OvalX (previously ETX Capital) Review 2023

Overview of OvalX: Pros and Cons

OvalX (formerly ETX Capital) makes it possible to trade financial instruments like cryptocurrencies, indices, commodities, and Forex.

Since the company’s founding in 1965, London has served as its administrative center. The company governed by the UK’s Financial Conduct Authority (FCA), and Monecor, the company’s parent, has been listed on the London Stock Exchange since 2008.

On April 14, 2021, Oval Money was acquired by ETX Capital. To reflect the merger, they subsequently changed its name and logo in 2022.

Using trading platforms always comes with benefits and drawbacks so it is important to exercise caution. Knowing these details will help you weigh things and come up with your final decision.

Here are the pros and cons

Pros	Cons
Its account registration process is simple and quick.	The trading instruments are confined to CFDs and Forex.
It allows commission-free trading of shares.	For withdrawals less than £100, withdrawal fees are imposed.
There are numerous options for deposits and withdrawals.	There is no Islamic Account offered.
It provides retail traders with negative balance protection.	There are just 3 base account currencies that can be used for deposits and withdrawals (USD, GBP and EUR).
EAs and MetaTrader 4 are supported.
There are no penalties for inactive accounts.

Regulation and Licensing )

A trader has to determine if a financial trading platform are trustworthy and safe to deal with before deciding to sign up with them to begin trading. 

Finding out which regulatory bodies are monitoring and supervising a brokerage’s operations and if the company adheres to those standards is one of the most dependable metrics to evaluate the security of a brokerage.

Monecor (London) LTD, is registered in the UK and, as such, is permitted and subject to regulation by the Financial Conduct Authority (FCA).

We strongly suggest that you look into two things to determine whether a brokerage is secure: how you are covered in the event of a problem and what the broker’s history is. This is critical as different brokers have different regulators and levels of investor protection.

The Financial Conduct Authority (FCA) covers up to £85 000 of client money in the event of financial default, and client funds continue to be kept separate as required by the regulator.

A so-called “offshore” broker typically has a worse reputation, so beginner traders should consider twice before making an investment with them.

The following prominent scam brokers should be avoided by all traders:

• SagaTrade

SagaTrade claims that it is a legitimate broker, yet it offers no proof to support this statement. This is a prime illustration of an unscrupulous broker.

Additionally, regulatory bodies such as FCA issued a warning about this fraudulent broker.

• TriumphFX

TriumphFX has both an offshore branch in Vanuatu and a registered branch in Cyprus but the truth is it is one of the scam brokers. Regrettably, this results in a lot of investors thinking they are dealing with a licensed broker when they actually aren’t.

A lot of their investors experienced withdrawal issues and filed complaints against the broker.

• Kiplar

A shady brokerage company called Kiplar LTD is based in St. Vincent and the Grenadines. Because financial regulations do not exist in St. Vincent and the Grenadines, this is a warning sign that this broker should not be trusted.

Regulatory authorities such as AFM and CONSOB issued warnings against Kiplar which resulted in the complete banning and blacklisting of this broker.

What is the Minimum Deposit Requirement?

For card payments, the minimum deposit is £100; however, there is no minimum deposit requirement for bank transfers. Be aware that new accounts need a minimum deposit of £250.

While bank deposits are manually processed by the accounts division and can take up to five business days to credit your account, card transactions on are processed instantly.

Mobile and Desktop Platforms

A broker company may provide its clients a multi-asset platform to execute their trades that enables them to trade both Forex and other asset classes including CFDs. This software, also known as the platform, is used to execute trades in the Forex market.

While some firms prefer to offer the more well-known platforms that have been tried and true over time, others prefer to offer their own trading platforms, which may favor traders due to specialized features designed by specialists hired by the broker. 

If there are options, traders should consider what they want to trade and choose the platform that best meets their requirements.

The following trading platforms are supported

1. Trading Platform

TraderPro is one of the trading platforms. This platform allows you to trade using the web or via the mobile app that is accessible through the Apple App Store and Google Play Store.

2.  MetaTrader 4

The MT4 trading software is supported. During registration, you have the option of using this site for trading. The MT4 platform does not allow you to alter your account currency; instead, you must register a new account if you desire a different account currency.

The application is accessible on desktop, mobile, and web platforms (iOS and Android).

Traders Can Find Educational Resources Here

Online blogs hosts educational and research materials. The blog is broken up into the three categories listed below:

1. Trading guides

The newrading guides can be found online. Businesses develo the training guide using a combination of text and video information. The information is divided into three categories: “CFD Trading,” “Platform,” and “Trading Instruments.”

News regarding certain Forex or CFDs can be found in the Trading Instruments section, whereas data aas a CFD trading platform can be found in the Platforms section. These three parts include a wealth of information that is very helpful for newcomers.

The free trading guide providedmight help you improve your trading abilities and gain more knowledge about the trading industry.

2. News and Analysis

Forex, stock markets, stock market movements, and European financial markets are all covered in this section of the blog. They are helpful for fundamental analysis.

3. Webinars

This section offers free online training classes from industry professionals, which will help you learn about trading strategies and tactics. Both beginning traders and seasoned traders can benefit from the webinars.

Customer Service

The multilingual customer service staff of nowadays can be reached by phone, live chat, email, or in person.

If you have concerns about your account or questions about in general, inquiries are promptly answered and the customer support agents are friendly and educated.