The world of online trading is expanding unprecedentedly, with new platforms consistently emerging to cater to the increasing demand. One such platform that has piqued the interest of many is OvalX. As the latest entrant, it has much to offer, which we’ll explore in this OvalX review.
Traders Union has published a detailed OvalX review. The report unveils important aspects like its operation, offerings, advantages, and challenges. Following their in-depth examination, we bring you an elaborate exploration of OvalX, promising to provide everything you need to know.
What is OvalX?
According to TU experts, OvalX, also known as ETX Capital, is a brokerage firm launched in 2002, an affiliate of the reputed corporation Monecor Limited, operational since 1965. Headquartered in London, OvalX is regulated by the UK Financial Conduct Authority (FCA), primarily focusing on traders within EU countries. The company provides many trading tools, low spreads, and quality educational resources. Their proprietary trading platform, TraderPro, bagged the title ‘Best Trading Platform’ in the 2018 UK Forex Awards and Online Personal Wealth Awards.
Advantages and disadvantages of OvalX
Experts from Traders Union have meticulously analyzed the strengths and weaknesses of OvalX.
Advantages
- Robust Regulation by the FCA: One of the standout strengths of OvalX is its oversight by the Financial Conduct Authority (FCA), the well-respected UK regulator known for its stringent standards. The FCA’s regulation provides a solid layer of security and reassurance for traders, as it guarantees transparency and adherence to a set of best practices in the trading industry.
- Narrow Spreads for Popular Currency Pairs: Another advantage of OvalX that cannot be overlooked is its offering of narrow spreads for popular currency pairs. In the forex market, the spread is the difference between a currency pair’s buying and selling price. A narrow spread means lower transaction costs for traders, increasing potential profitability. OvalX ensures that traders can maximize their earnings from market movements by providing such competitive spreads.
- Quality Training Resources: Providing high-quality educational resources further enhances the value proposition of OvalX. Understanding the importance of trader education for successful trading, the platform offers comprehensive educational materials crafted by London’s financial experts.
Disadvantages
- A high minimum deposit may limit access for new or low-capital traders.
- A limited selection of payment systems and possible withdrawal commission under certain circumstances may pose inconveniences.
- A complex four-stage account opening procedure could be time-consuming.
- Absence of PAMM accounts or investment programs for passive income generation.
Analysis of the main features of the Forex broker
The TU experts evaluated OvalX across various parameters:
- Overall score: 3.11/10
- Execution of orders: 2.9/10
- Investment instruments: 3.32/10
- Withdrawal speed: 2.96/10
- Customer Support work: 3.26/10
- Variety of instruments: 2.74/10
- Trading platform: 3.48/10
Trading conditions for OvalX users
OvalX provides a comprehensive set of trading conditions:
- Trading platform: MT4, OvalX platform
- Accounts: Demo, Standard, Premium, Professional
- Account currency: USD, EUR, GBP
- Replenishment / Withdrawal: Neteller, Skrill, UnionPay, Visa, Mastercard, Maestro, bank transfer
- Minimum deposit: From £250 or equivalent
- Leverage: Up to 1:400
- Min Order: 0.01 lots
- Spread: From 0.6 pips
- Instruments: Currencies, indices, stocks, energies, commodities, metals, cryptocurrencies
- Margin Call / Stop Out: 100% – 20%
- Mobile trading: Yes
- Affiliate Program: Yes
- Orders execution: Market Execution
- Trading features: Any trading style allowed
OvalX commissions & fees
The Traders Union experts have analyzed the trading conditions of OvalX for explicit and implicit fees. If the withdrawal amount exceeds 100 pounds and the number of requests does not exceed five trades per month, the broker does not charge an additional commission. For withdrawal amounts under this threshold or if the limit of available requests is exceeded, a $25 fee per transaction applies. Deposits are commission-free.
In addition, Traders Union has also reviewed the Fidelcrest and Fidelcrest instruments on its website. To read about it, you need to visit their official website.
Conclusion
The OvalX platform, with its established backing, robust regulation, and diversified offerings, is a noteworthy option for traders. However, it’s high minimum deposit and operational complexities require careful consideration. For a more detailed analysis, we encourage readers to visit the Traders Union’s official website and empower their decision-making with professional insights.