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OvalX – Account Types

OvalX – Account Types

 

OvalX does not offer different account types, and traders at all levels and depositing amounts of all sizes, are offered CFD trading accounts. OvalX Minimum deposit required to open the account is $100/R1470.

 

OvalX at a Glance

 

📅 Year Founded2001
📍 Head Office
London, United Kingdom
⚖️ Financial Regulatory Bodies
FCA, ESMA
📈 Managed accounts
No
📊 Institutional accounts
Yes
☪️ Islamic AccountNo
💰 Minimum Deposit
$100/R1470
👍 Demo Trading Account available
Yes
🌐 Countries not accepted for tradeBelgium, Singapore, Canada, United States
💰 Withdrawal options
Bank Transfer, Visa Debit/Credit Card, MasterCard Debit/Credit Card, Skrill, Neteller, Sofort, GiroPay, China Union Pay.
📒 Deposit options Bank Transfer, Visa Debit/Credit Card, MasterCard Debit/Credit Card, Skrill, Neteller, Sofort, GiroPay, China Union Pay.
💻Platform(s) providedMetaTrader 4, ETX TraderPro
🖥️ OS compatibility
Mac, Windows, Linux, Web, Mobile Android, iPhone, iPad.
📈 Tradable assets


Currencies: (55+)

Cryptocurrencies: (5+) Bitcoin, Litecoin, Ethereum

CFD: (15+) Gold, Silver, Other Precious Metals, Stocks, Bonds, Oil, Other Commodities
📓 Languages supported on the websiteEnglish
📓  Customer support languagesEnglish
☎️ Customer service hours24/7
Maximum Leverage1:200
👉 Open a account👉 Click Here

 

Overall Rating

4.5/5

Rated #288 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

CSEC

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

79

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

OvalX Accounts – 10 Key Point Quick Overview

 

 

OvalX Overview

 

OvalX -Overview 

 

ETX Capital is a forex broker company in the United Kingdom.

 

A Forex broker like ETX Capital provides traders access to one or more platforms that will allow them to buy and sell foreign currencies. Forex brokers are also known as retail or currency trading brokers. Retail currency traders in turn use these broker companies to gain access to the 24-hour currency market for speculation purposes.

 

Forex broker services can also be provided for institutional clients and large companies such as investment banks.

 

ETX Capital is the broker name of Monecor (London) Ltd which was established in 1965 and is listed on the London Stock Exchange (LSE).

 

ETX Capital was launched as a retail trading broker in 2002, first under the name Tradindex and later re-branded as ETX Capital to reflect the services offered. ETX is an acronym for electronic trading (E), telephone trading (T), and execution (X).

 

Since being established, ETX Capital has expanded to Europe, Asia, and Russia were more than 50 000 traders are using the company’s proprietary trading platform, ETX TraderPro to access more than 5 000 tradable assets across six markets.

 

ETX Capital has accumulated several awards during 2019, including Best Trading Platform at the Professional Trader Awards; Best Trading Tools and Best Trading Platform for Professionals at the Online Personal Wealth Awards; Best Trading Education, and Best Online Trading Platform at the Shares Awards.

 

OvalX Account Types

 

ETX Capital does not offer different account types, and traders at all levels and depositing amounts of all sizes, are offered CFD trading accounts. There is also no option for an Islamic Account.

 

The minimum deposit required to open the account is £100.

 

The broker’s easy-to-use trade tickets make it simple to set stops and limits, enabling traders to calculate risk prior to execution. The broker also offers free award-winning education on risk strategy and position sizing to help traders effectively manage risk on every trade.

 

OvalX Account Features

 

ETX Capital does offer two diverse types of platforms to prospective clients to use for trading on their accounts.

 

ETX TraderPro is the broker’s flagship platform that provides traders with an advanced suite of charts and graphs, as well as access to thousands of tradable products.

 

ETX’s MT4 platform allows users to trade via the use of automated Expert Advisers.

 

If a trader would like to create additional accounts with the broker for one of the two platforms they can log into their existing accounts and do it from the ‘Profile’ section.

 

If you open an account for one of these platforms and subsequently wish to also trade on another of the broker’s platforms, you must email the customer service desk from where you will be assisted to access the other platforms.

 

The allowed leverage ratio offered by the broker depends on the asset traded and larger position sizes will also result in lower leverage ratios offered.

 

Traders may qualify as professional traders though when they have at least €500 000 of liquid assets, one year of experience in financial markets, and had placed at least ten trades of significant size in four consecutive quarters.

 

This status will result in less protection than retail traders, but much better leverage ratios may be applied. Traders can apply for an upgrade to professional status when they qualify as mentioned above.

 

OvalX Demo Account

 

OvalX  Demo Account Features

 

📍 ETX Capital offers traders the option of opening a Demo Account which can be utilized in many ways, including, but not limited to the following:

➡️ A practice account for beginner traders who wish to improve their trading skills and experience in a risk-free environment using virtual funds.

➡️ Traders who are evaluating and comparing brokers who would like to explore ETX Capital’s trading conditions in a risk-free environment, and

➡️ Traders who wish to test their trading strategies in a mimicked live trading environment without risking their capital.

 

OvalX Islamic Account

 

The purpose of an Islamic Account is that it caters specifically to Muslim traders who follow the Sharia law. The law prevents its followers from paying any type of interest, such as overnight fees, which is seen as wasteful or exploitative.

 

Overnight fees are charged should traders hold positions open for longer after the trading day has concluded and this type of account allows exemption from such fees or interest, should they hold positions open for longer.

 

An Islamic Account is usually only offered to Muslim traders who follow the Sharia law. Traders must, however, take note that there are certain features indicated on the Islamic account which differ vastly from the individual account such as minimum deposit, spreads, and more.

 

OvalX Pros and Cons

 

✔️ Pros❌ Cons
Regulated by FCA, CySEC, and ESMANo Islamic Account available for Muslim traders
Guaranteed stop lossOnly one account type available for all traders
Advanced tools available to traders
Competitive spreads offered to traders

 

Conclusion

 

Overall, OvalX does not offer different account types, and traders at all levels and depositing amounts of all sizes, are offered CFD trading accounts. OvalX Minimum deposit required to open the account is $100/R1470.

 

You might also like: OvalX Review

You might also like: OvalX Minimum Deposit

You might also like: OvalX Sign-up Bonus

You might also like: OvalX Fees and Spreads

You might also like: OvalX Demo Account

 

Frequently Asked Questions

TRADING ENVIRONMENT

How many instruments can I trade with ETX Capital?

You can trade several different instruments with ETX Capital, which include the following:

  • More than 55 Currencies
  • Cryptocurrencies including Bitcoin, Litecoin, Ethereum
  • More than CFDs including Gold, Silver, Other Precious Metals, Stocks, Bonds, Oil, and Other Commodities

 

Which platforms are supported by ETX Capital?

ETX Capital provides the following popular trading platforms:

  • ETX TraderPro.
  • MT4

 

Does ETX Capital offer leverage?

Yes, ETX Capital offers maximum leverage of up to 1: 200.

 

What spreads can I expect with ETX Capital?

With ETX Capital traders can expect spreads from as low as 0.6 pips.

 

Does ETX Capital charge a commission?

More information on commissions may become available after opening an account or can be obtained from the customer support service.

 

Are there additional charges on the Islamic account?

Some brokers charge extra fees on Islamic accounts – either in wider spreads, additional commissions, or administration fees to make up for money that they lose by not charging overnight fees.

New Islamic traders should enquire about these special conditions or extra fees before joining, because it is often overlooked or not indicated on the account features pages.

 

Is ETX Capital regulated and by whom?

ETX Capital is regulated by the FCA and CySEC.

 

Is ETX Capital a recommended forex trading broker for experts and beginners?

ETX Capital offers the best trading environment for most types of traders.

 

What is the overall rating out of 10 for ETX Capital?

7/10.

 

ACCOUNTS

What is the difference between a demo and a live trading account?

A demo account as is offered by broker companies like ETX Capital is usually funded with virtual money. It gives prospective customers the opportunity to experiment with the company’s trading platforms and their features.

 

It is a practice account for beginner traders who want to improve their trading skills and experience in a risk-free environment using virtual funds. Traders who are evaluating and comparing brokers and traders who wish to test their trading strategies in a mimicked live trading environment without risking their capital can use it.

Does ETX Capital offer a demo account?

Yes.

 

Can I convert my demo account to a live trading account with ETX Capital?

This is not clear from the information on the company homepage.

 

Which live trading accounts does ETX Capital offer?

ETX Capital does not offer different account types, and all traders are offered CFD trading accounts.

 

Does ETX Capital offer an Islamic Account

No.

 

What are the available deposit currencies for a live trading account?

USD and GBP.

 

DEPOSITS AND WITHDRAWALS

What is the minimum deposit required to open an account with ETX Capital?

£100.

 

How do you make a deposit and withdraw money with ETX Capital?

ETX Capital offers the following deposit and withdrawal methods:

  • Bank Transfer,
  • Visa Debit/Credit Card,
  • MasterCard Debit/Credit Card,
  • Skrill,
  • Neteller,
  • Sofort,
  • GiroPay,
  • China Union Pay

 

Does ETX Capital charge withdrawal fees?

Withdrawals below £100 or currency equivalent are charged £10. Fees from financial institutions may also be applicable.

 

How long does it take to make a withdrawal?

Usually, withdrawals take a few days but depending on bank services it may take several days longer for the money to be available in a customer’s bank account. Withdrawals requested before 14:00 will be processed that same day. Wire and card transfers can take from 24 hours to seven business days.

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

Table of Contents

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