OvalX Review

Overall OvalX is a trustworthy and low-risk broker with an overall rating of 7 out of 10. OvalX is authorized and regulated by CySEC and offers leverage up to 1:200.

OvalX at a glance

Overall Rating

• 3.4/5

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OPEN AN ACCOUNT

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 review below.

OvalX  Review – 19 Key Point Quick Overview

1. OvalX -Overview 
2. OvalX Safety or Security
3. OvalX Sign-up Bonus
4. OvalX Minimum Deposit
5. OvalX Account Types
6. How to open an OvalX  account– Step-by-Step Guide
7. OvalX Demo Account Features
8. OvalX Trading platforms
9. OvalX Fees and Spreads
10. OvalX Deposit and withdrawal
11. OvalX Current Popularity Trend
12. OvalX  Best Countries by Traders
13. OvalX  vs Etoro vs XM  Comparison Table
14. OvalX  Customer Reviews
15. OvalX Pro and cons
16. Conclusion
17. Disclaimer
18. Risk Management
19. Frequently Asked Questions

OvalX operates in compliance with all regulations and as a fully authorized spread betting and CFD provider.

OvalX -Overview 

OvalX was launched in 2002 as a retail trading operation, first under the name TradIndex and then re-branded as OvalX to reflect the services offered.

In recent years they have expanded to Europe, Asia, and Russia with more than 55 000 traders using the company’s in-house developed proprietary trading platform, OvalX TraderPro to access over 5 000 assets across six markets.

OvalX Safety or Security

One of the best benchmarks to measure the safety of a broker like OvalX is to establish which regulating authorities are watchdogs over its actions.

Monecor (London) LTD, the owner, and operator of OvalX is registered in the UK under company number 00851820. It is authorized and regulated by the Financial Conduct Authority (FCA) under registration number 124721.

Monecor (Europe) LTD, another operating subsidiary of Monecor (London) LTD, is registered in Cyprus under registration number C114460. It is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 096/08.

Clients’ funds remain segregated as mandated by the regulator and are protected by the Financial Services Compensation Scheme (FSCS) up to £85 000 in the case of financial default.

OvalX operates in compliance with all regulations and as a fully authorized spread betting and CFD provider.

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.

Once an account has been opened with a Forex broker, clients will have access to trading of currency pairs, and will therefore have to incur some expense for this trading. The bonus is just a way for the broker to reward the trader’s choice and give all or some of these expenses back to the trader.

OvalX Minimum Deposit

The minimum deposit amount required to open a broker account with OvalX is $250 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 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.

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.

How to open an OvalX  account– Step-by-Step Guide

Similarly to a bank, to register a forex trading account with OvalX for the first time, you will be required to go through a basic “know your customer” process, which will allow OvalX 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!

Overall Rating

• 3.4/5

Read Review

OPEN AN ACCOUNT

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

OvalX Demo Account Features

A forex demo account is also referred to as a practice account, which is used for practicing trading or to test a new trading strategy without any risk to actual money. A forex demo account is also intended for beginners to get familiar with the various aspects of trading.

As such, a demo account will allow traders to learn how to place orders, and manage existing trade positions as well as more advanced functions such as testing or fine-tuning a trading strategy.

If you are new to trading, then it is highly recommended that you first open a forex demo account until you are comfortable with both your trading strategy as well as the intended trading platform itself.

OvalX Trading platforms

The forex trading platform provided by OvalX to its clients is in essence the software to carry out their trades. Some brokers provide only one, and others quite a few platforms.

A multi-asset trading platform is one that allows clients to trade forex as well as other asset classes. The decision about which platform to choose will usually depend on what a client would like to trade.

OvalX provides a proprietary trading platform OvalX TraderPro.

OvalX TraderPro can be fully customized to each trader’s preferences, has over 60 technical indicators, and plenty of tools for analytical purposes and chart trading. A web version, as well as a mobile version, are available.

Traders can also use the MT4 trading platform, on desktop as well as mobile versions.

OvalX Fees and Spreads

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 Deposit and withdrawal

Accounts usually require a certain minimum initial deposit, which can be paid in several ways. Withdrawals can usually be done in the same ways, but sometimes differ.

In the case of OvalX Bank Transfer, Visa Debit/Credit Card, MasterCard Debit/Credit Card, Skrill, Neteller, Sofort, GiroPay, and China Union Pay can be used to fund accounts.

OvalX doesn’t charge for deposits, but withdrawals below £100 or currency equivalent are charged £10. Deposits and withdrawals need to be done from an account matching the OvalX account holder’s name.

Withdrawals requested before 14:00 will be processed the same day. Wire transfers and card transfers can take from 24 hours to seven business days.

OvalX Current Popularity Trend

As According to Google Trends, here is an overview of how frequently the search term – “OvalX” is entered into Google’s search engine over a given period of time.

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 Pro and cons

Conclusion

  Overall, “OvalX is a global CFD and FX broker. Its parent company Monecor (London) Ltd. was established in 1965 and is regulated by the UK’s Financial Conduct Authority (FCA). Monecor (Europe) Ltd., the entity that handles EU accounts, is regulated by the Cyprus Securities and Exchange Commission (CySEC).

Disclaimer

OvalX warns potential customers that Forex and CFDs trading always carries a high risk and may not be suitable for all investors.

Before deciding to trade with OvalX, potential traders are advised to carefully consider their investment objectives, financial situation, needs, and level of experience before investing money they cannot afford to lose.

OvalX warns that margin trading involves the potential for profit as well as the risk of loss and that movements in the price of foreign exchange and commodities are very unpredictable, hence OvalX cannot guarantee a maximum loss that a trader may suffer, according to research in South Africa.

You might also like: OvalX Account Types Overview

You might also like: OvalX Demo Account – Step by Step

You might also like: OvalX Fees and Spreads

You might also like: OvalX Minimum Deposit

You might also like: OvalX Sign-up Bonus

Risk Management

OvalX is a company that provides risk management services. Their services help organizations identify, assess, and prioritize risks to better understand the potential impact of these risks on their operations, finances, and reputation.

The goal is to help organizations develop effective strategies to mitigate or manage these risks, thereby reducing the likelihood of negative outcomes and increasing overall business resilience.

Frequently Asked Questions

Is OvalX a fake or a scam?

No, our review shows that OvalX is regulated and licensed by the FCA (UK) to provide CFD trading products.

Does OvalX offer leverage?

Yes, OvalX offers maximum leverage of 1: 200

Which platforms are supported by OvalX?

OvalXprovides the following popular trading platforms:

• OvalX TraderPro.
• MT4

Is OvalX regulated?

Yes, OvalX is regulated by FCA and CySEC

What is the overall rating out of 10 for OvalX?

OvalX overall rating is 7/10

Where is OvalX based?

OvalX has offices in the United Kingdom and Russia