Overview of OvalX
OvalX, a broker based in the United Kingdom, operates without valid regulation, raising concerns about its legitimacy and trustworthiness. Clients should be aware of the potential risks associated with engaging in business or investment activities with OvalX. Despite the lack of regulation, OvalX offers a diverse range of financial instruments, allowing investors to trade shares, forex, indices, commodities, and cryptocurrencies. This provides clients with opportunities to manage their portfolios across different asset classes.
OvalX offers two types of accounts: Standard and Professional. Standard Account holders benefit from features such as free deposits and withdrawals, access to the Client Services Team, and the FSCS Money Protection scheme. Professional Account holders, known as Premium traders, enjoy additional privileges, including market news and data, lower trading costs, and same-day withdrawals. OvalX also provides a DEMO account for users to test the trading features before opening a real account.
With leverage of up to 1:200, OvalX allows traders to amplify their potential profits. However, it's important to exercise caution as leverage also increases the risk of losses. OvalX strives to provide pricing with low spreads starting from 0.6 pips for forex trading, 0.5 pips for CFDs, and low spreads for equity and commodity trading. The absence of commissions on trades further enhances the cost-effectiveness for traders.
OvalX offers a comprehensive trading platform, OvalX TraderPro, which can be accessed via web and mobile versions. Additionally, the broker supports the popular MetaTrader 4 (MT4) platform, known for its advanced charting capabilities and extensive library of technical indicators. OvalX places importance on customer support, providing channels for clients regulated by the FCA, CySEC, Czech and Slovak regions, and Denmark.
Pros and Cons
OvalX offers a diverse range of financial instruments, including shares, forex, indices, commodities, and cryptocurrencies, allowing investors to access various markets and diversify their portfolios. They provide two types of accounts - Standard and Professional - with benefits such as free deposits and withdrawals, educational resources, market alerts, and FSCS Money Protection for Standard Account holders. OvalX also offers low spreads, no commissions on trades, multiple deposit and withdrawal options, and comprehensive trading platforms like OvalX TraderPro and MetaTrader 4 (MT4). However, a significant drawback is the lack of valid regulation, which poses a high risk for individuals engaging with OvalX. Additionally, customer support is only available during regular business hours, and OvalX's services have been discontinued, requiring clients to migrate to another platform.
Is OvalX Legit？
OvalX, the broker mentioned in the warning, is reported to lack valid regulation. This means that it operates without oversight or authorization from any recognized regulatory authority. The absence of valid regulatory information indicates a significant risk for individuals who engage in business or investment activities with OvalX.
Market Instruments
OvalX offers a diverse range of financial instruments for investors to manage their portfolios. Here are the available assets:
1. Shares: OvalX allows investors to trade shares of popular companies worldwide, providing access to the capital market.
2. Forex: OvalX offers trading on major and exotic currency pairs, enabling traders to take advantage of currency fluctuations globally.
3. Indices: Investors can access various stock indices such as S&P 500, FTSE 100, or DAX, allowing them to gain broad exposure to stock markets.
4. Commodities: OvalX provides the option to trade commodities like gold, silver, oil, and natural gas, enabling investors to diversify their portfolios.
5. Cryptocurrencies: OvalX facilitates trading in popular cryptocurrencies such as Bitcoin, Litecoin, and Ethereum, offering participation in the dynamic virtual currency market.
In addition to these instruments, OvalX also offers CFDs (Contracts for Difference) on various assets, including gold, silver, other precious metals, stocks, bonds, oil, and other commodities. Moreover, OvalX supports trading with multiple currencies, with a selection of 55+ currencies available.
Pros and Cons
Account Types
OvalX, a trading platform, provides two types of accounts: Standard Account and Professional Account. The specific conditions of each account depend on the chosen trading platform.
STANDARD
Standard Account holders enjoy various benefits, including free deposits and withdrawals. They receive support from an experienced New Account team during the account opening process. Clients also have access to the Client Services Team for assistance. OvalX offers free award-winning education, online trading courses, and trading content to Standard Account holders. They also receive market alerts and events directly in their inbox. Standard Account holders are protected by the FSCS Money Protection scheme, which covers their funds up to £85,000.
PREMIUM
Professional Account holders, known as Premium traders, receive additional privileges. They receive market news and data, as well as third-party technical analysis. OvalX acts as a point of contact for trade queries and provides product information. Premium traders have priority access to new products and enjoy lower trading costs. They also have access to the broker's Operational team for assistance with funding or withdrawal issues, with same-day withdrawals available.
OvalX also provides a DEMO account for users to test the trading features and conditions before opening a real account. However, OvalX does not offer an Islamic Account specifically designed for traders of the Muslim faith.
Leverage
OvalX provides a leverage ratio of up to 1:200. This means that for every unit of capital you have, you can trade with up to 200 times that amount. This leverage allows traders to amplify their potential profits, as even small market movements can have a significant impact on their positions. However, it's important to note that leverage also increases the risk of losses, as losses are also magnified. Traders should use leverage responsibly and be aware of the potential risks involved.
Spreads & Commissions
OvalX is a trading platform that offers low pricing. One of the key aspects of their pricing model is the low spreads they provide to traders. For forex trading, OvalX offers spreads starting as low as 0.6 pips for popular currency pairs like EUR/USD. This means that traders can benefit from tight spreads, allowing them to enter and exit positions with minimal costs. CFD spreads start from 0.5 pips, enabling traders to engage in various CFD markets with favorable pricing.
Furthermore, with minimum equity spreads of 0.08%, traders can access a wide range of stocks and enjoy cost-effective trading. This allows investors to take advantage of opportunities in the equity market without excessive costs eating into their profits.
For those interested in trading commodities, OvalX offers spreads starting at just 0.025 points. Whether it's precious metals, energy products, or agricultural commodities, OvalX strives to provide tight spreads for traders looking to diversify their portfolios.
Another noteworthy feature of OvalX's pricing structure is the absence of commissions on trades. Unlike some other platforms that charge commissions per trade, OvalX does not impose any commission fees. This further enhances the cost-effectiveness for traders, allowing them to focus on their trading strategies and outcomes without worrying about additional charges.
Deposit & Withdrawal
OvalX offers various options for depositing and withdrawing funds from user accounts. When opening an account, a minimum initial deposit is usually required, and this can be paid using different methods. OvalX allows deposits to be made through Bank Transfer, Visa Debit/Credit Card, MasterCard Debit/Credit Card, Skrill, Neteller, Sofort, GiroPay, and China Union Pay.
When it comes to withdrawals, OvalX generally accepts the same payment methods used for deposits, although there may be some variations. It's important to note that withdrawals should be made from an account that matches the name of the OvalX account holder.
One advantage of OvalX is that they do not charge any fees for deposits. However, if a withdrawal is below £100 or the equivalent in another currency, a fee of £10 will be applied. To ensure prompt processing, it is recommended to request withdrawals before 14:00. The time it takes to process withdrawals can vary depending on the chosen method, with wire transfers and card transfers typically taking anywhere from 24 hours to seven business days.
Trading Platforms
OvalX offers a comprehensive trading platform for its clients, specifically designed for forex trading. The platform, known as OvalX TraderPro, serves as the software through which clients can execute their trades. Unlike some brokers who provide limited platform options, OvalX offers a multi-asset trading platform, allowing clients to trade not only forex but also other asset classes.
OVALX TRADERPRO
OvalX TraderPro stands out as a proprietary trading platform developed by OvalX. It offers a range of features and functionalities that can be fully customized to meet each trader's preferences. With over 60 technical indicators available, traders have access to powerful analytical tools to support their decision-making process. The platform also includes chart trading capabilities, enabling traders to analyze market trends and patterns directly on the charts.
OvalX TraderPro is accessible through multiple channels. Traders can access the platform through a web version, allowing them to trade from any web browser without the need to download or install additional software. Additionally, OvalX provides a mobile version of TraderPro, enabling traders to stay connected and execute trades on the go through their smartphones or tablets.
METATRADER 4 (MT4)
In addition to OvalX TraderPro, OvalX also supports the popular MetaTrader 4 (MT4) trading platform. This platform is available for both desktop and mobile devices, providing traders with an alternative option for executing their trades. MT4 is widely recognized in the forex industry for its advanced charting capabilities, expert advisors, and extensive library of technical indicators and trading tools.
Customer Support
OvalX prioritizes excellent customer support to ensure a smooth and satisfactory trading experience for its clients. The customer support team is available during regular business hours, Monday to Friday, from 7:30 am to 5:30 pm UK time.
For clients regulated by the Financial Conduct Authority (FCA), they can contact customer support by calling +44 (0)207 392 1494 or emailing customer.service@ovalx.com. These channels are designed to address any queries or concerns that FCA clients may have promptly and efficiently.
CySEC-regulated clients can reach out to OvalX's customer support team by dialing +357 25 056 447 or sending an email to support@ovalx.com. This contact information is specific to CySEC clients, allowing them to receive assistance tailored to their regulatory requirements.
Clients from the Czech Republic and Slovakia can contact the customer support team by calling +420 228 888 834 or emailing support@ovalx.com. OvalX aims to provide support to clients from these regions, ensuring their needs are addressed in their respective languages.
Similarly, Danish clients can reach out to the customer support team by calling +45 89 88 17 28 or emailing support@ovalx.com. OvalX understands the importance of providing localized support to Danish clients, and these contact details cater specifically to their needs.
Conclusion
In conclusion, OvalX is a trading platform that offers a diverse range of financial instruments, and a user-friendly trading experience. However, one of the significant disadvantages is the lack of valid regulation, which poses a risk for individuals engaging with OvalX. On the positive side, OvalX provides two types of accounts, with additional privileges for Professional account holders. They offer leverage of up to 1:200, allowing for potentially higher profits but also increasing the risk. OvalX supports multiple deposit and withdrawal methods, and their customer support is available during business hours. Traders can access their proprietary trading platform, OvalX TraderPro, as well as MetaTrader 4 (MT4) for forex trading. It's essential for individuals to carefully consider the risks associated with the absence of valid regulation before choosing OvalX as their trading platform.
FAQs
Q: Is OvalX a regulated broker？
A: OvalX lacks valid regulation, which poses a significant risk for individuals engaging in business or investment activities with them.
Q: What financial instruments does OvalX offer？
A: OvalX offers a diverse range of financial instruments, including shares, forex, indices, commodities, cryptocurrencies, and CFDs on various assets.
Q: What types of accounts does OvalX provide？
A: OvalX offers Standard and Professional accounts. Standard account holders enjoy benefits such as free deposits and withdrawals, while Professional account holders receive additional privileges and lower trading costs.
Q: What leverage does OvalX offer？
A: OvalX provides a leverage ratio of up to 1:200, allowing traders to amplify their potential profits but also increasing the risk of losses.
Q: What are the spreads and commissions at OvalX？
A: OvalX offers spreads, starting as low as 0.6 pips for forex trading and 0.5 pips for CFDs. OvalX does not charge commissions on trades.
Q: How can I deposit and withdraw funds with OvalX？
A: OvalX accepts various deposit methods, including bank transfer, debit/credit cards, Skrill, Neteller, Sofort, GiroPay, and China Union Pay. Withdrawals are generally processed through the same payment methods.
Q: What trading platforms are available at OvalX？
A: OvalX offers its proprietary trading platform called OvalX TraderPro, which is accessible via web and mobile versions. They also support the popular MetaTrader 4 (MT4) platform.
Q: How can I contact OvalX's customer support？
A: For FCA-regulated clients, the contact number is +44 (0)207 392 1494, and the email is customer.service@ovalx.com. CySEC-regulated clients can reach out via +357 25 056 447 or support@ovalx.com. Clients from the Czech Republic and Slovakia can contact +420 228 888 834 or support@ovalx.com, while Danish clients can use +45 89 88 17 28 or support@ovalx.com.
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