OvalX Review – What You Need to Know (formerly ETX Capital)

Your deposit to your broker is the biggest trade you make. You need to be able to trust them with your money. OvalX is trustworthy. The odds of them running off with your money are remote, as they are under the scrutiny of three regulators.

• Financial Coduct Authority (FCA) in the UK.
• Cyprus Securities and Exchange Commissions (CySec) in Europe.
• South African Financial Sector Conduct Authority (FSCA) in South Africa.

Many forex brokers are only regulated in one location. The more, the better. It shows the broker is willing to comply with local laws and be regularly reviewed for financial health and fair business practices. OvalX also keeps clients’ funds in segregated accounts, meaning OvalX never has access to your funds. In the event of bankruptcy, your funds are safe.

If you are registered with the UK regulated website, (OvalX.com), the UK Financial Compensation Scheme also compensates investors upto £85,000 in the event that OvalX (and the bank holding your segregated funds) defaults. Another broker regulated by CySec is AAATrade.

OvalX offers competitive spreads for a CFD broker, though the commissions costs on shares trading are rather high.

There are additional costs for holding positions overnight. OvalX charges the following yearly interest rates for holding positions overnight (calculated and charged daily):

• Forex: 1.35%
• Indices, commodities, interest rates & bonds: 4.5% (4.625% for shorts)
• Cryptocurrencies: 18%
• Shares: 6% (6.125% for shorts)

These overnight costs limit the effectiveness of holding trades for the long-term as the interest erode returns.

Here is an overview of some of assets you can trade with OvalX. There are more than 60 currency pairs in total to trade with OvalX:

OvalX also has multiple stocks and ETFs. This means you can trade many stocks that are listed on these stock exchanges.

Commodities are popular assets among traders and investors. The following are available to trade via OvalX:

Indices allow you trade a basket of stocks with one transaction instead of buying individual stocks. OvalX offers the following:

OvalX also provides trading opportunities on a variety of cryptocurrencies. In the UK (OvalX.com), cryptocurrencies are only available to professional clients, not retail clients.

Below are the interest rates and bonds users can expect when using OvalX:

Deposits and withdrawals can be made in USD, EUR, or GBP. The minimum deposit for an initial deposit to an account is $€£250. After that, the minimum deposit for a bank transfer is $€£100, and there is no minimum for the other payment methods.

You can deposit and withdraw with credit cards, bank transfers, or Skrill. OvalX does not charge for deposits and withdrawals, but the payment provider may.

All retail clients get the same account with the same trading conditions, regardless of account size.

All platforms are available for Windows, Mac, Android and iPhone. MetaTrader 4 is widely used in the forex industry by many brokers. You can read a full review of the MT4 trading platform here.

OvalX offers a twist on this classic platform. You can download MT4 Remastered to access special tools created by OvalX. These tools can make it easier to place quick trades with stop loss and profit target orders attached, see if your trades are correlated (move together), track news events, and more.

Then there is the OvalX platform. It offers more features at your fingertips than MetaTrader 4, including watchlists, easy trade navigation and order placement, customizable workspaces/chart setups, and access to your account for withdrawals and deposits.

Both platforms are easy use. MT4 is simpler, and provides most of the tools traders need. The OvalX platform has more features so it may take a little longer to figure everything out. Ultimately, I would say try both in a demo account and see which you prefer.

You can contact OvalX in multiple ways:

• Phone: +44 (0)207 392 1494 (UK) +357 25 056 447 (Europe)
• Email: customer.service@ovalx.com (UK) support@ovalx.com (Europe)

Live customer support is available between 7:30 am and 9 pm GMT. OvalX’s addresses are:

26 Finsbury Square

London

EC2A 1DS

5 Spatharikou, KSA Building, 1st Floor

Mesa Geitonia,

Limassol 4004, Cyprus

Whether you are trading through the UK or European site, both have extensive FAQ sections to help you navigate most questions you’ll have while setting up your account for trading.

• https://ovalx.my.site.com/fca/s/
• https://ovalx.my.site.com/cysec/s/

If you are looking for a quick answer, check these links for information. If it’s not there, proceed with contacting customer support. OvalX offers market analysis as well as regular webinars to help you out with trading and learning how to fully utilize the trading platforms.

Why ETX Capital become OvalX?

In 2021 ETX acquired Oval, another finance company. The now larger company decided to change its name to OvalX to reflect the change.

Does OvalX offer demo accounts?

Yes, you can sign up for a free demo account. If you want to change the balance of your demo account, contact customer support.

What type of clients does OvalX serve?

OvalX serves retail clients, and professional trading clients with large portfolios.

Can I change the base currency of my OvalX account?

Yes, this is possibly by contacting customer support. Note that this doesn’t work for MT4 accounts, but you can simply open a new MT4 account with a different base currency.

Can I trade on OvalX from any location?

OvalX is available in most countries, but not the US, Canada, Belgium, Singapore, and Switzerland.

Does OvalX offer any bonuses or promotions to new users?

OvalX may offers promotions/bonuses, such as deposit bonuses. However, these offers may vary depending on the user’s location and may not be available at all times.

Final Thoughts: Is OvalX Worth Trading With?

OvalX is a quality broker mainly suited to short-term trading in various markets. It offers a wide range of markets to trade and is highly regulated. That means your money is likely safe with this broker. Deposit and withdrawal methods are well-suited to most traders’ needs and there are no fees for deposits and withdrawals.

One drawback is the relatively expensive commission on shares trading. Other than that, the spreads are competitive with other CFD brokers. Overnight holding costs (interest) are also not ideal if you are planning to hold trades for the long-term.

If you are in the UK, be sure to sign up through the UK site so you can access a spread betting account. If you are Europe, sign up through the CySec regulated site. Elsewhere in the world, you can choose either. Check out our reviews of other forex brokers here.

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