OvalX is an online brokerage that offers traders the chance to trade forex, stocks, futures, commodities and other instruments. It is one of the most popular brokers because of its advanced technology and low commissions, as well as its ease of use. However, it is important to find out if this is the broker for you before you sign up. Read on to learn about the features, advantages and disadvantages of this particular broker.
Benefits features pros & cons
If you’re looking for a new broker for your investment portfolio, consider checking out OvalX. It’s a UK-based financial services company with a solid reputation and a strong trading platform.
One of its main products is the contract for difference (CFD), a type of derivative trading that allows traders to trade on the markets without having to own the underlying asset. The CFD is available for a variety of markets and instruments, including shares and forex pairs.
OvalX also offers spread betting. This form of trading is not subject to Capital Gains Tax. However, the commission is not free for retail clients.
Another great benefit is that OvalX has a good mobile trading platform. You can use this app to monitor the market in real-time, and make trades on the go.
Unlike some other brokers, OvalX does not charge deposit and withdrawal fees. You can fund your account using bank wire transfers, credit/debit cards, Neteller, or Skrill.
Although there’s no 24-hour support, you can expect to get help from customer support on weekdays between 07:30 and 21:00 GMT. In addition, OvalX provides an informative Legal Docs page.
Demo account
A demo account is a great way to test the trading platform of OvalX broker. This can help you get familiar with the various features of the platform, and is a good way to build confidence.
Aside from the fact that you can enjoy commission-free trading, you’ll also get access to a wide range of educational materials. You can check out the OvalX website for more information on its offerings.
If you are planning to open an account with OvalX, you’ll need to fill out an application. The company requires you to provide your name, address, and financial knowledge. In addition, you’ll be asked to upload a picture of your identification card.
Before you can begin trading, you must verify your account. The platform also requires you to submit an insurance number. When you’re done, you’ll be directed to the dashboard. It’s a fairly straightforward navigation system, with rows of assets and a simple, but effective, asset browsing screen.
While the user interface of the OvalX platform is straightforward, the design is rather uninspiring. Some users have reported problems with slippage, though.
Commissions and fees
OvalX is a financial firm with over 10 years of experience and has a variety of accounts available. It provides access to over 5000 markets and has a professional client service.
With an OvalX account, traders can trade on minute price fluctuations, which offers opportunities for scalpers and day traders. The brokerage offers a variety of trading instruments such as stocks, indices, cryptocurrencies, and forex. Traders can choose to trade with a single account or spread bet on multiple instruments.
OvalX has won several international awards for its proprietary trading platform and educational courses. Clients can also choose from a range of customer services.
In order to open an account with OvalX, clients must fill out a questionnaire. This questionnaire helps assess the trader’s level of knowledge and experience.
Unlike most brokers, OvalX does not require traders to provide any deposit funds. However, there is an inactivity fee of up to PS10 for withdrawals below $100.
OvalX is a member of the London Stock Exchange. This means that it has the opportunity to offer commission-free trading to retail clients. Moreover, its trading costs are significantly lower than those of other forex brokers.
Mobile trading apps
The OvalX broker has developed mobile trading apps that offer the same flexibility of the desktop version. They allow you to monitor your running positions and take advantage of minute price fluctuations.
Traders can access the MetaTrader4 (MT4) app, which features 56 different indicators. This app is available on both iOS and Android devices. It can also display price action as areas, lines, and candlesticks.
There is an ETX TraderPro version that is available on both IOS and Android. You can customize your trading experience by choosing your preferred chart types and order types. Some of the main features of the software are not working properly, however.
There are a few important differences between the desktop and mobile versions of the application. The mobile version has reduced time frames, and has less charting options. Also, there is no live chat feature.
To open an account with OvalX, you must provide your personal details, including a valid ID. In addition, you must confirm your country of residence.
You can fund your account with a credit card, debit card, or bank wire. However, there are fees associated with withdrawals. If you withdraw under $100, you will be charged PS10, while if you withdraw over PS100, you will not be charged a fee.
Education
OvalX is a spread betting and CFD broker. Founded in 1965, the company is based in the United Kingdom, but it has a presence in the European Union.
The brokerage provides educational materials and platform guides to help traders make better trades. However, the educational material is not organized in a systematic manner.
OvalX has a free demo account, which can be used to test the trading platform and learn how to trade. It also offers eight Forex courses to help clients improve their skills.
The website is available in 10 languages and includes a variety of educational resources. There is a glossary section, which helps clients gain knowledge of basic terms and trends. This educational material is mixed with research content.
In addition to providing quality education and support, OvalX has received 5 international awards for its proprietary trading platform. Additionally, it has been recognized for its risk warnings, which demonstrate the broker’s professionalism.
In addition to being regulated by the Financial Conduct Authority, the brokerage also holds licenses from the Markets in Financial Instruments Directive and CySEC. These regulatory bodies ensure that client funds are protected.
Deposit & withdrawal
OvalX broker is a UK based firm that offers a variety of trading options. They offer both spread betting and CFDs on a range of financial products.
OvalX is a member of London Stock Exchange and is regulated by several top tier regulators. Their spreads are relatively wide, but the broker does not charge any deposit fees. However, you may be charged a small admin fee if you exceed your monthly withdrawal limit.
To start your trading journey with OvalX, you must first open an account. There are two options available – a Standard or Premium account. A Standard account is for experienced traders. The Professional account is for professional traders who want higher leverage.
To open an OvalX account, you need to submit some documents. You must provide a photo ID and proof of address. This can take up to a day.
To withdraw funds from your OvalX account, you must follow the same procedures. You can do this using a credit card or e-wallet. Withdrawals take around 24 hours.
Opinions
OvalX is a brokerage firm that provides financial services. It is based in London and Cyprus, and a member of the London Stock Exchange. The broker offers CFD and spread betting trading.
The platform allows users to trade in thousands of stocks, indices and currencies. Traders can choose from 17 different timeframes. Additionally, the broker’s MT4 platform offers automated algorithmic trading through Expert Advisors. There are also several mobile applications available for iOS and Android devices.
In addition, OvalX is authorised by at least one tier-2 regulator. It is also insured by the Financial Services Compensation Scheme. This means that the company is highly reputable.
Although OvalX is a top notch broker, there are some drawbacks. First, they charge a high inactivity fee. If you are not active in your account for more than eight months, you will be charged PS10 every six months.
Also, OvalX has a minimum deposit of $250. That is a standard requirement for most brokers. However, the minimum is lower for those wishing to trade in cryptocurrencies.
Summary
OvalX broker is a UK-based company that offers retail financial trading services and spread betting. It has been operating since 1996.
The company is a member of the London Stock Exchange. The firm is also authorised by at least one top-tier regulator.
To open an account, traders need to register and provide some basic personal information. Once registered, traders can start trading. Depending on the trader’s classification, they may be allowed to use up to 1:200 leverage.
Leverage is a term used for borrowing money from the broker to make larger-sized trades. It increases profits from winning trades. Traders are advised to only take part in high-leverage trading if they are experienced.
Aside from offering retail trading services, OvalX also has a variety of educational material. This includes eBooks, educational webinars, and platform guides.
OvalX has a proprietary trading platform. Using the platform, traders can access a wide variety of markets. They can choose from highly volatile assets such as gold or oil, or they can pick from lower-risk securities.