OvalX
Broker Review
OvalX Broker Review 2023 - A Detailed Product Guide with Regulations
Unveil the legacy of OvalX, (formerly ETX Capital), a London-based CFD broker since 1965. Check out trading critique’s review below for additional information about OvalX.
Table 1: OvalX Overview
 OvalX Highlights |
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Regulated By |
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Account Types |
Live trading account Professional account |
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Demo account |
YES |
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Islamic account |
NO |
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Minimum deposit |
$100 |
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Maximum Leverage |
1:400 |
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Payment Method |
Wire Transfer Credit Card or Debit Card E-wallets |
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Account Base Currencies |
USD, EUR, GBP
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Trading platforms |
OvalX Trading platform Metatrader 4 |
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Commission |
NO |
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Customer Support |
24/5 |
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Market Instruments |
Details |
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Shares |
YES |
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Forex |
YES |
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Commodities |
YES |
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Indices |
YES |
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Cryptocurrencies |
Available for professional clients only |
OvalX Review- An Intro
The new trade name for ETX capital is OvalX, a reputable broker with a long history of serving clients mostly from the UK and Europe with derivatives trading. Since its beginning more than 50 years ago, the company has built a solid reputation as a reliable broker.
OvalX – Knowledge bites
OvalX is a famous online trading brokerage (Formerly ETX capital) with headquarters in London. The broker provides trading in CFDs and Spread betting, as well as expert client services, and has decades of experience and a variety of trading platforms. In addition to Metatrader 4, ETX Capital also offers its proprietary platform (MT4). Hedging and copy trading are both allowed by ETX, but copy trading is not. Additionally, Islamic swap-free accounts are not provided. The demo account is unlimited and has plenty of virtual money.
Image 1: Home page of the OvalX website
Image Copyrights reserved to the OvalX website
Regulations & Trustability Review of OvalX
OvalX was started in 1965 as Dusrolgraph Ltd. before changing its name to Monecor in 1973. Then, in 2021, ETX Capital, Monecor’s last trade name, acquired Oval. OvalX’s headquarters are in the United Kingdom. Monecor (Europe) Ltd and Monecor (London) Ltd, the two companies that OvalX operates, are both heavily regulated, providing a high level of protection.
The UK Financial Conduct Authority (FCA) regulates Monecor (London) Limited to offer spread betting and CFD trading.
The Cyprus Securities and Exchange Commission (CySEC) regulates Monecor (Europe) Limited.
OvalX is a London Stock Exchange (LSE) Member
Table 2: OvalX Regulation details
 Country |
 Regulation |
 Headquarters |
 Registration Number |
 Registered Office |
|---|---|---|---|---|
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Cyprus |
Limassol |
096/08 |
Monecor (Europe) Limited 5 Spatharikou KSA Building, 1st Floor Mesa Geitonia, 4004, Cyprus |
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UK |
The Financial Conduct Authority (FCA) |
London |
124721 |
Monecor (London) Limited 26 Finsbury Square, London, EC2A 1DS |
Safety of Funds Review of OvalX
- Segregated client funds cannot be utilized to pay OvalX's creditors in the unlikely event that OvalX goes bankrupt. Eligible claimants have the right to compensation under the Financial Services Compensation Scheme (FSCS), up to £85,000, if OvalX is unable to meet repayment demands.
- Clients would split the losses by the amount of money they had with the failed bank if one of the institutions OvalX utilizes to hold client money went into liquidation. The FSCS offers compensation for money lost in this way up to a limit of £85,000 per individual.
- Negative balance protection is provided by OvalX's two entities to retail traders; however, professional traders are exempt.
Review of Accepting Countries of OvalX
OvalX welcomes investors from the following countries:
Table 3: Accepted and Denied countries of OvalX
 Accepted Countries |
 Denied Countries |
|---|---|
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United Kingdom
Sweden
Spain
South Africa
Slovenia
Romania
Poland
Norway
Netherlands
Malta
Luxembourg
Lithuania
Latvia
Italy
Ireland
Iceland
Hungary
Greece
German
Finland
Estonia
Denmark
Czechia
Cyprus
Croatia
Bulgaria
Austria
Slovakia |
Switzerland
Singapore
Canada
Belgium
United States
the European Union |
Review on Awards Won by OvalX broker
Over the 20 years that OvalX has been a financial broker, they have won numerous industry honors. The most remarkable honors and mentions for OvalX are listed below.
Table 4: Awards of OvalX
 Awards |
 Awarded by |
|---|---|
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Best Trading Tools 2019 |
Online Personal Wealth Awards |
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Best Mobile/Tablet Application 2020 |
Shares Awards |
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Best Online Trading Platform 2018 |
Shares Magazine |
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Best Trading Education 2019 |
Shares Awards |
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Best Forex Trading Support – Europe 2020 |
Global Forex Awards |
Investments, Products, and Instruments Review of OvalX
You can only trade CFDs, FX, and cryptocurrencies at OvalX. There are no other products like actual mutual funds, bonds, stocks, ETFs, options, or futures. Only Professional Clients can trade cryptocurrencies.
Financial Instruments that you can trade using OvalX:
Commodities
Indices
Shares
Forex
Commodities
- Tangible resources that are frequently limited and whose values change due to supply and demand
- include commodities such as orange juice, wheat, cotton, and even traditional market like gold and oil
- The economies of countries that produce and export depend significantly on commodities and their values.
Indices
- An index evaluates the performance of a collection of businesses and is often weighted by market capitalization.
- They can assess the state of the economy as a whole because they cover a diverse range of industries and businesses.
- Without stock picking, concentrate on the wider picture.
Shares
- The value of publicly traded firms can be speculated on by traders using shares CFDs.
- Since you don't own the underlying asset, you could benefit from price fluctuations.
- Spread bets are tax-free for UK customers.
Cryptocurrencies
- Trading is possible on CFDs for cryptocurrencies including Ripple, Ethereum, Bitcoin, Litecoin, and Bitcoin
- Contracts for Difference (CFD) trading is possible for cryptocurrency, however trading the underlying asset itself is not available.
- Only UK clients with professional accounts have access to cryptocurrency.
Trading platforms available in OvalX – A Review
The fantastic platform from OvalX is made to meet the demands of traders that use risky spread betting and CFD techniques.
Trading platforms that can be used for trading in OvalX:
OvalX platform
MetaTrader 4
OvalX platform
OvalX has a distinctive, in-house trading platform. This platform allows you to trade using the web via a mobile app that is accessible through the App Store and the Google Play Store.
Image 2: OvalX trading platform of the OvalX website
Image Copyrights reserved to the OvalX website
MetaTrader 4
The MT4 trading platform is supported by OvalX. During registration, you have the option of using this platform for trading. You must open a new account on the MT4 platform if you want to change your account currency. You cannot change your account currency with the MT4 platform. The application is accessible on desktop, mobile, and web devices (Android and iO
Image 3: MT4 trading platform of the OvalX website
Image Copyrights reserved to the OvalX website
OvalX Mobile app review
For Android and iOS devices, the TraderPro app is available in mobile versions. All of the desktop app’s features are supported by these apps. They provide watchlists, interactive charts, and price notifications. The apps are quite simple, and downloading and installing them just takes a few seconds. In the App Store and Play Store, they are free to download. OvalX provides mobile versions of MT4 in addition to its proprietary trading platform’s mobile versions.
Review of Types of Accounts available in OvalX
There are 2 various account kinds offered by OvalX.
The OvalX Account types are:
Live trading account
Professional account
Live trading account
The regular live trading account comes with a £100 initial minimum deposit and a comprehensive collection of features and tools for traders. This account enables you to trade shares, indices, currency, commodities, cryptocurrencies, and commodities with a maximum leverage of 1:30. Spread betting and CFD trading are both available with the OvalX Standard Account.
Professional account
You can trade cryptocurrencies, indices, Forex, commodities, and shares with this account, which has higher leverage of up to 1:200. You must first create a Standard Account on OvalX to open a Professional Account, after which you must request an account upgrade from Standard to Professional level through customer service. Professional Accounts do not offer negative balance protection, so if a trade goes south, you could lose every money in your account.
Demo Account Review of OvalX
There is a free demo account available even though there is just one live trading account. Additionally, you can open a demo account for the OvalX trading platform or MT4. Once you have your demo login details, you can trade stocks on the markets of your choice using Virtual money.
Fees & Commissions Review of OvalX
- For major pairings, spreads on OvalX begin at about 0.6 pip.
- For all account types, OvalX provides commission-free trading on all instruments.
- Except for the spread fees, you will not be charged any additional expenses for starting or closing trade positions.
- Inactive accounts that have had no orders placed for more than 6 months are subject to a £25 inactivity fee. It is deducted every month until trading activity restarts or the account balance hits zero.
- OvalX does not charge fees for deposits or withdrawals.
Deposit & Withdrawal Methods Review of OvalX
OvalX accepts several payment methods, including credit/debit cards, e-wallets, and bank wire transfers for deposits and withdrawals. OvalX won’t charge you any Deposit or withdrawal fees. The three currencies available to you as a base currency are British Pound Sterling (GBP), Euros (EUR), and US Dollars (USD).
A new account requires a minimum deposit of $250, whereas card deposits require a minimum of £100 and bank transfers have no minimum. OvalX has no minimum withdrawal requirement.
Table 5 : Payment methods, fee & processing time on OvalX
| OvalX Payment Method | Deposit fee | Withdrawal fee | Processing time |
|---|---|---|---|
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E-wallets |
Free of charge |
Free of charge |
1 Business day(UK) 3-7 business days (others) |
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Credit or debit cards |
3 business days (UK) 5 business days (EU) 7 business days (others) |
||
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Bank transfer |
1 Business day(UK) 3-5 business days (EU) 5-7 business days (others) |
Leverage available on OvalX – A Review
OvalX has a fixed leverage method by FCA regulations. For retail traders, OvalX’s maximum leverage is 1:30. Trades can be executed with a maximum leverage of 1:200 for professionals.
Trading hours Review of OvalX
Trading hours are from Sunday at 9:30 p.m. to Friday at 10:00 p.m.
Extra features Review of OvalX
Extra features available in OvalX:
Spread betting
CFD trading
OvalX Premium account
Spread betting
In 2019 and 2020, spread betting was offered by OvalX. For those of you who are unfamiliar with spread betting, it is a type of gambling on the outcome of an event that, in contrast to fixed-odds betting, pays out based on how accurately the spread bettor predicts the outcome of the event. Spread betting is not subject to capital gains tax or stamp duty in the UK.
CFD trading
The broker provides CFD trading services for bonds, equities, indices, commodities, currency, and cryptocurrencies. Cryptocurrency can be traded as a Contract for Difference (CFD), but it is not possible to trade the underlying asset directly.
OvalX Premium account
You automatically qualify for the OvalX Premium Account when your account has a cash balance of at least £10,000 on the first of every month. Both professional and standard accounts are included in this. You will no longer be eligible for Premium Account services if your balance at the start of the month is less than £10,000. If you have a Premium Account, you can take advantage of additional perks like unlimited free withdrawals, a personal relationship manager, and invites to VIP webinars.
Bonus Review of OvalX
There are no bonus programs in the OvalX.
Education and Research Review of OvalX
OvalX website offers a noticeable Learning Center section where the fundamentals are covered through a selection of trading guides, Blogs, webinars, news and analysis articles, and videos. The broker’s huge YouTube channel is another resource that both newcomers and experts may take advantage of.
Image 4: Learning center section of the OvalX website
Image Copyrights reserved to the OvalX website
Advantages & Disadvantages of OvalX
OvalX has both advantages and disadvantages which are listed in Table 6.
Table 6 : Pros and Cons of the OvalX website
 Pros |
 Cons |
|---|---|
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FCA-licensed Broker
Long history of success and a phenomenal reputation
Compensation Plan and Negative Balances
Low fees and spreads |
Only one type of account No customer support is offered 24/7 lesser number of trading instruments Offers no Islamic Account |
Customer Support Review of OvalX
The multilingual customer service team of OvalX can be reached by phone, live chat, or email. The Frequently Asked Questions section answers questions about everything from opening an account to getting the most out of the trading platforms and tools. Customer support is available from 7:30 am to 9 pm, Monday to Friday UK time.
Table 7 : Customer support service details of OvalX
 Social Media Pages of OvalX |
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+44 20 7392 1494 |
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Twitter
In a Nutshell – OvalX Review
- In the currency market, OvalX, formerly known as ETX capital, has a long history of innovation.
- A wide range of forex pairings, cryptocurrencies, spread betting, and CFDs in a selection of assets are all included in the company's product choices.
- Because of OvalX's established reputation, which has been developed over 50 years through its FCA-regulated product, dealers choose it.
- With numerous trading platforms and a large selection of tradable assets, OvalX provides traders with a wide range of options.
- Even corporate financing services are provided by the company.
Frequently Asked Questions – OvalX
1. Where is OvalX headquartered?
OvalX is headquartered in London, United Kingdom. Its European headquarters are in Limassol, Cyprus.
2. Is OvalX secure?
OvalX is extremely secure. It is authorized by two top-tier regulators (CySEC and FCA)
3. What is the OvalX minimum deposit?
The required minimum deposit is £100.
4. Who is the owner of OvalX?
The Oval group of enterprises, which includes Monecor (London) Limited and Oval Money (Europe) Ltd, trades under the OvalX.
5. Can I find educational resources on OvalX?
There are various FAQ sections that provide fundamental information, as well as a “Learn” section containing webinars.
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