OvalX Forex Broker provides real users with 1 positive reviews, 1 neutral reviews and * exposure review!
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I recommend IG when it comes to spread betting, and I feel so frustrated on this platform concerning this part. However, honestly speaking, customer service is great.
OvalX is a very reliable online broker with good trading conditions and platforms. Their support is also very friendly and fast and their deposit and withdrawal system is easy.
In the ever-evolving landscape of online trading, Ovalx stands out as a broker with a rich history and a diverse offering. Established in 1965 and regulated by multiple authorities including the FCA, CySEC, and FSCA, it provides traders with access to a wide range of financial instruments. This review synthesizes various user experiences and expert opinions to give you a comprehensive overview of what to expect from Ovalx in 2025.
Note: It's important to recognize that Ovalx operates under different entities depending on the region, which can affect regulatory protections and trading conditions. This review aims to present a fair and accurate depiction of the broker based on the latest available information.
| Category | Score (Out of 10) |
|---|---|
| Account Conditions | 7 |
| Tools and Resources | 6 |
| Customer Service & Support | 5 |
| Trading Setup (Experience) | 7 |
| Trustworthiness | 8 |
| User Experience | 6 |
| Overall | 6.5 |
How We Rate Brokers: Our ratings are based on extensive research, user feedback, and expert analysis.
Founded in 1965, Ovalx (formerly known as ETX Capital) is a well-established broker headquartered in London. It offers trading through its proprietary platform, Trader Pro, as well as the widely recognized MetaTrader 4 (MT4). Traders can access over 5,000 markets, including forex, indices, commodities, and cryptocurrencies. The broker is regulated by the FCA in the UK, CySEC in Cyprus, and FSCA in South Africa, providing a robust framework for client protection.
Regulated Geographic Areas: Ovalx operates under different regulatory bodies depending on the region. In the UK, it is regulated by the FCA, which offers strong consumer protections. In Cyprus, it is regulated by CySEC, and in South Africa, by FSCA. This multi-regulatory framework ensures a degree of safety for traders.
Deposit/Withdrawal Currencies & Cryptocurrencies: The broker accepts deposits in GBP, USD, and EUR. While cryptocurrencies are available for trading, they are limited to CFDs and are accessible only to professional clients in certain regions.
Minimum Deposit: The minimum deposit required to open an account with Ovalx is $100, making it accessible for new traders.
Bonuses/Promotions: Currently, Ovalx does not offer any bonuses or promotions, a move likely influenced by regulatory restrictions.
Tradable Asset Categories: Ovalx provides a range of tradable assets, including over 60 forex pairs, share CFDs, commodities, and indices. The variety is commendable, but some users may find the absence of certain asset classes limiting.
Costs (Spreads, Fees, Commissions): The spreads at Ovalx start from 0.6 pips for major currency pairs, which is competitive compared to industry standards. Notably, Ovalx does not charge commissions on trades, which can be appealing for frequent traders. However, there are withdrawal fees after the fifth transaction per month.
Leverage: Retail clients can access leverage of up to 30:1, in line with FCA regulations. Professional clients may access higher leverage, but specific figures are not disclosed on the website.
Permitted Trading Platforms: Traders can choose between the proprietary Trader Pro platform and MT4. The former is noted for its user-friendly interface and advanced charting tools, while MT4 remains a popular choice for its extensive features and automated trading capabilities.
Restricted Regions: Ovalx does not accept clients from certain countries, including the United States, Belgium, Canada, and Singapore, which could limit its accessibility for some traders.
Available Customer Service Languages: Customer service is primarily available in English, with support offered via email and phone during business hours.
| Category | Score (Out of 10) |
|---|---|
| Account Conditions | 7 |
| Tools and Resources | 6 |
| Customer Service & Support | 5 |
| Trading Setup (Experience) | 7 |
| Trustworthiness | 8 |
| User Experience | 6 |
| Overall | 6.5 |
Account Conditions: Ovalx offers a single account type with a low minimum deposit, making it accessible for beginners. However, the lack of account variety may deter experienced traders looking for tailored options.
Tools and Resources: The educational resources provided by Ovalx are decent but not extensive. Users have access to webinars and articles, yet some may find the materials lacking in depth.
Customer Service & Support: Customer support has been rated lower due to limited hours and the absence of live chat. While email support is available, response times can vary.
Trading Setup (Experience): The trading experience is generally positive, with competitive spreads and a user-friendly interface. However, some users have reported glitches in the mobile app.
Trustworthiness: Ovalx is well-regulated, which enhances its trustworthiness. The broker has a strong reputation, but some user reviews have raised concerns about withdrawal issues.
User Experience: Overall user experience is mixed, with some praising the trading platforms while others point out the need for improvements in customer support and educational resources.
In conclusion, Ovalx presents a solid option for traders looking for a regulated broker with a range of trading instruments. However, potential clients should weigh the pros and cons carefully, particularly regarding customer support and educational resources. As always, it is advisable to conduct thorough research and consider your trading needs before making a decision.
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