OvalX Review

ETX Capital have completed a re-branding exercise, and are now call ‘Oval X‘.

OvalX Overview

ETX Capital were a London based online broker, offering trading to clients around the world. FCA regulated, the firm grew beyond purely foreign exchange and added stock trading via CFDs and developed two trading platforms.

In order to better represent their offering, they rebranded in 2022.

Trading Flatform

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 MetaTrader 4 and ETX TraderPro.

Assets & Markets

The Tradable Instruments is yet another category in which OvalX scored highly. Retail traders can choose from more than 1000 instruments, including FX pairs, commodities, shares, indices, cryptocurrencies, and bonds. Those can be traded exclusively as CFDs, while professional traders can also use the more complex options.

OvalX’s assortment of tradable instruments exceeds the industry average for just about each asset class, except for FX pairs. Currently at 63, the list of major and minor currency pairs that can be traded with the broker is nonetheless quite diverse.

CX Markets deposit/withdrawal methods and fees

We could not gather from the website of the brokerage the available payment methods for potential clients. In the terms and conditions of the brokerage we read the following:

“The Company reserves the right to modify, from time to time, the size, the amounts and percentage rates of its fees and the Client will be informed accordingly, however, all fees are based on a percentage of the profit generated that month.” Such a provision is worrisome and should not figure among the terms of a legitimate brokerage.

We always remind traders to take notice about the many safety-checks they may try with the brokerage, instead of trusting it at face-value. Firstly, they must always invest only the required minimum deposit, so that there is certainty about the legitimacy of the brokerage, before risking a bigger amount. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. If they do – traders may rest assured that they’re dealing with a scammer.

OvalX Trading Fees

OvalX trading fees are average. 

We know it's hard to compare trading fees for CFD brokers. So how did we approach the problem of making their fees clear and comparable? We compare brokers by calculating all the fees of a typical trade for selected products.

We have chosen popular instruments within each asset class:

• Stock index CFDs: SPX and EUSTX50
• Stock CFDs: Apple and Vodafone
• Forex: EURUSD, GBPUSD, AUDUSD, EURCHF and EURGBP

A typical trade means buying a leveraged position, holding it for one week and then selling. For the volume, we chose a $2,000 position for the stock index and stock CFDs and $20,000 for the forex transactions. The leverage we used is:

• 20:1 for stock index CFDs
• 5:1 for stock CFDs
• 30:1 for forex

These catch-all benchmark fees include spreads, commissions and financing costs for all brokers. Let's see the verdict for OvalX fees.

CFD fees

OvalX has average stock CFD and low stock index CFD fees.

Commission-free stock CFDs require 100% margin.

Forex fees

OvalX's forex fees are average.

OvalX has low non-trading fees. It does not charge an account fee, and there is no withdrawal fee for the first 5 withdrawals each month. After that, you will be charged a £10 fee per withdrawal. There is also a fee for withdrawing less than £100.

There is no inactivity fee at OvalX.

It's important to note that these types of charges are hard to find on the broker's official website, making the fee structure not very transparent.

Spreads & Commissions

Traders with OvalX can expect the following spread list:

 Forex spreads begin as low as 0.6 pips for popular currency pairs, such as the EUR/USD. Spreads for CFDs start from 0.5 pips, while minimum equity spreads are 0.08%. For clients wanting to trade in commodities, spreads start at just 0.025 points.

 Added to this, OvalX does not charge commissions on trades, making for a competitive pricing offer.

OvalX Leverage

Leveraged product trading magnifies a trader’s potential profit – but of course, it also increases the potential loss. This facility that enables traders to get a larger exposure to the market than the amount they deposited to open a trade, is called leverage.

The amount of leverage is expressed as a ratio, for instance, 50:1, 100:1, or 500:1. Assuming that a trader has $1 000 in a trading account and is trading ticket sizes of 100 000 USD/JPY, that leverage will equate to 100:1.

Traders should always keep in mind that, although high leverage offered may be a plus point for the brokerage, trading at such high leverage should only be attempted by experienced traders that know how to prevent big losses.

The maximum leverage is dependent on the asset traded, the total position size, and the classification of the trader. OvalX offers a maximum leverage ratio of 1:200.

OvalX Account Types

ETX Capital does not offer different account types, and traders at all levels and depositing amounts of all sizes, are offered CFD trading accounts. There is also no option for an Islamic Account.

ETX Capital does offer two diverse types of platforms to prospective clients to use for trading on their accounts.

The minimum deposit required to open the account is £100.

The broker’s easy-to-use trade tickets make it simple to set stops and limits, enabling traders to calculate risk prior to execution. The broker also offers free award-winning education on risk strategy and position sizing to help traders effectively manage risk on every trade.

Trading Hours

Platforms are open for trading between 21:30 GMT Sunday through until 22:00 GMT Friday. However, specific product trading times can vary in response to changes in liquidity.

Customer Support

You can contact OvalX via:

• phone
• email
• live chat

In our test of OvalX's phone support, agents were connected within a minute and provided relevant answers. We also liked the professional tone of the customer service team.

Similar to phone assistance, email support works well. We emailed OvalX four times, and we received relevant and helpful answers in every case.

Live chat is also helpful, but if you don't provide answers quickly, the live chat platform closes.

Customer service availability depends on whether or not you are already a client:

• existing clients can reach out to OvalX between Sunday 9:30 p.m. and Friday 10:00 p.m., GMT+1
• non-clients can contact customer service between Monday 7:30 a.m. and Friday 9:00 p.m., GMT+1

Conclusion

OvalX's reliability and outstanding reputation are evident. It has long history and years of experience have helped keep a broker at in a strong place among institutional providers while also offering traders a competitive offer. OvalX's expanded approach to retail trading will be a benefit, despite the broker working with a large number of institutional clients. OvalX offers many benefits including a platform solution, well-built educational system, and a variety of materials for traders with different experiences.

FAQ's

Can I try Ovalx?

Ovalx offer a demo account so you can try the Ovalx platform with virtual trading before you put down a payment. Virtual trading with Ovalx is zero risk.

What funding methods do Ovalx accept?

Please note that the list of payment methods below depend on the Ovalx Entity and the Clients Country of Residence.

Ovalx offer the following funding payment methods Credit cards, Debit cards, Bank Transfer, Neteller, UnionPay, SOFORT, Giropay, Payoneer, among other payment methods.

Is Ovalx safe?

Ovalx are considered safe as they are regulated by and checked for conduct by the Financial Conduct Authority (FCA). Any payments funded to Ovalx accounts by traders are held in a segregated bank account. For added security Ovalx use tier-1 banks for this. Tier 1 is the official measure of a banks financial health and strength.

Is Ovalx a good broker?

Ovalx is overseen by the top tier financial regulators Financial Conduct Authority (FCA) so can be considered a good broker. Ovalx allows Forex trading, CFDs trading, and Spread Betting trading.