OvalX Review: Is this broker legit, safe and trustworthy for UAE citizens and residents?
OvalX - UK broker that has a decent reputation among Arab investors.
Yes, this broker's official website and app are legit, safe and trustworthy for UAE citizens and residents.
ETX Capital has changed its name to OvalX.
OvalX has decent reviews on Reddit and Quora, including satisfactory ratings on sites like Trustpilot. Thus, overall this broker is considered reliable for online trading of currencies, cryptocurrencies, CFDs and stocks.
OvalX, situated in London, has established itself as one of the best
online brokers in the sector. All sorts of merchants may benefit from the
company's personalised, tailor-made help. The company's award-winning technology
also provides you with access to commodities and stock trading in a wide range
of assets throughout the globe.
Tweets by OvalXtrading Following and copying other traders is possible using the OvalX Connect App. In the copy trading app, you can follow traders from more than 15 major brokerages and duplicate their trades into your own account. You may follow traders from more than 15 major brokerages. A chat room and a group area are also included in the programme. Due to the fact that this social function is not accessible on ETX's TraderPro platform, you will need to utilise the MT4 platform in order to take advantage of this feature.
If you prefer to trade using the widely popular MetaTrader4 (MT4) trading platform, perhaps to take advantage of its automation features and expert advisors, ETX supports the MT4 desktop, web, and mobile app platforms, all of which have extremely fast execution times of around 30 milliseconds on average. Additionally, ETX provides a virtual private server (VPS) that is placed in close proximity to its MT4 servers, allowing you to keep your trading robots active in the markets even when your computer is switched off. Another feature of MT4 is the Trading Signals tool, which enables you to automatically duplicate other traders' transactions into your own account after examining and comparing their track records.
The asset classes in which OvalX enables its customers to trade are listed below in alphabetical order.
Forex: At OvalX, currency traders have access to 60 forex pairings, which comprise majors, minors, and exotic currencies, among other things. You may assess and execute transactions in real time using the outstanding trading tools provided by the brokerage. You may even use MT4 to automate your trading transactions.
FX and CFD Trading: Through OvalX, you may trade CFDs on a broad range of tradable assets, including forex currency pairs, indices, stocks, cryptocurrencies and commodities. OvalX also offers binary options trading. You have the option of using leverage and opening either short or long trades. Another benefit of trading CFDs in the United Kingdom is that there is no stamp duty to pay. Aside from that, CFDs provide an excellent tool for investors to hedge and counter other positions in the financial markets, such as genuine stock ownership.
Indexes: You may trade more than 20 stock indices from key equity markets in Europe, the United States, the United Kingdom, and Asia with OvalX. For key indices such as the FTSE 100, DAX 30, Dow Jones, and NASDAQ Composite, dealing spreads as low as 1 point are available. You can also sign up to have relevant news and commentary sent to your email on a regular basis.
Shares: At OvalX, you may trade CFDs on stocks without having to pay any fees. Companies with publicly traded stock options include: Tesla, Amazon, Apple, Rolls-Royce, Facebook, Riot Blockchain, Royal Dutch Shell, Moderna, NIO, Alibaba, and Amazon.com (NASDAQ: AMZN). Privately held stocks with publicly traded stock options include Tesla, Amazon, Apple, Rolls-Royce, Rolls-Royce, Facebook, Riot Blockchain, NIO, Alibaba, and Amazon.com (NASDAQ: AMZN) (NYSE: BABA). Because the minimum transaction size for share CFDs is 0.1, you may get started trading with a little sum of money and work your way up.
Contracts for difference (CFDs): OvalX enables traders to trade in a variety of commodities including metal commodities such as gold, silver, copper, palladium, and platinum, as well as energy commodities such as Brent and Nymex crude oils. Soft commodities such as sugar, coffee, wheat, soybeans, and soybean oil are also available for trading. Some commodities have different trading hours than others, and some are more volatile than others.
Cryptocurrencies: CFDs on cryptocurrencies such as Bitcoin, Litecoin, Ripple,
Ethereum, and Bitcoin Cash are available for trading. Dealing spreads for
cryptocurrencies differ based on the cryptocurrency in question and whether you
want to trade it against the United States dollar or the United Kingdom pound.
Cryptocurrency is only accessible for professional accounts for customers in the
United Kingdom.
Investing in spread betting: Since its establishment, OvalX has been a
spread-betting broker, and in 2019 and 2020, the company was awarded the ADVFN
International Financial Awards medal for best spread-betting broker. If you're
not acquainted with spread betting, it's a form of gamble on the result of an
event that, unlike a fixed-odds wager, pays out according to how accurate the
spread bettor is at guessing the outcome of the event. Spread bets are free from
both capital gains tax and stamp duty in the United Kingdom (UK). OvalX
provides competitive spreads on a wide range of currency pairs and key indexes.
As a member of the London Stock Exchange, OvalX provides corporate
brokerage and financial services to businesses (LSE). Additionally, the firm can
assist with debt restructuring, buyouts, acquisitions, and growth capital
financings, in addition to raising funds on the London Stock Exchange (LSE). In
addition to providing direct access to international initial public offerings
(IPOs) and secondary placings, OvalX's corporate brokerage service is
available in the United Kingdom and across the world.
During the trading week, which runs from Sunday at 9:30 p.m. to Friday at 10:00
p.m., you may reach out to OvalX's customer support representatives at any
time of day or night. Greenwich Mean Time (GMT) is the time zone in which
Greenwich, England, is located (GMT). Customers with established accounts may
contact customer service representatives or the OvalX trading desk
directly.
New customers may contact the company through a toll-free number in the United
Kingdom or a direct line to the new accounts office, which is open from 8 a.m.
to 6 p.m. GMT Monday through Friday.
Both offices may be contacted by email, or by normal mail to the London office
if the need arises. Support is also available via a live chat function and
Facebook Messenger, according to the broker.
OvalX provides competitive pricing across the board. To see OvalX's
complete commission and fee schedule for all of its tradable assets, please
visit their website by clicking here. Simply choose the trading platform that
you want to use to see all of the tradable assets that are accessible, as well
as the trading expenses and margin requirements that are connected with them.
There is a significant benefit to trading share CFDs with OvalX in that
there are no commission fees on the top 250 stock CFDS traded with the company.
In addition, the inactivity charge has been eliminated at OvalX.
The TraderPro mobile application is available for download on both iOS and
Android platforms. The mobile version of the platform precisely emulates the
desktop version of the platform and interfaces with the desktop version without
any issues. The mobile version has sophisticated charting capabilities as well
as the majority of the features seen in the desktop version.
A mobile version of the MT4 platform is also available for Android and iOS
devices, and it has all of the same functionality as the desktop version. Both
the TraderPro and the MT4 apps are available for download from the Apple Store
for iOS devices and the Google Play store for Android devices, as described
above.
OvalX provides customers with two good trading platforms, exceptional
customer support, and the ability to trade in a variety of different
marketplaces. Aside from that, new traders may benefit from the vast
instructional resources made available by the broker.
Furthermore, the TraderPro and MT4 platforms are simple to use and can be picked
up quickly by even the most inexperienced traders. Both systems allow traders to
trade straight from charts, as well as from a broad range of technical
indicators and a number of customisable workspaces.
If you want to delegate your trading choices to others, either the ETX Connect
App or MT4's Trading Signals service will enable you to follow and mimic the
actions of top traders.
OvalX provides you with access to markets all over the globe and the
ability to trade a variety of assets, including FX currency pairs, CFDs on
commodities, indices, stocks, and cryptocurrencies. This provides you with a
wide range of marketable assets to choose from.
Aside from that, the simple and straightforward structure of the broker's two
supported trading platforms, as well as its copy trading app, provides a
fantastic trading experience for the user. The MT4 remastered app, which allows
for automation as well as access to a tiny terminal, contributes to the
sustainability of the MT4 platform.
You can access complex capabilities like charting and research using the
TraderPro software's well-designed user interface. As an added convenience, if
you have any queries about your trade or the trading platforms, you may contact
OvalX's customer support service, which is available around the clock
throughout the trading week.
OvalX's financial performance in comparison to its rivals is relatively
favourable. In addition to offering outstanding trading tools and quick
executions, the well-established broker also provides spread betting, copy
trading, as well as extensive instructional and research resources.
OvalX has also outperformed its competition by winning a slew of industry
accolades. In addition, there are awards for the best online trading platform,
the best spread betting provider/platform and the best support. There are also
awards for the best trading education.
A number of major financial companies have recognised the broker, including ADFN
International Financial Awards, Shares Award, Online Personal Wealth Award,
Professional Trader Award, and the United Kingdom Forex Awards, amongst others.
Because of its great trading platforms, instructional materials, pricing, and
transaction executions, OvalX has earned a solid 4.5 overall rating from
the Better Business Bureau. Access to copy trading and spread-betting services
are also provided by the brokerage firm. To get a better sense of whether ETX
Capital would be a good match for you or your organisation, the broker provides
a free trial account that allows you to test out its platforms and other
features before signing up.
The practise of scalping is not permitted in OvalX trading accounts.
Additionally, OvalX does not provide accounts with electronic
communication networks (ECNs) that would allow for scalping.
While OvalX has a long history in the forex markets and provides excellent
customer service, the company has struggled to stay up with the industry's
leaders when it comes to trading platforms, trading tools, and market research.
OvalX, which was established in 1965, is licenced in one tier-1
jurisdiction, making it a safe broker (low-risk) for FX and CFDs trading on a
global scale.
OvalX is known for providing excellent customer service. In our nationwide
testing in 2020, which included participants from throughout the United Kingdom,
the broker placed second (out of 22).
Use of the OvalX Trader Pro platform (rather than the traditional MT4) is
recommended for traders seeking the narrowest spreads and the broadest choice of
tradeable symbols (over 6000). Unfortunately, both the trading tools and the
market research in Trader Pro are lacking in detail.
The financial conduct authority (also known as the Financial Conduct Authority)
has granted OvalX permission to operate (FCA).
Notably, there are approximately 6000 markets to trade on Trader Pro, including
single stock CFDs, as opposed to the fewer than 200 markets available on the ETX
Capital MT4 platform.
However, although traders on MT4 may find restrictions on the maximum trade size
per order, OvalX's trading desk may execute higher orders over the phone
at no additional charge, and the maximum allowable order size is shown for each
instrument inside the platform.
Cryptocurrency trading is offered via contracts for difference (CFDs), but it is
not available by trading the underlying asset itself (e.g. buying Bitcoin).
Please keep in mind that cryptocurrency CFDs are not accessible to retail
traders from any broker's UK company, nor are they available to residents of the
United Kingdom.
When it comes to its forex pairings, OvalX provides commission-free
pricing across all platforms, including mobile. So the bid/ask spread shows the
cost of trading and will vary based on the trading platform that is used. When
comparing spreads on the Trader Pro platform to those on the MetaTrader
platform, the price on Trader Pro is superior.
In May 2018, according to data supplied by OvalX, the EUR/USD currency
pair had an average spread of 1.01 pips on the MT4 trading platform. Meanwhile,
average spreads on the Trader Pro platform for the same pair were 0.81 pips
narrower over the same time, indicating a tighter market.
Included exchange data: When trading single-stock CFDs across worldwide
exchanges, several multi-asset brokers pass along the expenses of exchange data
by charging traders a minimal sum each month for the privilege of doing so
(depending on the venue). While data fee payments are often rebated back to
traders if certain minimum trading volumes are reached, OvalX provides
this data for free to all of its customers. When it comes to trading CFDs, the
data includes information from over 20 exchanges, leaving just the fee per
transaction and any relevant spread to consider.
OvalX provides both its own proprietary Trader Pro platform and the
MetaTrader 4 platform (MT4). As a whole, OvalX's MetaTrader 4 platform
does not compete with the Best MetaTrader Brokers. Furthermore, although the
Trader Pro platform includes a number of notable features, our testing revealed
that we were left wanting more.
A trailing stop and GTC orders, as well as the attachment of stop and limit
orders to an OCO order, are all possible with Trader Pro advanced order types,
according to the company. Traders may also choose to include a Guaranteed
Stop-Loss Order (GSLO) in their order for an additional fee, which can be
beneficial in turbulent markets.
Trader Pro charting: There are approximately 60 indicators and 14 drawing tools
available in the charting area, as well as a wide choice of common chart kinds
and time periods to choose from. All things considered, these characteristics
are in line with industry norms. Highlights of the charting package include
smooth zooming, real-time visual profit-loss monitoring for open positions, and
the option to preserve charts views with any generated trend-lines in their
original format.
Phone orders only: Certain goods on the platform display a phone icon and have
the buy/sell button disabled. Unfortunately, trading in these symbols is only
possible over the phone via OvalX's trading department.
While OvalX's forex research platforms include high-quality information,
the company's entire spectrum of research is below the industry average.
There are two mobile trading applications available from OvalX: Trader Pro
and the conventional MetaTrader 4 (MT4) app. Aside from MT4, the Trader Pro
mobile app is lacking in research and news; nonetheless, it generally provides a
solid base for trading.
Advanced order types and the option to store chart views (which is uncommon in
the industry) are available on Trader Pro mobile, just as they are on the
web-based version of the platform. Watch lists are also synced between the two
platforms. Aside from the positive aspects, such as the online platform, there
is a significant deficit in forex news and research services. Boosting research
will go a long way toward enhancing an already remarkable software.
OvalX is preferred by traders because of its long-standing reputation,
which has been built up over 50 years via its FCA-regulated product. Trading
orders with dealers over the phone is one of the distinctive value propositions
offered by OvalX. This service is provided at no additional charge and
allows traders to execute orders with dealers at their convenience.
OvalX's unique trading platform, which has a fluid HTML5 interface, makes
it simple for traders to trade across approximately 6,000 tradeable items,
according to the company. Having said that, a key disadvantage continues to be a
lack of research capacity.
Monecor London Limited (OvalX), which was established in 1965, received
licence from the Financial Conduct Authority (FCA) in 1995 and has been in
operation in the United Kingdom (UK) for more than five decades. In addition,
the broker is a member of the London Stock Exchange (although it is not a
publicly listed firm) (LSE).
Forex and CFD traders may now have access to worldwide electronic and
voice-traded markets with OvalX. The company now provides over 6,000 CFDs
on 23 global stock exchanges as well as 60 forex and seven cryptocurrency
pairings.
Our OvalX review will provide you with all of the information you want
about this CFD trading platform. We'll take a look at the many features,
pricing, and services available. But first and foremost, we must issue a strong
cautionary note!
Spread betting and CFDs (contracts for differences) enable you to participate in
the stock market without having to own any equities directly. To forecast market
fluctuations and invest appropriately, you may instead rely on existing trading
systems, professional advice, or your gut feeling to make predictions.
CFDs and other financial derivatives, such as options, may potentially provide
lucrative returns. However, there is a danger associated with them, which is why
the ETX sample account is so vital. Along with selecting the most appropriate
broker for your requirements, you'll want to carefully plan your transactions
and evaluate your risk tolerance on a regular basis.
OvalX, which bills itself as a "boutique broker," specialises in CFDs and
spread betting. It provides access to more than 5,000 different marketplaces.
Users can trade in a variety of markets, including forex, indices, stock prices,
commodities, and cryptocurrencies. While mostly focused on individual accounts,
the firm has lately expanded its offerings to include corporate brokerage
services as well.
The OvalX trading platform, which is based in London, has established a
solid name in the sector. It is governed by the Financial Conduct Authority in
the United Kingdom and the Cyprus Securities and Exchange Commission.
Before you join up for OvalX investing, you'll need to be familiar with
the platform's operation. Because of this, the company's most important trading
platform, ETX TraderPro, is very simple and user-friendly. Furthermore, an
unlimited Demo Account guarantees that you may familiarise yourself with the
platform before depositing cash into your account for the first time.
The minimum deposit amount with OvalX is just 100 units of your base
currency ($100, for example). This, together with the completely digital account
creation, makes it simple to create an account.
All you have to do is choose your base currency (USD, GDP, EUR, etc.) and fill
out your personal information to get started. Your contact information includes
your name, phone number, and email address. Later on, you'll be required to
provide some further information, such as your address and country of residence,
to complete your application. In addition, you'll be required to answer a few
questions to demonstrate your financial expertise. Once you've completed this
step, you may verify your identification by uploading a copy of your passport or
driving licence, as well as a bank statement or utility bill.
With OvalX, you'll be able to pick between two different account types:
the ETX TraderPro and the OvalX MT4. TraderPro is the main platform of ETX
Capital, and it is jam-packed with features. However, if you're used to using
MT4, you may want to remain with what you're familiar with. Once you have
enrolled, you may request that your account be connected to both platforms.
Most accounts are opened on the same working day as you finish the registration
procedure and submit your verification papers. If you have any questions, please
contact us. Consequently, you will not have to wait long before you can start
trading.
You have the option of increasing the amount of money in your trading account
and selecting which markets to study, or you can start making trades right away.
However, you may wish to practise with an OvalX Demo account first, or you
may want to take use of OvalX's helpful Education resources to further
your understanding.
Funds may be deposited into your account by a bank transfer or a credit/debit
card transaction. There are additional online payment solutions, such as Skrill
and Neteller, that are accessible. In contrast to bank transfers, which may take
up to 2-3 hours, the other deposit options are instantaneous.
As previously stated, OvalX provides you with access to more than 5,000
different marketplaces. When you trade on the OvalX Forex platform using
ETX TraderPro or MT4, you may access CFDs, indices, cryptocurrencies, stocks,
and commodities, among other instruments.
OvalX provides a variety of charting and teaching tools to its clients.
However, the organization's research capabilities are fairly restricted. The
broker distributes market news on a regular basis on its website, however at the
time of writing, no fundamental data is accessible.
The OvalX mobile application, on the other hand, has a wealth of
instructional tools. This makes it simple for new traders to grasp the
fundamentals of CFD trading, spread betting, forex, and the desktop version of
the market.
Other resources available from the brokerage company include "How To"
instructions for indices and commodities, as well as cryptocurrencies, providing
information on Bitcoin regulation and other essential topics. As an added bonus,
the 'Learn' series from OvalX will provide you with a broad understanding
of option trading. In addition, they provide important information on risk
management, margin, and tradeable assets.
OvalX's proprietary trading platform, TraderPro, is available on the web
and through mobile devices. In contrast, the MT4 trading platform is available
as both an OvalX mobile application and a desktop platform.
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Finding assets and browsing the marketplaces are straightforward when working
with TraderPro. And, after you've selected what you want to trade, you may set a
variety of orders, including market, stop, limit, stop trailing,
one-cancels-the-other, and limit-and-stop orders (OCO). TraderPro also has the
option of setting good 'til cancelled (GTC), good until time (GTT), or good 'til
date (GTD) restrictions, which may be used in conjunction with other time
constraints. Additionally, there are a variety of OvalX deposit options
available for funding your account.
Because the TraderPro platform is very adaptable, it is simple to customise
it to your liking and make it as user-friendly as possible for you. Even more
importantly, price alerts sent by smartphone push notifications or email allow
you to keep tabs on the markets at all times.
Many individuals seek for in-depth OvalX reviews in order to determine
whether or not the company has a client portal and how it operates. The good
news is that a client portal has been created!
The OvalX website will allow you to examine your account details as well
as use the web-based TraderPro trading platform or download and install the MT4
desktop trading platform once you've created an account. You may also utilise
the client site to make deposits into your account, withdraw cash from your
account, read your portfolio report, and communicate with customer service.
When it comes to trading costs, OvalX's Forex rates are competitively
cheap, but its CFD fees are much higher. The charges vary depending on the
marketplaces you choose to trade on.
There are two mobile applications available from OvalX: ETX TraderPro and
ETX Connect.
The TraderPro app allows you to use your mobile device to access the firm's
native trading platform, which is currently in beta. ETX Connect, on the other
hand, serves as a social centre and mobile community for ETX customers.
Both iOS and Android versions of the applications are available. Consumers have
said in multiple OvalX reviews that the programmes have a simple user
interface and provide a user-friendly experience.
Email, live chat, and phone are all options for getting in touch with ETX
Capital's multilingual customer service staff.
It is typical that calls are answered quickly, and staff are kind and educated,
whether you have a question regarding OvalX stocks or forex, your account
information, or anything else at all.
OvalX, on the other hand, does not provide customer service around the
clock. If you're already a client, you may reach out to their support service
between Sunday 9:30 p.m. and Friday 10:00 p.m., Central European Time (GMT+1).
And new clients will need to contact the company between the hours of 7:30 a.m.
and 9:00 p.m., GMT+1, Monday through Friday.
As we discussed in our OvalX review, the site is very flexible,
straightforward, and simple to navigate through. Moreover, although it may not
give as many trading alternatives as some other online brokers, it does so while
providing exceptional customer support as well as access to more than 5,000
markets.
As a result, if you trade properly, OvalX may be an excellent option for
you to consider. Do not forget about the risks involved with contracts for
difference (CFDs).
Licensed and regulated by the Financial Conduct Authority (FCA) in the United
Kingdom and the Cyprus Securities Exchange Commission in Europe, OvalX is
a leading provider of spread betting and CFD services (CySEC). The broker
provides over 5,000 different financial products, including forex, stocks,
indices, commodities, and cryptocurrencies, all of which may be traded on its
proprietary ETX TraderPro trading platform as well as the MetaTrader 4 platform.
OvalX was established in 1965 and is a multi-award-winning spread betting
and CFD broker with its headquarters in London, United Kingdom, and is licenced
by the UK Financial Conduct Authority, CySEC, and the Financial Services and
Markets Authority of Singapore. Through the company's proprietary ETX TraderPro
trading platform as well as through the MetaTrader 4 trading platform, users can
trade on more than 5,000 different financial instruments, including forex,
stocks, indices, commodities, and cryptocurrencies.
There are two primary account kinds – Spread Betting and CFD – with the latter
available solely to residents of the United Kingdom. Spread Betting accounts may
be opened by anybody in the world. Furthermore, demo and Islamic (without
swapping) accounts are accessible. Trading prices vary depending on the account
and trading platform used; nevertheless, all fees are clear and competitive in
the market place.
Clients may make deposits and withdrawals using a number of fee-free methods,
including debit/credit card, bank transfer, Neteller, Skrill, and Union Pay,
among others. You may find a wide variety of research and instructional
materials on the site, such as Market News, Market Wrap, News & Analysis,
Webinar & Analysis, E-Books, Platform Guidance, Trader Basics courses and other
resources. 7:30 a.m. to 9:00 pm Monday through Friday, by email, phone, live
chat, and Facebook Messenger (for Facebook Messenger users only).
In addition to Monecor (London) Limited, a company based in the United Kingdom
that is authorised and regulated by the Financial Conduct Authority (FCA), ETX
Capital is also the trading name for Monecor (Europe) Limited, a Cyprus
Investment Firm that is authorised and regulated by the Cyprus Securities
Exchange Commission (CySEC) (CySEC).
OvalX is the trading name of Monecor (London) Limited, a company based in
the United Kingdom that is authorised and regulated by the Financial Sector
Conduct Authority (FSCA) of South Africa (licence number 50246) and the
Financial Conduct Authority of the United Kingdom (licence number 50246). (FCA).
Despite this, the broker has a second business, which goes by the name of
Monecor (Europe) Limited. This company is a Cyprus Investment Firm that is
approved and controlled by the Cyprus Securities Exchange Commission (CySEC).
OvalX goes above and above to protect its clients' assets by adhering to
the following regulatory requirements:
Client monies are kept separate from corporate funds in segregated accounts.
Providing an insurance for protection against negative balances.
The Financial Services Compensation Scheme covers the activities of the UK
organisation (FSCS).
OvalX provides customers with the opportunity to trade on more than 5,000
financial products, including forex, stocks, indices, commodities, and
cryptocurrencies. OvalX is headquartered in London, United Kingdom.
OvalX provides customers with the opportunity to trade on more than 5,000
financial products, including forex, stocks, indices, commodities, and
cryptocurrencies. OvalX is headquartered in London, United Kingdom.
Spreads and overnight financing (swap) rates, as well as other trading charges,
vary based on the company, account type established, and item being traded.
These costs are discussed in further detail later in this study.
A Spread Betting account and a CFD account are the two major kinds of accounts
offered by OvalX, with other account types such as Demo accounts and
Islamic (swap-free) accounts available.
A Spread Betting account and a CFD account are the two major kinds of accounts
offered by OvalX, with other account types such as Demo accounts and
Islamic (swap-free) accounts available. It should be noted that Spread Betting
accounts are only accessible to residents of the United Kingdom and are not
available in any other EU member country.
Clients who maintain a balance of £10,000 or more can take advantage of the
Premium service, which includes a Personal Relationship Manager who can deliver
market news and data, provide 3rd party technical analysis, and provide users
with access to new products and lower trading costs, among other things.
Personal Relationship Managers (PRMs) also have priority access to the
operational team for any deposit and withdrawal concerns, but since OvalX
is an execution-only business, they are not permitted to provide financial
advice to premium customers.
Users may create an account in a matter of minutes by following a few simple
steps. Following the selection of the 'Create Account' button on the broker's
site, consumers will be taken through the following procedures:
Sign up here: Select your country of residence, platform, account type, and
currency from the drop-down menu.
Personal information: Please provide your name, email address, password, date of
birth, phone number, nationality, and mailing address.
Employment and financial information: Indicate your employment status, annual
income, source of income, and the amount of money you have in savings and
investment accounts.
Past Trading Experience and Knowledge: Questions pertaining to previous trading
experience and knowledge of different financial products are asked.
Terms and Policies: You must agree to the terms and policies outlined in
different publications.
National Insurance Number: Confirm your National Insurance number with the
company.
Document Verification: Identification (passport or driving licence) and proof of
residence (utility bill or bank statement – not more than 3 months old) are
required for admission.
Clients from the United States, Belgium, Canada, and Singapore are not accepted
by the brokerage firm.
Fee-free deposit and withdrawal options are available at OvalX, including
debit/credit card, bank transfer (ACH), Neteller, Skrill, Union Pay, and Union
Pay International.
Fee-free deposit and withdrawal options are available at OvalX, including
debit/credit card, bank transfer (ACH), Neteller, Skrill, Union Pay, and Union
Pay International. It should be noted that withdrawals are only free if the
total amount is more than £100, and any amount less than this will be subject to
a £10 processing charge. Furthermore, only five fee-free withdrawals are
permitted per month, and any additional withdrawals will be subject to a £10
processing fee.
Deposits made using debit/credit cards, Skrill, Neteller, and Union Pay are
handled instantly, and bank transfers are completed within 2 hours of receiving
the money if the funds are received within business hours, which are Monday
through Friday from 7:30 a.m. to 9:00 p.m. We will also handle withdrawal
instructions received before 2 pm the same day if the instructions are received
before 2 pm However, if additional checks are required, it is possible that they
will not be completed on the same day.
Clients may make deposits and withdrawals through the trading platform's
interface.
OvalX provides its customers with the option of trading on either the
company's own ETX TraderPro platform or the widely used MetaTrader 4 platform
for Windows and Mac platforms.
OvalX provides its customers with the option of trading on either the
company's own ETX TraderPro platform or the widely used MetaTrader 4 platform
for Windows and Mac platforms.
OvalX provides users with the ability to access mobile trading on the go
through the ETX TraderPro mobile trading app for Android and iOS systems, as
well as the ETX MetaTrader 4 mobile trading app for iOS systems.
OvalX provides customers with the opportunity to access mobile trading on
the go with the ETX TraderPro mobile trading app for Android and iOS systems, as
well as the ETX MetaTrader 4 mobile trading app for iOS systems. Both the Google
PlayStore and the Apple AppStore contain links to download the respective apps.
There are a number of other trading features available through OvalX,
including the ETX Connect App, a mobile social trading application, and ETX
MetaTrader 4 Remastered, a MetaTrader 4 plug-in that includes a variety of
additional tools and features.
OvalX does offer additional trading features, such as the ETX Connect App,
a mobile social trading application that allows users to communicate with one
another, copy the trades of other users, and follow the portfolios of thousands
of other members of the OvalX trading community. It is sufficient for
clients to download the ETX Connect App and log in with their MetaTrader 4
account information in order to access all of the additional features.
Alternatively, clients can download the ETX MT4 Remastered plug-in, which
provides them with access to a variety of additional features such as a Mini
Terminal, Trade Terminal, an Alarm Manager, a Correlation Matrix, an Excel RTD,
and others. This add-on is only available for the MetaTrader 4 platform on
Windows computers, but it is a fantastic addition to the trading experience.
OvalX offers competitive trading costs across all asset classes, as well
as a variety of commission-free and commission-based trading options, though the
exact costs vary depending on the account type and trading platform used. The
spreads and charges charged by the broker are all clearly displayed on the
broker's website.
OvalX provides both commission-free and commission-based trading, however
the availability of both options differs depending on the account type and
trading platform. A Spread Betting account is completely commission-free, and
while a CFD account is mostly commission-free, share trading is subject to a
commission-based structure.
The average spreads and commissions for each account type and platform are shown
in the table below; however, users should be aware that the average spreads and
commissions vary significantly depending on the time of day.
Overnight funding or'swap' fees are charged on positions that remain open
overnight (22:00) GMT for accounts that are not affiliated with the Islamic
faith. If positions are being held over the weekend a three-day ‘swap’ fee will
be imposed on Wednesdays.
Inactivity fees are not charged by the broker for inactive accounts.
OvalX does not provide any incentives or promotional offers to its
customers in compliance with regulatory requirements.
OvalX provides customer service from 7:30 a.m. to 9:00 p.m., Monday
through Friday, through email, phone, live chat, and Facebook Messenger. In
addition, the broker's website contains an extensive section devoted to FAQs and
customer support.
Customer service hours are 7:30 a.m. to 9:00 p.m. Monday through Friday, and
they can be reached by email, phone, live chat, or Facebook Messenger. New
accounts can be opened Monday through Friday from 8:00 a.m. to 6:00 p.m.
(Eastern time). In addition, the broker's website contains an extensive section
devoted to FAQs and customer support.
In less than 2 minutes after submitting our question through the live chat, we
were connected to an agent who responded to our question completely.
OvalX, Floor 6, 26 Finsbury Square, London, EC2A 1DS, United Kingdom is
the company's mailing address.
Customer assistance may be reached by email at customer.service@etxcapital.com.
Phone: +44 (0) 20 7392 1434 for the trading desk, and +44 (0) 20 7392 1494 for
customer support.
OvalX provides a variety of research services to its customers, including
Market News, Market Event, Market Wrap, News & Analysis, and others. The
information is quite detailed and is updated on a regular basis.
OvalX provides a variety of research services to its customers, including
Market News, Market Event, Market Wrap, News & Analysis, and others. The
following is a summary of the most important research currently available:
Market News: A continuous stream of major news items on global economy as well
as news pertaining to currency markets is provided.
Market Event: Week in Review and Week Ahead articles covering crucial economic
statistics and news stories for a variety of markets are published each week.
Market Wrap: Market review articles published at the end of each week that recap
the highlights of the previous week.
News & Analysis: OvalX's Head of Research and Analysis provides detailed
articles on major issues and stories, which are then shared with the rest of the
company.
Additionally, there are various additional categories on the broker's Analysis
page, such as articles on non-farm payrolls, Weekly Index Adjustments,
Cryptocurrencies, and other related subjects. The research pieces are
high-quality and customers can also watch videos of crucial market news and
analysis via the broker’s YouTube account.
OvalX provides a variety of instructional resources, including Webinars,
eBooks, Platform Guides, and Trader Basics courses, to provide users with a
thorough introduction to all of the foundations of trading.
OvalX provides a variety of instructional resources, including Webinars,
eBooks, Platform Guides, and Trader Basics courses, to provide users with a
thorough introduction to all of the foundations of trading. The following is a
synopsis of the most important instructional content:
Webinars: Free weekly webinars aimed at assisting traders in optimising their
trading strategies. The webinars are taking place right now and cover a wide
range of topics.
eBooks: Six downloadable eBooks that provide in-depth, specific market analyses
are available.
Trading Platform Guides: ETX TraderPro and MetaTrader 4 Remastered trading
platforms are covered in detail.
Trader Basics courses: 9 complete courses with textual and video material
covering numerous assets classes, margin and trade risk as well as risk
management related subjects.
OvalX gives customers access to over 5,000+ financial products spanning
Forex, Shares, Indices, Commodities and Cryptocurrencies, all using the broker’s
proprietary ETX TraderPro trading platform and the worldwide renowned MetaTrader
4 platform.
According to our observations, OvalX offers a fantastic trading platform
for traders of all skill levels. Forex, stocks, indices, commodities, and
cryptocurrencies are among the financial instruments available to clients via
the broker's proprietary ETX TraderPro trading platform as well as the widely
used MetaTrader 4 trading platform, all of which are available to clients.
Clients located in the United Kingdom may also take advantage of the Spread
Betting account, which is exempt from capital gains tax, as well as
commission-free trading on individual stocks. Users should keep in mind,
however, that trading costs vary not only depending on the account type, but
also depending on the trading platform selected.
Furthermore, the broker offers comprehensive research that includes high-quality
articles, as well as a large selection of educational materials, such as
Webinars, eBooks, Platform Guides, and Trader Basics courses, that are
appropriate for new traders.
Licensed and regulated by the Financial Conduct Authority (FCA) in the United
Kingdom and the Cyprus Securities Exchange Commission in Europe, OvalX is
a leading provider of spread betting and CFD services (CySEC). The broker
provides over 5,000 different financial products, including forex, stocks,
indices, commodities, and cryptocurrencies, all of which may be traded on its
proprietary ETX TraderPro trading platform as well as the MetaTrader 4 platform.
Learn more about online trading brokers for UAE citizens and residents.
Sites like OvalX in the UAE
Here is a list of top online brokers to open an account for trading Forex, Bitcoin, CFDs and Stocks in the UAE. These brokers have above-average reviews on sites like Reddit, Quora and Trustpilot; and are totally legit, safe and trustworthy for UAE citizens and residents.
The brokers listed on this webpage accept clients from within the United Arab Emirates. Most of these companies provide an online trading platform for fiat currencies (such as Pound Sterling, the Euro, the US dollar, Japanese Yen etc.), buying and selling of cryptocurrencies (for example Bitcoin, Ethereum, Tether, XRP etc.), stocks (this includes listings on Abu Dhabi Securities Exchange, Borse Dubai, Dubai Mercantile Exchange, Dubai Financial Market and NASDAQ Dubai), CFDs (Apple, Microsoft, Amazon, Google, Tesla etc.), UAE government and corporate bonds, and short-term to long-term fixed income securities.
- Olymp Trade - People simply love this one (Olymp Trade Review)
- Binance - World's largest cryptocurrency e-wallet and exchange that also has an online trading platform, where their members can invest or trade in virtually hundreds of cryptocurrencies and new tokens. (Binance Review)
- IG Markets UAE - UK broker located at Tower 2, Level 27, Al Fattan Currency House, DIFC. (IG Markets UAE Review)
- City Index Middle East - London-city broker with a branch in the UAE. (City Index Middle East Review)
- eToro - Social trading platform, but much better options are available out there. (eToro Review)
- Swissquote - It's a Swiss bank that offers an online trading platform for forex and CFD trading. (Swissquote Review)
- easyMarkets - Israeli brand that is big all over. (easyMarkets Review)
- OANDA - American broker that is now spreading its wings. (OANDA Review)
- Forex.com - Google ranks them in the top 10 for the term "forex". (Forex.com Review)
- Plus500 - UK brand that has its own platform, OK for CFDs, with mediocre reviews. (Plus500 Review)
- AvaTrade - Regulated by ADGM's Financial Services Regulatory Authority (FSRA) in Abu Dhabi. (AvaTrade Review)
- FXCM.com - Oldest brand when it comes to retail online forex trading. (FXCM.com Review)
- Mashreq Neo - An online trading platform provided by Mashreq Bank. (Mashreq Neo Review)
- ForexTime (FXTM) - Owned by Andrey Dashin from the Alpari broker fame. (ForexTime FXTM Review)
- Noor Capital - Licensed and Regulated by the UAE Central Bank and SCA. (Noor Capital Review)
- XM.com - XM broker is big in Africa and South East Asia, and now promoting themselves hard in the UAE. (XM.com Review)
- Saxo Bank - Danish Investment Bank with a long history of catering for premium forex investors. It also provides crypto trading facility. (Saxo Bank Review)
- Pepperstone - Originally Australian, but licensed locally by Dubai Financial Services Authority. (Pepperstone Review)
- ADSS - Based out of Abu Dhabi and regulated by the Central Bank of the United Arab Emirates. (ADSS Review)
- CMC Markets - UK-based broker that is popular among CFD traders. (CMC Markets Review)
- Orient Finance - Local online-trading broker that caters to novice traders looking to invest in the foreign exchange markets. (Orient Finance Review)
- Alfa Financial - Their office is located at City Centre Deira on Port Saeed Road; and generally tends to attract investors within Dubai. (Alfa Financial Review)
- One Financial Markets - Local forex broker with an office at Dubai International Financial Centre at Index Tower. (One Financial Markets Review)
- Amana Capital - A broker located at Central Park Towers, Dubai International Financial Center. (Amana Capital Review)
- OvalX - UK broker that has a decent reputation among Arab investors. (ETX Capital Review)
- Century Financial - Old online-trading broker with an office at Level 6, Building 4, Emaar Square, Downtown Dubai. (Century Financial Review)
- IFCM UAE - Nothing special about IFC Markets, but it does have a dedicated .AE website for UAE clients. (IFCM UAE Review)
- EARNEX - This one is present at Jumeirah Lakes Towers and is licensed by the SCA. (EARNEX Review)
- Interactive Brokers - American online-trading broker that is expanding into Asian and Arab markets nowadays. (Interactive Brokers Review)
- Rakuten Securities - Japanese broker that usually looks out for large institutional investors. (Rakuten Securities Review)
- Dukascopy Bank SA - Swiss bank that offers online forex trading on its own proprietary platform. (Dukascopy Bank SA Review)
- Gulfbrokers ae - Dubai Multi Commodities Centre (DMCC) regulates this broker, but there nothing extraordinary about this brand. (Gulfbrokers AE Review)
- IQ Option - It's a below-average broker with no Dubai office, but does have a toll-free virtual number for UAE: 800 032 0891 -> No Arabic, English only. (IQ Option Review)
Keep learning about online trading
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Reviewed by Arpita Singh
Arpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.