OvalX Review

September 2022

76.76% of retail investor accounts lose money when trading CFDs with this provider.

The company behind OvalX started life in 1965 as a mortgage broker in London. In 2002 it launched a retail derivatives business as TradeIndex, later rebranded as ETX Capital, the brand name which continued until it's most recent rebrand to OvalX in 2022. OvalX covers 60 different FX pairs as well as indices, shares, commodities and cryptocurrencies. In total this broker offers access to over 5000 financial markets.


  • Low bid offer spreads
  • State of the art platforms
  • Professional Accounts
  • Excellent Educational materials


  • Limited research
  • High swap fees

Is Trading With OvalX Safe?

OvalX is regulated by the following regulatory bodies:

  1. Financial Conduct Authority (FCA) – the regulatory body for the UK
  2. Cyprus Securities and Exchange Commission (CySEC) – the regulatory body for Cyprus and the EU
  3. Financial Services Conduct Authority (FSCA) – the regulatory body for South Africa

The FCA and CySEC are two top-tier financial regulators. In order to be granted a license by these authorities the broker must demonstrate the highest levels of transparency, financial accountability and trust.

Spreads & Fees

Like most FX brokers OvalX generates revenue from the bid offer spread. The table below shows the minimum spreads for each of the major forex pairs as listed on the OvalX Website and compares them to the industry average.

OvalX Spreads

Note: Spreads are variable and can change depending on the time of day and market conditions. For information purposes only.

The minimum spreads offered by the broker are very competitive across the board. The only exception being USD/CAD which is slightly higher than the industry average. The biggest improvements are for USD/CHF 0.7 pips cheaper and EUR/GBP 0.6 pips cheaper than average.

On the down side this broker adds an extra charge for trades that are kept open overnight. Trades that remain open from one day to the next are charged a swap fee. This is standard practice in the market to compensate for the difference in interest rates between the two currency pairs.

However, OvalX is also one of the few brokers that adds an extra charge for keeping your trades open for more than one day. Most brokers will simply pass on the cost of the swap fee to their clients with no mark up.


OvalX offers the well-known MetaTrader MT4 platform together with its proprietary trading platform, OvalX Trader. The MetaTrader offering also comes with an MT4 Remastered edition.

The Remastered edition of MT4 comes with new layout features, and allows you to create watch-lists, generate order groups and create order templates. You can also undock parts of the trading terminal to float the app on your screen.

The proprietary trading app has a user friendly interface with an intuitive layout. The app comes with 60 technical indicators, a full set of drawing tools including Fibonacci and 8 chart types.

ETX Capital Trading Platforms

Mobile Trading

The OvalX Trader also has its mobile version together with the mobile version of MT4. The mobile version of the OvalX Trader app has 80 technical indicators. Both apps allow for on-chart trading. There is also a proprietary mobile app for copy trading, OvalX Connect app. All apps are available for Android and iOS.

The benefits of the OvalX Mobile apps include:

  • Top-tier technical indicators and drawing tools
  • Customizable charts
  • Copy trading successful traders
  • Trade across multiple devices and on the go
  • Risk and position management in the palm of your hand

The OvalX mobile apps are available in both the App Store and Google Play.

ETX Capital Mobile Trading


OvalX has won various awards for its educational material, not surprising we found this feature to be top quality. The Education tab is split into various materials, webinars, eBooks, platform guides and courses.

The platform courses consists of 19 videos, and are very well explained, helping you to get the most out of their proprietary Trader Pro and MT4 Remastered platforms. The webinars are at least weekly. Split into various categories, such as trading events, or trading strategies and market analysis.

The eBook library consists of 6 books covering present and past topics. The topics covered are:

  • Trading opportunities to take advantage in time
  • 5 essential technical indicators to master
  • Essential FX trading strategies: Ranges
  • Whitepaper: The history of the rise of Bitcoin
  • FX global market trends for 2018
  • Article 50 and Brexit: The trading opportunities

The courses are broken down into 4 or 5 sections with their relevant videos. Each section takes between 5 and 10 minutes to complete. The topics are aimed at beginners and intermediate level traders.

  • The topics covered in the courses include:
  • Learn spread betting
  • Learn cryptocurrency trading
  • Learn Risk Management
  • Learn margin and trade risk

You can also set up a demo account allowing you to test all the features available with their proprietary OvalX Trader platform or if you’re a beginner start practicing before you trade on a live account.


This service is rather limited with this broker. You have live news feeds on the MT4 platform but there is no in-house team analysis other than 2 or 3 articles covering some of the daily financial market topics. The articles are well written but tend to be very short and limited in their scope.

Trader Support

Customer support is offered in only a few languages, English, German, Italian, Spanish, Czech, Danish and Slovakian. However, their support team is responsive and when engaged via the live chat covered our queries promptly and thoroughly.

You can contact customer support via:

  • Telephone
  • Email
  • Live chat
  • Facebook messenger


This broker offers a high standard in platforms with start of the art trading apps and low spreads, especially if you are a day trader. The educational material is of a very high standard and will allow beginners to climb the learning curve faster.

There is also a premium account with personalized attention. These account holders have a dedicated relationship manager, access to analysts on the spot over the phone and unlimited free withdrawals. Premium accounts require a £10,000 minimum deposit, but you will also pay lower overnight fees, which drops from 1.35% to 0.95%.

OvalX offers a very professional service with leading edge platforms, a dedicated copy trading mobile app and premium account enhanced features. Overall, a valid choice for the beginner and expert trader.

76.76% of retail investor accounts lose money when trading CFDs with this provider.