OvalX Review
OvalX is a licenced broker with headquarters in the United Kingdom. Clients from all around the world can trade over 5,000 trading instruments on the MetaTrader 4 and ETX TraderPro platforms. They do not provide managed accounts, social trading tools, or expert market analysis.
Monecor London Ltd., the parent company of OvalX, was established in 1965, and the company specialised in Mortgage Bonds before diversifying into Stocks and Derivatives. Monecor Ltd. is listed on London Stock Exchange. In 2002, the company developed TradIndex, a retail derivatives arm, which was eventually renamed OvalX, for the services of electronic trading, and execution. OvalX is authorised and regulated by tier-1 regulatory authority FCA in the UK and FSCA in South Africa.
OvalX offers a wide range of financial securities with over 5,000 trading instruments from various asset classes, including forex, indices, shares, cryptocurrencies, commodities and, bonds and interest rates. In addition, OvalX provides minimal trading costs with an option to trade commission-free stocks.
OvalX has an arsenal of trading tools. The broker offers you a choice of multiple high-quality trading platforms in ETX Trader and MetaTrader 4 across various environments. In addition, they provide valuable trading tools and educational resources, including comprehensive market analysis, trading guides and webinars.
OvalX has the expertise of over 50 years in providing trading services and is regulated by FCA. The parent company is a public company, and its stocks are traded on LSE. The broker offers a good selection of 5000+ financial instruments for trading CFDs of popular asset classes. Tight spreads and low commissions also help traders get the most out of their trading strategies. On top of that, the broker has an option of commission-free stock trading.
OvalX offers multiple payment options and free deposits or withdrawals. Moreover, the broker offers cash rebates if you trade enough volume which is a great incentive that you do not see many brokers openly provide. They also supplement beginners with a ton of helpful educational and research resources. Not to mention, there are free demo account which is a great way to practice trading online risk free.
On the other hand, OvalX requires a minimum deposit of $100 which is not the lowest that you will find. The broker does not offer dedicated market analysis tools such as Trading Central and Autochartist. They do not provide services to many countries, such as the US. The broker does not offer swap-free accounts for Muslim traders. Lastly, OvalX does not offer social trading and copy trading services. However, you can always copy signals from within the MT4 platform if copy trading is something that you are looking to do.
OvalX has a massive collection of markets and products. The broker offers a very generous choice of over 5,000+ trading instruments from multiple asset classes, including CFDs on forex, cryptocurrencies, commodities, indices, stocks and bonds. However, the broker does not offer options and ETFs. If you are looking for those assets then you might want to consider AvaTrade as another option.
OvalX Instruments Summary
| Instruments | OvalX |
|---|---|
| Forex | ✓ |
| Stocks | ✓ |
| Indices | ✓ |
| Commodities | ✓ |
| Cryptos | ✓ |
| Options | x |
| Bonds | ✓ |
| ETFs | x |
| CFDs | ✓ |
Commission and Spread Fees
OvalX offers two types of accounts with respect to the two trading platforms that they provide. This helps to keep things nice and simple compared to brokers who offer multiple accounts types with different features. Trading costs vary from one platform to another. I found the brokers proprietary platform to work out cheaper in terms of spreads whereas you can get $0 commission fees on both. The difference might not be that noticeable unless you are scalping or trading large volumes, in which case you can probably save quite a lot in fees by opting for the ETX Trader Pro account. If you are looking for spreads that start at 0.0 pips, XM Group are worth consideration. Here is a summary of the trading costs.
| Fee | ETX Trader Pro | MT4 |
|---|---|---|
| Commission (per standard lot per side) | $0 | $0 |
| Spreads from | 0.6 | 0.8 |
Deposit and Withdrawal Fees
OvalX does not charge any fee for processing funds in or out of the trading account.
Inactivity Fees
OvalX does not charge any fee for inactive or dormant accounts.
OvalX facilitates trading activities via a choice of two trading platforms. You may choose the proprietary ETX Trader Pro for the modern look of the platform with some unique additional features. Otherwise, you can choose the simplicity of the most popular MT4 trading platform. Unfortunately, the broker does not offer many other additional trading tools, including VPS hosting. However, there should be plenty of tools available in the provided platforms to meet most trader’s needs. Let’s go through each of the trading platforms in more detail.
ETX Trader Pro
Trade on a platform that, via integrated platform features, comprehensive research tools, and a robust charting package, enables professional traders to remain ahead of financial markets. With strong tools developed with the newest technology, the upgraded charting package allows you to take advantage of any trade opportunity. You can trade your preferred market using a variety of professional chart formats.
Choose from eight different layouts, including the Classic Candlestick, Heikin Ashi, and Ichimoku Cloud. Multiple charts for the same market can be viewed in a single workspace. You can set distinct indicators for each of up to eight-time intervals. You can rapidly access trade tickets by right-clicking anywhere on the chart, allowing you to open positions immediately from the chart. The simple trade tickets allow you to easily specify stops and limits, allowing you to quantify your risk ahead of execution.
The platform has an impressive variety of over 60 trend-following and momentum indicators, including Bollinger Bands, Stochastics, and the Moving Average Convergence Divergence, are available (MACD). To assist draw locations, drawing lines, measuring angles, and creating on-chart notes. You can make good use of complex Fibonacci tools to do additional analysis and uncover hidden trade possibilities.
The broker also provides free award-winning education on risk strategy and position sizing to help you manage risk properly on every transaction. You can quickly save and switch between up to 10 workspaces to personalise your Trader Pro experience. Drag and drop charts to focus on certain markets, time ranges, or holdings, and build personalised watchlists. The platform really can do everything that you need it to with great flexibility and an intuitive interface which is fully customisable.
ETX Trader Pro App
Trader Pro is available for both iOS and Android, so you can make use of all of its features no matter where you are with a modern and sleek trading app. It enables you to trade with updated charting that has been specifically designed to improve the smartphone experience. You can get the price you want, when you want it, and never be caught off guard by price increases. With the interactive charts, you can easily analyse the markets and perform actions in just a few taps of your screen. It is a breeze to open tickets and place trades immediately from the charts. To improve your trading experience, you may also customise your charts and compare up to eight different markets at once.
Although it is not as functional as the desktop platform, with the extensive collection of technical indicators, you can thoroughly examine any market. The trading app has adjustable position sizing and numerous order types, so you can get better control of your risk. I found the app makes it easier to browse the markets thanks to user-friendly interfaces and in-app interactions. You have all you need to develop a trading environment that is personalised to your objectives, with all of your favourite markets available for trading from the comfort of your mobile device.
You can trade with smooth interchangeability between desktop and mobile devices, as all devices are in constant synchronisation. Using fingerprint or facial recognition, you may easily and securely access your account. With direct help from within the software, you can learn about all of the capabilities to help you get the most out of what the platform can offer.
ETX Connect App
The ETX Connect App lets you enjoy a novel, socially enhanced trading experience. You can chat with other members of the community, follow others, and mimic the deals of expert traders. If you are looking to meet likeminded traders and learn from them, you can enter the world of social trading and interact with a larger community of traders from over 15 major brokers worldwide. Participate in the community by communicating with other traders, imitating other users’ moves, and watching the portfolios of thousands of network members. Your current MT4 account will be immediately synchronised from inside the ETX Connect app once downloaded. Simply log in as usual to see all of your preferences and trades waiting for you. When opening or completing a transaction using ETX Connect, you’ll get the same quick execution you’d get from the desktop and conventional MT4 app. You can trade markets from the palm of your hand from anywhere in the world and never miss another chance again with 24-hour trading. Chat with traders one-on-one and join group conversations of like-minded individuals to see pertinent topics. Analyse the markets using a comprehensive suite of technical indicators and analytical tools to find your next trading opportunity. ETX Connect, like the broker’s other trading services, is completely free. However, you will still be subject to the industry-wide trading charges that every broker imposes on transactions in order to pay the expenses of executing orders.
It’s worth noting that past performances do not promise a profitable future. So, it is better to do some due diligence before investing in anyone else’s portfolio. If you are on the lookout for a social trading platform, eToro are the industry leader in that respect.
OvalX MT4
In the forex and CFD trading industry, MT4 is perhaps the most extensively utilised online trading platform. Millions of MT4 software programmes, indicators, trading robots, and other tools are now in use. This makes it tough for many traders to forsake the MT4 platform for an alternative, no matter how good it is. As a result, most CFD brokers provide MT4 in order to attract more clients and it opens up your possibilities once you learn how to use the platform.
In addition to its easy layout and user-friendliness, the platform is packed with useful features for in-depth chart research and trading. The OvalX MT4 platform is accessible as downloaded desktop software for Windows and MAC, as well as mobile apps for Android and iOS devices.
Here are some of the MT4 platform’s primary features:
- OvalX is designed for speed, with 94 percent of deals completed in less than 30 milliseconds.
- It is available in over 35 different languages.
- Supports strategy automation via the use of software expert advisers (EAs).
- Back testing EAs on previous price data with a strategy tester.
- In the market watch window, all of the instruments’ purchasing and selling prices are displayed in real time.
- Price notifications may be customised and delivered through SMS, email, or popups.
- One-click trading and trading right from the charts are supported.
- Charts may be shown in nine different periods.
- For market analysis, over 30 built-in technical indicators may be added to the charts. Through the use of extension applications, this number may be expanded to thousands.
- For technical analysis, 24 analytical tools are offered.
OvalX MT4 Remastered
The broker does a great job of improving the already powerful MT4 platform to take your MT4 trading experience to new heights. The Connect Tab allows you to stay connected to the markets. Access market news, analysis, and the economic calendar in real-time. It is also much simpler to transfer funds into your account. There is an easy-to-use method for placing pending orders. You can save order templates, create interactive order lines, and get multi-screen support. Undock your charts and observe markets like an expert. Use advanced tools to manage your trading account, establish watch-lists for your favourite symbols, construct order templates, and generate order groups for a more strategic approach to pending order management. This is quite a unique tool that helps OvalX stand apart from some of the competition who just provide the basic MT4 offering, which to be fair is still excellent as it is.
OvalX Platforms Summary
| Platform | OvalX |
|---|---|
| MetaTrader 4 (MT4) | ✓ |
| MetaTrader 5 (MT5) | x |
| cTrader | x |
| Proprietary | ✓ |
| Desktop | ✓ |
| Web | ✓ |
| Mobile | ✓ |
| Social Trading | ✓ |
| Other | ✓ |
Every week, at least one webinar is scheduled on the OvalX website. The webinars cover a variety of trading topics, such as technical indicators, trading tactics, and how certain events impact the markets. Unfortunately, OvalX does not offer third-party research tools, including Trading Central and Autochartist. In addition, trading ideas and economic calendars are also not present. Moreover, there are no trading calculators. If you are looking for some additional tools to get some help with your market analysis, Forex.com provide both Trading Central and Autochartist free of charge to clients.
eBooks
There are five eBooks that might help folks who are new to internet trading. The books include technical indicators, various markets, trading tactics, market analysis, and other subjects. The books are brief and packed with images. The longest book is around 22 pages long.
Platform Tutorials
There are eight videos on ‘platform guidelines.’ Only one video walks you through the MT4 trading platform, while the other seven-show you how to utilise the ETX TraderPro trading platform.
Trading Courses
CFDs, indices, FX, commodities, shares, cryptocurrencies, and risk management training courses are accessible on the OvalX website’s education area. Each of these courses is divided into three to four subtopics. Each subtopic is allocated an estimated reading time, skill level, and other characteristics.
Glossary
A vocabulary of over 70 trade words with comprehensive definitions is supplied. Whilst this is nothing to ground breaking it is useful to have everything in once place, especially for beginners.
Market Analysis
The market news, comments, and analysis are the emphasis of this area of the OvalX website. It can stimulate trading ideas by providing a preview of the upcoming week, a technical roundup, and analysis of chosen economic events.
OvalX Research and Education Summary
| Resources | OvalX |
|---|---|
| Market Analysis | ✓ |
| Guides | ✓ |
| Videos | ✓ |
| Webinars | ✓ |
| Autochartist | x |
| Trading Central | x |
| Economic Calendar | x |
| Other | x |
OvalX offers and accepts payments via bank transfers, debit/credit cards, and electronic payments systems. Although the broker offers crypto trading, they do not currently offer or accept payments in cryptocurrencies. If that is something you are looking for, then you might want to take a look at FXPRIMUS as they support crypto funding and lots of other payment methods. Keep in mind that all the payments are processed under the same name as the name of the trading account. No third-party payments are processed.
OvalX Funding Summary
| Payment Method | Deposit | Withdrawal |
|---|---|---|
| Wire Transfer | ✓ | ✓ |
| Credit/debit Card | ✓ | ✓ |
| Electronic Wallets | ✓ | ✓ |
| Cryptos | x | x |
The parent company of OvalX, Monecor (London) Ltd, is authorised and regulated by the Financial Conduct Authority (FCA) in the UK and the South African Financial Sector Conduct Authority (FSCA).
OvalX Regulation Summary
| Regulator | OvalX |
|---|---|
| ASIC (Australia) | x |
| IIROC (Canada) | x |
| CySEC (Cyprus) | x |
| SFC (Hong Kong) | x |
| JFSA (Japan) | x |
| MAS (Singapore) | x |
| FINMA (Switzerland) | x |
| FCA (UK) | ✓ |
| CFTC (USA) | x |
| Other (FSCA) | ✓ |
OvalX Safety
Clients’ money is kept in segregated bank accounts at Europe’s top-rated institutions. This helps to guarantee that they are not utilised for anything else, such as business operating expenses. OvalX is a company that is a member of the Financial Services Compensation Scheme (FSCS). This provides insurance for the traders’ funds.
OvalX offers 24/5 customer support during working hours via live chat, email and phone calls. I think they could improve by extending support to weekends in order to keep up with competitors such as Admirals who do provide 24/7 support.
OvalX is a multi-award-winning online broker that provides its clients with access to thousands of tradable assets via flexible and sophisticated trading platforms. The brand is governed by the strict FCA and must therefore follow the regulatory procedures, which include account segregation, digital security, customer verification, and so on. Regulation can make potential clients feel more confident that they are dealing with a respectable brokerage business. Over 5,000 tradable assets are available on the broker’s platforms, which are powerful and packed with features. ETX TraderPro has been recognised as an exceptional platform that provides vital trading tools to help you get the most out of your trading strategies. The MT4 platform is also extensively used and approved by traders all around the world. Despite the many positives, I think the broker could improve by adding support for MT5, providing some additional analysis software, adding support for crypto payments and extending support to weekends. They also do not have the lowest spreads which may be an issue for anyone using scalping strategies that rely on small pip movements.
