OvalX Review
💲 Min Deposit $100
⌛ Year Established 1965
💼 Regulation
💡 Min Position 0.01 lot
🌐 Website www.ovalx.com
🌎 Country
⚖ Max Leverage 1:400
💰 Bonuses
👨💻 PAMM
🏆 Trading contests
🔎 LAMM
📁 Segregated accounts
📈 Managed accounts
📊 MAM
📖 Free education
OvalX is a well-established broker since 1965. OvalX has headquarters in United Kingdom, Cyprus and South Africa. OvalX to provide their Forex/CFD trading services to over 4 million clients.
This broker has also been regulated by FCA 124721, CySEC 096/08 and FSCA 50246.
Extensive Review
Known as one of the leading online trading providers from the UK, OvalX has been offering CFD trading and spread betting services to both retail and institutional clients since 2007. The company behind OvalX, Monecor Ltd., went way back in 1965 as a company specializing in Mortgage Bonds. After expanding to Stocks and Derivatives, Monecor launched a retail derivative arm called TradIndex that was later rebranded as OvalX. ETX itself stands for Electronic Trading, Telephone Trading, and Execution Services.
As a UK-based broker, OvalX is licensed and fully authorized by the Financial Conduct Authority (FCA) to provide CFD trading and spread betting. Trading in OvalX supports over 5,000 global markets across FX, Indices, Cryptos, Shares, and Commodities.
The technology behind OvalX is mainly presented in the form of its in-house trading platform named TraderPro. Different from its counterparts like MetaTrader, ETX TraderPro introduces advanced charting tools that include multiple chart types (candlestick, Heikin Ashi, and the Ichimoku Cloud), split charting tools, trade from the chart, technical indicators, and drawing tools, as well as dynamic risk management features. For ease of access, OvalX provides the mobile version of TraderPro that is available on Android and iOS platforms.
In 2018, ETX launched trading in several new Cryptocurrencies and won 2 awards for TraderPro: Best Trading Platform at the 2018 Online Personal Wealth Awards and Best Spread Betting Platform at the 2018 ADVFN Financial Awards, as well as Best Education at the 2018 Online Personal Wealth Awards.
In terms of specifications, opening an account in OvalX will be blessed with tight spreads starting from only 0.6 pips on EUR/USD and 0.9 pips on GBP/USD. Instant execution is applied to ensure the best trading experience for clients, while the deposit and withdrawal process is made possible via various methods such as online bank transfer, credit or debit cards, and a range of e-payments including Skrill, Neteller, and UnionPay.
For bank transfer payment, clients can open accounts with a wide choice of base currencies that consists of GBP, USD, EUR, ZAR, SGD, SEK, RON, PLN, NOK, JPY, HRK, HKD, DKK, CZK, CHF, CAD, and AUD. Meanwhile, credit or debit card payment is more limited in base currency options, as it only provides the choices of GBP, USD, EUR, ZAR, PLN, NOK, DKK, CZK, and CHF as the base currency.
Interestingly, OvalX does not charge for deposits. Commissions for these particular payments are only from the card issuer or bank that each client uses. This broker also processes deposits instantly. The longest period of deposits is the ones made through bank transfer which can take up to only 2 working hours.
In conclusion, OvalX is one of the UK-based brokers with an excellent standing as the company has endured more than 40 decades in the financial market. OvalX innovates its technology through TradePro, but it still offers MT4 trading along with its proprietary platform. Information on trading conditions on its official website is quite limited, although the education is enriched with a wide range of materials; from online webinars, ebooks, platform guides, to educational articles.
Account Information
Apart from the forex demo account, this broker offers Standard. To successfully navigate your trading account, you also need to consider about leverage and minimum deposit. Talking about leverage in general, the maximum leverage offered by OvalX is up to 1: 400. Meanwhile, you can open an account with a starting capital of $100.
Min Deposit
$100
Max Leverage
1:400
Spread
Variable
If you want to look for a more simple explanation regarding this broker's account type(s), take a look at the following chart:
💲 Min Deposit $100
💡 Min Position 0.01 lot
🔢 Spread Variable
📉 Scalping
🤖 Expert Advisors
💱 Hedging
⏱ Trailing stop
⏳ Pending orders
One-Cancels-Other (OCO) orders
💸 Commission
Instruments Traded
Besides lots of currency pair, OvalX also offers some instruments you would like to trade on, such as Forex, Spread betting and Crypto for your best choice. Somehow, remember that different instrument has different trading conditions. In this case, you have to make sure that your strategy is well suited for the instrument you chose.
As for Standard account, OvalX specifically provides it with the following instruments and leverage:
Forex
1:400
Spread betting
Crypto
1:5
Payment Methods
Skrill : Mostly, all forex brokers provide Skrill as an online payment service option. Fast, easy, and safe transactions are the main reasons why traders using this method. Traders can use Skrill to fund their trading accounts with either payment cards, bank wire transfers, or directly from a Skrill e-wallet account.
Wire transfer : Wire Transfer is the most commonly used payment method. Nearly all brokers in the world provide this method on their service. The reason is wire transfer is basically traditional transfer between banks in the worldwide. So, this method is guaranteed for its safety. This really helps traders who avoid third-party payments or don't have credit cards.
Neteller : Like PayPal, Neteller is one of the most popular online payment services today. Due to this popularity, nearly all forex brokers accept Neteller as a payment method for their clients' fund deposit and withdrawal. Although the Neteller system is available almost all over the world, it remains particularly popular in Europe.
OvalX also provides payment with UnionPay and Credit/debit cards
Trading Platforms
Trading platform is a tool where you can buy or trade an instrument with only some clicks on your device, anytime and anywhere you want. In addition, price chart is also usually provided with some analytical tools to help you analyze the price movement, so you can increase your profitabiliy by placing well-planned trades.
Hereby, OvalX offers you ETX TraderPro and MetaTrader 4.
Customer Support
Do you have any question or find any trouble related to OvalX? If you do, you should reach OvalX's support to get the information that you need. Here is the detail of the broker's customer support:
Website Languages
Office Support
Email Support
Call Support
Chat Support
FAQ About OvalX
A good broker constitutes a good service for traders in terms of many criteria including trading instruments, deposits and withdrawals, as well as customer support. What is good for a certain trader does not necessarily mean the same thing to you. So the term "a good broker" can vary in meaning. You can decide for yourself if OvalX is a good broker for you or not by reviewing the criteria. In general, OvalX provides trading service in Forex , Spread betting and Crypto . As for the payment methods, you can choose between Skrill, Wire transfer, Credit/debit cards, Neteller and UnionPay. The customer support is available via Email, Phone, Live chat and Office.
The starting capital in OvalX is $100.
OvalX is regulated by FCA 124721, CySEC 096/08 and FSCA 50246. A regulated broker equals a more responsible trading environment. You can also expect a more guaranteed safety of funds as some of regulatory frameworks in the financial industry require a compensation scheme in case of unprecedented incidents that result in clients' financial losses.
OvalX is a brokerage company offering trading services for clients since 1965 with offices in United Kingdom, Cyprus and South Africa.
Jul 21 2020
