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🏦 Min. Deposit | AUD 100 |
🛡️ Regulated By | FCA, FSCA, CySEC |
💵 Trading Cost | USD 6 |
⚖️ Max. Leverage | 30:1 |
💹 Copy Trading | Yes |
🖥️ Platforms | MT4, ETX |
💱 Instruments | Bonds, Commodities, Cryptocurrencies, Stock CFDs, Forex, Indices |
Last Updated On May 9, 2023
75-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website you agree to our Terms of Service.
As of 17 March, 2023 OvalX has closed and is no longer accepting customers. This review is for informational purposes only.
OvalX (formerly ETX Capital) is an FCA and FSCA-regulated broker with a feature-rich proprietary trading platform and a large range of tradable assets. With its highly customisable trading platform and 5000 share CFDs, OvalX is a good option for experienced traders or serious beginners looking to trade assets other than Forex.
OvalX offers full support for MT4 as well as its own award-winning proprietary platform, TraderPro. Unlike many proprietary platforms, TraderPro caters to beginners and experienced traders and features numerous technical indicators, multiple chart types, split charting, highly customisable workspaces, and easy-to-use risk management tools.
Some traders may be disappointed at the lack of account options at OvalX, which has a single live commission-free account. Trading costs are average compared to other market maker brokers, with a minimum deposit of 100 USD and variable spreads averaging between 0.8 to 1.1 pips on the EUR/USD. Apart from share CFDs, OvalX offers trading on 60+ Forex pairs, cryptocurrencies, indices, commodities, and bonds – excellent for traders who wish to diversify their trading strategy.
OvalX also offers a wide range of educational materials for advanced traders, including regular courses run by professionals who have had successful careers as traders and senior managers at top financial institutions.
🏦 Min. Deposit | AUD 100 |
🛡️ Regulated By | FCA, FSCA, CySEC |
💵 Trading Cost | USD 6 |
⚖️ Max. Leverage | 30:1 |
💹 Copy Trading | Yes |
🖥️ Platforms | MT4, ETX |
💱 Instruments | Bonds, Commodities, Cryptocurrencies, Stock CFDs, Forex, Indices |
OvalX is the trading name of Monecor London Limited, a UK-based financial services company founded in 1965 and listed on the London Stock Exchange. It is regulated by the Financial Conduct Authority of the UK (FCA), the Cyprus Securities and Exchange Commission (CYSEC), and recently, the South African Financial Sector Conduct Authority (FSCA). See below for its list of registered companies:
Global traders will be trading under the subsidiary, Monecor (London) Ltd, authorised and regulated by the FCA in the United Kingdom. Known as one of the strictest regulators in the world, the FCA ensures that brokers segregate all client funds, offer clients negative balance protection and that brokers regularly submit externally audited statements.
In line with the strict regulatory environment under which OvalX operates, all client funds are kept segregated from operational accounts, and all traders will have negative balance protection. It is also insured by the Financial Services Compensation Scheme (FSCS). In the event of liquidation, clients may be compensated by the FSCS up to a limit of 85,000 EUR per person.
OvalX has won multiple awards for its trading tools, trader education, and platform. Recent awards include Best Forex Trading Support – Europe 2020 (Global Forex Awards), Best Mobile/Tablet Application 2020 (Shares Awards), Best Trading Education 2019 (Shares Awards), Best Trading Tools 2019 (Online Personal Wealth Awards), and Best Online Trading Platform 2018 (Shares Magazine) for the ETX TraderPro proprietary trading platform.
As a long-established, publicly-listed financial company with strict regulation and frequent industry recognition, we deem OvalX a safe broker.
ETX’s trading fees are average compared to other similar brokers.
Unlike other brokers that offer a range of accounts with higher minimum deposits linked to tighter spreads, OvalX offers a single live account on two different platforms (click here for more on OvalX’s trading platforms). Trading conditions vary depending on the platform chosen.
OvalX’s accounts were assessed to compare the costs to those of other forex brokers. The costs were evaluated based on the trading fees on one lot (100 000 USD) on the EUR/USD, including the spreads and commission.
When making this calculation, we used one lot of EUR/USD as a benchmark as it is the most commonly traded currency pair and it usually has the tightest spread.
Trading Cost Formula: Spread x Trade Size + Commission = Cost in Secondary Currency (USD):
As you can see from the table above, OvalX’s trading costs are included in its variable spreads. Spreads widen or tighten depend on trade volume and market volatility.
The trading costs on the Trader Pro platform are lower than those on the MT4 platform and are slightly lower than the industry average. The trading costs at most other brokers tend to be 9 USD per lot of EUR/USD.
Swap Fees
Another important cost to consider is the swap rate charged on positions held overnight. Interest is paid (or received) for each night a position is held. These are the interbank market ‘tom-next’ rates plus OvalX’s standard fee of 1.35% per annum. Positions held overnight on a Wednesday will be subject to three days of swap charges. Unfortunately, OvalX does not publish these fees on its website.
Overall, OvalX’s trading costs are slightly lower than the industry average on the TraderPro platform but slightly higher than average on the MT4 platform.
OvalX’s non-trading fees are lower than other similar brokers.
OvalX does not charge any account, deposit, or inactivity fees. The first five withdrawals of a month are free, and a charge of 10 USD per withdrawal is charged thereafter. Additionally, traders are charged a withdrawal fee for amounts less than 100 USD.
Overall, OvalX’s non-trading fees are low, and fees are only charged for withdrawals under certain circumstances.
The account opening process at OvalX is user-friendly, fully digital and accounts are ready for trading within one day.
All Australian residents are eligible to open an account at OvalX but have to meet the minimum deposit requirement of 100 USD.
Creating an account is straightforward, the process is fully digital, and accounts are usually ready within one day. OvalX offers individual and corporate accounts, but we will focus on opening an individual account:
After the application is approved, traders can login and fund their accounts We advise that you read OvalX’s risk disclosure, customer agreement, and terms of business before you start trading.
Overall, OvalX’s account-opening process is fully digital and hassle-free and accounts are generally ready for trading within one business day.
OvalX offers one account type, which is limited compared to other brokers, and its account is suitable for beginners and more experienced traders.
OvalX is a market-maker broker offering trading on over 5000 assets, including 60+ Forex pairs, indices, shares, commodities, and cryptocurrencies (click here for more on OvalX’s tradable instruments).
OvalX offers one live commission-free account with spreads that vary depending on the platform chosen (click here for more on OvalX’s trading platforms). This arrangement could be a disadvantage for traders who are familiar with MT4, and will then have to pay higher trading costs. The minimum deposit requirements to open an account are 100 USD.
The low minimum deposit requirement on OvalX’s account makes it accessible to beginner traders. We define beginner traders as inexperienced traders who have never traded before or have been trading for less than a year. Beginners often do not want to risk trading large sums of money, and will generally not be able to trade full-time during the workweek.
Experienced traders generally prefer paying higher minimum deposits and a commission per trade in exchange for tighter spreads, which is not available at OvalX. Experienced traders will, however, appreciate the tight spreads and large number of tradable assets available for trading.
Under FCA regulation, clients have a leverage limit of 30:1 on forex pairs. Clients can elect to trade as a professional, subject to certain eligibility criteria, and will then be afforded leverage of up to 286:1.
ETX allows hedging and copy trading (or algorithmic trading), but does not allow copy trading. It also does not offer Islamic swap-free accounts. See below for details on OvalX’s accounts:
TraderPro
Average spreads using the TraderPro platform are 0.81 pips for the EUR/USD, 1.40 for the EUR/GBP, and 1.06 for the USD/JPY, which is tighter than the industry average. The minimum deposit to open an account is 100 USD.
MetaTrader 4
Spreads are slightly wider on the MT4 platform, averaging at 1.01 pips for the EUR/USD, 1.54 pips for the EUR/GBP, and 1.35 pips for the USD/JPY. Again, the minimum deposit requirement is 100 USD.
Demo Accounts
Demo accounts are available on both platforms. The demo account is unlimited and comes loaded with virtual currency. Demo accounts are a good way to practice trading under real market conditions. We recommend opening a demo account if you decide to use TraderPro, as it is different from other popular third-party software.
Overall, although the account choice at OvalX is limited, the account is suitable for both beginners and more experienced traders.
OvalX offers an average number of payment methods compared to other brokers. Deposits are free, and fees are only charged for withdrawals under certain circumstances.
In line with Anti-Money Laundering policies, all deposits must be made from an account/card registered in your name, and OvalX does not accept third-party deposits.
OvalX does not charge for deposits, but for withdrawals under 100 USD, or currency equivalent, a 10 USD administration fee will be charged. Furthermore, OvalX offers each client five withdrawals for any amount over 100 EUR/GBP/USD each calendar month without a processing fee. Due to the fees incurred by OvalX for processing withdrawals, clients who withdraw funds more than five times in a calendar month will incur a charge of 10 EUR (or currency equivalent) for each subsequent withdrawal.
Withdrawals requested before 2 pm will be processed on the same business day, but the time that it takes to reach the client’s account varies depending on the country. Traders can expect to see withdrawals made via credit/debit cards and bank transfers within seven days and payments made via Skrill and Neteller within 24 hours. The following payment methods are accepted:
How do you withdraw money from OvalX?
Overall, OvalX provides an average number of funding methods, and while deposits and withdrawals are free, processing times are slow.
OvalX offers a limited number of base (trading account) currencies compared to other similar brokers.
Trading accounts can only be denominated in three base currencies – EUR, USD, and GBP, which is limited compared to other brokers. Most other brokers denominated accounts in at least five to ten currencies. Additionally, OvalX does not offer AUD trading accounts, which is a disadvantage for Australians who will likely have bank accounts denominated in AUD, and who will have to pay currency conversion fees on deposits and withdrawals.
For traders that trade in large volumes (more than 10 lots a month), it is better to open an account denominated in USD at a digital currency bank, especially for trading on assets such as the EUR/USD. This is because when trading a USD quoted currency pair with an AUD account, there will be a small conversion fee for every trade made.
Overall, OvalX offers fewer trading account currencies than most other large international brokers and doesn’t offer accounts denominated in AUD.
OvalX’s trading platform support is average compared to most other brokers.
ETX offers trading on MetaTrader 4 and its own proprietary trading platform, Trader Pro. Winner of numerous awards, the ETX TraderPro software was designed for experienced traders with advanced charting, and numerous drawing and risk-management tools.
A popular third-party trading platform, MT4 is available for those already familiar with the platform, but includes the ETX MT4 Remastered upgrade, consisting of numerous add-ons and improvements.
Trader Pro
Trader Pro is OvalX’s proprietary platform. It is user-friendly and highly customisable. The customized workspaces ensure individual flexibility, a feature that more and more clients demand from a competitive trading platform.
Features of the ETX TraderPro include:
Furthermore, its easy-to-use trade tickets make it simple to set stops and limits, enabling you to calculate your risk prior to execution.
Additionally, OvalX provides a comprehensive selection of video tutorials to help familiarise traders with the platform. Overall, Trader Pro provides traders with an excellent trading experience.
We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of the OvalX offering. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.
Trading Forex is risky, and each broker is required to detail how risky the trading of Forex CFDs is to clients. OvalX would like you to know that: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.9% 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.
Overall, OvalX is a trustworthy and dependable broker. Its proprietary TraderPro platform is undoubtedly one of the best in the industry, and the beginner education material on offer is world-class. Its range of financial instruments, including the broad range of Forex pairs should be enough to satisfy experienced traders. Still, the limited number of account types and average trading conditions are a bit of a disappointment.
Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.
Alison joined the team as a writer in 2021. She is the Senior Editor for FXScouts. She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers. She has a passion for Forex trading and over a decade of editorial experience researching Forex and the financial services industry, producing high-quality content. She hosts a weekly podcast, “Let’s Talk Forex,” alongside her colleague, Chris, and has produced over 100 Forex educational videos for the FXScouts YouTube channel. She also writes weekly technical analyses and has tested and reviewed over 100 Forex brokers.
Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.
Find out how OvalX stacks up against other brokers.
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