AvaTrade vs ETX | We Compare Brokers
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AvaTrade vs ETX | Broker Comparison

Review By: Alan Little
Review Updated: 2022-05-09

In this detailed broker comparison of AvaTrade and OvalX, we explore the strengths and weaknesses of each broker to provide you with the information you need to know before deciding on the best broker for you. Both OvalX and AvaTrade are regulated multi-asset CFD brokers, but they offer different features that may make one or the other more suitable for you.

AVATRADE Broker Review
4.2
Rating

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Pros
  • An experienced broker with offices in 11 countries and complies with seven regulatory agencies
  • Over 1,000+ tradable instruments in portfolio
  • MT4 and proprietary trading platforms
  • Excellent award-winning training materials and a YouTube channel for beginners

 

Cons
  • Professional spreads are competitive, but retail spreads could be better
  • Inactivity fees apply
  • Research could be improved

 

 

4.1
Rating

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.2% 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.

Pros
  • Heavily regulated, safe and secure broker (FCA, CySEC, FSCA)
  • Competitive spreads in currency pairs – 0.6 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

 

Feature
AvaTrade
OvalX
Minimum deposit:
$100/€100/£100
250 GBP, EUR, USD
Withdrawal fee amount:
$0 - except for intermediary payment processor fees
None
Inactivity fee charged (Y/N):
Y
N
Max leverage:
Varies by region
30:1 EEA/UK (up to 1:400 in foreign jurisdictions)
Spread from:
Competitive on Professional level, average for basic account
0.6
Number of instruments:
Up to 1,000
5,000+
Year founded:
2006
1965 (rebranded as ETX Capital in 2002)
Time to open account:
1-2 business days
1-2 business days
Demo account provided (Y/N):
Y
Y
Countries of regulation:
EEA (Bank of Ireland, CySEC), Australia, Japan, Poland, South Africa, Abu Dhabi, and Israel
UK, Cyprus (EEA MiFID II), South Africa
Products offered:
Spot Forex, Forex options, CFDs, Bonds, ETFs, Commodities, Indices, Stocks, and Cryptocurrencies
Forex pairs and CFDs for stocks, indices, ETFs, energies, commodities, metals, cryptocurrencies, spread betting
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AvaTrade vs OvalX – Fees

 

AvaTrade offers commission-free trading with competitive spreads, of around 0.9 pips on the EURUSD, on average, during the market’s prime trading hours. There are no deposit or withdrawal fees at AvaTrade, but there is an inactivity fee of $50 per quarter on accounts that have been inactive for 12 months, and an annual admin fee of $100. There are also swap fees on positions held overnight.

 

At OvalX, spreads start at 0.6 pips on the EURUSD, and around 0.8 pips on other majors such as the EURGBP and USDJPY. Positions held overnight (through 10pm UK time) will be subject to swap charges. The broker does not apply an inactivity fee, but will charge a currency conversion fee for all trades on instruments denominated in a currency different from the currency of your account. There are no deposit or withdrawal fees.

 

AvaTrade vs OvalX – Products

 

Both AvaTrade and OvalX offer trading in a wide range of products, and both offer CFDs, but is AvaTrade better than OvalX? And if so, in what ways? AvaTrade allows you to trade forex, stocks, commodities, indices and even cryptocurrencies, via CFDs, with more than 50 forex pairs available, along with an impressive range of cryptocurrencies.

 

OvalX offers CFD trading on forex and crypto pairs, and also offers stocks, indices, commodities, energies and metals. The firm also offers spread betting, which is a way for customers to trade a wide range of instruments, across multiple asset classes, with potential tax benefits. Spread betting is a popular form of trading with some investors in the UK, as it is more tax-efficient than many other investing strategies.

 

AvaTrade vs OvalX – Usability

 

At AvaTrade, you will find the website and platforms available highly user-friendly. The firm facilitates trading via the popular forex platforms MT4 and MT5, as well as WebTrader, and the broker’s own proprietary platform, known as AvaTradeGO. There is also a range of options at AvaTrade for those who want to access automated trading.

 

The AvaTrade website is well-designed and easy to navigate, as are the mobile apps, which are available for iOS and Android. AvaTrade is also known for providing good automated and social trading platforms, including the AvaSocial app, ZuluTrade and DupliTrade. 

 

The trading conditions at OvalX seem to be designed for more advanced and professional traders. The minimum deposit is £250 on a standard account and £1,000 on the premium and professional accounts. Clients trading stocks and options can access better trading conditions if they can make a deposit of at least £10,000. OvalX offers its own platform and also MT4 trading, though MT5 is not yet available.

 

AvaTrade vs OvalX – Regulation

 

AvaTrade is an international brokerage with a number of offices in several countries and is fully regulated by the relevant authority or governing body in each jurisdiction that it serves. Some of the governing bodies that regulate AvaTrade are CySEC in the EU, ASIC in Australia, and the FSCA in South Africa. AvaTrade is also regulated in the British Virgin Islands, Israel and Abu Dhabi in the Middle East. 

 

OvalX is a fully regulated and licensed broker, headquartered in London in the UK, and regulated both in the UK by the FCA and in Europe by CySEC.

 

AvaTrade vs OvalX – Demo Account

 

New users who sign up at AvaTrade will be offered the choice of either a demo account, which will provide you with virtual funds so that you can explore the platform for free, or a live account. The demo account allows you to find your way around the platform and practice your trading strategies. It also means that you will only need to provide some basic information initially, though more will be required when and if you switch to a live account. 

 

To access an OvalX demo account, go to the website and scroll down the homepage until you see the link that says, ‘Try a free demo trading account.’ You will have to provide your full name, email address and phone number, choose a password, and agree to the site’s privacy policy. You will then be able to access the demo account and practice using the platform.

 

Demo accounts can be invaluable for new traders, and even more experienced traders sometimes use them to experiment with new trading strategies. Just be aware that while a demo account closely mimics real trading conditions, it cannot replicate them exactly, and may not allow for the potential slippage and re-quotes that can happen when trading live markets. 

Which broker is best?

As our AvaTrade vs OvalX comparison has shown, both brokers have pros and cons. OvalX does not offer MT5 trading and overall is more suitable for more advanced traders. AvaTrade offers both MT4 and MT5, as well as other platform options, and has a low minimum deposit and other features that potentially make it a better choice for new and inexperienced traders, such as social and automated trading. If you are unsure, you can always try out both platforms using the demo accounts to see which one you like best.