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The WikiFX Score of this broker is reduced because of too many complaints!

ETX

United Kingdom|5-10 years|
Suspicious Regulatory License|MT4/5 full license|Regional Brokers|High potential risk|

https://www.etxcapital.com/

Website

Rating Index

MT4/5 Identification

MT4/5 Identification

Full License

2
Server Name
ETXCapital-Demo MT4
Server Location United States

Contact

+357 22 000 585
chinesedesk@etxcapital.com
https://www.etxcapital.com/
26 Finsbury Square, London, EC2A 1DS
The WikiFX Score of this broker is reduced because of too many complaints!

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

Open Now

Contact number

English

+357 22 000 585

English

0800 138 4582

Chinese (Simplified)

400 6077 893

Broker Information

More

Company Name

ETX CAPITAL

Company Abbreviation

ETX

Platform registered country and region

United Kingdom

Company website
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Pyramid scheme complaint

Expose

Check whenever you want

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Warning: Low score, please stay away! 4
Previous Detection : 2024-02-22
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The number of the complaints received by WikiFX have reached 9 for this broker in the past 3 months. Please be aware of the risk and the potential scam!

WikiFX Verification

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Unable to withdraw

Unable to withdraw

Saying that I break my words, and you don’t allow me to withdraw cash, then why do you open the platform? When you withdraw money, you lock me in risk control, and you need me to pay the risk fund. After paying the risk fund, you will need to open a new account, but my money was stucked, how to deal with it? It costs 150,000. Is everyone on the platform rich? If I were rich, I wouldn't invest in these either. The funds invested by investors are originally intended to make money. If they take away their own money, they will also be locked in risk control. They say that I am insider trading. Where do I get insider information, the platform should let people withdraw as soon as possible...

2022-01-23 00:21
Unable to withdraw

Unable to withdraw and there is lots of follow-up questions

From 4/21 to the 26th, the application for withdrawal was delayed until the 26th. After I asked, I told me that my account was subject to risk control and asked for a risk control fund of NT$50,000. I gave it. The remaining issues of risk control require an account opening deposit of 80,000 yuan. I don’t want to use the account to directly contact the commissioner. LINE has no connection to overcome it. I also gave 80,000 Taiwan dollars. I want to remit another 80,000 yuan. After processing, the withdrawal fund + 50,000 risk control fund + 80,000 account opening deposit will be remitted to me together. I don’t have so much money, what kind of gold, and return all the money I should take! It doesn’t belong to me You can take it back and withdraw the money of 50,000 risk control money and of 80,000 account opening deposit and return it to me!!!

2022-04-29 20:35

    ETX · Company Summary

    Note: Oval X (ETX)s services have now been discontinued.

    Risk Warning

    Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

    General Information

    Oval X Review Summary in 10 Points
    Founded 1965
    Registered Country/Region United Kingdom
    Regulation FCA (suspicious clone)
    Market Instruments Forex, indices, stocks, CFDs, commodities
    Demo Account N/A
    Leverage 1:200
    EUR/USD Spread 0.6 pips
    Trading Platforms MT4, Oval X Trader Pro
    Minimum deposit $100
    Customer Support Phone, email

    What is Oval X?

    ETX have completed a re-branding exercise and it is called “Oval X”. Oval X is a trading brand of Monecor (London) Limited, company registration number 00851820. As a member firm of the London Stock Exchange, Monecor (London) Limited is regulated by the Financial Conduct Authority (Financial Services Registration Number. 124721), however, it is a suspicious clone.

    Oval Xs home page

    In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on. At the end of the article, we will also briefly make a conclusion so that you can understand the broker's characteristics at a glance.

    Pros & Cons

    Pros Cons
    • Wide range of trading instruments • Suspicious clone FCA license
    • Flexible leverage • Reports of unable to withdraw and scams
    • Tight spreads • Withdrawal fees applied after 5 withdrawals
    • MT4 trading platform available
    • Multiple payment methods
    • Rich educational resources

    Oval X Alternative Brokers

      There are many alternative brokers to Oval X depending on the specific needs and preferences of the trader. Some popular options include:

      • Z.com Trade - a reputable online broker with a user-friendly platform and competitive trading conditions, making it a good choice for traders of all experience levels.

      • AETOS - a trusted broker known for its strong regulatory compliance, extensive product offerings, and comprehensive trading tools, making it a reliable option for traders looking for a diverse range of investment opportunities.

      • Hirose Financial - offers a reliable trading environment, competitive spreads, and a wide range of trading instruments, making it a recommended choice for traders seeking a trusted broker with a solid track record.

    Ultimately, the best broker for an individual trader will depend on their specific trading style, preferences, and needs.

    Is Oval X Safe or Scam?

    Based on the information available, Oval X is an unregulated broker with a suspicious Financial Conduct Authority (FCA, License No. 124721) license. Furthermore, there are reports of withdrawal issues and scams associated with the company. These factors raise significant concerns about the safety and legitimacy of Oval X as a trading platform.

    Traders are advised to exercise caution and conduct thorough research before engaging with unregulated brokers, as the risks of financial loss and fraudulent activities are higher in such cases. It is recommended to choose regulated brokers that adhere to industry standards and provide a higher level of investor protection.

    Market Instruments

    Oval X offers investors a diverse range of tradeable financial instruments across various markets. Traders can access a wide selection of currency pairs in the Forex market, allowing them to participate in global currency trading. Additionally, Oval X provides access to popular stock indices, enabling traders to speculate on the performance of major equity markets.

    Market Instruments

    The platform also offers a range of individual stocks, giving investors the opportunity to trade shares of well-known companies. Furthermore, Oval X provides access to Contracts for Difference (CFDs), allowing traders to speculate on the price movements of various underlying assets such as commodities and more. With this comprehensive offering of market instruments, Oval X aims to cater to the diverse trading preferences of its clients.

    Accounts

    Oval X provides two distinct account types that align with the trading platforms it offers. The first account type is the Trader Pro account, which is designed to cater to the needs of traders using Oval X's proprietary trading platform. The second account type is the MT4 account, specifically tailored for traders who prefer the popular MetaTrader4 platform.

    One notable advantage of Oval X's account offerings is the relatively low minimum initial deposit requirement of $100. This lower entry barrier makes Oval X an attractive choice for new beginners in the trading industry who may have limited initial capital.

    Leverage

    Oval X offers traders different leverage options depending on the financial instruments they choose to trade. For currency pairs, Oval X provides leverage of up to 1:200, allowing traders to amplify their trading positions in the foreign exchange market. When it comes to indices, the leverage offered is 1:20, providing traders with increased exposure to a basket of stocks representing a specific market. For individual stocks, Oval X offers leverage of 1:5, enabling traders to potentially magnify their gains or losses based on their trading decisions.

    In the case of precious metals like gold, Oval X provides leverage of 1:20, allowing traders to capitalize on price movements in this popular commodity. For silver, copper, and platinum, Oval X offers leverage of 1:10, giving traders the opportunity to participate in the market with enhanced trading power. It's important to note that while leverage can amplify potential profits, it also increases the risk of losses, and traders should exercise caution and proper risk management strategies when utilizing leverage in their trading activities.

    Spreads & Commissions

    Oval X offers competitive spreads on a range of financial instruments. For popular currency pairs such as EUR/USD, the minimum spread is as low as 0.6 pips and the average spread is 0.81 pips, allowing traders to access tight pricing and potentially reduce trading costs. Similarly, for other currency pairs like EUR/JPY, the minimum spread is 0.9 pips, providing traders with favorable pricing conditions. When it comes to indices, Oval X offers spreads of 1 pip for both UK and Wall Street indices, enabling traders to participate in the movements of these key markets with competitive pricing.

    For precious metals like gold, the minimum spread is as low as 0.4 pips, offering traders favorable conditions for trading this popular commodity. The spread for silver is even narrower at 0.03 pips, providing traders with tight pricing on this metal. For commodities such as crude oil and natural gas, Oval X offers spreads of 0.03 and 0.02 pips respectively, giving traders access to these markets with low trading costs.

    Spreads

    In terms of commissions, Oval X charges 0.1% per deal for UK and European stock trades, 2 cents per share for US major and minor stock trades, and 0.2% per deal for Australian stock trades. These commission rates are competitive and transparent, allowing traders to have a clear understanding of the costs associated with their trades.

    Below is a comparison table about spreads and commissions charged by different brokers:

    Broker EUR/USD Spread Commissions
    Oval X 0.6 pips 0.1% per deal (UK & EU stocks)
    Z.com Trade 0.2 pips No
    AETOS 0.3 pips No
    Hirose Financial 0.8 pips No

    Note: The information presented in this table may be subject to change and it is always recommended to check with the broker's official website for the latest information on spreads and commissions.

    Please note that spreads and commissions may vary based on market conditions and account type. It's always recommended to check with the respective broker for the most up-to-date information.

    Trading Platforms

    Oval X offers traders a choice between two robust and versatile trading platforms: MetaTrader4 and Oval X Trader Pro. The MetaTrader4 platform is widely recognized and highly regarded in the industry, known for its user-friendly interface, advanced charting capabilities, and a wide range of technical indicators. Traders can access the MetaTrader4 platform on their computers, smartphones, or tablets, providing flexibility and convenience in managing their trades.

    On the other hand, Oval X Trader Pro is the broker's own developed trading platform, offering similar features and functionality to MetaTrader4. Traders using Oval X Trader Pro can also enjoy multiple chart types, a comprehensive suite of technical indicators, and customizable tools to suit their trading preferences.

    Whether traders prefer the familiarity of MetaTrader4 or the tailored experience of Oval X Trader Pro, both platforms offer a seamless trading experience across different devices, allowing traders to access the markets and execute trades with ease and efficiency.

    See the trading platform comparison table below:

    Broker Trading Platforms
    Oval X MetaTrader 4, Oval X Trader Pro
    Z.com Trade MetaTrader 4, Z.com Trader
    AETOS MetaTrader 4, AETOS WebTrader
    Hirose Financial MetaTrader 4, LION Trader

    Deposits & Withdrawals

    Oval X provides its clients with a variety of convenient and secure deposit methods. Traders can fund their accounts using bank wire transfers, internet wire transfers, VISA/MasterCard/Maestro, UnionPay, e-wallets including Skrill and NETELLER, with no commissions charged for these transactions. This flexibility allows traders to choose the payment method that suits them best.

    Deposits & Withdrawals

    Oval X minimum deposit vs other brokers

    Oval X Most other
    Minimum Deposit $100 $100

    When it comes to withdrawals, Oval X Capital offers its clients the benefit of 5 free withdrawals per calendar month for amounts over $100, ensuring that traders can access their funds without incurring additional costs. However, it is important to note that Oval X Capital incurs fees from the bank for processing withdrawal requests. As a result, if a client exceeds the 5 monthly free withdrawals, a fee of $25 per withdrawal will be charged. This fee applies to withdrawals made after the fifth withdrawal in a calendar month and ensures the sustainability of the withdrawal process while maintaining the convenience and affordability of withdrawals for most traders.

    See the deposit/withdrawal fee comparison table below:

    Broker Deposit Fee Withdrawal Fee
    Oval X No deposit fees No withdrawal fees for the first 5 withdrawals per month; subsequent withdrawals incur a fee of $25 per withdrawal
    Z.com Trade No deposit fees No withdrawal fees
    AETOS No deposit fees No withdrawal fees
    Hirose Financial No deposit fees No withdrawal fees

    Customer Service

      If potential clients or existing clients encounter some problems during their trading process, they can reach out to this Oval X through the following contact channels:

      • Service Time: Monday to Friday: 7:30 am to 9 am - UK time

      • Telephone: +44 (0)207 392 1434, +44 (0)207 392 1400

      • Email: customer.service@ovalx.com

    Or you can also follow this broker on some social media platforms, such as Facebook, Twitter, YouTube, LinkedIn and Telegram.

    Overall, Oval X's customer service is considered reliable and responsive, with various options available for traders to seek assistance.

    Pros Cons
    • Multiple contact channels • Limited customer service hours
    • Active presence on social media platforms • No 24/7 customer support
    • No live chat support

    Note: These pros and cons are subjective and may vary depending on the individual's experience with Oval X's customer service.

    User Exposure on WikiFX

    On our website, you can see that some reports of unable to withdraw and scams. Traders are encouraged to carefully review the available information and consider the risks associated with trading on an unregulated platform. You can check our platform for information before trading. If you find such fraudulent brokers or have been a victim of one, please let us know in the Exposure section, we would appreciate it and our team of experts will do everything possible to solve the problem for you.

    User Exposure on WikiFX

    Education

    Oval X places great emphasis on providing valuable educational resources to its clients. Through regular publication of webinars, blogs, news, and analysis, Oval X aims to empower traders with knowledge and insights to enhance their understanding of the market and refine their investment strategies. These educational materials cover a wide range of topics, including market trends, trading techniques, risk management, and fundamental and technical analysis.

    Conclusion

    Based on the available information, it is important to approach Oval X with caution. The lack of regulation and reports of withdrawal issues raise concerns about the safety and reliability of the platform. Traders are advised to thoroughly assess the risks associated with trading on an unregulated platform and consider alternative options that offer stronger regulatory oversight. It is crucial to prioritize the security of funds and ensure transparency when choosing a trading platform.

    Frequently Asked Questions (FAQs)

    Q 1: Is Oval X regulated?
    A 1: No. Oval X FCA (Financial Conduct Authority, License No. 124721) license is a suspicious clone.
    Q 2: What is the maximum trading leverage offered by Oval X?
    A 2: The maximum trading leverage offered by Oval X Capital is up to 1:200.
    Q 3: Does Oval X offer the industry leading MT4 & MT5?
    A 3: Yes. Oval X provides MT4 and a proprietary platform - Oval X Trader Pro.
    Q 4: What is the minimum deposit for Oval X?
    A 4: The minimum initial deposit to open an account is $100.
    Q 5: Can I deposit cash into my account?
    A 5: Oval X does not accept cash deposits due to AML regulations.
    Q 6: Is Oval X a good broker for beginners?
    A 6: No. It is not a good choice for beginners. We dont advise any traders trade with unregulated brokers.

    User Reviews

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    Comments

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    五月。
    more than one year
    ETX IS A SCAM!!! They build up your trades starting for as little as $100. Then they pressure you to add funds to make more money! Then things will take a turn for the worst. When you want to withdraw fake funds which they will allow you to do. The money will never turn up in your account!!!
    2023-02-22 18:19
    Reply
    0
    0
    Chiran Bawornkitiwong
    more than one year
    Funny! This ETX promised that it is regulated by FCA, but when I investigated its real regulation status, I know they are talking nonsense! This broker does not hold any license at all! it is just a fake broker! you can easily find its regulatory info on some professional regulation-chekcing websites.
    2023-02-16 17:29
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    0
    0
    FX1156270465
    more than one year
    Do not use this platform, purely a liar. I made more than $300 profit on this platform, insisting that there is something wrong with my account. I said I wanted to withdraw money, but I refused. I have been withholding my money, and the customer ignores me, and it is simply a platform. Don't come here!
    2022-12-13 10:58
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    0
    0
    时尚阳光
    more than one year
    Do not deal with ETX unless you want to make some donations(in quotes) because they are a total scam company. They declined my withdrawal request for various reasons, saying that they suspected some illegal behavior on my account.
    2022-11-24 09:45
    Reply
    0
    0
    FX1023300450
    more than one year
    ETX is definitely the last thing you gonna trade with, a 100% scam. Once deposited, you have no chance to get your money back. Before I start trading, I checked many reviews, and most of them negative ones, thus I avoid the risk of losing money. Alarming dangerous! Giving one star is too much, I should give one.
    2022-11-18 18:07
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    0
    0
    rockfort招商
    more than one year
    The worst experience so far was at ETX, they are scammers! They stole my hard-earned money, and even their regulatory license was clone! Please be careful! Guys!!
    2022-11-16 18:01
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