ETX Capital aka OvalX Reviewed

While OvalX features a variety of educational tools, it lacks research and analysis. EToro, on the other hands, offers plenty of research tools, so it might be the preferred option for users who want to emulate other traders. However, eToro charges relatively high non-trading fees, which users could avoid with OvalX. Interactive Brokers offers a broader range of trading options, including ETFs, funds, and bonds.

In his spare time, he loves learning new things, especially data science, algo-trading, programming and trading. Professional clients are not covered by any negative balance protection. For example, you can find webinars about trading strategies, trading tools, technical analysis, etc. OvalX is a CFD and forex broker that offers alarge number of currency pairs and CFDs. Its overall product lineup lags behind some of its competitors. You can set alerts and notificationsin the form of email or push notifications to mobile on the desktop platform.

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In this review, we analyze their key features, tools, and benefits for investors. Unlike top binary options brokers, ETX Capital offers only a single type of trading account. Visit their website and open your account easily by investing just £/$/€100. You can utilize the demo account to learn more about the trading platforms and their features before you invest real money. To sum up, the pros are advanced trading tools, excellent customer support, and multiple platforms.

ETX Capital receives most of its compensation through the market bid/ask spread and commission on share CFDs. The only charges you could incur are from your bank or building society.Withdrawal FeeFive free withdrawals of any amount over $100 every year, $10 for each withdrawal thereafter. CFDs on commodities are offered as daily rolling contracts and futures CFD contracts. Here are the available CFD instruments at ETX Capital’s in-house TraderPro platform, as of January 2022. We included any information that is unlikely to go out of date anytime soon. At BrokerChooser, we consider clarity and transparency as core values.

Commodity.com makes no warranty that its content will be accurate, timely, useful, or reliable. ETX Capital sets margin requirements based on the asset category and instrument you trade. The margin is shown as a percentage and represents the amount of cash you need to trade an amount higher than your initial deposit. $10 for any single withdrawal below $100.Swap ChargeInterbank rates + 1.35% per annum.

In addition, the TraderPro platform features dynamic risk management that allows you to gauge your risk before establishing a position. This feature makes it simple to set limits and stop losses so you can more effectively manage your risk on each trade. You can also customize up to 10 different workspaces where you can drag and drop charts and create custom watchlists.

Fees, minimum deposit requirements, withdrawal, account opening, research tools and more. We use over 50,000 data points and a consistent, fact-based methodology. Compare selected brokers by their fees, minimum deposit, withdrawal, account opening and other areas. Filter according to broker or product type, including stocks, futures, CFDs or crypto.

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This broker conducts an eight-hour training program that includes a monthly mentoring class where you can discuss trading strategies. In addition, there are educational videos on their site on multiple topics and subjects. However, the restriction is to get a bonus you need to invest a minimum of £/$/€1000. UK-based financial services firm Monecor Ltd owns OvalX. Funds can be added to your account via bank transfer or credit/debit card. Online payment options, like Skrill and Neteller, are also available.

These are good quality and cover assets ranging from forex to stocks. We also compared OvalX’s fees with those of two similar brokers we selected, CMC Markets and HYCM. This selection is based on objective factors such as products offered, client profile, fee structure, etc. Non-trading fees include charges not directly related to trading, like withdrawal fees or inactivity fees.

Forex, Gold & Silver:

Its parent company Monecor Ltd. was established in 1965 and is regulated by the UK’s Financial Conduct Authority . Monecor Ltd., the entity that handles EU accounts, is regulated by the Cyprus Securities and Exchange Commission . Daniel Epstein is a senior financial research analyst at FinancesOnline pepperstone review and the architect behind our Fintech and ERP content division. His main areas of expertise are blockchain technologies, cryptocurrencies, and the use of biometrics in fintech solutions. His work has been frequently quoted by such publications as Forbes, USA Today, Entrepreneur, and LA Times.

See the ETX Capital website for up-to-date minimum spreads, trading hours, and lot sizes for these indices. Minimum spread and minimum margin rates for forex pairs may change over time. Refer to ETX Capital’s website to ensure they’re up-to-date. Read on to find out about what you can trade, account types, fees, and to dig into an in-depth platform review. In our test of OvalX’s phone support, agents were connected within a minute and provided relevant answers. We also liked the professional tone of the customer service team.

Our best alternatives to OvalX are:

All you need to know about the OvalX customer service. Here’s our expert view after checking the OvalX trading app. OvalX is the brokerage brand of Monacor Ltd, which was established in 1965. The longer track record a broker has, the more proof we have that it has successfully survived previous financial crises. Being in operation for a long time and regulated by a top-tier authority are all great signs for OvalX’s safety. Live chat is also helpful, but if you don’t provide answers quickly, the live chat platform closes.

Please note, this is an example – not a recommendation. A spread is the amount charged for buying and selling a trading instrument. It is made up of the difference between the buy and sell prices of a product often referred to as ‘pip‘.

Once you’ve done this, you can verify your ID by uploading a copy of your passport or driving license and a bank statement or utility bill. Based in London, OvalX trading platform has built up a good reputation in the industry. It’s regulated by the Financial Conduct Authority in the UK and CySEC in Cyprus. Spread betting and CFDs allow you to play the markets without actually buying stocks. Instead, you can use established trading strategies, expert tips, or gut instinct to predict price movements and invest accordingly.

ETX Capital Options

Between 74%-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. ETX Capital provides both desktop and mobile platforms for forex trading, contract for difference trading and spread betting as well as a copy trading app. Read on for information about the broker’s supported platforms. ETX Capital offers plenty of choice when it comes to trading options, including various platforms and a wide variety of tradable assets.

On the plus side, you can use a lot of free deposit and withdrawal options.We liked the seamless and hassle-free account opening process. There is also a wide range of great-quality educational tools available. The search functions are OK.The assets are grouped by local vs base currency category. However, the categorization is a bit confusing as there are several forex and stock categories. OvalX offers only MetaTrader 4 as a desktop trading platform. These catch-all benchmark fees include spreads, commissions and financing costs for all brokers.

The platform is available for desktop, tablet and iOS and Android mobile devices. The content on this website is provided for informational rfp for software development purposes only and isn’t intended to constitute professional financial advice. The content is provided on an as-is and as-available basis.

Account Fees

Fortunately, the company’s leading trading venue is highly intuitive and user-friendly. What’s more — an unlimited Demo Account ensures you can familiarize yourself with the platform before you add funds to your account. The TraderPro mobile app is available for both iOS and Android devices. The mobile version accurately emulates the desktop version of the platform and integrates seamlessly with the desktop version. The mobile version features advanced charting and most of the features of the desktop version.

While ETX Capital seems like a market maker, it is actually an online brokerage service that connects traders with market makers. Brokers like ETX Capital are third-party mediums people can use to access the products listed by such market makers. The main differences using MT4 versus ETX TraderPro are the spreads and technical analysis tools. There are 30+ technical indicators — ETX TraderPro has a similar set of tools. You can also place spread bets on most instruments offered as CFDs.

As mentioned above, OvalX gives you access to more than 5,000 markets. When using OvalX or MT4, you can trade on the OvalX Forex platform and access CFDs, indices, cryptocurrencies, shares, and commodities. Financial derivatives, like CFDs, can certainly offer high rewards. But they pose a risk too, which is why the OvalX demo account is so important.

They are one of the more reliable binary options brokers in the industry as they are regulated by the Financial Conduct Authority in the UK. ETX Capital has been around since 2002 and the parent company was founded in 1965. The highlights of this broker are they provide four types of trading platforms that offer access to over 6000 instruments.

Check out the current account balance requirements at OvalX in our What is the minimum account balance at OvalX article. Is OvalX legit features all the key aspects you need to look at to see if a broker is safe and legit. We emailed OvalX four times, and we received relevant and helpful answers in every case. As of January 6, 2021, the UK’s FCA has banned the sale of crypto-derivatives to UK retail consumers.

You can only deposit money from accounts that are in your name. A bank transfer can take several business days, while payment with a credit/debit card is instant. OvalX has one basiclive account type, and it only provides accounts for individuals, no corporate accounts are available. Once you’ve completed the signup process and uploaded your verification documents, most accounts are opened on the same working day. Toll-free number or a direct number to the new accounts office where hours are 8 a.m.

The same requirements apply to opening a free demo account. To register an account with ETX Capital, you’ll need to head over to ETXCapital.com, or download the mobile app. ETX offers a professional account for traders with £500,000+ capital and trade history of at least 10 significant trades within the past quarter annum. Ádám worked in banking and investment, and holds a professional degree in this field. He is a motivated finance expert, having joined BrokerChooser in 2018. He’s also eager to help people find the best investment provider for them, and to make the investment sector as transparent as possible.

To get a better idea of whether ETX Capital would be a good fit for you or your company, the broker offers a free demo account so you can gauge its platforms and other offerings. ETX Capital offers clients 2 excellent trading platforms, top-quality customer service and access to trading in various markets. New traders also can take advantage of the extensive educational features offered by the broker. ETX Capital was previously known as TradIndex and they are owned and operated by London-based Monecor Ltd.