Are you looking for a low-cost European stockbroker, or are you searching for a global forex and CFD provider in the brokerage industry? DEGIRO and OvalX are two outstanding brokers, but each has gone down a different path to prove their excellence. We have assembled pertinent data about each broker in the tables displayed below.
Investing involves risks. You can lose (a part of) your deposit. We advise you to only invest in financial products which match your knowledge and experience.
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.
Both DEGIRO and OvalX are heavily regulated, and the parents of each firm are traded on a national stock exchange.
DEGIRO is a Dutch company, founded in 2013, with headquarters in Amsterdam. It has been at the forefront of major changes in how a stockbrokerage firm operates in Europe, cutting commissions to near zero and providing an excellent online experience. It recently merged with flatex AG, a German stockbroker traded on the SDAX exchange. Together, the combined entity serves 2 million+ customers and operates a bank.
OvalX is the more experienced of the two firms, tracing its origins back to 1965 as a London-based derivatives trading company. It became ETX Capital in 2007 and is now a global forex pairs and CFD broker with regulatory oversight from the FCA, CySEC and the FSCA of South Africa. Its parent, Monecor (London) Ltd, is traded on the London Stock Exchange. The ETX subsidiary rebranded as OvalX after a combination with Oval Money Ltd in 2021. OvalX has 200+ employees and 100,000+ active traders on its mobile app alone.
With DEGIRO, you are dealing with a bank-like entity. Opening an account is easy and free, and there is no minimum deposit. Deposit methods, however, are by direct deposit or wire transfer. OvalX, on the other hand, is a standard forex/CFD broker, where there are numerous deposit methods. Minimum deposit requirements are 250 units of GBP, EUR or USD.
DEGIRO strives to be the low-cost online provider of traditional stock brokerage services in the European marketplace. Commissions are non-existent, except for a few pass-through charges from exchanges. Fees, as with a bank, relate directly to the services utilised. DEGIRO, however, does not charge account opening fees or fees for making a deposit or withdrawal. The broker does not charge inactivity fees after a period of dormancy.
OvalX also provides a low-fee environment for its clients. It does not assess account fees or inactivity fees, and it does not charge for deposits or withdrawals. There are no commissions on its CFDs, and the firm’s website goes out of its way to be transparent in all fee categories.
DEGIRO wins extra points on the spread front, in that it is very competitive when compared to other stockbrokers in the European region. Tight spreads are the rule. Leverage, as in the forex arena, does not exist. The firm does offer limited margin trading, depending upon your account’s equity balance. Higher levels exist for professionals.
OvalX also strives to be competitive with its Bid/Ask spreads. The average spread on the EUR/USD currency pair is 0.6 pips, a bit below the industry average, but the firm has waived commissions on CFDs. Leverage on the same pair is set at 30:1 in Europe, per local regulatory guidelines. Higher levels are available in foreign jurisdictions.
Both firms offer proprietary trading systems, but OvalX also includes MT4 access in its offering. Neither firm attempts to confuse its prospective clients with a multitude of account categories and varying benefits. Each offers a standard trading account, but OvalX’s features and pricing vary to a degree between its proprietary platform and its MT4 setup.
DEGIRO has a single trading platform offering: its internally developed proprietary system. It supports traditional buying and selling of its asset choices. It does not offer CFDs, and it does not support trading in forex pairs, except for professional trading in options and futures. DEGIRO does not provide a demo account, though veteran traders may not find this a shortcoming. Mobile apps are available, and DEGIRO has won awards for its software expertise.
OvalX started as an MT4 shop, but it soon developed its award-winning TraderPro platform. Mobile apps are provided for both platform options, but incentives exist for using the firm’s proprietary system. Demo trading accounts are standard for both MT4 and TraderPro.
DEGIRO will enable your buying and selling of shares, ETFs, leveraged products, bonds, options and futures. Trading crypto offerings are indirect. The broker provides access to specialized ETF funds where cryptocurrencies are the holdings in the portfolio.
OvalX follows the forex/CFD broker model where you may trade forex pairs and CFDs for stocks, indices, ETFs, energies, commodities, metals and cryptocurrencies. The firm also supports spread betting where allowed by local law. The firm touts 5,000+ assets, but availability may depend upon your legal residency and the trading entity serving you.
The two brokers do differ on this point. OvalX does provide a free demo trading system, but DEGIRO does not.
DEGIRO is a stockbroker serving the European market with a low-cost offering. OvalX is a traditional forex and CFD trading broker with a global footprint. Both entities comply with strict regulatory standards and have parent companies that are traded on national stock exchanges. Determining which firm is better comes down to whether you wish to trade stocks or forex pairs, and what your personal investment goals and access desires happen to be.