Fresh off a recent merger, OvalX has emerged stronger than ever. OvalX is well-regarded, as it has over six decades’ worth of experience in financial markets. This is a huge advantage for traders, as a company with longevity is always seen as superior to one that is new and untested.
OvalX prides itself on being transparent and customer-focused. Traders can access the market through the OvalX platform, as well as through the MetaTrader 4 download. All traders can access the educational resources, platforms, and markets that OvalX has to offer, but those who are investing over £10,000 can get added benefits (as discussed a few sections below).
Pros and Cons
Pros
- Listed On The London Stock Exchange
- Sophisticated Platform
- Wide Asset Range (1,000+)
- Trustworthy Reputation
Cons
- Few Account Types
- Not Many Educational Materials
- Limited Country Range
Recommended For
Judging from customer reviews and what OvalX offers, this broker is recommended for moderate to advanced CFD traders who want access to a lot of assets and a wide range of markets. Though there are some educational resources, this selection is not as extensive as with other brokers, so novices should likely have their own knowledge base before signing up with OvalX. Additionally, traders who are able to invest over 10,000GBP will like this broker, as it offers Premium Account services to these high-deposit investors.
Regulated By
- The Financial Conduct Authority (United Kingdom)
- Cyprus Securities and Exchange Commission (Cyprus)
- Financial Sector Conduct Authority (South Africa)
Top Features
- CFD Trading. Traders looking to trade CFDs will like OvalX. With this broker, you can trade thousands of CFD assets, including shares, Forex, and more. You can trade these assets through a customizable interface that allows you to build a diverse portfolio, thanks to the global market access and thousands of instruments that OvalX provides its clients.
- Spread Betting. This tax-efficient way to trade lets OvalX clients take advantage of falling and rising markets, and these traders can open positions with just a fraction of the total trade value.
- MetaTrader 4 Available. MetaTrader 4 has long been an industry-standard for traders. It has competitive pricing, fast execution, and a lot of features that will enhance your trading career and make it cutting-edge. According to OvalX, the broker is one of the “leading providers” of this software platform in the U.K.
- Free Demo Account. A free demo account is always a great feature, no matter the broker. You can try out OvalX’s services with this free account, playing with fake money while getting the same learning experience as if you were using live money in a real market. Traders who aren’t too confident in the market will enjoy being able to practice with this demo account.
- Webinars. Webinars are a common educational tool from brokers, and OvalX offers its fair share of them. These webinars include a “Professional Trader Series,” “2-Hour Trading Special,” multiple platform guides, and an “OvalX Trading Strategy Course,” among others.
- Premium Account Available. As mentioned, if you want to invest more than £10,000, you may be eligible to have a “Premium Account.” This account offers a lot of top-notch services, including your own “dedicated relationship manager.”
Overview
- Type of Broker Non-Advisory/Executionary Broker
- Regulation & Licensing The Financial Conduct Authority (United Kingdom), Cyprus Securities and Exchange Commission (Cyprus), Financial Sector Conduct Authority (South Africa)
- Clients Accepted from UK and EU excluding Belgium and France
- Assets Offered 1,000+
- Platforms Available Web, Download, Mobile
- Mobile Compatibility iOS, Android
- Payment Types Accepted Bank Transfer, Bank Card, Skrill, Sofort, Neteller, China Union Pay, GiroPay
Account Types
|
OvalX Account |
|
|
Features |
MT4 Available |
|
Account Currencies |
USD, GBP, EUR |
|
Available Leverage |
Unlisted |
|
Minimum Deposit |
$100 |
|
Commission Per Trade |
$0 On Certain Assets |
|
Decimal Pricing |
Up to 5 |
|
Trading Instruments |
Forex, Indices, Shares, Commodities |
|
Min. Lot Size Per Trade |
10 On Forex |
|
Spreads |
0.6 pips |
|
Demo Account |
Yes |
|
Swap/Rollover Free |
No |
|
Copy Trading Support |
No |
Trading Platforms
- OvalX
- MetaTrader 4
Trading and Investment Tools
- One Click Trading Yes
- Trade off Charts Yes
- Email Alerts Yes
- Mobile Alerts Yes
- Stop Order Yes
- Market Order Yes
- Trailing Stop Order Yes
- OCO Orders Yes
- Limit Order Yes
- 24hr Trading Yes
- Charting Package Yes
- Streaming News Feed Yes
Compliance & Regulation
Multi-body regulation is always a good thing when it comes to brokers. Primarily, it shows that the broker has to abide by the laws of multiple groups in several countries, which makes it comparatively more trustworthy than a broker without any regulation at all.
OvalX is regulated by three different bodies: the Financial Conduct Authority (United Kingdom), the Cyprus Securities and Exchange Commission (Cyprus), and the Financial Sector Conduct Authority (South Africa). This multi-tier regulation is likely why OvalX has gotten such high marks for trustworthiness.
Fees & Commissions
- Rollover Fee Depends on Asset
- Margin Interest Unlisted
Pricing
We can break down OvalX’s pricing into the different asset categories it offers: Forex, Indices, Commodities, and Shares. Each have their own requirements and features, and we have broken down their trading costs below:
Forex
When you trade on the foreign exchange markets with OvalX, you can enjoy tight spreads with a wide range of pairs. The Forex market has a value in the trillions every day, and it is one of the world’s largest, most volatile markets, as it is very easily influenced by geo-politics. With OvalX, spreads start at 0.6 pips (EUR/USD), and you can trade over sixty FX exotics, majors, and minors. The minimum size is 25.
Indices
Indices are a common portfolio choice for people who want to access markets on a global scale. With OvalX, you can hedge positions and access minimum spreads of 0.6 with a minimum size of 25.
Commodities
Commodities include tangible and finite instruments like wheat, cotton, oil, and gold. Minimum spreads for commodities with OvalX are 0.6, and the minimum size is 25. According to the broker, you can “diversify” by picking assets to buy and sell that can “move an economy.”
Shares
Lastly, OvalX allows you to trade shares CFDs. If you’re a UK client, spread bets are untaxed. These CFDs allow traders to speculate on the intrinsic value of companies listed on public stock exchanges. With OvalX, many popular shares have no commission fees, and you can trade thousands of share CFDs from U.S. and European markets. CFDs are often an attractive (if risky) choice because they are fractional, which means they do not need much capital to get started. Minimum spreads start at 0.7 with a minimum size of 10.
Service Details
- Supported Languages English
- Customer Service By OvalX
- Customer Service Hours 7:30AM-9PM (UK Time)
- Email Response Time With 48 Hours
- Telephone Orders Yes
- Personal Account Manager No
Reliability & Security
OvalX is regulated by several different authorities, and it also has a great rating on TrustPilot. The company has a positive reputation in the industry for reliability, and it is a member of the LSE (London Stock Exchange). The global CFD and Forex broker scored high in trust categories from other reviewers, as OvalX complies with some of the world’s strictest regulations on CFD and other markets.
User Experience
OvalX has received pretty positive reviews from its users, including:
- BrokerChooser: 4.3/5
- FXEmpire: 4.2/5
- TrustPilot: 4.5/5
Because the rebrand is still somewhat new, this company has yet to rack up a lot of reviews. As ETX Capital becomes more well-known under its moniker “OvalX,” reviews will likely become more numerous.
Final Thoughts
So far, the ETX rebrand into OvalX appears to have been successful. This broker offers a lot of assets to its traders (over 1,000), and it appears to be highly-regulated by several different authorities. Forex and CFD traders who prefer webinars as their educational tool of choice and want a sophisticated platform will enjoy this broker.
Contact Info
26 Finsbury Square, London, EC2A 1DS, UK, EU: 5 Spatharikou, KSA Building, 1st Floor, Mesa Geitonia, Limassol 4004, Cyprus
FAQs
Q: Why did OvalX rebrand?
A: In 2021, OvalX was acquired by ETX, hence why ETX got a re-name. According to this broker, the two were a “perfect” match, as they had the same “core principles.” However, the rebrand did not change the services and products offered by this broker.
Q: How long does it take for deposits to reach the account?
A: According to OvalX, card payments are reflected immediately, while bank payments take a little longer because they are sent manually by the broker’s accounting department. Bank transfers should appear in accounts during working hours from Monday until Friday.
Q: Can I find educational resources on OvalX?
A: There are some FAQ pages that address basic information, as well as a “Learn” section with webinars.
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