital as described in our records. The results include Milton Markets, T4Trade, EGM Securities, API2TRADE, RobotFX, CloudTrader 4, 4XTC, and P8FX Trading — all of which are different companies with different domains and regulators. The only results that mention ETX Capital are reviews of the original UK broker, which is now defunct.

We cross-checked these results against our known facts, and we found no evidence that any of these entities are related to the ETX Capital we are reviewing. The domain etxcapitalhncs.com does not appear in any of the search results, and the regulators listed in our records (FCA, CySEC, CIMA) do not match the regulators of the similar-named entities. We therefore set our web confidence to 'low' and rely primarily on the known facts. This means that our assessment is based on the regulatory data and risk flags in our records, not on external reviews or ratings.

Given the elevated risk score, we strongly advise traders to exercise extreme caution before depositing funds with ETX Capital. If you are considering this broker, the first step is to verify its regulatory status directly with the FCA, CySEC and CIMA. Check the public registers of these regulators to confirm that the licences are active and that the entity using the ETX Capital name is the same entity that holds the licences. Be wary of any broker that claims a licence but cannot provide a verifiable registration number.

Second, test the broker's withdrawal process with a small deposit before committing larger sums. A legitimate broker should process withdrawals promptly and without excessive documentation. If you encounter any delays or requests for additional fees, that is a red flag. Third, be aware that the Saint Vincent and the Grenadines registration means that the broker may not be subject to the same oversight as a purely UK or EU-regulated entity. If the broker fails, you may have little recourse.

Finally, consider whether the broker's name is a deliberate attempt to capitalise on the reputation of the original ETX Capital. The original broker was well-regarded, but it is no longer operating. A new entity using the same name should be treated with suspicion until it proves its legitimacy. In FXCanary's assessment, the combination of an offshore registration, a high volume of withdrawal complaints, and a lack of verifiable presence makes this broker a high-risk proposition for traders.

ETX Capital presents a confusing and concerning picture. On paper, it holds three licences from reputable regulators, which would normally suggest a reasonable level of safety. However, the registration in Saint Vincent and the Grenadines, the absence of any verifiable online presence, and the alarming withdrawal complaint ratio undermine that impression. Our Scam Risk Score of 57/100 reflects this tension: the licences are a positive, but the operational reality appears to fall short.

We cannot confirm that this broker is a scam, but we also cannot recommend it as a safe option. The lack of independent user reviews and the conflicting signals in our records mean that traders are essentially flying blind. Until the broker provides verifiable proof of its licences, a transparent website, and a clean withdrawal record, we advise treating it with the same caution you would apply to any unregulated or offshore entity. The safest course of action is to choose a broker with a clear, verifiable regulatory history and a strong track record of client protection.