Oval X Review 2022

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Oval X are a London based, FCA regulated broker offering tight spreads across a wide range of markets. They offer professional client services for eligible pro clients, and free guaranteed stops on the TraderPro platform. Trade the most popular 250 share CFDs with zero commission.

Oval X Facts & Figures
InstrumentsCFD, Forex, Crypto, Stocks, Spreadbetting
Demo AccountYes
Min. Deposit£250
Payment MethodsCredit Card, Giropay, Mastercard, Neteller, Skrill, UnionPay
Min. Trade£1
Regulated ByFCA
MetaTrader 4Yes
MetaTrader 5No
Trading CentralNo
STP AccountNo
ECN AccountNo
DMA AccountNo
MAM AccountNo
PAMM AccountNo
LAMM AccountNo
Demat AccountNo
Mobile AppsiOS and Android
Margin TradingNo
Volatility IndexNo
Spot TradingNo
Perpetual SwapsNo
AI / Machine LearningNo
Robo AdvisorNo
P2P TradingNo
Negative Balance ProtectionNo
VPS HostingNo
Demo CompetitionsNo
Managed AccountsNo
Market MakerNo
Auto TradingNo
Social TradingNo
Copy TradingNo
Trade SignalsNo
Islamic AccountNo
FTSE Spread1 pt
GBPUSD Spread0.9
Oil Spread0.06 pips
Stocks SpreadFrom 0.5%
GBPUSD Spread0.9
EURUSD Spread0.6
EURGBP Spread0.9

Trade 5 Cryptocurrencies, and BTC against USD, GBP or EUR. Margin is tiered from 50%

SpreadBTC Market Spread + 10, ETH Market spread + 8
Auto Market MakerNo
Risk Warning – Your capital is at risk

Oval X is a reputable online trading brokerage with head offices in London (Formerly ETX Capital). With decades of experience and a choice of trading platforms, the broker offers trading in CFDs and Spread Betting – as well as professional client services. This review of Oval X will examine all aspects of their offering, including trading fees, demo accounts and mobile apps, before finishing with a final verdict.

Oval X also now offer a full professional clients service which is making them the ‘go to’ broker for professional clients since the ESMA regulatory changes.

Oval X Trading Platforms

Customers can choose between two trading platforms:

Oval X TraderPro

As the name suggests, this platform is geared towards experienced traders, or ‘pro’ accounts. As a result, you get a range of advanced features and comprehensive access to the financial markets.

In particular, TraderPro reviews highlight the sophisticated charting tools. This allows you to choose and view numerous charts in different time frames simultaneously. This means you could view Ichimoku, Heikin-Ashi and line charts all at once.

On top of that, once you have your client login details, you get straightforward access to historical data, volume indicators, guaranteed stops and more. In addition, the platform comes with a news feed so you don’t have to turn to the likes of Bloomberg to stay in the know.

Overall, opinions of Oval X’s TraderPro platform are positive. In fact, many believe it is up there in the rankings with the likes of the MetaTrader 4 and MetaTrader 5 platforms.

The Pro platform includes the professional client service which had made Oval X a popular choice among full time traders.

The TraderPro platform also delivers free guaranteed stop losses. This a real bonus for traders who like to use stops to manage risk. The guaranteed stop ensures your trades are closed if the asset hits that price, regardless of the amount of price volatility.

Oval X MetaTrader 4

There is also the traditional MT4 option. This is ideal for traders who are already familiar with the system and would prefer not to change. This industry standard promises a range of features and superb security. It can be used for trading everything from oil to the FTSE 100 and Swiss francs.

The MT4 free download will work for hedging, scalping techniques and plenty of other strategies. Users also have the added bonus that there is a wealth of educational resources available to help them get the most out of the platform.

Ovalx MT4 trading platform


Oval X recently withdrew their binary options offering in the face of the changes suggested by the European regulator – ESMA. These prohibited the supply of binary options to retail investors in Europe. As a responsible broker, Oval X have removed the product to all traders.

Minimum Initial Deposit

The minimum initial deposit is £100. This is relatively low for the industry, making the brokerage attractive to beginners with limited initial capital.

Oval X do motivate traders to make a larger initial deposit by offering a free trading course to traders who deposit $1000 (or equivalent).

Spreads & Commissions

Oval X spreads are competitive. Forex spreads start from just 0.6 pips for popular currency pairs, such as the EUR/USD. Spreads for CFDs start from 0.6 pips, while minimum equity spreads are 0.08%. For those wishing to trade in commodities, spreads start at just 0.025 points. Finally, for indices, you can find spreads of just 1 pip.

The broker has also rolled out a string of commission-free share CFDs, including Tesla and Amazon. These are based on the top traded share CFDs and are available to all live account holders, allowing investors to speculate on major players on the global stage at no cost.


Trading on leverage can be an effective way to capitalise on market opportunities. For FX trading, leverage extends to 1:30. For commodities, leverage is 1:10, while for equities and indices leverages span from 1:5 to 1:10.

It’s also worth highlighting that trading on margin does come with risks. If you’re not careful, a margin call could promptly require a payment in excess of your initial deposit.

Note margin requirements vary with fluctuations in exchange rates. Also, you may be able to change your personal leverage limits by contacting Oval X, or registering as a ‘professional’. Regulatory guidelines cap leverage, but only apply to retail investors, not professionals. Leverage for professional accounts can reach 1:300.

Other Trading Fees

There are certain fees to be aware of before you sign up for an account with Oval X. For example, there are overnight rollover fees and charges, which will depend on your position size and instrument. See the official website for a breakdown of rolling daily charges.

Unlike some other brokers, Oval X has removed its inactivity fees, so you don’t have to worry about losing out if you aren’t an active trader.

Deals & Promotions

Recent regulatory changes have meant that Oval X have withdrawn many of their deposit bonus offers. Incentives now focus on ‘adding value’ for traders, so for example a deposit of any size will secure a free trading course and similar perks. This previously required a $1000 deposit, so is a useful offer to take advantage of. Visit the Oval X Education pages to see the current list of free Oval X webinars.

Mobile Apps

An increasing number of individuals intraday trade directly from their mobile devices. So, is Oval X good in terms of mobile trading apps? Customer reviews would suggest yes. Mobile trading apps are available with both trading platforms for iOS and Android devices.

The app interface is sleek and straightforward to navigate. You get access to thousands of instruments and you can enter and exit positions using price alerts, real-time charts, one-touch trading and a range of custom indicators.

Furthermore, mobile apps are kept secure with encryption and fast touch ID log-in. Finally, you can manage risk with trailing stop losses and limits.

Overall then, if you conduct research or trade from your mobile device, Oval X could certainly meet your mobile app needs.

ovalx trading platform
Oval X Trading Platform

Oval X Methods of Payment


Once you sign up for an account, you will need to add funds before you can start trading. Fortunately, there are a number of options for depositing and withdrawing funds, including:


You can view your current account value from within your account area and then decide whether you want to withdraw some of your capital.

Reviews for withdrawing funds are positive for three reasons:

  1. You can use any of the same methods used for funding your account.
  2. There is no minimum withdrawal. Having said that, you will incur a fee if you withdraw less than £100 of your revenue.
  3. Withdrawal requests are dealt with in a timely manner.

Contact customer support if you have any withdrawal problems.

Oval X Accounts

Oval X offer a couple of account types. The standard live trading account offers traders a robust set of features and tools along with a £100 initial minimum deposit requirement.

Clients signing up as ‘Pro’ clients will also enjoy the professional client service which offers larger leverage and access to investment types not available to retail traders.

To qualify as a professional trader, Oval X require traders meet 2 of the following three criteria:

  1. Over €500k of liquid assets excluding your house of residence if you own it.
  2. Relevant experience in financial services.
  3. Traded at least 10 times in each of the last 4 quarters

There are also some perks for larger deposits, such as free trading courses and similar offers and deals.

Note Oval X does not offer a swap-free account for Islamic traders.

Demo Account

Although there is just a single live trading account, there is also a free demo account. You can also sign up for an MT4 demo account or Oval X TraderPro demo account. Once you have your demo login details, you can then trade stocks with virtual cash on your desired markets.

Practice accounts are a fantastic opportunity to build confidence and develop strategies. If you have gained experience and are comfortable with trading, you are free to upgrade to real-time trading.

A Brief History

Before taking a look at customer trading reviews, here is a brief overview of the company: Oval X was founded as Monecor in 1965 and is currently registered in the United Kingdom and regulated by the Financial Conduct Authority under the license number 124721. The registered name of the brand is Monecor (London) Limited.

But although the parent company’s history dates back to 1965, Oval X only came to life in 2002 and is relatively unknown. This is because the owner and board of directors previously focused their attention on institutional traders and high net worth individuals.

However, the partners and directors have seen considerable success since opening their doors to average traders. Firstly, they have become an FCA regulated FX broker. The broker went online in 2014 and hit the news with the acquisition of the Alpari network in 2015.

The Oval X Group were quick to facilitate a smooth transition for existing Alpari customers with a dedicated helpline and the installation of MetaTrader 4 (MT4) servers. As a result, user ratings went up along with share price and turnover.

Finally, for those observers wondering what the meaning behind the Oval X acronym is:

Additional Features

Many reviews suggest the best part of the Oval X offering is the range of additional resources. These include:

OvalX education Features

Regulation & License

As forex and CFD broker reviews show, finding a trustworthy exchange is becoming increasingly important. This is a result of a growing number of bad actors and fraudulent brokers. Fortunately, a quick company check shows Oval X has regulatory oversight from the FCA, with Financial Services register number 124721.

Oval X has also recently obtained a license with the Financial Services Conduct Authority (FSCA) in South Africa.

Because they are regulated, compliance with a number of measures to protect consumers have to be met. This should put intraday traders at ease that Oval X is a legitimate broker, concerned about customers as well as their dividends.


Oval X stands out in several areas:


Despite notable advantages, customer reviews also underline several downsides to the Oval X offering:

Oval X Trading Hours

On the whole, Oval X opening hours are around the industry norm. For example, platforms are open for trading between 21:30 GMT Sunday through until 22:00 GMT Friday.

However, specific product trading times can vary in response to changes in liquidity. In addition, Christmas trading hours and other holidays will affect opening hours. See the official website for upcoming holiday hours.

Contact & Customer Support

Customer reviews of Oval X were mixed in terms of the customer support on offer. On the positive side, you have access to email and telephone support. See the Contact Us section on the website for the relevant telephone contact number and email address.

The Oval X customer service is provided in a long list of languages, including English and South African

User reviews show they can help you with everything from login details and forgotten passwords to pip calculators and guidance when the website is down.

You can also head to their Support and FAQ section. Here you will find answers and discussions around most common problems.

On the downside, support is not available 24/7, like some competitors, but instead runs from 07:30 to 21:00 GMT Monday to Friday. There is however, live chat support.

Overall then, there are several customer services open to users. However, beginners who want a hands-on live chat or video support may want to look at alternatives.

Safety & Security

Oval X expressly state how serious they take personal security. In fact, they have a Security Officer to ensure privacy policies and legislation are met. Furthermore, the broker utilises advanced encryption technologies and firewalls. On top of that, client funds are kept segregated in tier-1 banks.

Oval X Verdict

So are Oval X any good? Well, forex, CFD, spread betting and binary options reviews suggest yes. With extensive experience, powerful trading tools and an unlimited demo account, Oval X makes for a worthy broker contender. In particular, if you’re looking for reliability and integrity, a long list of awards helps demonstrate Oval X may be the right choice.

For additional guidance and other options, see our brokers list.

Accepted Countries

Oval X accept traders from:

Austria, Latvia, Portugal, Finland, Bulgaria, Germany, Croatia, Luxembourg, Slovakia, Greece, Cyprus, Malta, Slovenia, Hungary, Czechia, Netherlands, Spain, Iceland, Denmark, Norway, Sweden, Ireland, Estonia, Poland, United Kingdom, South Africa.

Alternatives to Oval X

If you are looking for alternatives to Oval X we have compiled a list of the top 5 brokers that are similar to Oval X below. This list of brokers like Oval X is in order of similarity and only includes companies that accept traders from your location.

  1. eToro – eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs. eToro USA LLC does not offer CFDs, only real crypto assets available.
  2. Forex.com – Forex.com boast a global reputation. Regulated in the UK, EU, US and Canada they offer a huge range of markets, not just forex, and offer very tight spreads and a cutting edge platform.
  3. EagleFX – EagleFX is a popular trading broker offering forex, stocks, cryptos & commodities.
  4. LQDFX – LQDFX offers online trading with multiple STP accounts and MT4 analysis tools.
  5. Exinity – Exinity provides flexible low-cost trading in FX, commodities, indices and equities alongside unique education and support provided by teams located across the world. Now operating in the Middle East, through regulation from the Financial Services Regulatory Authority in Abu Dhabi and the Financial Services Commission of Mauritius, Exinity provides a range of services to traders and investors looking for new opportunities in the financial markets.
Oval X are a London based, FCA regulated broker offering tight spreads across a wide range of markets. They offer professional client services for eligible pro clients, and free guaranteed stops on the TraderPro platform. Trade the most popular 250 share CFDs with zero commission.

Oval X vs Other Brokers

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