ETX Forex Broker

Note: Oval X (ETX)s services have now been discontinued. Risk Warning Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only. General Information Oval X Review Summary in 10 Points Founded 1965 Registered Country/Region United Kingdom Regulation FCA (suspicious clone) Market Instruments Forex, indices, stocks, CFDs, commodities Demo Account N/A Leverage 1:200 EUR/USD Spread 0.6 pips Trading Platforms MT4, Oval X Trader Pro Minimum deposit $100 Customer Support Phone, email What is Oval X？ ETX have completed a re-branding exercise and it is called “Oval X”. Oval X is a trading brand of Monecor (London) Limited, company registration number 00851820. As a member firm of the London Stock Exchange, Monecor (London) Limited is regulated by the Financial Conduct Authority (Financial Services Registration Number. 124721), however, it is a suspicious clone. In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on. At the end of the article, we will also briefly make a conclusion so that you can understand the broker's characteristics at a glance. Pros & Cons Pros Cons • Wide range of trading instruments • Suspicious clone FCA license • Flexible leverage • Reports of unable to withdraw and scams • Tight spreads • Withdrawal fees applied after 5 withdrawals • MT4 trading platform available • Multiple payment methods • Rich educational resources Oval X Alternative Brokers There are many alternative brokers to Oval X depending on the specific needs and preferences of the trader. Some popular options include: Z.com Trade - a reputable online broker with a user-friendly platform and competitive trading conditions, making it a good choice for traders of all experience levels. AETOS - a trusted broker known for its strong regulatory compliance, extensive product offerings, and comprehensive trading tools, making it a reliable option for traders looking for a diverse range of investment opportunities. Hirose Financial - offers a reliable trading environment, competitive spreads, and a wide range of trading instruments, making it a recommended choice for traders seeking a trusted broker with a solid track record. Ultimately, the best broker for an individual trader will depend on their specific trading style, preferences, and needs. Is Oval X Safe or Scam？ Based on the information available, Oval X is an unregulated broker with a suspicious Financial Conduct Authority (FCA, License No. 124721) license. Furthermore, there are reports of withdrawal issues and scams associated with the company. These factors raise significant concerns about the safety and legitimacy of Oval X as a trading platform. Traders are advised to exercise caution and conduct thorough research before engaging with unregulated brokers, as the risks of financial loss and fraudulent activities are higher in such cases. It is recommended to choose regulated brokers that adhere to industry standards and provide a higher level of investor protection. Market Instruments Oval X offers investors a diverse range of tradeable financial instruments across various markets. Traders can access a wide selection of currency pairs in the Forex market, allowing them to participate in global currency trading. Additionally, Oval X provides access to popular stock indices, enabling traders to speculate on the performance of major equity markets. The platform also offers a range of individual stocks, giving investors the opportunity to trade shares of well-known companies. Furthermore, Oval X provides access to Contracts for Difference (CFDs), allowing traders to speculate on the price movements of various underlying assets such as commodities and more. With this comprehensive offering of market instruments, Oval X aims to cater to the diverse trading preferences of its clients. Accounts Oval X provides two distinct account types that align with the trading platforms it offers. The first account type is the Trader Pro account, which is designed to cater to the needs of traders using Oval X's proprietary trading platform. The second account type is the MT4 account, specifically tailored for traders who prefer the popular MetaTrader4 platform. One notable advantage of Oval X's account offerings is the relatively low minimum initial deposit requirement of $100. This lower entry barrier makes Oval X an attractive choice for new beginners in the trading industry who may have limited initial capital. Leverage Oval X offers traders different leverage options depending on the financial instruments they choose to trade. For currency pairs, Oval X provides leverage of up to 1:200, allowing traders to amplify their trading positions in the foreign exchange market. When it comes to indices, the leverage offered is 1:20, providing traders with increased exposure to a basket of stocks representing a specific market. For individual stocks, Oval X offers leverage of 1:5, enabling traders to potentially magnify their gains or losses based on their trading decisions. In the case of precious metals like gold, Oval X provides leverage of 1:20, allowing traders to capitalize on price movements in this popular commodity. For silver, copper, and platinum, Oval X offers leverage of 1:10, giving traders the opportunity to participate in the market with enhanced trading power. It's important to note that while leverage can amplify potential profits, it also increases the risk of losses, and traders should exercise caution and proper risk management strategies when utilizing leverage in their trading activities. Spreads & Commissions Oval X offers competitive spreads on a range of financial instruments. For popular currency pairs such as EUR/USD, the minimum spread is as low as 0.6 pips and the average spread is 0.81 pips, allowing traders to access tight pricing and potentially reduce trading costs. Similarly, for other currency pairs like EUR/JPY, the minimum spread is 0.9 pips, providing traders with favorable pricing conditions. When it comes to indices, Oval X offers spreads of 1 pip for both UK and Wall Street indices, enabling traders to participate in the movements of these key markets with competitive pricing. For precious metals like gold, the minimum spread is as low as 0.4 pips, offering traders favorable conditions for trading this popular commodity. The spread for silver is even narrower at 0.03 pips, providing traders with tight pricing on this metal. For commodities such as crude oil and natural gas, Oval X offers spreads of 0.03 and 0.02 pips respectively, giving traders access to these markets with low trading costs. In terms of commissions, Oval X charges 0.1% per deal for UK and European stock trades, 2 cents per share for US major and minor stock trades, and 0.2% per deal for Australian stock trades. These commission rates are competitive and transparent, allowing traders to have a clear understanding of the costs associated with their trades. Below is a comparison table about spreads and commissions charged by different brokers: Broker EUR/USD Spread Commissions Oval X 0.6 pips 0.1% per deal (UK & EU stocks) Z.com Trade 0.2 pips No AETOS 0.3 pips No Hirose Financial 0.8 pips No Note: The information presented in this table may be subject to change and it is always recommended to check with the broker's official website for the latest information on spreads and commissions. Please note that spreads and commissions may vary based on market conditions and account type. It's always recommended to check with the respective broker for the most up-to-date information. Trading Platforms Oval X offers traders a choice between two robust and versatile trading platforms: MetaTrader4 and Oval X Trader Pro. The MetaTrader4 platform is widely recognized and highly regarded in the industry, known for its user-friendly interface, advanced charting capabilities, and a wide range of technical indicators. Traders can access the MetaTrader4 platform on their computers, smartphones, or tablets, providing flexibility and convenience in managing their trades. On the other hand, Oval X Trader Pro is the broker's own developed trading platform, offering similar features and functionality to MetaTrader4. Traders using Oval X Trader Pro can also enjoy multiple chart types, a comprehensive suite of technical indicators, and customizable tools to suit their trading preferences. Whether traders prefer the familiarity of MetaTrader4 or the tailored experience of Oval X Trader Pro, both platforms offer a seamless trading experience across different devices, allowing traders to access the markets and execute trades with ease and efficiency. See the trading platform comparison table below: Broker Trading Platforms Oval X MetaTrader 4, Oval X Trader Pro Z.com Trade MetaTrader 4, Z.com Trader AETOS MetaTrader 4, AETOS WebTrader Hirose Financial MetaTrader 4, LION Trader Deposits & Withdrawals Oval X provides its clients with a variety of convenient and secure deposit methods. Traders can fund their accounts using bank wire transfers, internet wire transfers, VISA/MasterCard/Maestro, UnionPay, e-wallets including Skrill and NETELLER, with no commissions charged for these transactions. This flexibility allows traders to choose the payment method that suits them best. Oval X minimum deposit vs other brokers Oval X Most other Minimum Deposit $100 $100 When it comes to withdrawals, Oval X Capital offers its clients the benefit of 5 free withdrawals per calendar month for amounts over $100, ensuring that traders can access their funds without incurring additional costs. However, it is important to note that Oval X Capital incurs fees from the bank for processing withdrawal requests. As a result, if a client exceeds the 5 monthly free withdrawals, a fee of $25 per withdrawal will be charged. This fee applies to withdrawals made after the fifth withdrawal in a calendar month and ensures the sustainability of the withdrawal process while maintaining the convenience and affordability of withdrawals for most traders. See the deposit/withdrawal fee comparison table below: Broker Deposit Fee Withdrawal Fee Oval X No deposit fees No withdrawal fees for the first 5 withdrawals per month; subsequent withdrawals incur a fee of $25 per withdrawal Z.com Trade No deposit fees No withdrawal fees AETOS No deposit fees No withdrawal fees Hirose Financial No deposit fees No withdrawal fees Customer Service If potential clients or existing clients encounter some problems during their trading process, they can reach out to this Oval X through the following contact channels: Service Time: Monday to Friday: 7:30 am to 9 am - UK time Telephone: +44 (0)207 392 1434, +44 (0)207 392 1400 Email: customer.service@ovalx.com Or you can also follow this broker on some social media platforms, such as Facebook, Twitter, YouTube, LinkedIn and Telegram. Overall, Oval X's customer service is considered reliable and responsive, with various options available for traders to seek assistance. Pros Cons • Multiple contact channels • Limited customer service hours • Active presence on social media platforms • No 24/7 customer support • No live chat support Note: These pros and cons are subjective and may vary depending on the individual's experience with Oval X's customer service. User Exposure on WikiFX On our website, you can see that some reports of unable to withdraw and scams. Traders are encouraged to carefully review the available information and consider the risks associated with trading on an unregulated platform. You can check our platform for information before trading. If you find such fraudulent brokers or have been a victim of one, please let us know in the Exposure section, we would appreciate it and our team of experts will do everything possible to solve the problem for you. Education Oval X places great emphasis on providing valuable educational resources to its clients. Through regular publication of webinars, blogs, news, and analysis, Oval X aims to empower traders with knowledge and insights to enhance their understanding of the market and refine their investment strategies. These educational materials cover a wide range of topics, including market trends, trading techniques, risk management, and fundamental and technical analysis. Conclusion Based on the available information, it is important to approach Oval X with caution. The lack of regulation and reports of withdrawal issues raise concerns about the safety and reliability of the platform. Traders are advised to thoroughly assess the risks associated with trading on an unregulated platform and consider alternative options that offer stronger regulatory oversight. It is crucial to prioritize the security of funds and ensure transparency when choosing a trading platform. Frequently Asked Questions (FAQs) Q 1: Is Oval X regulated？ A 1: No. Oval X FCA (Financial Conduct Authority, License No. 124721) license is a suspicious clone. Q 2: What is the maximum trading leverage offered by Oval X？ A 2: The maximum trading leverage offered by Oval X Capital is up to 1:200. Q 3: Does Oval X offer the industry leading MT4 & MT5？ A 3: Yes. Oval X provides MT4 and a proprietary platform - Oval X Trader Pro. Q 4: What is the minimum deposit for Oval X？ A 4: The minimum initial deposit to open an account is $100. Q 5: Can I deposit cash into my account？ A 5: Oval X does not accept cash deposits due to AML regulations. Q 6: Is Oval X a good broker for beginners？ A 6: No. It is not a good choice for beginners. We dont advise any traders trade with unregulated brokers.