OvalX Account Types

OvalX Account Types offers two account types, consisting of a Standard Account and a Professional Account. Either account can be opened specifically to the chosen trading platform,

OvalX at a glance

Overall Rating

• 3.4/5

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Min Deposit

USD 250

Regulators

FCA, CySEC

Trading Platform

MT4, OvalX Trading Platform

Crypto

Yes

Total Pairs

79

Islamic Account

No

Trading Fees

Low

Account Activation

24 Hours

Choose your quick section of our OvalX Account Types below.

OvalX Accounts – 15 Key Point Quick Overview

1. OvalX at a glance
2. OvalX  Accounts – 15 Key Point Quick Overview
3. OvalX Overview
4. OvalX Account Types
5. OvalX Account Features
6. How to Open an OvalX  Account – Step-by-Step Guide
7. OvalX Sign-up Bonus
8. OvalX Minimum Deposit
9. OvalX  Best Countries by Traders
10. OvalX  vs Etoro vs XM  Comparison Table
11. OvalX  Customer Reviews
12. OvalX Current Popularity Trend
13. OvalX Pros and Cons
14. Conclusion 
15. Frequently Asked Questions

OvalX Overview

OvalX is a long-established Forex broker with a rich history in the investment industry. OvalX was first founded in 1965 as a specialist broker of mortgage bonds. The broker went on to expand into stocks and derivatives.

In 2002, the company introduced TradIndex, meant to be its derivative arm, which was later rebranded as OvalX. The name is meant as an acronym for electronic trading, Telephone trading, and execution.

OvalX is headquartered in London and has gone on to expand its global reach to Europe, Asia, and Russia. OvalX is a fully authorized CFD provider regulated by the Financial Conduct Authority (FCA), and funds are protected in segregated accounts at regulated banks so that clients can also access their money at any time.

OvalX offers access to a comprehensive selection of markets and assets. In terms of Forex, trading costs are low with spreads on EURUSD from only 0.6 pips, and GBPUSD from 0.9 pips.

OvalX offers over 60 FX pairs including majors, minors, and a range of exotics to help diversify your portfolio. Traders can analyze markets with advanced technical indicators and instantly execute trades through the broker’s platforms.

Analysts provide traders with the latest news and updates allowing them to discover new trading opportunities.

Trading is facilitated on either the MetaTrader 4 platform or OvalX’s propriety TraderPro platform.

Overall, OvalX is an excellent choice for both beginner and advanced traders, but the broker is only available in the United Kingdom.

OvalX Account Types

OvalX offers two account types, consisting of a Standard Account and a Professional Account. Either account can be opened specifically to the chosen trading platform, causing account conditions to vary.

Standard clients have the following benefits:

Premium traders have the following benefits:

As a Premium client, you will also have priority access to the broker’s Operational team to help you with any funding or withdrawal issues and same-day withdrawals.

OvalX’s flagship platform, TraderPro provides traders with an advanced suite of charts and graphs, as well as access to thousands of tradable products.

OvalX hosts a version of the widely popular MT4 platform, which allows users to trade via the use of automated Expert Advisers.

If you would like to create additional accounts with OvalX for one of the two platforms you can log into your existing account and do this from the ‘Profile’ section of the side panel.

If you open an account with OvalX for one of these platforms and subsequently wish to also trade on another of the broker’s platforms, please email the customer service desk.

Having already been through the security process when previously registering, other platforms should be accessible to you.

Professional clients will need to be ETX account holders and meet two of the three criteria below to become a professional traders

Over €500k of liquid assets excluding your house of residence if you own it

Relevant experience in financial services

Traded at least ten times, of significant size, in each of the last four quarters

The following documents are acceptable and can be scanned and sent by email:

Bank, Broker, or investment portfolio statement OR a letter from a notary confirming the net worth

FCA register screenshot or letter from the employer

Trade statement from another broker / financial institution

OvalX also offers a demo account which can be used to test out the trading features and conditions before signing up for a real account. OvalX does not offer an Islamic Account to traders of the Muslim faith.

OvalX Account Features

OvalX TraderPro Account

The enhanced charting package enables users to take advantage of every trading opportunity with powerful tools built into the latest technology.

Easy-to-use trade tickets make it simple to set stops and limits, enabling users to calculate their risk prior to execution. OvalX also offers free award-winning education on risk strategy and position sizing to help you effectively manage risk on every trade.

Drag and drop charts and create personalized watchlists to focus on certain markets, time frames, or positions.

OvalX  MT4 Account

On average 94% of ETX trades on MT4 are executed in 30 milliseconds or less (as of 4th January 2019)

Analyze price quotes and execute trading operations automatically, relieving you from routine trading and market analysis.

React rapidly to changing market conditions with the One-Click Trading tool, enabling you to open positions efficiently with a single click.

Allows you to hedge your exposure by going long and short on the same market at the same time.

VPS service is located close to OvalX’s MT4 servers, which gives you that vital speed edge and ensures you can be in the markets when your PC is not switched on.

OvalX Professional Client Accounts

Direct 24-hour access to the trading desk

Multi-asset trading via phone, chat, or emails

Provision of market information

Equities, Fixed income, Commodities, and FX

Cash, Options, tailored baskets, or structured products

Mainstream, emerging and undeveloped markets

Multi-currency and currency conversion (Physical FX)

Tailor-made personal service with competitive margin rates, financing, and commission rate

Fast and efficient global equity order execution service with Competitive margin rates, financing, and commission rates

Direct access to market makers and trading in the UK on the Retail Service Provider

Fidessa, VWAP, TWAP, RSPs, dark and lit pods, SOR

OvalX Demo Account

Opening a demo account with OvalX will give users the ability to test out the trading features of the MT4 platform or the ETX TraderPro platform against the conditions in the broker’s account.

Using the MT4 demo version, traders will have the ability to test the following features:

Automated trading with Expert Advisors

Fast execution with One Click Trading

Multiple chart capability

The ETX TraderPro demo account will allow users to test out the following features:

Over 5,000 Markets to trade on

Intuitive and easy-to-use platform

Customizable charts and fast execution

OvalX Islamic Account

OvalX does not offer an Islamic Account to traders of the Muslim faith. This is a drawback to such traders, as an Islamic Account fulfills an important purpose, as outlined in more detail below.

Also known as ‘no swap accounts’, Islamic trading accounts allow Muslims to engage in online forex trading in compliance with Sharia law.

With 25% of the world’s population practicing the Islamic faith, Islamic forex trading has continued to gain popularity worldwide.

Essentially, an Islamic forex trading account charges no swap or rollover interest on positions held overnight in the forex market. An administration fee is, however, charged on some accounts to open positions.

How to Open an OvalX  Account – step-by-Step Guide

Similarly to a bank, to register a forex trading account with ETX CAPITAL for the first time, you will be required to go through a basic “know your customer” process, which will allow ETX CAPITAL to ascertain that your submitted details and ensure the safety of your funds and account details.

Step 1 – Choose your account

Before you would submit any of your personal information, make sure you have selected the right type of brokerage account for you. Make your choice on the registration page and then proceed to the next step.

Step 2 – Add personal info

The next step is to go through the basic information questionnaire. You will have to provide your name, birth date, address, nationality, employment, and other similar info. The complexity of this step depends on the broker you chose. You will also have to answer some security questions to make sure you are legally allowed to trade, as well as some questions about your trading experience.

Step 3 –Seal the deal

Once you’ve made it through basic registration and identification, you will have a chance to review the information you provided, and then sign a virtual contract after agreeing to the terms and conditions of the broker you chose.

Step 4 – Fund your account

Once your account is confirmed and opened, you can start trading. Transfer the minimum deposit, or if there is none, any amount of money to your broker account, and let’s roll! You are now an investor!

OvalX Sign-up Bonus

OvalX does not offer a welcome bonus to traders who choose to register for a real account. While OvalX used to offer bonuses in the past, the broker has withdrawn these promotions due to regulatory restrictions on bonuses by its regulator, the Financial Conduct Authority.

As a general explanation, a bonus can be best understood as a way of compensating traders for having decided to open an account with a chosen broker.

OvalX Minimum Deposit

The minimum deposit amount required to open a broker account with OvalX is GBP 100 or the currency equivalent.

This is a relatively standard minimum deposit requirement when compared to most other brokers in the industry and should not present too high a barrier of entry to most new traders.

OvalX  Best Countries by Traders

OvalX  vs Etoro vs XM  Comparison Table

OvalX  Customer Reviews

Great customer service

I asked 4 different questions from different areas and I got a very detailed and easy-to-understand response. Well done and keep the customer service in that manner.

Efficient and trustworthy service

I have been with OvalX for a number of years now. I have found their tools easy to work with and the platform handles trades well at fair prices. ETX Capital provides good FX training courses and also has a friendly and helpful customer service team.

Great start to working with your…

Great start to working with your company, seamless start.

Thank you.

OvalX Pros and Cons

Conclusion 

OvalX Account Types vary according to what traders require. OvalX is a fully authorized CFD provider regulated by the Financial Conduct Authority (FCA), and funds are protected in segregated accounts at regulated banks so that clients can also access their money at any time.

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Frequently Asked Questions

Does OvalX accept traders from South Africa?

Yes, South African traders can open an account with OvalX. A first-time deposit is a minimum of 250 GBP/ZAR5206,06.

Does OvalX offer leverage?

Yes. OvalX offers maximum leverage of 1:30 as per ESMA regulations within the European Economic Area.

How many instruments can I trade with OvalX?

OvalX provides a wide range of tradable instruments across the following asset classes:

• Forex
• Indices
• Shares
• Commodities
• Cryptocurrencies

Which platforms are supported by OvalX?

MetaTrader 4 and ETX TraderPro.

What spreads can I expect with OvalX?

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.

Does OvalX charge commission?

No, trading is offered free of commissions.

Are there additional charges on the Islamic account?

OvalX does not offer an Islamic Account.

Is OvalX regulated?

Yes. OvalX is well-regulated by the highly reputable Financial Conduct Authority (FCA).