OvalX Review | Is OvalX Reliable? A Complete Analysis of Regulatory Licenses, Trading Conditions, and User Reputation

1 week before

Summary：Is OvalX reliable? This article provides a comprehensive analysis of OvalX (formerly ETX Capital), including its history, FCA regulation, account and trading conditions, platform performance, deposit and withdrawal methods, user reputation, and risk warnings. This article will help investors determine whether OvalX is trustworthy and answer common questions like "How is OvalX?", "Is OvalX reliable?", and "Is OvalX a scam?"

1. Brand Background and Development History

Full company name : Monecor (London) Ltd (operating under the brand OvalX , formerly ETX Capital )
Established : 1965 (original parent company Monecor London Ltd registered in London, UK)
Headquarters : London, UK
History :

1965: Established as Monecor London Ltd, initially providing securities and investment services.
2002: The brand was upgraded to TradIndex , focusing on CFD and foreign exchange trading.
2007: Changed its name to ETX Capital and expanded into the foreign exchange, CFD, stock index and commodity markets.
2021: Officially completed the brand reshaping and changed its name to OvalX , emphasizing modern trading and compliance.

User scale : We have customers in both European and Asian markets, with an estimated number of registered users in the hundreds of thousands.
FAQs :

Is OvalX a scam? → It is not a scam. It is a legitimate company registered in the UK and regulated by the FCA, but its business scope has been significantly reduced.
Is OvalX reliable? → It has strong regulatory compliance, but lacks the user experience and global expansion of leading brokerages.

📎 Official website: https://www.ovalx.com

2. Trading Account and Trading Conditions

Account Type	Minimum deposit	Average spread	illustrate
Standard Account	From £100	EUR/USD around 1.0-1.2	Suitable for beginners
Professional Account	From £10,000	EUR/USD as low as 0.6	Suitable for large funds and frequent traders
Corporate Account	From £50,000	Lower spreads + customized liquidity	For institutional and corporate clients

Additional notes :

Supported leverage: Default 1:30 (subject to FCA restrictions); up to 1:100 for some professional accounts.
Execution mode: STP + liquidity pool quotation.
Minimum trading volume: 0.01 lots.
Transaction fees: Most foreign exchange products are commission-free and are only charged through spreads.

III. Supervision and Compliance

Regulatory agencies	License number	Entity Name	state
UK FCA	124721	Monecor (London) Ltd	Effective supervision
Seychelles FSA	SD123	OvalX International	Offshore registration
South African FSCA	51604	OvalX SA Pty Ltd	Regional Registration

📎 FCA registration page: https://register.fca.org.uk/s/firm?id=001b000000NMp9eAAD

Compliance evaluation :

OvalX's core regulation comes from the UK FCA, and its compliance is strong.
An offshore branch (Seychelles FSA) is used to cover non-EU clients.
Compared with first-tier brokerages such as IG and CMC Markets, OvalX's global license coverage is relatively weak.

IV. Trading Products and Market Coverage

Forex: 40+ major and less popular currency pairs (EUR/USD, GBP/JPY, etc.).
Stock Index CFD: Covers UK FTSE 100, US S&P 500, and German DAX.
Commodities: crude oil, gold, silver.
Stock CFDs: Popular European and US stocks.
Cryptocurrency: We offer CFDs on mainstream currencies such as BTC/USD and ETH/USD.

Conclusion : OvalX has decent product coverage, but limited depth in emerging markets and crypto.

5. Trade Execution and Technical Performance

Supported platforms : MetaTrader 4, dedicated web-based trading terminal.
Execution speed : The measured average delay for market orders is 90-120ms, which is lower than the industry average.
Slippage performance : There is 0.5-1.5 points of slippage during high volatility, which is generally controllable.
Stability : Low-latency servers in London and Frankfurt.

📎 Platform Introduction: https://www.ovalx.com/platforms

6. Deposit and Withdrawal Methods and Time Limits

Deposit : Credit card, Debit card, Bank transfer, Skrill, Neteller.
Withdrawal : In most cases, funds will arrive within 1-2 business days.
Currency support : GBP, EUR, USD.
Fees : Deposits are free, but some withdrawal methods charge £5-10.

7. Customer Service and Additional Features

Contact Details :

Customer Service Email: [email protected]
Tel: +44 (0) 20 7392 1434

Available languages : English, Spanish, German, Arabic.
Educational resources : Webinars and trading tutorials are available, but the content is limited.
Additional features : economic calendar, market news push.

8. Media and User Reviews

Third-party media citations

WikiFX: OvalX scored 6.4/10, emphasizing its FCA regulation but noting its small user base.
Forex 110: Neutral evaluation, reminding investors to pay attention to the differences between offshore entities and FCA entities.
User word of mouth
Positives : Fast execution, stable platform, FCA regulated.
Negatives : Insufficient educational resources and limited protection for non-EU clients opening accounts in offshore entities.

IX. Risk Warning

OvalX is compliant with the FCA regulations, but has multiple offshore registered entities and limited protection for non-FCA clients.
The maximum leverage can be up to 1:100, which carries a high potential risk.
Before choosing to open an account, be sure to confirm the specific entity you are opening your account with (FCA vs Seychelles).

🔟 Multi-dimensional rating (BrokerHiveX rating system)

Dimensions	Fraction	Comments
Regulation	8/10	With the support of FCA supervision, the compliance is high, but the offshore branches drag down the overall performance.
Pricing	7/10	The spreads are reasonable, but there is a lack of very low-cost ECN options.
Execution	8/10	The platform is stable, latency is low, and slippage is controllable.
Platforms	7/10	It provides MT4 and self-developed terminals, but lacks MT5 and more abundant plug-ins.
Funding	8/10	Deposits are quick and withdrawals arrive in 1-2 days, which is a good experience.
Support	7/10	Multi-language coverage, but limited depth of educational resources and customer service.
Education	6/10	It provides basic materials, but not as much as large brokerages such as IG/CMC.
Product Range	7/10	It covers foreign exchange and CFD, but lacks diversified emerging products.

Overall Rating: 7.3/10 — OvalX has advantages in compliance and execution, but its overall ecosystem still lags behind that of leading brokerages.

⚠️Risk Warning and Disclaimer

BrokerHivex is a financial media platform that displays information sourced from the public internet or uploaded by users. BrokerHivex does not endorse any trading platform or instrument. We are not responsible for any trading disputes or losses arising from the use of this information. Please note that the information displayed on the platform may be delayed, and users should independently verify its accuracy.