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OvalX Review 2023

Platforms and Tools
Customer Support
Tradable Instruments
Account Types and Terms
Deposit and Withdrawal

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.85% of retail investor accounts lose money when spread betting or trading CFDs with OvalX. You should consider whether you understand how spread bets or CFDs work and whether you can afford to take the high risk of losing your money

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Please Note: This review of OvalX, formerly ETX Capital, is based on a TraderPro CFD account opened with Monecor (Europe) Ltd – one of the two entities operated by the broker. We tested the usability of its website, OvalX TraderPro web platform, and its mobile app version.

Data was collected between the 1st and 3rd of June.

The Big Picture

OvalX is the new trade name of ETX Capital, a well-known broker with a long history of providing derivatives trading to clients predominantly from the UK and Europe, The company was founded over 50 years ago, establishing itself as a resilient and trustworthy broker.

OvalX operates two entities – Monecor (London) Ltd and Monecor (Europe) Ltd – both of which are highly regulated, entailing a high degree of protection. The broker affords speculative traders a wide range of tradable instruments from which to choose. This variety is a great fit for OvalX’s excellent platform, which is designed to cater to the needs of traders using the risky CFD and spread betting strategies.

Seasoned traders may benefit from OvalX’s periodic research materials, though beginners will likely find the lack of a systematic educational course unfavourable.

OvalX Key Takeaways for 2022

  • We evaluated OvalX across 9 categories (Trust and Stability, Fees, Tradable Instruments, Account Types, Deposit and Withdrawal, Research, Customer Support, Education, and Platform and Tools).
  • OvalX scored highly in the Trust and Tradable Instruments categories because of its multiple licences by top-tier regulators and the over 1000 tradable instruments. Moreover, the company is a member of the London Stock Exchange (LSE).
  • It also performed very well in the Platform and Tools category as its custom-built TraderPro platform affords traders the tools necessary to carry out sophisticated technical analyses. Alternatively, traders may choose the well-known MetaTrader 4 (MT4) platform. OvalX also scored above average in the Account Types category.
  • The broker performed below average in the Fees and Research categories. We found its trading costs less competitive than the broader industry, while its market content has a very limited scope.
  • OvalX performed poorly in the Deposit and Withdrawal category because only two processing methods are available. Moreover, traders may have to pay a withdrawal fee in certain cases.
  • Its educational materials are also very limited and with a shallow focus, making them not the best fit for beginners. Advanced traders, in contrast, can make use of OvalX’s rich assortment of instruments and professional platforms to implement sophisticated trading strategies.

Who Is OvalX For?

OvalX offers multiple solutions that different types of traders can use. Its service is primarily oriented towards CFD retail traders, though British residents can also take advantage of the spread betting option. The latter is available with Monecor (London) Ltd.

Retail traders can also benefit from OvalX’s social and automated trading options, with the former being available on MT4. Given the over 1000 trading instruments, fast execution, and multiple timeframes on the platform, OvalX is equally fit to satisfy the needs of scalpers, intraday, and position traders alike.

Professional traders with a deep understanding of derivatives trading and account balances exceeding 10,000 euros can enjoy the same benefits, including higher leverages on most instruments. Additional information is available here.

Monecor (London) Ltd also offers corporate broking.

OvalX Pros and Cons

Pros Cons
  • Very high trust level
  • Listed on the London Stock Exchange
  • Over 1000 tradable instruments
  • Sophisticated platform
  • High costs
  • Few account types
  • Very few educational materials



Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.85% of retail investor accounts lose money when spread betting or trading CFDs with OvalX. You should consider whether you understand how spread bets or CFDs work and whether you can afford to take the high risk of losing your money


About the Author

Plamen Stoyanov
Finance writer, analyst, and author of a book for beginner traders "Bulls, Bears and Sharks" with an experience of over 8 years in retail trading and more than 3 years in the finance area.
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How Do We Rate?

When trading forex and CFDs, it is crucial to know a broker's strengths and weaknesses. That is why FX Empire developed its proprietary rating system. We put the knowledge and expertise of our reviewers to work to bring you the most suitable brokers. A total of 200 variables have been analyzed to help you choose your broker wisely. This chart describes all the categories we evaluated and rated.
How Do We Rate Chart
Visit our methodology page to learn more about our review and rating process.
OvalX Main Features
FCA (United Kingdom), CySEC (Cyprus), FSCA (South Africa)
Supported Languages
Products (CFD)
Currencies, Commodities, Indices, ETFs, Stocks, Bonds
Min Deposit
$100 (Monecor (London) Ltd), $100 (Monecor (Europe) Limited)
Max Leverage
1:30 (FCA), 1:30 (CySEC), 1:500 (FSCA)
Trading platforms
MT4, Proprietary
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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.85% of retail investor accounts lose money when spread betting or trading CFDs with OvalX. You should consider whether you understand how spread bets or CFDs work and whether you can afford to take the high risk of losing your money

OvalX Full Review


How Do We Test A Broker's Trust?
When choosing a broker, trustworthiness is one of the most important things to keep in mind. Always check the broker's regulations, know how financially secure the firm is, and find out whether the broker is transparent and reliable. These factors, calculated into our score, will help you understand if your money is safe.

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OvalX scored very high in the Trust category as its two entities are authorised by top-tier regulators. This ensures the broker complies with the strictest financial regulations in the derivatives market. The longevity of the company is an indication of its stability, though there are certain minor issues with the clarity of information as presented on the website.

OvalX Regulations

In our reviews, we examine the licences and regulations of each entity operated by a broker. This allows us to compare each entity’s different levels of protection. We rank licences by various regulatory bodies on a three-tier system, where tier-1 licensing indicates the highest level of regulation.

This is what we found concerning OvalX’s two entities and their licences and regulations:

  • Monecor (London) Limited is OvalX’s primary entity and a member firm of the London Stock Exchange. It is authorised and regulated by the UK Financial Conduct Authority (FCA) with Financial Services register number 124721. The FCA is ranked as a tier-1 regulator on our system.
  • Monecor (London) Limited is also authorised by the South African Financial Sector Conduct Authority (FSCA) under licence number 50246. The FSCA is a tier-2 regulator.
  • Monecor (Europe) Limited is regulated by the Cyprus Securities and Exchange Commission (CySEC) with licence number 096/08 under the Markets in Financial Instruments Directive (MiFID II). CySEC is a tier-1 regulator.
Monecor (London) Limited’s licencing information on
Monecor (London) Limited’s licencing information on

We have summarised the most essential aspects of OvalX’s entities in terms of regulation and safety in the table below:

Entity Features Monecor (London) Ltd Monecor (Europe) Ltd
Country/Region London, UK Limassol, Cyprus
Regulation FCA, FSCA CySEC
Segregated Funds Yes Yes
Negative Balance Protection Yes Yes
Compensation Scheme Yes Yes

Why Is It Important to Know Where Your Broker Is Regulated?

Brokers operating two or more entities usually obtain licences from different regulators in order to be able to provide financial services to clients from all parts of the world. Certain discrepancies exist between the legal frameworks of different regulators, entailing varying degrees of protection. Because of such regional differences, we rank regulators on a three-tier system.

When evaluating a broker’s safety, we look for several key factors and whether the broker complies with them. Here is what we found concerning OvalX’s two entities:

  • Segregation of client funds. In order to avoid accounting errors and fraudulent activity, brokers have to ensure that their clients’ funds are kept in separate accounts from those used for company funds. OvalX’s two entities both ensure the segregation of client funds.
  • Negative balance protection. CFD trading and spread betting entail a high degree of risk, which is why negative balance protection is so important. It ensures that traders cannot lose more than what they have deposited into their accounts. OvalX’s two entities provide negative balance protection to retail traders, however, professional traders are exempt.
  • Compensation scheme. Compensation schemes are put in place to protect traders against the credit risk faced by a broker’s subsidiary. In the unlikely event that the company becomes insolvent, a trader would be compensated. If Monecor (London) Ltd. cannot satisfy repayment claims, eligible claimants have the right to compensation by the FCA Compensation Scheme (FSCS) of up to 85,000 pounds. Regarding Monecor (Europe) Ltd., as a CySEC regulated firm, clients of the entity are liable for the Investor Compensation Fund (“ICF”). The scheme involves a potential reimbursement of up to 20,000 euros per client.
  • Maximum leverage. Trading CFDs is risky because the leverage boosts a trader’s market exposure. In order to mitigate the underlying risk, most top-tier regulators have decided to cap the maximum leverage for retail traders. Professional traders can request bigger leverage if they meet certain criteria.

Is OvalX Safe To Trade With?

At least one top-tier regulator authorises both Monecor (London) Ltd and Monecor (Europe) Ltd; in the case of the former, one tier-2 regulator as well. Therefore, we found OvalX’s two entities quite safe. Monecor (London) Ltd’s listing on the London Stock Exchange is another indication of the broker’s very high level of safety and trustworthiness.

OvalX’s success and reputation, however, have attracted many imitators. Traders always need to be vigilant as, according to the FCA, as many as 7 clone firms are pretending to be Monecor (London) Ltd.

Stability and Transparency

In our tests for the Trust category, we also cover factors relating to stability and transparency. Here, we focused on how long the broker has been in business, the company’s size, and how transparent they are in terms of readily available information.

The company was founded in 1965 as Dusrolgraph Ltd. before becoming Monecor in 1973. Then, in 2021, ETX Capital – the last trade name of Monecor – obtained Oval. Having operated for over 50 years and currently employing north of 250 persons is indicative of the resilience of OvalX’s business model. The company is also a member of the London Stock Exchange (LSE), yet another indication of its overall stability.

OvalX’s transparency suffers a bit because the information on the website is lacking. For instance, the ‘About Us’ section is vague and undetailed. It would help OvalX’s corporate image if additional information concerning the company’s vision and future goals were included.

Even still, the company is fairly transparent in other aspects, particularly concerning the risks faced by traders. While most brokers would typically bury any risk warnings near the bottom of their pages, where they may not dissuade potential clients from signing up, OvalX has placed a warning banner at the top of its main page. This minor detail is demonstrative of OvalX’s high level of professionalism.

The company also provides practical examples of how its commissions and spreads work so that even newbie traders can easily grasp its trading costs. Such worked examples can be found in the Legal Docs.

In summary, our findings indicate that OvalX can be regarded as having a very high level of trust and stability due to the following factors:

  • It is authorised by two top-tier regulators (CySEC and FCA) and one tier-2 regulator (FSCA).
  • Is a member of the London Stock Exchange (LSE).
  • Both of its entities have negative balance protection and compensation schemes.
  • Its Legal Docs are very informative.


How Do We Test A Broker's Fees?
Broker fees can be difficult to understand. We test the broker's platforms and examine commissions, spreads, and overnight fees to ensure that you can determine if trading with this broker is worth your time and money.

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OvalX scored below average in this category. Its spreads and swaps vary, ranging from low to high for instruments from all asset classes. There is also a rather high inactivity fee. For the most part, retail traders can enjoy commission-free trading, though this does not apply to CFD equity trades.

The combination of the broker’s trading and non-trading costs exceeds the industry average. OvalX’s varied costs include an inactivity fee and a small admin fee. And while the broker does not charge anything for deposits, a withdrawal fee may apply to clients who have made more than 5 withdrawals in a single month.

Spreads are quite diverse on instruments from different asset classes, while the overnight rates, at the time of our review, exceeded the industry average. For the most part, retail traders can enjoy commission-free trading, excluding CFD equities. In the latter case, they would have to pay a commission in addition to the underlying spread.

OvalX Trading Fees

OvalX Spreads

We tested the spreads on an OvalX TraderPro CFD Account during the London open at 8am UK time and just after the U.S. open at 2.45pm UK time. These are the most actively traded times. The test was conducted on the 1st of June 2022.

Instrument Live Spread AM Live Spread PM
EURUSD 0.7 pips 0.7 pips
GBPJPY 2.5 pips 2.6 pips
Gold (XAUUSD) 50 pips 50 pips
Crude Oil 0.06 pips 0.06 pips
Germany 40 2 basis points 2 basis points
Dow Jones 30 4 basis points 2 basis points
Apple 0.59 points 0.31 points
Tesla 2.58 points 1.93 points

Two things are worth mentioning regarding OvalX’s spreads. Firstly, the discrepancies we measured between the London open and U.S. open are mostly negligible. This indicates a stable liquidity supply which diminishes the risk of slippage. Accordingly, order execution with OvalX is likely to be quite precise.

Secondly, it is worth mentioning that spreads on instruments from different asset classes can vary greatly. For instance, OvalX’s spreads on most FX majors are quite low compared to the broader industry. Since FX majors are particularly popular amongst novice traders, beginners will likely find OvalX’s spreads on those quite appealing. In contrast, the spreads on most bluechip stocks are rather high, which is made worse because there are commissions for trading CFD shares.

OvalX’s Swap Rates

A swap fee is a trader’s cost for holding an open position overnight because of changing interest rates. Swap long refers to the charge deductible or credit receivable for holding a buy position open overnight. In turn, swap short relates to the charges/credits deductible or receivable for holding a selling position open overnight.

The values listed below are for one full contract (100,000 units) of the base currency.

Instrument Swap Long Swap Short
EURUSD Charge of $14.2 Credit of $0.6
GBPJPY Charge of $4.9 Charge of $12.4

In addition to the swap charge, the broker also has “a small daily admin fee of 0.0054% of the all-inclusive rate (spot rate +/- swap rate), i.e. you add the swap rate if it is traded a premium, and deduct if at a discount”. You can find additional information here.

OvalX’s Commissions

For equity CFD trades, a commission fee is charged on the opening and closing of a position. This commission is normal for the industry. Retail traders do not have to pay a commission when trading with instruments from other asset classes.

Region/Country Standard Commission Min. Commission
Eurozone 0.1% EUR 10
UK 0.1% GBP 10
U.S. Greater of 2 ticks US 15

OvalX Non-Trading Fees

Dormant accounts on which no orders have been placed for a period longer than 6 months are liable for an inactivity fee of £25. It is taken monthly until trading activity resumes or the account balance reaches zero.

OvalX does not charge anything for deposits, though third-party fees may apply. Meanwhile, withdrawals below the minimum threshold of 100 (EUR/GBP/USD) are liable for a fixed £10 withdrawal fee. Additionally, clients who make more than 5 withdrawals within a single month are liable for a charge of £10 for each consecutive transaction.

Are OvalX’s Fees Competitive?

When evaluating the competitiveness of a broker’s fees, traders are rightfully paying the most attention to its spreads. OvalX’s spreads on most FX pairs are quite low, on commodities average to high, on some of the bigger indices they are average, while the spreads on shares are widely diverging. With regards to its non-trading fees, we found OvalX’s inactivity fee to be rather high.

Platforms and Tools

How Do We Test A Broker's Platforms and Tools?
Platforms are where you trade, so they must be secure, fast, and accessible while offering you the tools you need to succeed. Each broker's desktop, web, and mobile platforms are evaluated according to the order types, speed of execution, ease of use, and other 'need to know' features.

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OvalX scored highly in the Platforms category. Traders can choose between the broker’s custom-built OvalXTrader platform and MetaTrader 4 (MT4). Both afford a great degree of flexibility when it comes down to analysing price action from multiple angles. We also found the mobile version of OvalX’s custom platform quite efficient.

OvalX’s platform is equally suitable for beginners and seasoned traders because it incorporates the tools necessary to implement both basic and complex trading strategies. The combination of an easy-to-navigate interface and a rich assortment of technical indicators, drawing tools, and chart specifications make the OvalX platform suitable for traders with widely diverging strategies: from scalpers to position traders.

The broker’s custom-built platform and MT4 both afford multiple order types, which traders can use to construct complex positions. And while automated trading is available on both platforms, social trading is only available on OvalX’s MT4 platform.

OvalX’s Webtrader Platform

OvalX’s in-house platform
OvalX’s in-house platform

General Ease of Use

The platform layout is pretty straightforward and, therefore, easy to get used to.Traders can quickly flip through the different markets from the left panel, which is also where they can create watchlists. Since OvalX offers more than 1000 different instruments, this makes the selection process easy and fast.

Crucial account information, such as balance, free margin, and profit/loss, can be found at the top of the page, whereas information pertaining to a trader’s open positions can be found at the bottom. Finally, the charts elucidating the price action of a selected instrument are found on the right-hand side of the platform. Traders can adjust the platform’s design by clicking the ‘Layout’ button in the menu.


OvalX’s highly detailed charts
OvalX’s highly detailed charts

We found the charts on OvalX’s custom-built platform highly informative, fluid, and with a sharp focus on even minute details. This makes them well-suited to cater to the needs of even the most demanding chart artists.

Price action can quickly be scaled up or down, allowing traders an instant overview of its behaviour over different periods. They can thus contextualise the latest price developments against the prevailing market sentiment, which is quite important for determining when and where to join the market.

Here is a list of the essential features of OvalX’s desktop platform:

  • Trading indicators. The platform’s desktop version consists of 56 different indicators, such as oscillators, moving averages, channels, and others.
  • Those can be used to evaluate the underlying market sentiment, the direction of an existing trend, potential breakout or breakdown points, and so forth.
  • Drawing tools. Traders can also choose from 13 different drawing tools, which is a number that falls short of the industry average. Still, the most commonly used drawing tools, like the Fibonacci retracement levels, are made available. Those are essential for determining the crucial support and resistance levels, representing potential turning points.
  • Timeframes. The platform has an impressive 17 different timeframes, arguably one of its most significant advantages. For instance, the possibility of viewing each tick – the lowest possible timeframe – of the price action is a perfect match for OvalX’s fast order execution. Scalpers can take advantage of the former in order to examine even the most minute price fluctuations. In contrast, the latter allows them to trade on those fluctuations before the opportunity expires. Intraday traders, day traders, and position traders can, in turn, make use of the higher timeframes, with the biggest one being 1 month.
  • Chart types. Price action can be represented in 8 different ways on OvalX’s platform, such as bars, candlesticks, a line or an area. More intricate options include the OHLC, Heikin-Ashi, Cloud, Plot, or as a Three Line Break.


Here is a rundown of the various order types that can be placed on the platform:

  • Market orders. They are used for immediate entry at the best possible price. Market orders guarantee volume filling though there could be a discrepancy between the requested price and the price where the order actually gets filled.
  • Limit orders. They are placed at a price level that is different from the current spot price. Limit orders guarantee exact price execution, though there is no guarantee of volume filling. For instance, if a short limit order on GBPUSD is placed 40 pips above the current spot price, the order will not get filled if the price action reverses before the execution price gets reached.
  • Stop orders. Stop orders are usually used in support of a primary position. For instance, stop-loss orders are placed at a distance from the initial entry of a primary position, in order to cap the potential loss that would be incurred if the price action goes against the primary position. Once the price action reaches the execution price level of a stop order, it gets transformed into a market order and then gets filled at the best possible price.
  • Expiry orders. Expiry orders are good for time management. They are typically used by day traders and position traders who want to have a position that is active for longer than a single day but is not indefinite. One of the advantages of expiry orders is that they can be used to cap the swap charges that a position might incur over time.
  • OCO orders. A complex order type, One-Cancels-the-Other (OCO) orders represent one of the easiest ways of automating your trading. OCO orders are comprised of two separate conditional orders; if one gets filled, then the other gets closed. Conditional orders can thus be used to gain favourable entry even if the market’s next direction is not entirely clear. For instance, you can place a EURUSD buy order, say, 30 pips above the current spot, and a sell order 40 pips below it. If the EURUSD starts to appreciate, the buy order would be filled, and the short order would be closed, and vice versa.

OvalX’s Mobile App

The mobile version of OvalX’s platform retains the flexibility and practicality of the desktop version as much as possible, though examining price action will likely never be as precise on a small-screened device as on a high-resolution screen. Still, we found the app to comprise the same number of indicators, drawing tools, and order types, affording traders the same degree of flexibility in terms of trading possibilities.

Generally, the primary function of similar trading apps is to allow traders to monitor and, if need be, manage their running positions while on the go. And OvalX’s app seems well-suited for its purpose.

OvalX’s mobile app is available on Android and iOS from Google Play and the App Store, respectively. It runs on smartphones and tablets.

We conducted our test of the app using an Android device.

General Ease of Use

The app’s design is pretty straightforward, consisting of a watchlist, running positions screen, orders execution menu, an alerts section, and a charts section. However, several features make OvalX’s app stand out and extremely easy to use. Firstly, the spread on each instrument in the watchlist can be clearly seen in a small bubble between the bid and ask prices. Presenting vital information clearly and concisely is essential in that it allows traders to make quick and oftentimes decisive trading decisions.

Secondly, information concerning an account’s performance, such as current balance, margin, and P/L ratio, is always visible at the top of the app, which is crucially important for achieving the primary function of the app. Namely, for traders to be able to monitor and possibly manage their running positions based on current performance.

Last but not least, price action on the chart can be scaled up or down, allowing traders a lot of freedom to decide just how much of it they want to examine at any given time. This is quite important and yet not at all that common in the industry, as it allows traders to never lose focus.

The app’s watchlist (left), order execution options (centre), chart outline (right)
The app’s watchlist (left), order execution options (centre), chart outline (right)


These are the essential features of OvalX’s mobile app:

  • Chart types. Similarly to the platform’s desktop version, the app has 8 different chart types. Price action can be represented using bars, as a line, an area, candlesticks, and more. Each chart type highlights a particular aspect of the price action from an angle. For instance, candlesticks illustrate the opening and closing prices over a given period, which is why traders use them to examine the buying and selling pressures within an established trend.
  • Indicators. The app incorporates 56 different trading indicators, the same as the desktop version. Even though smartphones are not ideal for conducting probing technical analyses, the possibility of scaling up and down the price action affords traders a great degree of flexibility.
  • Drawing tools. There are 11 drawing tools, such as lines, channels, and Fibonacci retracement levels. Traders can use them to outline specific formations on the price action or to determine key support and resistance levels.
  • Timeframes. One of the key benefits of OvalX’s platform is that it has 17 different timeframes, from ticks to a monthly chart. This variety makes the platform accessible to different types of traders, from scalpers who focus on minute changes in the price action to position traders who open positions that can last weeks.


Here is a list of the essential order types available on OvalX’s platform:

  • Market orders. The most basic of the bunch, market orders guarantee volume filling at the best possible price.
  • Limit orders. Limit orders guarantee price execution, though they might not get filled if the price action does not reach the execution price.
  • Stop orders. Typically used in support of a primary position, stop orders are transformed into market orders once triggered and then they get filled at the best possible price. For instance, stop-loss orders can be placed at a distance from the primary position, effectively limiting the potential loss.
  • GTC orders. A complex order type, One-Cancels-the-Other (OCO) orders represent one of the easiest ways of automating your trading. OCO orders are comprised of two separate conditional orders; if one gets filled, the other gets closed.

Tradable Instruments

How Do We Test A Broker's Tradable Instruments?
In this section, we check the broker’s market offering and how varied the instruments and asset classes are. It will allow you to check if they offer what you're looking for and what you can trade.

See More

The Tradable Instruments is yet another category in which OvalX scored highly. Retail traders can choose from more than 1000 instruments, including FX pairs, commodities, shares, indices, cryptocurrencies, and bonds. Those can be traded exclusively as CFDs, while professional traders can also use the more complex options.

OvalX’s assortment of tradable instruments exceeds the industry average for just about each asset class, except for FX pairs. Currently at 63, the list of major and minor currency pairs that can be traded with the broker is nonetheless quite diverse.

Traders can use this variety to gain exposure to different markets. This is important because it means they can choose between highly volatile assets and lower-risk securities to create sophisticated strategies with different risk and reward outlooks.

What Are CFDs?

Traders use contracts for difference (CFDs) to speculate on the price of the underlying without physical delivery. In other words, you can trade, for example, gold and profit as the price rises or falls without having to buy or sell actual bars of gold. One of the biggest advantages of trading with CFDs is that traders can get in and out of the market almost instantaneously, thereby catching even minute changes in the underlying price action.

What Can You Trade With OvalX?

We have broken down OvalX’s over 1000 instruments into different categories and sub-categories below:

  • 63 currency pairs
    • Majors, Minors, and Exotics
  • 31 commodities
    • Metals, Energy, Soft Commodities
  • 1000+ Shares
    • UK, U.S., Europe
  • 28 Indices
    • UK, U.S., Europe, Global
  • 5 Cryptocurrencies
    • Bitcoin, Other
  • 75 ETFs
    • Commodities, Financial/Real Estate
  • 12 Bonds
    • Bond Markets, Short Term Interest Rate

As mentioned above, retail traders can trade these instruments only as CFDs on a TraderPro CFD account. Professional traders can also benefit from the more complex options trading. Meanwhile, British residents who have signed up with Monecor (London) Limited can also take advantage of the spread betting option, which is only available with the UK entity.

Forex Commodities
EURUSD | GBPUSD | GBPJPY | EURCAD Spot Gold | Brent Oil | Palladium | U.S. Cocoa
Shares Indices
HSBC | Apple | BNP Paribas | Microsoft Dow Jones 30 | Germany 40 | Russell 2000
ETFs Bonds
ETFS Leveraged Crude Oil | ETFS Agriculture | Financial Bear (3X) Euribor-13 | International Mining & Infrastructure | 10 Yr UK Gilt Future
Bitcoin | Ethereum | Ripple | Litecoin | Bitcoin Cash

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.85% of retail investor accounts lose money when spread betting or trading CFDs with OvalX. You should consider whether you understand how spread bets or CFDs work and whether you can afford to take the high risk of losing your money

Customer Support

How Do We Test A Broker's Customer Support?
Traders tend to underestimate customer support, but it might be a crucial feature in moments of crisis. In our rating, we check the contact methods available, how accessible a live agent is and how helpful the responses are. This information will allow you to know if a broker can provide full support when you need it.

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OvalX got an average mark in this category. While their support team was very helpful it cannot be reached via live chat, which is by far the most popular communication method in the industry. This major drawback offsets the otherwise pleasant impression one gets from the 24/7 availability of OvalX’s support team.

OvalX Customer Support Test

When we test a broker’s customer support team, we evaluate the agents’ knowledge of their own website, how long it takes them to respond, and how informative their answers are.

We conducted our test on the 6th of June at around 9 CET by calling OvalX’s offices in Limassol, Cyprus. The agent seemed to be an English native speaker and was polite and well-informed. We asked several questions regarding the minimum deposit requirement, whether there are commissions, and what deposit methods are available with Monecor (Europe) Ltd.

The agent provided satisfying answers fairly quickly. This was made evident when he was able to explain in detail OvalX’s commissions and charges exactly as they appear in the Legal Docs. The only time he seemed to struggle a bit was when we asked him whether it was possible to use e-wallets such as Skrill to make transactions to and from OvalX’s European entity.

Overall, OvalX’s customer support seems to be very helpful, though the biggest problem is the limited number of methods that traders can use to contact the broker. You can read more about those here.

Deposit and Withdrawal

How Do We Test A Broker's Deposit and Withdrawal?
The deposit or withdrawal process can be a tricky one. You may discover that there are hidden fees, or that withdrawal times are longer than you anticipated. We check these factors and others so you know what to expect when trading with this broker.

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OvalX scored low in this category because there are only a few transaction methods available, limiting traders’ list of options. OvalX’s score was also affected because withdrawal charges may apply in certain cases. Moreover, information on the website about transaction methods is scant, which may confuse some company clients.

OvalX Deposit Methods

Method Base Currencies Min. Deposit Fees Processing Time
Credit/Debit Card 28 $100 0 Instant
Bank Wire 28 $100 0 1-4 business days

OvalX Withdrawal Methods

Method Base Currencies Min. Withdrawal Fees Processing Time
Credit/Debit Card 18 $100 $25* Up to 48 hours
Bank Wire 18 $100 $25* 1-3 business days

*A $25 charge applies to withdrawals under OvalX’s minimal withdrawal threshold of $100.

Some banners on the website suggest that Monecor (Europe) Ltd also accepts payments with Skrill, though this is not mentioned anywhere else. Upon enquiring further with OvalX’s customer support team, we were not provided with a definite answer. And since there is not a separate section on the website to provide additional information about deposits and withdrawals, except for a few FAQ points, we had to extract relevant data from the Legal Docs.

Beyond that, it is worth mentioning that OvalX does not charge anything for deposits. Withdrawals above the minimum threshold of 100 (EUR, GBP, USD) are also free. However, withdrawals under this minimal threshold are charged a standard fee of £10. Moreover, traders can make up to five withdrawals within a calendar month for free. Each subsequent transaction is going to be charged £10. This is to cover any fees that OvalX incurs when processing withdrawals.

Account Types and Terms

How Do We Test A Broker's Account Types and Terms?
In order to achieve your trading goals, you need to choose the right account. We evaluate each broker's account types, how easy it is to open an account with them, and the steps involved, so you can decide if it is worth your time to open an account.

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OvalX scored above average in this category. Account creation is simple and fast, and the process can be completed online. Traders can choose from several different account types with low minimum deposit requirements. The lack of an option for swap-free trading is what prevented the broker from getting a better mark.

The broker offers four main account types – TraderPro CFD, MT4 CFD, TraderPro spread trade, and MT4 spread trade. As their names suggest, the first two are suitable for retail traders who want to trade CFDs on either of the two platforms. The other two account types offer spread betting, which is available only with Monecor (London) Ltd to traders from the UK.

Spread betting is a very speculative type of leveraged trading that involves placing a bet on the anticipated movement of the price of an underlying. You can read more about it here.

Why is Choosing the Right Account Type Important?

To succeed, it is not enough to have a working trading strategy if the conditions of your account are not suitable for your approach to trading. You need to choose an account type that best fits your style, preferences, goals, and needs.

In the case of Monecor (Europe) Ltd., traders have to choose between trading on OvalX’s custom platform or MT4. In addition to the aesthetic differences between the two, there is also a difference in the underlying trading costs. In either case, traders would be trading CFDs.

The same two account types are also available with Monecor (London) Ltd, which also offers spread betting. The possibility of trading on the expected future direction of a given instrument’s price is yet another point to consider when contemplating the right account type.

What Account Types Does OvalX Offer?

Account Type TraderPro CFD MT4 CFD
Min. Deposit 100 (EUR, USD, GBP) 100 (EUR, USD, GBP)
Commission Yes Yes
Base Currency EUR, USD, GBP EUR, USD, GBP
Spreads From 0.6 pips 0.8 pips
Demo Account Yes Yes
Automated Trading Yes Yes
Social Trading No Yes

The two account types available with OvalX’s European entity differ most notably in the spreads. We found that the quotes on MT4 CFD are, on average, higher by several pips than the spreads on a TraderPro CFD account. The other difference is obviously the available trading platform. While MT4 is world-renowned, we found OvalX’s custom platform easier to use and more flexible.

Another difference between the two is that the MT4 CFD account offers social trading, also known as copy trading. With social trading traders can join a community of traders working with 15 major brokers. They can copy each other’s positions and follow the most successful strategies in the community.

Beyond all of that, there are no other substantial differences between OvalX’s account types. So much so that the broker does not explicitly distinguish between the two on the website.

What is CFD Leverage?

The leverage is the most significant determinant of market exposure when trading CFDs. It is the borrowed funds (from the broker) used to increase one’s trading position beyond what would be available from one’s cash balance alone. In other words, the leverage allows traders to open bigger-sized positions. In doing so, the leverage amplifies the profits generated from winning trades and the losses incurred from failing ones.

OvalX Account Opening Process

We have broken down the steps necessary to set up an account with OvalX:

  • Step 1 – When on the website’s main page, click on the ‘Open account’ button in green that can be seen in the top-right corner of the page. First, you are going to be asked about your country of residence and the country where you pay tax. This is important because the spread betting account types are only available to residents of the UK.
  • Step 2 – Based on your previous entries, you will be taken either to the registration forms of Monecor (Europe) Ltd or Monecor (London) Ltd. Then, you will have to choose your account type – TraderPro CFD or MT4 CFD. If you select the United Kingdom as your country of residence, you can also choose between TraderPro spread trade and MT4 spread trade.
  • Step 3 – The next step involves filling in personal information, including your name, email address, nationality, and personal insurance number.
  • Step 4 – Next, you will have to provide information about your financial circumstances and trading experience. You will be asked questions pertaining to your income, savings, intended amount of capital to trade with, years of experience trading with leverage, and so on.
  • Step 5 – Finally, before confirming your email address, you will be asked to verify your account. You can take a selfie and upload photos of your passport, driving licence, or personal id (front and back).
Account Opening with OvalX
Account Opening with OvalX

OvalX’s Demo Accounts

Creating a demo account with OvalX is very easy. You can do so again by clicking the ‘Open account’ button in the top-right corner of the main page. After you are taken to the next screen, you can press the ‘Looking for a demo account?’ button at the bottom.

OvalX Supported Countries

Monecor (Europe) Ltd., which is OvalX’s European entity, is not directed at residents of the United States, Belgium, Canada, Singapore, and Switzerland. Monecor (London) Ltd., in turn, is not directed at residents of the European Union, United States, Belgium, Canada, Singapore, and Switzerland.

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.85% of retail investor accounts lose money when spread betting or trading CFDs with OvalX. You should consider whether you understand how spread bets or CFDs work and whether you can afford to take the high risk of losing your money


How Do We Test A Broker's Research?
Research options provided by brokers may not be seen as the most important feature for some traders, but they can give you an edge over the competition. Staying on top of important market news announcements and being aware of big themes can be very helpful. The rating system provides a clear picture of how well your broker fulfills this service.

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OvalX’s research content varies in its quality. That is why we ranked the broker with a below-average score in the Research category. An example of this inconsistency is that while it has a rich collection of highly informative webinars, there is no economic calendar.

Some of OvalX’s market breakdowns, articles, and webinars can be found on the blog portion of the website. The broker also has a youtube channel containing regular commentaries on the latest market developments.

Research Tools

OvalX has several types of research content available to everyone:

  • Market & Analysis. One of the sections of OvalX’s blog, Market & Analysis is where traders can read OvalX’s latest articles on significant market topics. This is also where traders can read about the stock market and European markets.
  • Webinars. Probably the most useful of the bunch, the focus of OvalX’s webinars can be general or particular. The former relates to central trading topics, such as what is leverage and volatility, whereas the latter examines more time-specific topics, such as current market drivers. The complete list of OvalX’s previous webinars can be accessed via the ‘Trading Tools’ button on the platform.
  • Opinion-piece videos. OvalX comments on popular topics that may not necessarily have a direct trading focus, but reflect on general market trends. Those may include discussions on the present course of the global economy, the future of the cryptocurrency market, the nature of “meme stocks,” and so on.
OvalX’s blog on its website
OvalX’s blog on its website


How Do We Test A Broker's Education?
Educating yourself on how to trade the financial markets can make the difference between success and failure. We check the educational content provided by the broker, its quality and suitability for beginners and advanced traders.

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It is difficult to separate OvalX’s educational materials from the research content because they are mixed together on the website. The broker does not have a systematic educational course that provides newbies with a comprehensive understanding of trading, except for a few isolated articles, which is why it scored low in this category.

Traders wanting to learn more about their craft can freely access several interesting articles on the ‘Learn’ portion of OvalX’s blog. However, even though illuminating, those articles are too few and disconnected. Traders relying solely on OvalX for guidance are more than likely to get a very narrow and uneven grasp of the basics of trading.

While OvalX’s webinars deliver both quantity and quality, those alone cannot compensate for the lack of a systematic educational course. There are a few educational videos on OvalX’s youtube channel, but they are also very limited.

Skilled traders who already have experience with leveraged products may use OvalX’s materials as a point of reference, however, we found those materials to be unsuitable for beginners who need to study the multifaceted nature of trading methodically.

OvalX's educational course
OvalX’s educational course

The Bottom Line

Having been established more than half a century ago, OvalX, formerly ETX Capital, has undergone multiple changes. Its longevity has helped the company establish itself as a leading CFD and spread betting broker in the UK and Europe. Both well regulated and highly renowned, OvalX is a trustworthy partner to beginners and seasoned traders.

With its licences by the FCA, CySEC and FSCA, OvalX has proven itself as a very reliable broker. And the fact that at least seven firms are pretending to be OvalX in an effort to imitate this level of trust is inadvertently demonstrating the power of OvalX’s reputation.

The other major advantage of the broker is the over 1000 instruments that can be traded on either of the two highly sophisticated platforms available with OvalX.

On the other hand, OvalX’s costs exceed the industry average, while its account types are few and lack diversity. Retail traders are essentially left to decide only between the two platforms – OvalX’s TraderPro and MT4 – and the slightly higher spreads that are to be expected on an MT4 CFD account. While the spread betting account types are only available to residents of the United Kingdom.

We also found OvalX’s research and education materials to be a better fit for experienced traders who are already familiar with leveraged trading, whereas beginners might need additional help.


Where is OvalX based?
OvalX is headquartered in London, UK. Its European entity has offices in Limassol, Cyprus.

Is OvalX safe?
OvalX is very safe. It is licenced by two top-tier regulators (FCA and CySEC), and one tier-2 regulator (FSCA).

How does OvalX make money?
Via the commissions and spreads it charges for placing orders.

How do I deposit funds in an OvalX account?
Deposits can be made either via debit or credit cards or by wire transfers.

What is the minimum deposit for OvalX?
The minimum deposit is £100.

How do I withdraw money from OvalX?
By requesting a withdrawal directly from the platform. Transactions can be processed either using credit or debit cards or via wire transfers.

How long does it take to withdraw money from an account at OvalX?
Depending on the chosen payment method, processing times may vary from 48 hours to several business days.

How much is the maximum leverage at OvalX?
Up to 1:200 for professional traders.

How can I open an account with OvalX?
By clicking the ‘Open account’ button on the main page and following the instructions.

What platforms does OvalX offer?
It uses its custom-built OvalX TraderPro platform and MT4.

Is OvalX suitable for beginners?
OvalX is highly trustworthy and has multiple tradable instruments which is good for beginners, but its research and education materials have a very limited scope. Beginners might need additional content beyond what is afforded by OvalX.

Does OvalX offer a demo account?


Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.85% of retail investor accounts lose money when spread betting or trading CFDs with OvalX. You should consider whether you understand how spread bets or CFDs work and whether you can afford to take the high risk of losing your money

See OvalX Full Information
Broker General Information
Trading Features
Other Details
Headquarters Country
United Kingdom
Foundation Year
FCA (United Kingdom), CySEC (Cyprus), FSCA (South Africa)
Publicly Traded
Number Of Employees
Trading platforms
MT4, Proprietary
Supported Languages
Min Deposit
$100 (Monecor (London) Ltd), $100 (Monecor (Europe) Limited)
Max Leverage
1:30 (FCA), 1:30 (CySEC), 1:500 (FSCA)
Deposit Options
Wire Transfer, Credit Card, Debit Card
Withdrawal Options
Wire Transfer, Credit Card, Debit Card
Bitcoin Cash, Bitcoin, Litecoin, Ripple, Ethereum
Products (CFD)
Currencies, Commodities, Indices, ETFs, Stocks, Bonds
Demo Account
Islamic Account
Segregated Account
Managed Account

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