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Best More Detailed Review Of OvalX Forex Broker 2023

Best More Detailed Review Of OvalX Forex Broker 2023 

What is OvalX?

With a history that dates back to 1965, OvalX, formerly known as ETX Capital, is a very old business. Today, it serves as a global provider of online FX and CFD trading innovative technology and provides access to up to 6000 markets, supported by a strong customer service team and enhanced opportunities through FCA regulated guidelines.

 

Although OvalX's core market is moving more in the direction of institutional clients, the company has broadened its reach to include international traders as retail trading gains popularity on a regular basis. Even though internet trading has been available for the previous 15 years, it has developed into one of the most competitive and, more importantly, dependable trading alternatives.

Best More Detailed Review Of OvalX Forex Broker 2023

The renowned business Monecor Limited, which has been in operation since 1965, owns the brokerage firm OvalX (also known as ETX Capital), which was established in 2002. The FCA oversees the business, which has its headquarters in London (UK Financial Conduct Authority). The broker wants to work with traders from EU nations. Narrow spreads, a large selection of trading instruments, and excellent educational resources are all offered by ETX Capital. TraderPro, a product developed by ETX Capital, won the UK Forex Awards and the Online Personal Wealth Awards in 2018 for best trading platform.

  

Currency used for accounts: USD, EUR, and GBP Minimum down payment: £250 or its equivalent Leverage: 1:400 or higher Spread: 0.6 pips and up Instruments include indexes, equities, cryptocurrencies, commodities, metals, energies, and currencies. Stop Out / Margin Call: 100% - 20%

  

OvalX Pros and Cons

Pros

  • Control of the broker's activities by the FCA.
  • Negative Balance protection.
  • Low spreads and Fees.
  • Typically a narrow spread for popular currency pairs.
  • Global expansion across the globe.
  • Good reputation and long years of operation.

 

Cons

  • No 24/7 support

 

OvalX is a highly reputable broker with top-tier regulation, which guarantees traders a safe trading environment and offers client protection and compensation, according to our expert findings. The broker offers a wide range of FX and CFD instruments on the well-known MT4 platform with reasonable spreads and trading costs. Additionally, Spread Betting is accessible to traders in the UK. The broker is renowned for giving retail brokers access to institutional financial features.

 

The broker's limited market range, which only includes FX and CFD instruments, and the absence of cryptocurrency trading are drawbacks. Additionally, there isn't enough information offered by the broker regarding the terms of the trade.

 

Account types

OvalX offers its clients a single conventional trading account to make the process of opening an account simpler. In contrast, the only other option is a platform that offers three alternative sophisticated platforms, allowing users to choose the one that best meets their needs. In order to help you develop your trading skills before moving on to actual trading, the broker also offers to open a demo account.

 

Standard

The traditional Standard account requires a deposit of $250 or more. Free instructional resources are available, and email event notifications are a feature.

 

Premium

A deposit of £1000 or more is required for the Premium account. Standard terms are followed, a personal manager is appointed, technical analysis from a third party is offered, and the withdrawal charge is scaled back;

 

Professional

Specially designed for seasoned traders looking for premium conditions with lower margin charges is the Professional account.

 

Any trader can open a free demo account for 14 days to test the trading platform and the broker's terms.

 

The terms and conditions of OvalX are particularly directed towards professionals. The broker provides tight spreads and dependable service, but also sets a high entry barrier for trading.

 

Fees

The OvalX spread includes trading fees, which are thought to be relatively competitively priced compared to other options on the market. It offers cheap non-trading costs and commission-free stock CFD trading. Forex commissions are typical.

 

According to our testing and evaluations of other brokers, we give OvalX fees an overall rating of 7.8 out of 10. OvalX fees are generally regarded favourably because they are lower than the industry standard.

 

A withdrawal request is processed in three to five business days on average. The maximum amount of requests is five per month, and there are constraints on this. Fees for withdrawals vary depending on the electronic payment system used.


There are several ways to withdraw money, including bank transfers, Neteller, Skrill, and UnionPay wallets, as well as Visa, Mastercard, and Maestro cards.


Applications are processed free of charge for withdrawals up to five times per month and up to £100. A $25 fee will be applied to each payment if it is less than the maximum or there are more applications than there are slots available.


The GBP serves as the default withdrawal currency. There is a currency conversion cost when withdrawing in EUR and USD.


Identity confirmation is required.

  

Deposits and Withdrawals

According to what we discovered, OvalX offers a variety of well-liked methods for depositing money into a trading account, including wire transfers, online bank transfers, major credit and debit cards—aside from AMEX—as well as several types of e-payment, including UnionPay, Skrill, Sofort, giropay, and Neteller.

 

We gave OvalX Funding Methods an overall score of 8 out of 10, ranking them as Excellent. The minimum deposit is about normal for the sector, but there are no or extremely cheap fees, which also let you use several account-based currencies.

 

OvalX also submitted a competitive proposal for a withdrawal option, allowing five withdrawals of more than $100 per trading account per month without any processing or withdrawal fees. Further, there will be a $25 fee every transaction if you want to withdraw more money.

  

Source:

  • https://55brokers.com/
  • https://tradersunion.com/

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