XM offers an excellent research and education portal, making it a great choice for new and inexperienced traders. OvalX, however, has its own advantages, including a great range of instruments and the ability to trade cryptocurrencies. When you compare XM vs OvalX, both are fully regulated and are considered reputable and reliable brokers. Which is the best broker for you? This will depend on a number of factors.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.89% 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.
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.
This is not as straightforward a question as it seems, because different brokers have different ways of calculating costs, and costs will also vary depending on what you are trading, which account you have, and a number of other factors. OvalX, however, is known for being transparent with its pricing, and the broker only offers one main account type, meaning that costs are generally the same for everyone, and therefore less confusing.
XM has a choice of account types, offering different trading conditions and different fee models, including a no-commission model and a model that offers very low spreads, plus a small commission. If you are considering signing up with this broker, take a look at the trading conditions for each type of account to see which will suit you best. Both brokers charge rollover and margin fees. XM levies an inactivity fee, but OvalX does not. There are no broker-levied deposit or withdrawal fees with either OvalX or XM.
With the XM Zero account, spreads can go as low as 0.0 pips, but you will also pay a small commission. Other XM accounts have higher spreads but no commission. At OvalX, spreads can be as low as 0.6 pips on the EUR/USD, with no extra commission.
Both brokers offer their UK and EU clients leverage of up to 30:1, which is as high as is permitted by CySEC and other European regulators. OvalX, however, does offer international trading with leverage of up to 1:400, depending on the jurisdiction you reside in.
You will find it quick and easy to open an account with either OvalX or XM. OvalX does not have a lot of different account types or levels, which tends to simplify things. With XM, you can set up a Standard, Micro, Zero or Ultra Low account. So, you will have to be clear on which level will meet your needs before you sign up and create your trading account. The actual registration process takes just minutes at both brokers.
If you sign up at OvalX or XM, you will have the option to create a risk-free demo account so that you can get a feel for the platform and practice trading before opening a live account.
OvalX was originally known as an MT4 broker, and it still offers MT4 trading for those who want it. However, the firm has developed its own proprietary web-based trading platform called TraderPro, which seems to be popular with clients. There are now rewards for using TraderPro, in the form of tighter spreads. XM offers MT4 and MT5 trading, plus a proprietary copy trading platform, XM Mirror Trader, so XM may be a good choice if you are a copy trader, or are interested in copy trading.
XM is a highly accessible platform, allowing traders to open an account with a deposit of as low as $5. OvalX requires a minimum deposit of at least $/£/€250. This makes XM a particularly good choice for complete beginners and hobby traders, but the OvalX deposit requirement is not too bad either.
XM provides trading in more than 55 currency pairs and offers a total of more than 1,000 instruments across multiple asset classes, including forex, CFDs, stocks, commodities and indices, but does not offer cryptocurrencies. OvalX has a very impressive 5,000+ instruments, including forex pairs and CFDs for stocks, indices, ETFs, energies, commodities, metals and even cryptocurrencies. OvalX also offers spread betting. If you are a crypto trader, you will already know that many forex brokers do not offer cryptocurrencies, so OvalX may appeal for that reason alone.
Both OvalX and XM are respectable, well-established and fully regulated brokers with good reputations. Newer traders might be attracted to the low deposit and excellent training and education at XM, as well as the opportunities for copy trading. OvalX, however, does have the advantage of offering some cryptocurrencies and also some very good trading conditions for those who are happy to use the TraderPro platform.