OvalX Review & Rating 2023Visit OvalX
In this review, we'll take a look at OvalX's trading platforms and see how they compare to the competition. We'll also discuss the pros and cons of each platform so you can make an informed decision before opening an account. It's going to be an unbiased review of OvalX. AtoZ Markets is not responsible for any opinion made by the writer.
So you've heard about OvalX and you're curious as to what all the fuss is about. Well, let us tell you a little bit about the company.
In 2021, ETX acquired Oval. They merged ETX Capital and Oval and rebranded it as OvalX. The parent company, Monecor Ltd, has been operating since 1965.
Over the past twenty years ETX Capital, presently known as OvalX has expanded to offer retail investors Trading in Forex, trading CFDs as well as Spread Betting trading.
OvalX has a headquarters in the UK. OvalX is a forex broker that offers a variety of trading platforms, including the popular MetaTrader 4. Whether you're a beginner or a pro, OvalX has the right platform for you.
How to open an account with OvalX?
In 3 steps, you can open an account with OvalX.
At the first step, you have to fill out their form where you have to select your country, then you are given options to choose your account and platform types. Then you have to fill the form with your personal details.
In the second step, you need to do your KYC. And the last step is funding your account with your base currency. Minimum deposit threshold of OvalX is €$¥100.
Products Offered By OvalX
When you sign up with OvalX, you'll have access to a variety of trading platforms, each of which has its own set of features and benefits. They offer Forex, indices, shares and commodities.
They offer 60+ Forex pairs including major, minor, and exotic currency pairs. Their spreads start from 0.6 pips.
They also offer a wide range of international indices with low spreads.
OvalX offers 1000+ share CFDs from Europe and the USA. They also offer 30+ commodities including gold, silver, palladium, oil, and natural resources etc.
Apart from these, OvalX offers Spread Betting. Spread betting is one of the favored derivative products that allows you to make bets on the financial markets, like indices, forex or shares without taking possession of the asset that is used to base it. Instead, you'll be placing bets on whether or not you believe the price will increase or decline.
Copy Trading @OvalX
OvalX offers copy trading with their own copy trading platform named OvalX Connect.
OvalX Connect is a wide community of traders from more than 15 major brokers around the world to trade using OvalX Connect, which is the MT4 platform.
Through OvalX Connect, traders can talk to trader on the other side, duplicate trades of the other users, and monitor the portfolios of the thousands of users on the network.
OvalX Connect is entirely free for all users, just as regular trading services. However, you will be subject to the cost of trading that every broker uses to cover the cost of processing orders.
MT4 is fully synchronized to OvalX Connect. Every trade or purchase you make through OvalX Connect will reflect on your desktop version, and vice versa.
As of right now you are not able to utilize OvalX Connect for OvalX their own platform. However, it is possible to establish accounts on OvalX or MT4 accounts on their platform and trade on both accounts if you'd like.
Ovalx has won numerous industry awards during the 20-years they have been in business as a financial broker. Below are the highlights and mentions of Ovalx.
- Online Personal Wealth Awards: Best Education 2018
- Online Personal Wealth Awards Best Trading Platform 2018.
- ADVFN International Finance Awards 2018 Best Spread Betting Platform
- Uk Forex Awards 2017 Best Forex Educators
- Shares Awards Best Trading Education 2017
Pros and Cons of OvalX
So is OvalX the right forex broker for you? Let's take a look at the pros and cons.
√ OvalX has a wide range of trading platforms, so you can choose the one that's best suited to your needs
√ They offer a great range of features, including hedging and leverage
√ The customer service is excellent, and they offer 24/5 support
- Their website is not well equipped. All the services are not explained probably.
- The spreads could be a bit higher
- OvalX doesn't have MetaTrader 5 and cTrader.
Is OvalX a trusted Forex broker? We know that the brokerage firms are required to adhere to a range of regulations and standards which are set by the regulatory authorities of the respective jurisdiction to be licensed and remain operating in the respective areas. The entire purpose that regulation serves is to safeguard traders and create a more secure trading environment. The regulation of the financial sector and licensing approval is crucial.
The parent company of OvalX has been providing services to clients since 1965. The broker is well licensed and regulated by FCA, CySEC and FSCA. So, yes, OvalX is a trusted broker with license and regulations.
OvalX offers a proprietary platform named OvalX and MetaTrader 5. You'll be trading on one of the most advanced trading platforms named OvalX.
Their platform has been designed by traders, for traders. That means you'll have access to all the features and tools you need to make profitable trades. Plus, the platform is easy to use, so you'll be able to get up and running quickly.
OvalX offers a variety of trading platforms, including a flagship platform OvalX, which gives you access to global markets 24/7. OvalX is great for those who are just starting out in the world of Forex trading. It's easy to use and has all the basics you need to get started. Plus, they offer mobile apps for both Android and iOS, so you can trade on the go.
Next up is the OvalX Pro platform, which is designed for more experienced traders. It has more options and features than the first platform, giving you greater control over your trades.
Finally, there's the OvalX MetaTrader 4 platform. This is the most popular Forex trading platform in the world and offers a huge range of features and tools. Whether you're a beginner or an experienced trader, this platform will suit your needs.
When you're looking to open an account with OvalX, you have a few different options to choose from. You can open a spread betting or CFD account, where you can trade in all of the different markets that OvalX offers.
Spread Betting Account
With the spread betting account you will be able to enjoy quick execution as well as powerful charting tools, and low spreads on more than 55,000 markets.
CFD Trading Account
With the help of a CFD Trading account, you are able to enjoy trading stocks with no commission. You can trade thousands of markets such as commodities, forex, indices, cryptocurrency, and more using instant execution and robust charting software.
This way, you'll have access to all of the features and tools that are specific to Forex trading. You'll also have access to expert advice and support, so you can make the most of your trading experience.
When it comes to fees and commissions, OvalX is pretty straightforward. There are no hidden charges, and the commission rate is very competitive.
They offer two types of accounts: the Spread Betting and CFD Trading Account. Both the accounts do not have any commission.
They don't charge any fees for deposit and withdrawal. It's obviously a great feature that they don't have any fees for deposit and withdrawal. Their minimum deposit threshold is 100€/£/$. OvalX also doesn't have any inactivity fees for being inactive.
When you're looking for a Forex broker, customer service is an important factor to consider. And OvalX definitely delivers in that department.
I had a few questions when I first started trading, and their customer service team was always available to help. They answered all my questions patiently and clearly, and never made me feel like I was asking too many questions. But the problem is they don't have a live chat option. To contact them, you have to call or email them. You can also fill in the site form to ask your question.
Their support team is definitely one of the highlights of OvalX. They're always quick to respond to emails, and they go the extra mile to make sure you're happy with your experience.
Regulation is the most important thing for online forex brokers. You can't trade with an unregulated broker. An unregulated broker can scam very easily. But a regulated broker has to follow regulatory compliance. Now let's see how OvalX is regulated.
OvalX is licensed and regulated by different reputable regulatory authorities. The broker is regulated by the following regulatory authorities.
In the UK, OvalX London is licensed and regulated by the Financial Conduct Authority (FCA).
In Europe, OvalX Cyrus is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC).
In South Africa, OvalX is licensed and regulated by the South African Financial Sector Conduct Authority (FSCA).
So, what's the verdict? Is OvalX a good Forex broker?
Honestly, it depends on what you're looking for. If you're looking for a wide range of trading platforms, then OvalX is definitely a good choice. But if you're looking for something that's super user-friendly, then you might want to look at the following alternative brokers.
Overall, OvalX is a solid choice for Forex traders who want to have access to a variety of trading platforms. And the customer service is excellent, so you can always get help if you need it.
After researching and using OvalX for a while, we can say that it is a great trading platform for those who are looking to get into the Forex market. It is user-friendly, has a variety of features, and offers competitive rates. We highly recommend using OvalX to start trading in the Forex market.