OvalX review, formerly ETX Capital, forex CFD broker on LSE
Home page -> Broker finder -> OvalX

OvalX Broker Review

Review By: Alan Little
Review Updated: 2023-06-19
4.1
Rating
Visit Broker

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. UK: 68.61%, EU: 77.99% of retail investor accounts lose money when spread betting or trading CFDs with OvalX. You should consider whether you understand how spread bets or CFDs work and whether you can afford to take the high risk of losing your money.

Bottom Line Summary

ETX Capital, now

With a remarkable history spanning over two decades, OvalX has emerged as a stalwart in the forex industry. What started as a humble beginning has now evolved into a global conglomerate, boasting a workforce of over 200 dedicated professionals. OvalX has consistently demonstrated a commitment to innovation and has taken on a leadership role within the industry. As a testament to its credibility and future potential, its holding company is publicly traded on the prestigious London Stock Exchange.

OvalX has expanded its presence across the globe and operates under the regulatory oversight of reputable authorities such as the Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), and the Financial Sector Conduct Authority (FSCA). This robust regulatory framework ensures that traders can have confidence in the integrity and transparency of OvalX’s operations.

The broker’s flagship proprietary trading platform, TraderPro, stands as a testament to OvalX’s dedication to providing a top-notch trading experience. Traders can access a wide range of forex pairs, cryptocurrencies, and CFDs across various asset classes. Additionally, OvalX supports the popular MT4 platform, catering to the preferences of a broader audience.

Irrespective of trading experience, OvalX welcomes traders of all levels. Competitive spreads are available for all, while comprehensive support for both beginners and veterans is a standard feature. OvalX’s commitment to delivering a user-friendly and inclusive trading environment sets it apart as a broker that values the success and satisfaction of its traders.

In summary, OvalX’s enduring presence in the forex industry, global reach, and commitment to innovation make it a trusted choice for traders worldwide. Backed by its listing on the London Stock Exchange and regulatory oversight from reputable bodies, OvalX exemplifies reliability and long-term stability. Whether you are a beginner or an experienced trader, OvalX provides the necessary tools, platforms, and support to help you thrive in your trading journey.

 

Overall Ratings
4.1
OvalX Fees
4.3
Accounts/Membership Levels
4.2
Deposit and Withdrawal
4.5
Trading Platforms
4.7
Mobile Trading App
4.7
Markets and Products
4.4
Market Research
2.8
Customer Service
3.2
Education
4

OvalX

Feature OvalX
Minimum deposit: 250 GBP, EUR, USD
Withdrawal fee amount: None
Inactivity fee charged (Y/N): N
Max leverage: up to 200:1 only for professional traders.
Spread from: 0.7
Number of instruments: 5,000+
Year founded: 1965 (rebranded as ETX Capital in 2002)
Time to open account: Less than 2 business days
Demo account provided (Y/N): Y
Countries of regulation: UK, Cyprus (EEA MiFID II)
Products offered: Forex pairs and CFDs for stocks, indices, ETFs, energies, commodities, metals, cryptocurrencies, spread betting (UK Only)

OvalX pros and cons

Pros
  • Heavily regulated, safe and secure broker (FCA, CySEC, FSCA)
  • Competitive spreads in currency pairs – 0.7 pips EUR/USD
  • MT4 and user-friendly proprietary OvalX platform
  • Experienced staff, over two decades in the forex space

 

Cons
  • Limited copy trading offering – MT4 only via EAs
  • Research could be better
  • No US or Canada customers accepted at this time

 

Compare Brokers

Review Sections:

Who are OvalX?

OvalX, the result of a recent rebranding exercise after a combination of ETX Capital and Oval Money Ltd in 2021, is a rather new trademark in the ever-changing forex brokerage industry. The history of the firm is a bit circuitous, going back to as early as 1965 when it was a specialty retail derivatives arm called TradIndex. Its original name of Monecor (Europe) Ltd was eventually changed to Monecor (London) Ltd in 2002, and it became ETX Capital in 2007.

ETX Capital was originally an MT4 operating shop, but it launched its proprietary platform in 2014. It later upgraded it to become TraderPro in 2017, just in time to incorporate Bitcoin in its portfolio and to begin acquiring industry recognition for its offerings in education and in trading platform performance.

Monecor Ltd completed its merger of Oval Money Ltd, a firm with clients primarily in Italy, and ETX Capital in mid-2022. It then announced its new name of OvalX and claimed that the new entity was the next stage in its transformation from a CFD and spread-betting giant to a modern financial services company. The company now has more than 200 employees, 55 years of operating experience, and offices in London, Cyprus and Italy.

OvalX Fees

4.3
Rating

OvalX goes out of its way to provide transparency in the area of fees. There are online links to each product group and the prevailing spreads. The posted value for the EUR/USD pair, the standard in the forex industry, was 0.7 pips, which applies to all traders. There is not the annoying claim of low fees, but only for upper account deposit echelons. There is one standard account, with allowances for professionals and deposit holders of more than $10,000, but our review revealed that spreads on its hallmark TraderPro platform were better than for MT4 users.

We did not note any inactivity or account fees, and we did not see any fees related to deposits or withdrawals. There are also no commissions on CFDs. Overall, access to competitive spreads appeared to be above average, without punishing low account balance customers. The rather extensive disclosures on the website of spreads in every category of asset was also very comforting. Overnight fees and margin costs would also apply.

Accounts/Membership Levels

4.2
Rating

OvalX has one Standard account, without the confusion and frustration of having to deal with a series of benefits tied to the size of your account balance. There are statutory requirements that must be fulfilled in order to qualify for a Professional account, but more benefits apply, including a dedicated account support representative. The latter benefit also applies if you have a deposit in excess of $10,000.

Opening an account follows existing industry standards. Accessing a free demo can come quickly with a few clicks, but for OvalX there are a few additional steps, aside from providing the necessary legal documentation to verify your identity. OvalX also instructs you to choose up front whether you want the TraderPro platform or MT4 and whether you are choosing CFDs or spread betting, which is only allowed in the UK and other permissible jurisdictions. Account authorisation can happen in a day, perhaps two if there is an issue. However, after funding, you can be trading in quick order.

Deposit and Withdrawal

4.5
Rating

OvalX supports an acceptable list of funding conveniences, and to its credit, there are no deposit of withdrawal fees. Your payment processor and your bank may have their own fee schedules, a good reason for checking with it first before selecting your funding method. OvalX supports three basic account currencies: EUR, GBP and USD. The firm supports bank wire transfers, credit/debit cards, Neteller and Skrill, along with a few regional payment methods.

The minimum deposit must be 250 EUR, GBP or USD, but afterwards, credit/debit cards must be at least 100 units of your base currency. There is no minimum afterwards for wire transfers. As for withdrawal requests, we found them to be handled in a timely manner. They will follow your deposit method, and the broker does not stipulate a minimum amount. Once again, your banking intermediaries may charge fees and cause additional delays in the delivery of good funds.

Trading Platforms

4.7
Rating

OvalX was originally an MT4 shop, but it has focused on the development of its proprietary trading platform, TraderPro. There are incentives for using this award-winning platform in the form of tighter spreads. It is web-based, whereas MT4 is only supported in its downloadable or mobile versions. Traders find TraderPro to be user-friendly and full featured. Guaranteed stop losses are just one feature.

Mobile Trading App

4.7
Rating

OvalX supports both MT4 mobile apps, as well as mobile apps for its TraderPro web-based platform. The design may depart a bit from its parent software, but the functionality is the same. Execution order types are plentiful and you may also set up alerts. Android and iOS devices are both supported.

Markets and Products

4.4
Rating

OvalX does not disappoint in the product area, offering thousands of trading instruments, beginning with 60+ forex pairings and broadening out to thousands of European and US stocks via CFDs, as well as indices, ETFs, commodities both soft and hard, and cryptocurrencies. Trading in cryptocurrencies supports direct trading of a dozen pairs. If there is a shortcoming, it is with social or copy trading. The firm’s flagship platform, TraderPro, does not support this feature, but the MT4 platform carries with it MetaTrader community access and automated algorithmic trading via Expert Advisors (EAs).

Market Research

2.8
Rating

Market research from this broker follows industry trends in that materials are average at best. Today’s traders have their preferred sources for market analysis and trading ideas. The firm does provide basic things such as sentiment mapping of its traders and charting tools, and there are webinars and a rather extensive YouTube channel.

Customer Service

3.2
Rating

Customer support representatives were knowledgeable, courteous and helpful when accessed. Access is the drawback. We found no live chat service and only a single phone line for contact purposes. Customer service open Monday to Friday 7:30am to 9pm UK time OR Monday to Friday 7:30am to 9pm GMT. Email was another possibility.

Address: OvalX (formerly ETX Capital, owned by Monecor London Ltd)
Cyprus: 5 Spatharikou, KSA Building, 1st Floor, Mesa Geitonia, Limassol 4004, Cyprus
UK: Beaufort House 15 Saint Botolph Street, London, EC3A 7DT, UK

Education

4
Rating

OvalX does more than an adequate job when it comes to guiding its beginners on their initial steps in trading. Its instructional efforts have garnered industry awards. The firm’s website has a prominent Learning Center tab where the basics are taught through a series of trading guides, webinars, and news and analysis articles and videos. In addition to these resources, beginners and veterans alike can benefit from the broker’s extensive YouTube channel.

Safety

Few brokers can offer as broad a safety net as OvalX. The firm’s parent company, Monecor London Ltd, is listed on the London Stock Exchange, which requires a high level of reporting, public transparency and compliance from the FCA, a top-tier regulatory agency. CySEC is also in the mix, as is the FSCA in South Africa. Client deposits are always segregated in major financial institutions, and various national compensation programmes supply an additional level of protection in case of bankruptcy.

Verdict – Is OvalX right for you?

OvalX, formerly ETX Capital, has a long history of innovation in the forex industry. It recently launched its new branding, OvalX, a combined effort of two separate operating entities. The company’s product portfolio is extensive in forex pairs and cryptocurrencies, as well as spread betting and CFDS in a variety of asset choices. Its claim to fame is its award-winning TraderPro trading platform, which is favoured with better spreads for some assets. However, for those who prefer MT4, this is also supported. The firm’s parent, Monecor (London) Ltd, is publicly traded on the London Stock Exchange, and regulatory compliance follows from the FCA, CySEC and the FSCA. OvalX may be a new brand, but it has a proven track record, one that warrants your consideration when choosing a safe and secure business partner.

Alternatives to OvalX

OvalX has its roots in London with experienced staff and a holding company that has been active since 1965. It is safe, secure and offers a broad array of products, platforms and support materials. It does have major competitors in its space, which are also on a national stock exchange, have ample capital to ensure reliability and longevity, and want your patronage. If OvalX is not your first pick, then peruse the list below. Each of these brokers is a major player in the forex industry and would ensure that your trading experience was a favourable one:

If you are a beginner and would like additional support when looking for your first forex broker, we can also help you in your search.

FAQ

How does OvalX make money?

Like other forex and CFD brokers, OvalX makes money primarily from spreads, commissions, and other trading and non-trading fees, but it also derives income from the net of losses versus gains from contracts with its CFD traders. Margin interest and overnight fees also factor into the broker’s total income.

Is OvalX regulated?

Yes, OvalX is licensed and regulated by CySEC, and through the auspices of the MiFID II directives it is permitted to offer its services throughout the European Economic Area. By virtue of it being a subsidiary of Monecor Limited, a firm publicly traded on the London Stock Exchange, OvalX must also comply with regulatory oversight from the FCA in the UK.

How do you sign up with OvalX?

Opening an account with OvalX is simple and easy. Simply click an ‘Open Account’ button on its website, complete a brief questionnaire, and you have immediate access to a free demo system. After submitting identity information required by international legal conventions, your account will be authorised to trade after funding takes place. If there is an issue with verifying your identity, it might add another day to the process.

Does OvalX offer any bonuses?

Recent legislation from ESMA in the EEA prohibits promotional programmes to either attract or retain CFD traders by a broker in the region. As a result, bonus programmes are not available, other than occasional access to free training webinars or courses.

Is OvalX good for beginners?

The OvalX website has a separate learning centre tab to help beginners learn the ropes and for other traders to brush up on their knowledge about markets and strategy development. The supported materials include a blog, trading guides, news and analysis, and webinars. The firm also supplements its website’s Learning Center with a dedicated YouTube channel.

What do you do if OvalX is down?

OvalX must comply with strict operating uptime standards issued by the FCA and CySEC, including having contingency plans that kick in if there is a serious outage. Backup networks ensure that outages are rare. If you incur an outage, it is more likely due to a local telecommunications service provider. Dedicated phone lines and emails can be used in the event of an emergency.

How do you sell with OvalX?

On both the OvalX and MT4 trading platforms, initiating a trade or closing an existing position can be handled in a single click. An execution order template will appear with the information necessary to make your decision with the type of order type you desire. When ready, just select the execute tab and your order will be processed immediately.

Risk Disclaimer

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. UK: 68.61%, EU: 77.99% of retail investor accounts lose money when spread betting or trading CFDs with OvalX. You should consider whether you understand how spread bets or CFDs work and whether you can afford to take the high risk of losing your money.

Compare OvalX to other brokers

What is your experience with this broker?

With over 4,000 brokers active globally, it’s good to share your experience with others. Spread the word on good or bad brokers. Disclaimer: Comments on this site are not the opinion of WeCompareBrokers and we are not responsible for the views and opinions posted by site users. If you are unhappy with any comments, please email complaints @ wecomparebrokers.com

Important: You (the person writing the comment) are responsible for any comments you post and use this site in agreement with our Terms.