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🏦 Min. Deposit | GBP 100 |
🛡️ Regulated By | FCA, FSCA, CySEC |
💵 Trading Cost | USD 6 |
⚖️ Max. Leverage | 30:1 |
💹 Copy Trading | Yes |
🖥️ Platforms | MT4, ETX |
💱 Instruments | Bonds, Commodities, Cryptocurrencies, Stock CFDs, Forex, Indices |
Last Updated On September 18, 2023
75-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website, you agree to our Terms of Service.
As of January 26, 2023, OvalX is no longer accepting new clients. Choose one of our other recommended brokers for Ugandan traders.
OvalX (formerly ETX Capital) is an FCA and FSCA-regulated broker with a feature-rich proprietary trading platform and a large range of tradable assets. With its highly customisable trading platform and 5000 share CFDs, ETX Capital is a good option for experienced traders or serious beginners looking to trade other assets than Forex.
OvalX offers full support for MT4 as well as its own award-winning proprietary platform, TraderPro. Unlike many proprietary platforms, TraderPro caters to both beginners and experienced traders and features numerous technical indicators, multiple chart types, split charting, highly customisable workspaces, and easy-to-use risk management tools.
Some traders may be disappointed at the lack of account options at OvalX, which has a single live commission-free account. Trading costs are average compared to other market maker brokers, with a minimum deposit of 100 USD and variable spreads averaging between 0.8 to 1.1 pips on the EUR/USD. Apart from share CFDs, OvalX offers trading on 60+ Forex pairs, cryptocurrencies, indices, commodities, and bonds – excellent for traders who wish to diversify their trading strategy.
OvalX also offers a wide range of educational materials for advanced traders, including regular courses run by professionals who have had successful careers as traders and senior managers at top financial institutions.
🏦 Min. Deposit | GBP 100 |
🛡️ Regulated By | FCA, FSCA, CySEC |
💵 Trading Cost | USD 6 |
⚖️ Max. Leverage | 30:1 |
💹 Copy Trading | Yes |
🖥️ Platforms | MT4, ETX |
💱 Instruments | Bonds, Commodities, Cryptocurrencies, Stock CFDs, Forex, Indices |
OvalX is the trading name of Monecor London Limited, a UK-based financial services company founded in 1965 and listed on the London Stock Exchange. It is regulated by the Financial Conduct Authority of the UK (FCA), the Cyprus Securities and Exchange Commission (CYSEC), and recently, the South African Financial Sector Conduct Authority (FSCA). See below for its list of registered companies:
In July 2021 OvalX received a regulatory licence from the FSCA. The new license will allow the broker to start offering trading services in South Africa. This is a huge achievement considering the complexity of the local laws in the region. As part of its expansion plans beyond Europe, the FSCA licence allows OvalX to offer traders competitive trading environments unavailable under the ESMA framework.
Considered one of the most trusted regulators on the African continent, but not as good as regulators of the EU or Australia, the FSCA ensures that brokers hold client funds in segregated accounts. It does not, however, require brokers to provide negative balance protection, comply with leverage restrictions, or insure client money through compensation schemes.
However, in addition to OvalX segregating all client funds from its operating capital, it also provides traders with negative balance protection, and is insured by the Financial Services Compensation Scheme (FSCS). In the event of liquidation, clients may be compensated by the FSCS up to a limit of 85,000 EUR per person.
According to regulation, OvalX is also required to keep accurate records and accounts, distinguishing the assets held for one client from the assets of any other client, and the company assets. The company is also regularly audited by external auditors, and the auditor’s report is sent directly to the FSCA.
OvalX has won multiple awards for its trading tools, trader education, and platform. Recent awards include Best Forex Trading Support – Europe 2020 (Global Forex Awards), Best Mobile/Tablet Application 2020 (Shares Awards), Best Trading Education 2019 (Shares Awards), Best Trading Tools 2019 (Online Personal Wealth Awards), and Best Online Trading Platform 2018 (Shares Magazine) for the OvalX TraderPro proprietary trading platform.
As a long-established, publicly-listed financial company with strong regulation, strict internal processes, and frequent industry recognition, we deem OvalX a safe broker.
OvalX’s trading fees are average compared to other similar brokers.
Unlike other brokers that offer a range of accounts with higher minimum deposits linked to tighter spreads, OvalX offers a single live account on two different platforms (click here for more on OvalX’s trading platforms). Trading conditions vary depending on the platform chosen.
OvalX’s accounts were assessed to compare the costs to those of other forex brokers. The costs were evaluated based on the trading fees on one lot (100 000 USD) on the EUR/USD, including the spreads and commission.
When making this calculation, we used one lot of EUR/USD as a benchmark as it is the most commonly traded currency pair and it usually has the tightest spread.
Trading Cost Formula: Spread x Trade Size + Commission = Cost in Secondary Currency (USD):
As you can see from the table above, OvalX’s trading costs are included in its variable spreads. Spreads widen or tighten depend on trade volume and market volatility.
The trading costs on the Trader Pro platform are lower than those on the MT4 platform and are slightly lower than the industry average. The trading costs at most other brokers tend to be 9 USD per lot of EUR/USD.
Swap Fees
Another important cost to consider is the swap rate charged on positions held overnight. Interest is paid (or received) for each night a position is held. These are the interbank market ‘tom-next’ rates plus OvalX’s standard fee of 1.35% per annum. Positions held overnight on a Wednesday will be subject to three days of swap charges. Unfortunately, OvalX does not publish these fees on its website.
Overall, OvalX’s trading costs are slightly lower than the industry average on the TraderPro platform but slightly higher than average on the MT4 platform.
OvalX’s non-trading fees are lower than other similar brokers.
OvalX does not charge any account, deposit, or inactivity fees. The first five withdrawals of a month are free, and a charge of 10 USD per withdrawal is charged thereafter. Additionally, traders are charged a withdrawal fee for amounts less than 100 USD.
Overall, OvalX’s non-trading fees are low, and fees are only charged for withdrawals under certain circumstances.
The account opening process at OvalX is user-friendly, fully digital and accounts are ready for trading within one day.
All Ugandan residents are eligible to open an account at OvalX but have to meet the minimum deposit requirement of 100 USD.
Creating an account is straightforward, the process is fully digital, and accounts are usually ready within one day. OvalX offers individual and corporate accounts, but we will focus on opening an individual account:
After the application is approved, traders can login and fund their accounts We advise that you read OvalX’s risk disclosure, customer agreement, and terms of business before you start trading.
Overall, OvalX’s account-opening process is fully digital and hassle-free and accounts are generally ready for trading within one business day.
OvalX offers one account type, which is limited compared to other brokers, and its account is suitable for beginners and more experienced traders.
OvalX is a market-maker broker offering trading on over 5000 assets, including 60+ Forex pairs, indices, shares, commodities, and cryptocurrencies (click here for more on OvalX’s tradable instruments).
OvalX offers one live commission-free account with spreads that vary depending on the platform chosen (click here for more on OvalX’s trading platforms). This arrangement could be a disadvantage for traders who are familiar with MT4, and will then have to pay higher trading costs. The minimum deposit requirements to open an account are 100 USD.
The low minimum deposit requirement on OvalX’s account makes it accessible to beginner traders. We define beginner traders as inexperienced traders who have never traded before or have been trading for less than a year. Beginners often do not want to risk trading large sums of money, and will generally not be able to trade full-time during the workweek.
Experienced traders generally prefer paying higher minimum deposits and a commission per trade in exchange for tighter spreads, which is not available at OvalX. Experienced traders will, however, appreciate the tight spreads and large number of tradable assets available for trading.
Strangely, even though OvalX is regulated by the FSCA, leverage is limited to 30:1 on major Forex pairs. Clients can elect to trade as a professional, subject to certain eligibility criteria, and will then be afforded leverage of up to 286:1.
OvalX allows hedging and copy trading (or algorithmic trading), but does not allow copy trading. It also does not offer Islamic swap-free accounts. See below for details on OvalX’s accounts:
TraderPro
Average spreads using the TraderPro platform are 0.81 pips for the EUR/USD, 1.40 for the EUR/GBP, and 1.06 for the USD/JPY, which is tighter than the industry average. The minimum deposit to open an account is 100 USD.
MetaTrader 4
Spreads are slightly wider on the MT4 platform, averaging at 1.01 pips for the EUR/USD, 1.54 pips for the EUR/GBP, and 1.35 pips for the USD/JPY. Again, the minimum deposit requirement is 100 USD.
Demo Accounts
Demo accounts are available on both platforms. The demo account is unlimited and comes loaded with virtual currency. Demo accounts are a good way to practice trading under real market conditions. We recommend opening a demo account if you decide to use TraderPro, as it is different from other popular third-party software.
Overall, although the account choice at OvalX is limited, the account is suitable for both beginners and more experienced traders.
OvalX’s trading platform support is average compared to most other brokers.
OvalX offers trading on MetaTrader 4 and its own proprietary trading platform, Trader Pro. Winner of numerous awards, the OvalX TraderPro software was designed for experienced traders with advanced charting, and numerous drawing and risk-management tools.
A popular third-party trading platform, MT4 is available for those already familiar with the platform, but includes the OvalX MT4 Remastered upgrade, consisting of numerous add-ons and improvements.
Trader Pro
Trader Pro is OvalX’s proprietary platform. It is user-friendly and highly customisable. The customized workspaces ensure individual flexibility, a feature that more and more clients demand from a competitive trading platform.
Features of the OvalX TraderPro include:
Furthermore, its easy-to-use trade tickets make it simple to set stops and limits, enabling you to calculate your risk prior to execution.
Additionally, OvalX provides a comprehensive selection of video tutorials to help familiarise traders with the platform. Overall, Trader Pro provides traders with an excellent trading experience.
MetaTrader 4
The MT4 platform is the most commonly used trading software in the CFD trading industry. With the OvalX MT4 platform, traders can use Expert Advisors for automated trading, trade micro-lots, use MT4 hedging and one-click trading. MT4 also comes with the OvalX MT4 Remastered plugin, which will be discussed below in the trading tools section.
Other features of MT4 include:
There are also many advantages of signing up with an MT4 broker:
While MT4 has great customizability, the platform feels outdated, and some of the features may be hard to find. In addition, only the basic orders are available, including Market, Limit, Stop, and Trailing Stop.
The benefit of brokers offering third-party platforms such as MT4 is that traders can take their own customised version of the platform with them should they choose to migrate to another broker.
OvalX’s mobile platform support is average compared to other brokers.
OvalX offers two mobile trading platforms, TraderPro and MetaTrader 4.
TraderPro Mobile App
A mobile version of the OvalX Trader Pro software is available for Android and IOS devices. Traders have the same functionality available on the desktop version, including being able to manage positions, react to market movements, create watchlists, and place trades no matter where they are. Still, recent comments from the community suggest that the application has many glitches and that some of the main features do not work. Additionally, people complain that it constantly freezes and times out.
Metatrader 4 Mobile App
MetaTrader4 (MT4) is available on IOS, Android, and Windows mobile phones and tablets. The app will connect to the same account as the desktop software, allowing a synchronised and mobile trading experience.
Traders should be aware that there is some loss in functionality when compared to the desktop trading platforms, including reduced time frames and fewer charting options, but traders can close and modify existing orders, calculate profit and loss, and trade on the charts.
OvalX offers fewer trading tools than other international brokers.
OvalX offers the MT4 Remastered and a number of trading tools integrated into the TraderPro platform as outlined above.
OvalX MT4 Remastered
Designed to enhance the MT4 platform, the tool comes with numerous add-ons, including a trade terminal, a mini terminal, tick chart trader, and stealth orders. The package is available for all retail clients for free. A few of the tools are highlighted below:
Overall, the OvalX MT4 Remastered is a great enhancement to the MT4 platform, but OvalX would do well to add more trading tools to its trading arsenal.
OvalX offers a wider range of tradable assets compared to other large international brokers.
OvalX’s range of financial instruments for CFD trading (click here for more details on CFD trading), includes Forex, share CFDs, commodities, bonds, cryptocurrencies, and indices.
Overall, OvalX offers a broader range of assets compared to other brokers, including an impressive Forex lineup.
OvalX’s educational materials are more comprehensive than other brokers, and it caters to both beginners and more advanced traders.
OvalX has invested heavily in its education and market analysis materials. With awards for Best Education 2018 (Online Personal Wealth Awards), Best Forex Education 2018 (UK Forex Awards), and Best Trading Education 2018 (Shares Magazine), newcomer traders will find the educational materials welcoming.
OvalX has targeted courses for different asset classes, webinars, ebooks, and platform guides. It also boasts an OvalX Trading Academy, which caters to both beginners and more advanced traders. See below for more details:
OvalX’s analysis materials are limited compared to other international brokers.
Limited to one blog, all analysis material that OvalX has to offer is open to the public. The in-house research team posts frequent analyses of both past and future events as well as a daily round-up in written format. Traders should note that because OvalX is a multi-asset broker, most of the analysis relates to non-currency assets.
Multi-lingual customer support is available 24/5 by telephone, email, and live chat. Existing clients are also provided with direct phone numbers to shorten waiting times. In our test of OvalX’s live chat support, agents were connected within a minute and provided relevant answers. We also enjoyed the professional tone of the customer service team. However, if you don’t respond quick enough, the live chat closes.
Similar to live chat assistance, the email support works well. We emailed OvalX twice and we received relevant and helpful answers in every case.
We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of the OvalX offering. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker, and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.
Trading Forex is risky, and each broker is required to detail how risky the trading of Forex CFDs is to clients. OvalX would like you to know that: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.9% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Overall, OvalX is a trustworthy and dependable broker. Its proprietary TraderPro platform is undoubtedly one of the best in the industry, and the beginner education material on offer is world-class. Its range of financial instruments, including the broad range of Forex pairs should be enough to satisfy experienced traders. Still, the limited number of account types and average trading conditions are a bit of a disappointment. Additionally, Ugandans may find the low levels of leverage restrictive.
Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.
Alison joined the team as a writer in 2021. She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers, and she now has over eight years experience in research and content development. She has tested and reviewed 100+ brokers and has a great understanding of the Forex trading world.
Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.
Find out how OvalX stacks up against other brokers.
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