OvalX Review (2023)

What is OvalX?

Broker’s name ETX Capital was changed to OvalX.

OvalX is a quite old company with history dates back to 1965, that acts as a global provider of online trading innovative technology and giving an opportunity to access up to 6000 markets, supported by the strong customer service team and enhanced opportunities through FCA regulated guidelines.

It is true that the OvalX primary business is heading more to institutional traders or clients, yet as the retail trading and volume growing daily, OvalX expanded its offering to the global traders as well. Even though online trading offering is active for the last 15 years, it now became one of the competitive trading solutions, and what is more important reliable solutions.

OvalX Pros and Cons

OvalX is a good broker with quality trading platfroms, low costs and education section.

For the negative side, conditions are not very clear and instruments might be limited to CFDs only.

Awards

Overall, for its strives and achievements, OvalX has gained various awards and gained international recognition, which ensures the quality of OvalX trading services, not only from the reputable issuers but at the traders’ community as well.

UK Forex Awards | Best Forex Trading Tools & Software

Shares Awards | Winner Best Futures Options Broker

Investment Frauds | Winner Value for money

Is OvalX safe or a scam

No, OvalX is not a scam. OvalX is an online trading name of Monecor (London) Limited, the firm headquartered in London and authorized by the Financial Conduct Authority, as well as the active member of the London Stock Exchange.

In fact, being an established firm under the strict rules of FCA, which actually is one of the strongest and most sharp regulators in the industry, means OvalX has appointed each and every rule to their procedures that ensure broker’s reliability.

These set of authorized controls including the most important thing to keep customer money secure that including but not limited to daily security checks for sufficient regulatory capitals, separation of the client’s funds which are also kept in investment-grade rated UK banks, participation in schemes that covers traders in case of insolvency and many more.

Trading Instruments

Therefore, by choosing OvalX as a broker you will get not only an alternative of different tradable markets, worldwide financial indices, numerous equities, 50+ Forex pairs, a considerable number of commodities, CFD products or spread betting available for UK residents only.

You will also find numerous powerful features that were previously available for institutional clients only.

The OvalX follows the strategy of tight spreads, since as tighter spread the smaller is the distance that the market in question has to move in, so you can benefit and enjoy truly competitive pricing.

Leverage

OvalX tries to offer a potentially appropriate opportunity to their traders since increased leverage may also increase trading risk. Hence, OvalX leverage rates are set to a 100:1 for most of the products and 200:1 on some MT4 products. Although you should always note that potentially favorable opportunity of trading leverage should be used smartly on various products in order not to face not predicted losses.

In addition, the recent European regulatory updates lead by ESMA, with a purpose to protect clients from negative impact, mandated to decrease leverage to a maximum of 30:1 on Forex instruments and even lower for other assets.

Account types

To simplify the account opening process, OvalX provides its clients with one standard trading account, while the only choice goes to the platform that offers three different elaborated platforms, allowing to select the one that suits the best.

Fees

OvalX trading fees, which are built into the OvalX spread, considered to be on a very competitive level among the market offering. Check out and compare OvalX fees to BDSwiss.

Spreads

OvalX’s spreads tariffs provided via access to the institutional greed of pricing, the OvalX trading fees are built into the spread. As you can see below, the OvalX spread is a very competitive offering among the market, as Forex spreads start at 0.7 pips for EUR/USD,  Equities – 0.08 indicative spreads for some stocks, Commodities– minimum spreads starting from 3 pips, Indices– minimum spreads starting from 1 pip for certain major indices.

“Typical” spreads for noted pairs represent the median and are tracked during a specified time frame, however Spreads may vary based on market conditions, including volatility, available liquidity, and other factors, for most recent quotes check official OvalX website or platform.

Deposits and Withdrawals

OvalX offers a range of popular ways to deposit money into the trading account that allows you to choose among major Credit and Debit Cards except for AMEX, Wire Transfers, Online Bank Transfers, as well several forms of e-payment UnionPay, Skrill, Sofort, giropay and Neteller.

Minimum deposit

OvalX minimum deposit amount is £100 or the currency equivalent.

OvalX minimum deposit vs other brokers

	OvalX	Most Other Brokers
Minimum Deposit	$250	$500

Withdrawal

OvalX also applied competitive proposal for withdrawal option, as supplies each trading account by five withdrawals over USD 100 within each month without a processing fee or withdrawal fee. Further on, in case you wish to withdraw more funds than it will incur a charge of 25$ per transaction.

Trading Platforms

OvalX brings trading opportunity with access to 5,000 markets and spread betting round-the-clock with a variety of tailored price alerts through email or texts, customized chart and indicators, limits, drag and drop stops, as well educational and analysis support.

Web platform

The tools are available on both platforms that OvalX stays on and includes proprietary ETX TraderPro, a truly powerful, fully customizable software, yet with intuitive design and advanced charting. ETX TraderPro featuring flexible graphs options and is a platform with the highest grade professional tools, bringing highly interactive trading with a chance to embrace significant risk in the ambition of significant returns.

Desktop Platform

Likewise, you still have a choice to use an industry leading MetaTrader4 that is famous for its charting package, selection of automating capabilities or ability to bring own EA’s to automate orders. MT4 is a global platform with around worlds presence, highest implemented security and execution offers, that gained highest rankings and it is smart enough from OvalX to propose both platforms to your convenience.

Moreover, OvalX offers all of its platforms in mobile format, meaning that you can access your TraderPro platform on your Apple or Android phone or tablet. Nowadays, most traders executing positions wherever they are, that’s why OvalX trading allows you to move around freely while you trade.

Education

In addition, the broker undertakes to ensure that new traders are properly educated and ready to start trading. For that reason, Demo account is available for opening at any time, as well as the detailed and various levels of trading education that considered to be on a very high level comparing to its peers.

And of course, you would be trading with constant customer support services that are available and respond by phone or email, or an international number for non-UK traders.

Conclusion

In conclusion, OvalX has everything to prove the reliability and excellent reputation. Years of experience and long operation history of the OvalX parent company still keeps a broker at a strong position among institutional providers as well as maintain competitive offering to the traders. Nevertheless the broker work with vast of institutional clients, the retail traders will find OvalX expanded approaches too. Among the OvalX benefits, we have to admit their platform solutions, as well comprehensive and well-built educational system with a range of free materials available to traders of a different experience.