OvalX Review 2024
Website: www.ovalx.com
Min. Deposit: US$ 100
Leverage: 30:1
Trading Platforms: TraderPro, MT4
Regulation: FCA
Headquarters: UK
Founded: 1965
Regulatory Licenses:
- Monecor (London) Ltd - authorized by FCA (UK) registration no. 124721
Updated on January 26, 2024
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OvalX, previously known as ETX Capital, boasts a rich history that traces back to 1965. Today, it stands as a global provider of online foreign exchange (FX) and contracts for difference (CFD) trading technology. It offers traders access to a wide array of markets, totaling approximately 6000, supported by a robust customer service team and enhanced trading opportunities under the regulation of the Financial Conduct Authority (FCA).
OvalX is a broker that has established itself as a highly reliable entity, underpinned by toptier regulation that guarantees a secure trading environment. This includes client protection and compensation mechanisms. The broker presents a commendable selection of FX and CFD instruments, characterized by low trading fees and spreads, facilitated through the industrystandard MetaTrader 4 (MT4) platform. Additionally, Spread Betting is an option available exclusively to UK traders. The broker is also recognized for offering institutional financial features to retail traders.
Pros
Highly reliable broker with toptier regulation
Good selection of FX and CFD instruments with low fees
Availability of Spread Betting for UK traders
Institutional financial features available to retail traders
Cons
Limited information on trading conditions
Narrow market range, excluding cryptocurrencies
Customer support accessible only during business days
OvalX Review Summary in 10 Points ▲
Headquarters: UK
Regulation: FCA
Instruments: More than 50 Forex pairs, commodities, CFD products, or spread betting options
Platforms: TraderPro, MT4
EUR/USD Spread: 0.6 pips
Demo Account: Available
Minimum Deposit: $100
Base Currencies: GBP, USD, EUR
Education: High-level trading education
Customer Support: Available 24/5
Our evaluation of the broker is overwhelmingly positive, highlighting its reliability, excellent service, and extensive operational history. OvalX caters to clients globally, offering some of the lowest fees and spreads for FX pairs in the market. After conducting extensive testing and comparison against 1000 other brokers, OvalX achieves an Overall Ranking of 7.9 out of 10.
The broker has also been recognized in the industry through various awards, though it's noted that the educational resources might be lacking for beginners. Alternative brokers with more comprehensive offerings in this regard might be worth considering. Notable awards include:
UK Forex Awards | Best Forex Trading Tools & Software
Shares Awards | Winner Best Futures Options Broker
Investment Frauds | Winner Value for Money
OvalX is unquestionably not a scam. It stands as a reliable broker with top-tier regulation, offering traders a secure and transparent trading environment. This includes protection and compensation schemes designed to safeguard trader interests.
OvalX operates under the trading name of Monecor (London) Limited, with its headquarters in London. It is authorized by the Financial Conduct Authority and is an active member of the London Stock Exchange. The stringent regulation by the FCA, known for its rigorous standards, ensures OvalX's reliability. This includes daily security checks, separation of client funds (held in investment-grade rated UK banks), and participation in compensation schemes in case of insolvency, among other controls. Our trust score for OvalX's reliability is 8.9 out of 10, reflecting its long-standing reputation, quality service, and adherence to strict regulatory standards ensuring trader safety and transparency.
Leverage represents a mechanism through which traders can borrow funds from brokers, aiming to magnify their investment returns. It's critical to understand that while leverage can indeed amplify gains, it also introduces a heightened level of risk, potentially culminating in the total loss of funds. Therefore, it's imperative for traders to exercise caution and meticulously evaluate their risk tolerance before employing leverage. OvalX provides its traders with a leverage opportunity that strikes a balance between enabling higher potential returns and managing the associated risks. Being regulated by the Financial Conduct Authority (FCA) and adhering to the European Securities and Markets Authority (ESMA) regulations, OvalX caps its leverage at a maximum of 30:1. This controlled leverage range ensures compliance with stringent regulatory standards and promotes responsible trading practices.
OvalX's trading fees are integrated within their spread and are recognized for being highly competitive in comparison to the broader market. The platform offers commission-free trading on stock CFDs (Contract for Differences), making it an attractive option for those trading in this domain. When it comes to non-trading fees, OvalX stands out for maintaining them at a low level. For forex trading, the fees charged by OvalX are considered average, striking a balance between cost and service.
OvalX simplifies the process of account opening by offering its clients a single standard trading account. This approach streamlines the selection process, focusing the choice on the trading platform. OvalX has developed three distinct trading platforms, each designed to cater to the varying needs and preferences of traders. Additionally, OvalX encourages prospective traders to first engage with a demo account. This step not only facilitates a smoother transition to real trading but also serves as a valuable tool for enhancing trading skills and strategies.
Our extensive research into OvalX's offerings reveals that the broker grants its clients access to a diverse array of trading instruments. This selection encompasses over 60 forex pairs, global indices, more than 1000 shares from the US and European markets, and various commodities, all available through Contracts for Difference (CFD). Furthermore, for those residing in the UK, OvalX also offers spread betting options. Having evolved from a former institutional financial service provider, OvalX now extends several powerful features to its retail clients, features that were once exclusive to institutional clients. One of OvalX's strategic approaches is to maintain tight spreads. This practice ensures that the market needs to move less in your favor for you to realize a profit, thus facilitating competitive pricing for traders. OvalX's comprehensive range of markets has earned it a score of 8.3 out of 5, reflecting its commendable selection of trading instruments. However, it's important to note that these instruments are limited to forex and CFD trading.
OvalX trading fees are integrated into the OvalX spread and are recognized for their competitiveness in the market. This broker provides commission-free stock CFD trading, while its non-trading fees are minimal. Regarding forex fees, they are considered average.
We evaluate OvalX fees with an overall score of 3.9 out of 5, rooted in our assessments and in comparison with 1000 other brokers. The fees at OvalX are generally perceived as favorable, being below the industry standard.
OvalX's spread offerings are delivered through access to institutional-grade pricing, with the trading fees being incorporated into the spread.
The OvalX spread is highly competitive in the market landscape. For instance, Forex spreads begin at 0.7 pips for EUR/USD, Equities have indicative spreads starting at 0.08 for some stocks, Commodities have minimum spreads from 3 pips, and Indices begin at 1 pip for certain major indices.
"Typical" spreads for notable pairs are the median values observed over a specific timeframe. However, these spreads can fluctuate due to market conditions such as volatility, liquidity, and other influencing factors.
OvalX Spreads receive a high score of 4.5 out of 5 in our comparative testing with other brokers. The Forex spread is notably lower than the industry's average of 0.6 pips for EURUSD, and the spreads for other instruments are equally appealing.
OvalX provides a variety of popular deposit methods, allowing you to choose from major Credit and Debit Cards (excluding AMEX), Wire Transfers, Online Bank Transfers, and several e-payment options like UnionPay, Skrill, Sofort, giropay, and Neteller.
We rated the OvalX Funding Methods as Excellent, with a score of 4.0 out of 5. The minimum deposit is around the industry average, with either no fees or very low fees, also accommodating various account-based currencies.
Minimum deposit
OvalX's minimum deposit requirement is £100 or an equivalent amount in another currency.
Comparison of Minimum Deposit
OvalX: $250
Most Other Brokers: $500
Withdrawal
OvalX offers a competitive withdrawal option, providing each trading account with five fee-free withdrawals over USD 100 each month. Subsequent withdrawals incur a charge of $25 per transaction.
OvalX offers a choice between its proprietary platform and the industry-leading MetaTrader4. The broker provides access to 5,000 markets and offers round-the-clock spread betting, along with a variety of tailored price alerts, customized charts and indicators, limits, and drag-and-drop stops, as well as educational and analysis support.
We rated the OvalX Platforms with a score of 4.3 out of 5 for their selection of sophisticated trading platforms, including the cutting-edge MT4 and proprietary OvalX platform. These platforms are equipped with advanced trading features and are suitable for traders of all levels of expertise.
Desktop Platform
You also have the option to use the MetaTrader4, known for its charting package, selection of automating capabilities, and ability to incorporate your own Expert Advisors (EAs) for order automation. MT4's global presence, high-level security, and excellent execution have earned it top rankings, making it a wise choice for OvalX to offer both platforms.
Moreover, all OvalX platforms are available in mobile formats, allowing you to access your trading platform on both Apple and Android devices. This mobility is crucial for modern traders who need the flexibility to trade from anywhere.
OvalX Trading Tools
The tools available on both OvalX platforms include the proprietary OvalX platform, previously known as ETX TraderPro. This platform is powerful, highly customizable, yet intuitively designed with advanced charting options. It offers flexible graph options and professional-grade tools, facilitating highly interactive trading with significant risk and reward potential.
OvalX Customer Support
OvalX is praised for its proactive and knowledgeable customer support, committed to ensuring client satisfaction around the clock. Support channels include Live chat, email, and international phone calls.
We rate OvalX Customer Support 4.0 out of 5 based on our testing. The broker delivers quick and relevant support, leaving us highly satisfied with the quality of service. The main limitation is the absence of weekend support, with Live chat being available only in English.
Education
OvalX is committed to ensuring that new traders are well-educated and prepared to start trading. A Demo account is available at any time, along with detailed trading education of very high quality compared to its competitors.
OvalX Education receives a score of 3.5 out of 5 based on our findings. The broker offers high-quality trading education, but the range of resources might be somewhat limited for beginners. Educational resources include guides, news, analysis, and webinars.
Our experience with OvalX has been overwhelmingly positive. With its proven reliability and stellar reputation, backed by years of experience and a long operational history of its parent company, OvalX remains a strong contender among institutional and retail traders alike.
Among the many benefits of trading with OvalX, its platform solutions stand out, alongside a comprehensive and well-designed educational system with a wealth of free materials for traders at different levels of experience.
Based on our findings and expert opinion, OvalX is highly recommended for:
Professional Traders
Institutional Trading
Traders employing Various Trading Strategies
Algorithmic or API Traders
Traders using Expert Advisors
Copy Trading enthusiasts
Traders who prefer the MT4 platform
Currency and CFD Trading
CFD Shares Trading
Those seeking Low Spreads Trading
