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

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OvalX is a highly regulated and secure broker for forex and CFDs. They have been in operation since 1965, making them one of the most established brokers in the forex and CFD industry. OvalX was formerly ETX Capital.

Consider OvalX if you are looking to trade CFDs on stocks, indices, forex, commodities, or cryptocurrencies. If you are in the UK, you can also open a spread betting account (which has tax advantages for UK residents) with OvalX.  Here are the pros and cons of OvalX, along with what you need to know before signing up with this broker.

Competitive spreads on most CFDs$€£250 minimum deposit for new accounts.
Access global markets and multiple asset classes from one broker.Minimal deposit and withdrawal options: credit cards, bank transfers, Skrill
Regulated in the UK, South Africa, and Europe.High commissions on shares trading (plus the spread)
Segregrated client accounts so the broker can’t access your money.
Negative balance protection (retail clients only, not professional clients)

Also note that OvalX operates two websites:

  • Ovalx.com – regulated in the UK and South Africa.
  • OvalX.com/en-cy/ – regulated in Cyprus.

If you are in the UK, you can open an account with Ovalx.com. This will give you access to spread betting accounts, which have tax advantages for UK residents.

If you are in Europe, you can open an account with Ovalx.com/en-cy/ If you are elsewhere in the word, you can open an account with either, assuming the website accepts clients from your country.

Is OvalX Regulated and Safe to Trade With?

Is OvalX Regulated and Safe to Trade With?

OvalX is regulated in three jurisdictions, and offers segregated client accounts.

segregated client accounts

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

comply with local laws

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.

Further reading

OvalX Trading Fees

OvalX Trading Fees

OvalX offers commission-free trading for all assets except shares trading. It makes money off the spread charged to clients via the spread. The spread is the price at which clients can buy and sell.

OvalX offers commission-free

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

Stocks and ETFsStarting at 0.1% over and above actual market spread, plus a €10 or $15 minimum commission.
ForexStarting at 0.7 pips
Metals/CommoditiesStarting at 3.5 pips
IndicesStarting at 1 pip
CryptoStarting at 0.1% spread
Interest Rates & BondsStarting at 0.2 pips

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.

Further reading

OxalX Product Offers

OxalX Product Offers

OvalX offers a wide range of products including forex, shares, bonds/interest rates, cryptocurrencies, commodities, and indices.

OxalX Product Offers

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.

Stocks and ETFs – Markets Available
Eurozone sharesDenmark shares
Sweden sharesUnited Kingdom shares
Unites States sharesUSD/JPY

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

Brent CrudeNymex Crude
Carbon Emissions
London CocoaLumber
Orange JuiceRobusta Coffee
SoybeansSoybean Oil
US CocoaUS Coffee
US SugarWheat

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

Euro Stocks 50
Germany 40Hong Kong 50
Italy 40Japan 225
Russell 2000SP 500
Spain 35UK 100
US Tech 100Wall Street

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.

Bitcoin USDBitcoin GBP
Bitcoin EURBitcoin cash

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

Interest Rates and Bonds
Euribor10 Year UK Gilt
Euro BOBLEuro Bund
Euro SchatzFench Oat
US T BondUS 2 Year
US 10 YearSonia 3 Month
Further reading

OvalX Deposit & Withdrawal Methods and Minimums

OvalX Deposit & Withdrawal Methods and Minimums

OvalX doesn’t offer many deposit and withdrawal methods, but it does offer enough to accommodate most traders’ needs.

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.

Further reading

OvalX Account Types

OvalX Account Types

OvalX only offers two account types: retail and professional. Here’s how they work.

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

Retail Clients

Retails clients are subject to the fees and trading conditions discussed above.

Retail clients receive negative balance protection. This means if you lose more than is in your account, you are not liable for the debt.

If you deposit more than £10,000, you get access to a relationship manager who can personally handle your questions.

Professional Clients

Professional clients must have advanced knowledge of derivatives trading and a portfolio in excess of £500,000, and they must have made at least 10 trades per quarter over the last year.

Professional clients may receive enhanced leverage, potentially better trading conditions, but they do not receive negative balance protection.

Further reading

OvalX Trading Platform and App

OvalX Trading Platform and App

OvalX offers two trading platforms: its own, and the popular MT4 trading platform…But there is an optional twist.

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.

track news events

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.

platforms are easy use

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.

Further reading

OvalX Support and Trading Education

OvalX Support and Trading Education

Customer support isn’t needed very often, but you want to know your broker will be there for you when you need them.

OvalX Account Types

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



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.

Further reading
OvalX FAQs

OvalX FAQs

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.

It is one of the best international brokers. Different types of assets, convenient and reliable platform, favorable trading conditions. Want to know more? Click here.
Further reading