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.