OvalX Review

Richard Montana | March 30, 2022

OvalX is a regulated broker based in the United Kingdom. They offer over 5,000+ trading instruments to clients from all over the globe for trading on the MetaTrader 4 and ETX TraderPro platforms. They do not offer managed accounts, social trading platforms and have limited expert market analysis.

Pros / Cons
  • Established & regulated broker
  • Cutting edge platforms suitable for all types of traders
  • Over 5,000 trading instruments
  • Multiple payment options
  • Clients from United States, Belgium, Canada, Singapore & more countries are not accepted
  • No Managed accounts & no social trading
  • Incomprehensive analysis; No in-depth analysis by experts or third party analysts
  • Limited trading tools
  • Market maker broker


OvalX is a UK based online brokerage that offers spread betting and CFD trading services. OvalX is the trading arm of Monecor Ltd; which is a financial investment firm founded in London in 1965 and it is a member of the London Stock exchange. Monecor Ltd launched OvalX in 2002 as TradIndex and later changed its name to the current name. The head office is located in London while other offices are spread across Europe and Asia. The broker boasts of over 55,000 clients from all over the world.

The brand offers more than 5,000 trading instruments for online trading via cutting edge platforms. The spreads are low and client orders are executed swiftly. On its proprietary platform, there are several tools available to traders for analysing the markets and also to manage trading activities. OvalX has won several industry awards in honour of its brokerage services.

AvaTrade Logo

Our #1 Broker 2022
AvaTrade is an award-winning broker offering 1250+ instruments including Forex, Cryptos, Stocks & CFDs. They provide user-friendly trading platforms with very low fees, tight spreads & reliable trade execution speeds.

71% of retail investor accounts lose money when trading CFDs with this provider.


The parent company of OvalX, Monecor (London) Ltd is authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom. The financial Services registration number is 124721.

Clients’ funds are kept in segregated bank accounts held with the top-rated banks in Europe. This helps to ensure that they are not used for any other purposes such as business running costs.

OvalX is a member of the Financial Services Compensation Scheme (FSCS). This adds an insurance security to the traders’ funds and means that if OvalX becomes insolvent, the FSCS can compensate eligible clients with payments up to £85,000.

‘Know Your Customer’ (KYC) verification is carried out on every client. This procedure entails uploading a ‘government issued id card’ and ‘a utility bill’. This is a regulatory requirement and it is important in order to identify every client to ensure that illegal acts like money laundering, financing terrorism, etc, are not carried out on the pretext of forex/CFD trading.

OvalX does not accept clients who are residents of the United States, Belgium, Canada, Singapore, or any particular country where its services will be contrary to the local law or regulations.


ETX TraderPro

This is the proprietary trading platform from OvalX. This platform is web based which makes it convenient as it requires no downloads or installations. It is also versatile because it runs across all operating systems and comes with useful market analysis and trading tools. The ETX TraderPro also has an Android and iOS app which can be downloaded from their respective app stores. These mobile trading apps are useful for those who wish to trade whilst on the go from anywhere in the world provided that they have an internet connection. Here are some of core features of the ETX TraderPro platform:

  • Customisable workspace, layouts, windows, drag and drop charts.
  • Charts can be displayed in over 15 timeframes.
  • 8 chart styles including OHLC, Heikin-Ashi, Cloud, Plot, Area, Three line break, Line and Candlesticks.
  • Over 55 technical indicators and 14 drawing tools for detailed chart analysis.
  • Multiple order types and risk management tools.
OvalX TraderPro Platform

OvalX TraderPro Platform

MetaTrader 4 (MT4)

This is the most widely used online trading platform in the forex and CFD trading industry. There are millions of MT4 software apps, indicators, trading robots and other tools already in use. This makes it very difficult for many traders to abandon the MT4 platform, thus, most brokers provide MT4 if they desire to attract more clients. MT4 has therefore unofficially established itself as a standard among online trading brokers. The platform is loaded with important tools for thorough chart analysis and trading in addition to its intuitive interface and user friendliness. The OvalX MT4 platform is available as downloadable desktop applications for Windows and MAC operating systems and also available as mobile apps for Android and iOS devices. Here are some of the key features of the MT4 platform:

  • Built for speed as 94% of ETX trades are executed within 30 milliseconds.
  • Available in over 35 languages.
  • Supports the automation of strategies using software expert advisors (EAs).
  • Strategy tester to back test EAs on historical price data.
  • All the instruments’ buying and selling prices are listed in real time in the market watch window.
  • Customisable price alerts via SMS, email and popups.
  • Supports one-click trading and trading directly from the charts.
  • Charts can be displayed in 9 timeframes.
  • Around 30 inbuilt technical indicators can be added to the charts for market analysis. This number can be increased to thousands through the use of extension apps.
  • 24 analytical tools are available for technical analysis.
OvalX MT4 Trading Platform

OvalX MT4 Trading Platform


Market Analysis

This section of the OvalX website focuses on the market news, commentary and analysis. It can help to inspire trade ideas by giving a preview of the week ahead, technical round up and analysis of selected economic events. Unfortunately, this section is not frequently updated.


At least one webinar is scheduled every week on the OvalX website. The webinars cover a range of different trading subjects including different technical indicators, trading strategies and how specific events affect the markets.

There are 5 eBooks which can be useful to those who are new to trading online. The topics in the books cover technical indicators, different markets, trading strategies, market analysis and more. The books are short and full of illustrations. The most voluminous book is about 22 pages.

There are a total of 8 videos on ‘platform guides’. Only one video gives a walkthrough of the MT4 trading platform while the remaining 7 teaches how to use the ETX TraderPro trading platform.

The following training courses are available on the education section of the OvalX website: CFDs, indices, forex, commodities, shares, cryptocurrencies and risk management. Each of these courses is structured with 3-4 subtopics under them. Estimated reading time, skill level and other statistics are assigned to each subtopic.

A glossary of more than 70 trading terms is provided with full definition of the terms.


The following instruments are available for trading:

  • Over 60 FX currency pairs including major, minor & exotic crosses
  • Over 20 indices
  • Thousands of shares listed in over 20 countries
  • 4 commodities
  • 7 cryptocurrencies
  • 5 bond futures


OvalX only offers two types of accounts which are based on the platform. They are as follows:

  • ETX TraderPro account: This account gives access to trade on OvalX’s proprietary trading platform. The average spread for the EURUSD is 0.81 pips.
  • MT4 Account: The average spread on the MT4 account is 1.01 pips for the benchmark EURUSD. This account is for traders who choose to trade on the popular MT4 platform. All strategies are allowed including scalping, hedging and automated trading using EAs.

Demo accounts are offered on both platforms. Inactivity fees of £25 are charged from accounts that have been dormant for 6 months and above. The fee is charged monthly until the account is depleted or the client begins trading again.


The OvalX customer service team works from 7:30am to 9:00, Mondays to Fridays. The team can be reached on various phone numbers and emails. On social media, OvalX is on Facebook, Twitter, LinkedIn and YouTube.


OvalX does not accept third party deposits. All deposits must emanate from the same name on the trading account. There are no commissions on deposits and withdrawals. 5 free withdrawals are given to each client every month after which £10 is charged for further withdrawals. £10 is also charged for withdrawals less than the threshold of £100. Withdrawal requests received before 2pm are processed on the same working day. The following payment options are accepted:

  • Bank wire transfer: If the client’s bank is located in the UK, then the deposit is processed within 24 hours. Other locations take 3-7 days for the funds to reach OvalX bank accounts.
  • GiroPay and SOFORT: These methods of online bank transfers are accepted for deposits. The payments are processed instantly.
  • Credit and Debit cards: Deposits made by cards are processed instantly. But, card withdrawals can take up to 7 days depending on the location of the client and the card processors.
  • Online Payments: The online payment methods accepted by OvalX are Skrill, Neteller and China UnionPay. Deposits are processed instantly while withdrawals take up to 24 hours.
OvalX Account Funding Methods

OvalX Account Funding Methods


It is very easy to create a trading account with OvalX. Visit the website and click on the ‘Create Account’ button located on the top right hand side of any page on the website. The signup form is then displayed. Fill in the details and click ‘continue’. Another 4-page form displays requesting more details like date of birth, address, trading knowledge assessment, etc. The last stage is the document verifications where clients are required to undergo the KYC verification. Once your documents have been verified which can take a few days, you will be able to fund your account and start trading online.


OvalX is a multiple award-winning online broker that offers thousands of tradable assets to its clients via flexible and sophisticated trading platforms. The brand is regulated by the stringent FCA and therefore must abide by the regulatory rules which include account segregation, digital security, client verification, etc. Regulation can help to give potential clients some peace of mind that they are using a reputable brokerage firm.

The wide array of tradable assets on the broker’s platforms is impressive at over 5,000. ETX TraderPro has won awards as an outstanding platform replete with essential trader tools. The MT4 platform is also very popular and widely accepted by professional traders across the globe.

The trader training resources provided by OvalX are commendable. Newcomers may find the training courses and eBooks very useful to help them improve their trading skills and knowledge. The multiple payment options are also a beneficial as they allow users from all over the globe to fund their OvalX trading account using a range of convenient options.

However, in the area of market news and analysis, OvalX is seriously lacking behind when compared to other top rated brokers. There are no in-house experts who monitor the markets and present daily insights and trading ideas. No partnerships with expert researchers and analysts like ‘Trading Central’, ‘Claws & Horns’, etc.

Trading accounts are limited with no mini/micro accounts for testing the real trading conditions. They do not have any social trading platforms which allow signal copying from other traders. There are no managed accounts for investors and money managers. Furthermore, there is also a lack of additional standalone trading tools.

OvalX Logo

Min $100 Deposit

OvalX is a regulated UK based broker that offers 5,000+ trading instruments to clients from all over the globe for trading on the MT4 & ETX TraderPro platforms. They do not offer managed accounts, social trading & have limited expert market analysis.

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

About the Author

Richard Montana
Richard has many years of experience in broker research, testing, analysis and reviews. He knows what to look for through years of trading himself with different brokers and listening to the feedback of others.

Review Methodology

For all of our broker reviews, we research, validate, analyse and compare what we deem to be the most important factors to consider when choosing a broker. This includes pros, cons and an overall rating based on our findings. We aim to help you find the best broker according to your own needs. You can read more about our review process.