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4.3
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73.85% of retail CFD accounts lose money

OvalX review summary

OvalX is a global CFD and FX broker. Its parent company Monecor (London) Ltd. was established in 1965 and is regulated by the UK's Financial Conduct Authority (FCA). Monecor (Europe) Ltd., the entity that handles EU accounts, is regulated by the Cyprus Securities and Exchange Commission (CySEC).

Disclaimer: 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 trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for forex, spread and CFD traders looking for great funding and withdrawal options and an easy-to-use platform
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73.85% of retail CFD accounts lose money

You can't open an account at OvalX if you live in United States. See the best alternative available in your country.

OvalX pros and cons

OvalX offers a lot of deposit and withdrawals options, all free of charge. It also has a user-friendly and fast account opening process, as well as a lot of high-quality educational tools.

On the negative side, OvalX has high fees. The product portfolio is also limited, covering only CFDs, forex and crypto. Charting is the only available research tool, with no trading ideas, fundamental data or news provided.

Pros Cons
Multiple, free deposit and withdrawal options High FX fees
Easy and fast account opening Only CFDs, forex and crypto available
Great educational tools Basic research tools
OvalX main features and highlights
🗺️ Country of regulation UK, Cyprus
💰 Trading fees class Average
💰 Inactivity fee charged No
💰 Withdrawal fee amount $0
💰 Minimum deposit $100
🕖 Time to open an account 1 day
💳 Deposit with bank card Available
👛 Depositing with electronic wallet Available
💱 Number of base currencies supported 3
🎮 Demo account provided Yes
🛍️ Products offered Forex, CFD, Crypto
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73.85% of retail CFD accounts lose money

OvalX review
Fees

3.5
OvalX offers commission-free stock CFDs and the non-trading fees are low. On the other hand, FX fees are high.
Pros Cons
Low non-trading fees High forex fees
Commission-free stock CFDs
OvalX fees snapshot
Assets Fee level Fee terms
S&P 500 CFD Average The fees are built into the spread, 0.7 points is the average spread cost during peak trading hours.
Europe 50 CFD Average The fees are built into the spread, 2 points is the average spread cost during peak trading hours.
EURUSD High OvalX TraderPro account: the fees are built into the spread, 0.8 pips is the average spread cost during peak trading hours.
Inactivity fee Low No inactivity fee

How we ranked fees

We ranked OvalX's fee levels as low, average or high based on how they compare to those of all reviewed brokers.

First, let's go over some basic terms related to broker fees. What you need to keep an eye on are trading fees and non-trading fees.

In the sections below, you will find the most relevant fees of OvalX for each asset class. For example, in the case of forex and stock index trading the most important fees are spreads, commissions and financing rates.

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. See a more detailed rundown of OvalX alternatives.

To have a clear overview of OvalX, let's start with its trading fees.

OvalX trading fees

OvalX trading fees are average. 

We know it's hard to compare trading fees for CFD brokers. So how did we approach the problem of making their fees clear and comparable? We compare brokers by calculating all the fees of a typical trade for selected products.

We have chosen popular instruments within each asset class:

  • Stock index CFDs: SPX and EUSTX50
  • Stock CFDs: Apple and Vodafone
  • Forex: EURUSD, GBPUSD, AUDUSD, EURCHF and EURGBP

A typical trade means buying a leveraged position, holding it for one week and then selling. For the volume, we chose a $2,000 position for the stock index and stock CFDs and $20,000 for the forex transactions. The leverage we used is:

  • 20:1 for stock index CFDs
  • 5:1 for stock CFDs
  • 30:1 for forex

These catch-all benchmark fees include spreads, commissions and financing costs for all brokers. Let's see the verdict for OvalX fees.

CFD fees

OvalX has average stock CFD and stock index CFD fees.

OvalX CFD fees for a $2,000 long position held for one week
  OvalX CMC Markets HYCM
S&P 500 index CFD fee $1.8 $1.4 $0.9
Europe 50 index CFD fee $2.3 $1.7 $0.8
Apple CFD fee $5.3 $21.4 $4.0
Vodafone CFD fee $3.1 $27.1 -

Commission-free stock CFDs require 100% margin.

Forex fees

OvalX's forex fees are high.

OvalX forex benchmark fees of a $20,000 30:1 long position held for one week
  OvalX CMC Markets HYCM
EURUSD benchmark fee $13.9 $8.8 $7.1
GBPUSD benchmark fee $12.0 $5.8 $7.9
AUDUSD benchmark fee $8.2 $8.2 $10.1
EURCHF benchmark fee $9.5 $8.9 $9.4
EURGBP benchmark fee $12.0 $10.2 $11.5

Non-trading fees

OvalX has low non-trading fees. It does not charge an account fee, and there is no withdrawal fee for the first 5 withdrawals each month. After that, you will be charged a £10 fee per withdrawal. There is also a fee for withdrawing less than £100.

There is no inactivity fee at OvalX. 

It's important to note that these types of charges are hard to find on the broker's official website, making the fee structure not very transparent.

OvalX non-trading fees
  OvalX CMC Markets HYCM
Account fee No No No
Inactivity fee No Yes Yes
Deposit fee $0 $0 $0
Withdrawal fee $0 $0 $0

OvalX review
Account opening

5.0
OvalX's account opening is hassle-free and straightforward. Your account should be ready for trading on the same day.
Pros Cons
Fast None
Fully digital
Low minimum deposit

Can you open an account?

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73.85% of retail CFD accounts lose money

What is the minimum deposit at OvalX?

The required OvalX minimum deposit is $100, or 100 units of your base currency – so £100 or €100.

Account types

OvalX has one basic live account type, and it only provides accounts for individuals, no corporate accounts are available.

Filling out the online application takes about 20 minutes. Afterwards, our account was verified on the same day.

How to open your account

  1. Provide your name, email address and phone number.
  2. Select the trading platform (TraderPro or MT4) and the base currency.
  3. Add your address details, like country of residency.
  4. Provide your financial information and answer questions about your financial knowledge.
  5. Verify your ID and residency. You can upload a national ID, passport or driver's license for verifying your ID. Utility bills and bank statements are accepted for residency verification.

OvalX review - Account opening

Our best alternatives to OvalX are:

The highest ranking competitors are:

  1. CMC Markets full review
  2. HYCM full review
  3. ATFX full review
  4. City Index full review

OvalX review
Deposit and withdrawal

4.5
Depositing and withdrawing funds are free at OvalX. The processes are fast and there are several options for both.
Pros Cons
Credit/Debit card available Only 3 account base currencies available
Free withdrawal
No deposit fee

Account base currencies

At OvalX, you can choose from 3 base currencies. These are: GBP, USD and EUR.

Base currencies at OvalX vs similar brokers
  OvalX CMC Markets HYCM
Number of base currencies 3 10 6

Why does this matter? For two reasons. If you fund your trading account in the same currency as your bank account or you trade assets in the same currency as your trading account base currency, you don't have to pay a conversion fee.

A convenient way to save on currency conversion fees is by opening a multi-currency bank account at a digital bank. These offer bank accounts in several currencies with great currency exchange rates as well as free or cheap international bank transfers. Opening an account only takes a few minutes on your phone.

Compare digital banks

Deposit fees and options

OvalX charges no deposit fees. In addition to bank transfer and credit/debit cards, you can also use various electronic wallets, such as:

  • Neteller
  • Skrill
  • Sofort
  • GiroPay
  • China UnionPay
OvalX deposit options
  OvalX CMC Markets HYCM
Bank transfer Yes Yes Yes
Credit/debit card Yes Yes Yes
Electronic wallets Yes Yes Yes

A bank transfer can take several business days, while payment with a credit/debit card is instant.

You can only deposit money from accounts that are in your name.

OvalX review - Deposit and withdrawal - Deposit

OvalX withdrawal fees and options

OvalX withdrawal is free for up to 5 transactions per month. After that, there is a $10 charge per withdrawal. Furthermore, if you want to withdraw less than $100, you will be charged a $10 fee.

For withdrawal, you can use the same methods as for depositing funds.

OvalX withdrawal fees and options
  OvalX CMC Markets HYCM
Bank transfer Yes Yes Yes
Credit/debit card Yes Yes Yes
Electronic wallets Yes Yes Yes
Withdrawal fee $0 $0 $0

How long does it take to withdraw money from OvalX? We tested the debit card withdrawal and it took 2 business days.

You can only withdraw money to accounts in your name.

How do you withdraw money from OvalX?

  • Log in to the web trading platform.
  • Click on the 'Payment' section and select 'Withdraw funds'.
  • Enter the amount you wish to withdraw and click on 'Proceed'.

OvalX review
Web trading platform

4.0
OvalX has a great web trading platform. It is user-friendly with a great search function and customizability. On the negative side, it lacks a two-step login and a clear fee report.
Pros Cons
User-friendly No clear fee report available
Good search function No two-step (safer) login
Good customizability (for charts, workspace)
OvalX platforms to choose from
Trading platform Score Available
Web 4.0 stars Yes
Mobile 4.5 stars Yes
Desktop 3.4 stars Yes

OvalX offers two trading platforms that each specialize for different device types. Here is a comparison:

OvalX trading platforms
  TraderPro MetaTrader 4
In-house vs. Third-party In-house Third-party
Web trading platform Yes No
Mobile trading platform Yes  Yes
Desktop trading platform No  Yes

In this review, we tested the TraderPro web trading platform, as it is the only web-based platform offered. It is available in English.

Look and feel

The OvalX web trading platform is user-friendly. Features are easy to find after just a few minutes of use, and the platform is highly customizable.

OvalX review - Web trading platform

Login and security

OvalX provides only a one-step login. A two-step login would make the platform more secure.

Search functions

The search function is good. There are two ways you can search for an asset under ‘Market Search':

  • Type the name of the product you're looking for.
  • Browse through asset type categories. For example, if you want to trade a US stock CFD, just click on 'Equities' and select the US market.

OvalX review - Web trading platform - Search

Placing orders

You can use the following order types: Market, Limit, Stop, Stop trailing, One-Cancels-the-Other (OCO). 

To get a better understanding of these terms, read this overview of order types.

There are also order time limits you can use:

  • Good 'til cancelled (GTC)
  • Good 'til time (GTT)
  • Good ‘til date (GTD)

OvalX review - Web trading platform - Order panel

Alerts and notifications

You can set price alerts in the form of email or push notification for your mobile.

Portfolio and fee reports

OvalX has a clear portfolio report, but there is no clear report on fees. You cannot see a detailed breakdown of how much you paid in commissions or swaps to the broker.

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OvalX review
Mobile trading platform

4.5
OvalX offers a great mobile trading platform. In functionality, it is the same as the web trading platform.
Pros Cons
User-friendly No two-step (safer) login
Good search function
Good variety of order types

OvalX offers two mobile trading platforms, TraderPro and MetaTrader 4. We tested TraderPro's mobile trading platform as it is OvalX's own in-house trading platform. The platform is available in English.

TraderPro is available both for iOS and Android devices. We tested it on Android.

Look and feel

The mobile trading platform has a different design, but in functionality it is the same as the web trading platform. Though the web and mobile trading platforms are quite similar, we value simplicity and easy handling at mobile trading platforms. That is why OvalX's mobile trading platform has a bit higher score than the web trading platform.

OvalX review - Mobile trading platform

Login and security

OvalX provides only a one-step login.

You can log in using biometric authentication, which is a convenient feature.

Search functions

The search functions are good.

OvalX review - Mobile trading platform - Search

Placing orders

You can use the following order types:

  • Market
  • Limit
  • Stop
  • Stop trailing
  • One-Cancels-the-Other (OCO)

There are also order time limits you can use:

  • Good 'til canceled (GTC)
  • Good 'til time (GTT)
  • Good ‘til date (GTD)

OvalX review - Mobile trading platform - Order panel

Alerts and notifications

It is quite easy to set alerts and notifications on the OvalX mobile platform.

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73.85% of retail CFD accounts lose money

OvalX review
Desktop trading platform

3.4
The desktop trading platform of OvalX is provided by MetaTrader. It is highly customizable, but lacks a two-step login and its design is outdated.
Pros Cons
Clear fee report No two-step (safer) login
Good customizability (for charts, workspace) Outdated design
Price alerts

OvalX offers only MetaTrader 4 as a desktop trading platform.

The  platform is available in a wide range of  languages.

OvalX desktop trading platform languages

Arabic

Bulgarian

Chinese

Croatian

Czech

Danish

Dutch

English

Estonian

Farsi

French

German

Greek

Hebrew

Hungarian

Indonesian

Italian

Japanese

Korean

Latvian

Lithuanian

Malay

Mongolian

Polish

Portuguese

Romanian

Russian

Serbian

Slovak

Slovenian

Spanish

Swedish

Tajik

Thai

Turkish

Uzbek

Vietnamese

         

Look and feel

The desktop platform has great customizability. You can easily change the size and position of the tabs.

However, the platform feels outdated and some features are hard to find. For example, it took some time until we found how to add an asset to the watchlist.

OvalX review - Desktop trading platform

Login and security

Similarly to the web and mobile trading platforms, there is only a one-step login for the desktop platform.

Search functions

The search functions are OK. The assets are grouped by category. However, the categorization is a bit confusing as there are several forex and stock categories.

We missed a traditional search function, where you can just type in the name of an asset manually.

OvalX review - Desktop trading platform - Search

Placing orders

You can use the following order types:

  • Market
  • Limit
  • Stop
  • Trailing stop

There are also order time limits you can use:

  • Good 'til canceled (GTC)
  • Good 'til time (GTT)

OvalX review - Desktop trading platform - Order panel

Alerts and notifications

You can set alerts and notifications in the form of email or push notifications to mobile on the desktop platform. 

To set email or mobile notifications, you have to provide your email address and your mobile MetaQuotes ID (it can be found in the MT4 app's settings). You can enter this information by going to 'Tools' and then 'Options'.

Portfolio and fee reports

OvalX has clear portfolio and fee reports. You can easily see your profit-loss balance and the commissions you paid.

These reports can be found under the 'Account History' tab: right-click on a position, then choose 'Save as Detailed Report'.

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OvalX review
Markets and products

2.2
At OvalX, you can trade only CFDs, forex and cryptos. Other products like real stocks, ETFs, mutual funds, bonds, options and futures are not available.

OvalX is a CFD and forex broker that offers a large number of currency pairs and CFDs. Its overall product lineup lags behind some of its competitors.

Disclaimer: 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 trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

OvalX product selection
  OvalX CMC Markets HYCM
Currency pairs (#) 62 338 70
Stock index CFDs (#) 30 88 28
Stock CFDs (#) 5,000 10,000 65
ETF CFDs (#) 20 1,000 20
Commodity CFDs (#) 29 123 17
Bond CFDs (#) 11 55 -
Cryptos (#) 4 15 64

As of January 6, 2021, the UK's FCA has banned the sale of crypto-derivatives to UK retail consumers.

OvalX review
Research

2.9
OvalX has limited research tools. It lacks trading ideas, fundamental data and news. On the plus side, the charting tools are easy to use and advanced.
Pros Cons
Good interactive chart No trading ideas
User-friendly No fundamental data available
No/poor quality news flow

We tested both TraderPro and MetaTrader 4 research tools, but primarily reviewed TraderPro because it is OvalX's own platform.

Trading ideas

OvalX does not provide trading ideas.

Fundamental data

OvalX does not offer fundamental data.

Charting

OvalX has great charting tools. You can easily edit and save the charts you use.

However, it offers fewer technical indicators than several of its similar competitors.

You can use 80 technical indicators.

OvalX review - Research - Charting

News feed

OvalX does not provide a news feed.

Other research tools you may enjoy

OvalX offers some analysis on its website. These are good quality and cover assets ranging from forex to stocks.

Compare research pros and cons

OvalX review
Customer service

4.0
OvalX has great customer service that provides fast and relevant answers. However, it is not available 24/7.
Pros Cons
Phone support No 24/7 support
Fast response time
Relevant answers

You can contact OvalX via:

  • phone
  • email
  • live chat

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.

Similar to phone assistance, email support works well. We emailed OvalX four times, and we received relevant and helpful answers in every case.

Live chat is also helpful, but if you don't provide answers quickly, the live chat platform closes.

Customer service availability depends on whether or not you are already a client:

  • existing clients can reach out to OvalX between Sunday 9:30 p.m. and Friday 10:00 p.m., GMT+1
  • non-clients can contact customer service between Monday 7:30 a.m. and Friday 9:00 p.m., GMT+1

We did miss 24/7 availability, however.

OvalX review - Customer Service

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73.85% of retail CFD accounts lose money

OvalX review
Education

5.0
OvalX has great education services. From a demo account to webinars, you will find a lot of educational tools to help you learn.
Pros Cons
Demo account None
Trading platform tutorial
Educational videos

At OvalX you can learn in the following ways:

  • Demo account
  • Platform tutorial videos
  • Webinars
  • Quality educational articles

We liked that there is a wide range of webinars. For example, you can find webinars about trading strategies, trading tools, technical analysis, etc.

You can also find great ebooks to learn from, although they cover only a few topics.

There is even a glossary that helps you to understand unfamiliar words, expressions or acronyms. 

OvalX review - Education

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73.85% of retail CFD accounts lose money

OvalX review
Safety

OvalX is regulated by the top-tier FCA, with a high level of investor protection. However, the firm is not listed on a stock exchange and doesn't hold a banking license.
Pros Cons
Majority of clients belong to a top-tier financial authority Does not hold a banking license
High level of investor protection Not listed on stock exchange
Negative balance protection Financial information is not publicly available

Is OvalX regulated?

Yes, it is regulated by the UK's Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC).

Is OvalX safe?

To be certain if a brokerage is safe, we highly advise that you check two facts:

  • how you are protected if something goes wrong
  • what the background of the broker is

How you are protected

This is important because the regulator and the amount of investor protection differ from entity to entity. 

OvalX investor protection
Country of client Protection amount Regulator Legal entity
UK  £85,000 Financial Conduct Authority (FCA) Monecor (London) Ltd 
EU €20,000 Cyprus Securities and Exchange Commission (CySEC) Monecor (Europe) Ltd

OvalX provides negative balance protection for forex spot and CFD trading, but only for retail clients. Professional clients are not covered by any negative balance protection.

Background

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.

Find your safe broker

OvalX review
Bottom line

OvalX is regulated by the UK's Financial Conduct Authority (FCA), a top-tier authority.

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.

OvalX has some drawbacks, though. FX fees are average. Its product range is limited to forex, CFDs and cryptos, and only limited research tools are available.

As the minimum deposit is not very high, there are 5 free withdrawals a month, and no inactivity fee, feel free to give OvalX a try.

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73.85% of retail CFD accounts lose money

OvalX review
FAQ

We recommend OvalX for forex, spread and cfd traders looking for great funding and withdrawal options and an easy-to-use platform.

Below you can find links to all aspects of OvalX in this comprehensive collection.

Lower fees, lower costs?

We detailed this in our OvalX fees article.

What about the minimum deposit?

Our ultimate guide to the OvalX minimum deposit is updated regularly.

How to start your OvalX account?

Look no further than our evaluation of the OvalX account opening.

How's their trading app?

Here's our expert view after checking the OvalX trading app.

Is the quality of customer service satisfactory?

All you need to know about the OvalX customer service.

Legit or scam?

Is OvalX legit features all the key aspects you need to look at to see if a broker is safe and legit.

Free or premium? Or both?

A glance at actual costs and whether OvalX is really free.

Is this broker good for beginners?

We checked it in Is OvalX good for beginners.

Should you buy your silver bullets on OvalX?

Research for silver bugs in the Silver buy on OvalX guide

I want to trade options, are they available at OvalX?

We explored the topic in Can you trade options on OvalX?

What is the minimum account balance at OvalX?

Check out the current account balance requirements at OvalX in our What is the minimum account balance at OvalX article.

Looking for commission and fees data for OvalX?

We collected them in OvalX commission and fees.

How do you withdraw money from OvalX?

We tested it and collected the options and costs in How to withdraw money on OvalX.

Author of this review

Ádám Nasli

Author of this review

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. In his spare time, he loves learning new things, especially data science, algo-trading, programming and trading.

Ádám Nasli

Analyst head

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. In his spare time, he loves learning new things, especially data science, algo-trading, programming and trading.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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73.85% of retail CFD accounts lose money

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