Is OvalX free?
Disclaimer: 73.85% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
OvalX does not provide access to real stock trading on US markets. If you are looking for a zero-commission broker to trade on US stock exchanges, you can check our article detailing the best apps offered in this category of brokers. If you wish to stick with OvalX though, then you will find the fees they charge below.
Overview of OvalX fees and charges
It's safe to say that OvalX's fees are low in general. They either don't charge a brokerage fee for things that other brokers do, or they only charge a small amount.
Here's a high-level overview of OvalX's fees
|Assets||Fee level||Fee terms|
|US stock fee||-||Not available|
|EURUSD fee||High||OvalX platform: the fees are built into the spread, 0.8 pips is the average spread cost during peak trading hours.|
|US mutual fund fees||-||Not available|
|Inactivity fee||Low||No inactivity fee|
OvalX fees explained
Online brokerages in general charge much lower brokerage fees than traditional brokerages do - this is largely because online brokerages' businesses can be much better scaled: from a purely technical standpoint, it doesn't make that much of a difference for them if they have 100 or 5,000 clients.
This is not to say, however, that they don't charge any fees at all. They make money by charging you various rates for various actions or events. Usually you need to keep an eye on the following three types of fees:
- Trading fees - these are brokerage fees that you pay when you actually carry out a trade, like buying an Apple share or an ETF. What you pay is either a commission, a spread or a financing rate. Some brokers apply all of these.
- A commission is either fixed or based on the traded volume.
- A spread is the difference between the buy price and the sell price.
- A financing rate or overnight rate is charged when you hold your leveraged positions for more than one day.
- Non-trading fees. These are usually related to some operations you carry out in your account, such as depositing money, withdrawing money, or not trading for an extended period.
We compare OvalX fees with its closest competitors, CMC Markets and HYCM.
OvalX trading fees
OvalX's trading fees are mixed, which means that some asset classes come with high trading fees - be sure to check these carefully.
Let's break down trading fees according to the different asset classes available at OvalX.
OvalX's trading fees are low.
OvalX's forex fees are average.
|EURUSD benchmark fee||$19.2||$15.4||$14.3|
|EURGBP benchmark fee||$15.8||$14.1||$15.5|
OvalX has low CFD trading fees.
Currency conversion fee
OvalX will charge a Currency Conversion Fee for all trades on instruments denominated in a currency different to the currency of your account. The fee is charged as the following: Exchange rate received from liquidity providers plus a mark-up. We used the EURUSD trading fees for the calculation..
OvalX non-trading fees
When it comes to non-trading fees, OvalX is a rather cheap broker.
Non-trading fees include various brokerage fees and charges at OvalX that are not related to buying or selling assets. This can be a withdrawal fee, deposit fee, inactivity fee or account fee.
OvalX deposit fee
OvalX withdrawal fee
OvalX inactivity fee
OvalX does not apply an inactivity fee, which is great because your account won't be charged even if you do not trade for an extended period (like several months or years).