OTC Forex and CFD brokerage EQLX provides a single type of trading account with a minimum deposit of $50/£30, competitive floating spreads and leverage up to 1:200. Those unwilling to put much at stake are able to trade in micro lots.
Demo accounts are also available: the MT4 demo lasts 120 days, while the eqlTrader practice account currently does not have an expiration.
However, EQLX does not offer Swap-free (Islamic) accounts to investors of Islamic belief.
The Company. Security of Funds
Launched in 2016, the EQLX’s offering consists of more than 900 tradable instruments, including OTC forex and contracts for difference (CFD) on forex, indices, stocks, oil and precious metals on two trading platforms.
The brokerage brags about its transparency approach and innovative strategy to split 50/50 its net profit with high-volume traders.
Headed by industry veteran Matthew Carstens, who has previously worked at ThinkForex, EQLX is a trading name of ACM Group PLC (Alpha Capital Markets), UK-based broker and market maker.
In order to operate legally, UK brokerages have to be authorised and regulated by UK Financial Conduct Authority (FCA), which has set a number of requirements to financial services providers.
For example, in order to acquire a license from the UK financial watchdog, brokers have to provide proof of financial stability: they must hold at least €730 000 net tangible assets. Besides, client funds have to be kept in segregated accounts, separated from the company’s operational funds, and brokerages are required to deliver regular financial reports and accounts on conducted trades.
FCA regulation also involves additional guarantee to clients’ funds, since they fall under the umbrella of the Financial Services Compensation Scheme (FSCS), where the maximum compensation cover is £50,000 per person in the event that a broker becomes insolvent.
Minimum initial deposit
The minimum initial deposit required to open an account with EQL-X is not high, $50. In comparison, HYCM (formerly HY Markets), which also holds a FCA-license, requires $100 as a start.
Average Spreads & Commissions
EQL-X offers quite competitive variable spreads, starting at 0.0 pips for the EUR/USD pair. A commission fee of is $5 per standard lot (per side) applies, so average trading costs for the EUR/USD pair amount to around 1.3 pips per lot, commission included, which is a fairly good offer.
In comparison, HYCM’s average spreads amount to 1.5 pips on EUR/USD and the brokerage does not charge commission. Another UK brokerage, FxPro, offers average spread of 0.4 pips on the EUR/USD for its cTrader accounts, charged $4.5 per standard lot.
For further information you may look up real-time spreads of 15 leading brokers here.
The maximum leverage provided by EQL-X is 1:200. This is average for the forex industry, however a many UK-based brokers offer higher leverage ratios. Other FCA-regulated brokers, like HYCM and FxPro both provide leverage up to 1:500. You can look up a list of more forex brokers offering leverage equal to or exceeding 1:500.
Keep in mind that higher leverage levels involve higher risk of losses which may exceed initial investments.
Clients of EQL-X are offered the company’s in-house EqlTrader, as well as the renown MetaTrader 4 (MT4),.
EqlTrader offers ease of use, extensive offering of asset classes and the basic tools offered within standard trading environments. It comes in desktop, web and mobile versions. It is equipped with fully customizable watchlists, one-click dashboard, drag and drop chart trading, and over 50 indicators to choose from.
MT4 is available as desktop, and mobile versions with this broker. This platform allows users to fully automate their trades by Expert Advisors (EA) and let the program do all the work. This is one of the reasons MT4 to be the preferred platform by most traders. What is more, it offers extensive back-testing options, a wide range of technical indicators, advanced charting package and ease of use. Here is a list of more forex brokers offering MT4 platform.
Methods of Payment
This broker supports a number of payment methods: Bank Wire, Credit/debit card (Visa, Mastercard), e-wallets Skrill, Paypay, SafeCharge, Neteller, CashU, Ukash, Webmoney, Alipay and more.
EQL-X is a newly launched UK broker, offering trading in wide range of financial instruments through the famous MT4 and its in-house platform.
EQLX Review Conclusion
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