OvalX review: Regulations, Trading platforms, Broker features, and User ratings.
What is OvalX (or Oval Money)?
OvalX (formerly ETX Capital) is a CFD broker based in London providing financial services since 1965 with operations spreading across UK, Cyprus, Italy, Czech Republic, Slovakia, Denmark.
OvalX is regulated under the name of Monecor by the UK FCA in 2000 and South African FSCA in 2021, also authorized and regulated by Cyprus CySEC under the name of Oval Money in 2008.
Oval Money offers Spread Betting and CFD trading on Forex, Cryptocurrencies, Commodities, Precious Metals, Stocks, Indices, and Bonds etc. for your personal investment and trading options.
OvalX.com offers the platform of MetaTrader 4 and its in-house developed OvalX platform.
Please read OvalX Reviews below and share live trading experiences with this broker.
|Minimum Trade Size:||0.01|
|Minimum to Open Live:||$1|
|Address:||26 Finsbury Square, London, EC2A 1DS, United Kingdom|
|Contact:||email@example.com, +44 20 7392 1494|
|Regulators:||CySEC #096/08, FSCA #50246, FCA #124721|
|Trading platforms:||MT4, OvalX App|
|Mobile Trading:||✅ Yes|
|Cryptocurrencies:||(10+) Bitcoin, Litecoin, Ethereum|
|CFD:||(50+) Gold, Silver, Stocks, Stock Indexes, Bonds, Oil, Other Commodities, Futures|
|Deposit Methods:||Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, Maestro, Neteller, Skrill, UnionPay|
|Withdrawal Methods:||Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, Maestro, Neteller, Skrill, UnionPay|
Recent User Reviews of OvalX
90% of the time they will slip your stop loss
ETX Capital is a fraud / SCAM and has embezzled my money
I have deposited 1000 Euro and have 13641.93 Euro
generated. But ETX Capital embezzled the money. They call it Trade Adjustment...
I call that FRAUD.
Mar 19, 2020 - 1 Star ETX clears my profits: they call it Trade Adjustment —> ETX Capital is SCAM
Date: 09 March 2020
Time: 15:38:11 GMT
MT4 Account Login: 218489
Order no. : 12637341
Comment : Trade Adjustment
Amount : EUR 13641.93
Current Balance : EUR 1515.83
Current Equity : EUR 1515.83
Support Email : firstname.lastname@example.org
The Mail from ETX:
Dear Mr X,
It is noted that you made a total profit of 13,000 EUR on 09 March 2020 on the DAX. However, having looked at each trade, it was discovered that the profit made on the trades was as a result of gaming which is considered improper behaviour under our Terms and Conditions.
Consequently, the total profit made on these trades is deemed void and therefore have been deducted off your trading account.
Second eMail from ETX Capital:
Dear Mr X,
We refer to your email of 09/03/2020. We are sorry to hear of your concerns and we are grateful that you have brought this to our attention.
We understand your complaint to be that ETX removed 13,641.93 EUR from your trading account on 09 March 2020. You do not agree to the reason why this was done and would like the 13,641.93 EUR to be credited back to your account.
Any issues raised by our clients are taken seriously and we have therefore undertaken a detailed review of our records.
Our investigation shows that you placed 324 trades on DAX on 09/03/2020. Having looked further into each trade is it established that the trades placed were as a result of scalping which is considered improper behaviour under our Terms and Conditions.
Consequently, the total profit made of 13,641.93 EUROs on these trades was deemed void and therefore deducted from your trading account.
In relation to our rights in relation to scalping, we refer you to the Terms and Conditions (the terms of which you accepted at the time of application):
11.1 You agree to use our Services in good faith and not to take unfair advantage of our Services or are otherwise act in an unfair manner (for example, by using any electronic device, software, algorithm, server or any dealing strategy that aims to manipulate or take unfair advantage of our Services, exploiting a fault, loophole or error in our software, system, ETX Capital Platform, by collusion, using trading strategy designed to return profits by taking advantage of internet latencies, delayed prices or through high volumes of transactions targeting tick fluctuations rather than movements reflecting the correct underlying prices, or by any other means).
11.2 Any behaviour under clause 11.1 is considered a breach of this Agreement, and we may act reasonably and in good faith and in our sole discretion: (a) immediately terminate all of your Trading Accounts and your access to our servers; (b) void any Trade (i.e., treat the Trade as if the Trade had never taken place) which was part of any improper activity; 15 Terms and Conditions (c) close any Trade on the basis of our then current prices which was part of any improper activity ; (d) amend any Trade, so that it is as it would have been if the Order was executed in the absence of the improper behaviour.
Taking all the above into consideration and having reviewed all the information available to us, we have concluded that ETX Capital acted appropriately and in accordance with its Terms and Conditions governing our relationship with you. Therefore, we are unable to uphold your complaint.
In accordance with the rules of the Financial Conduct Authority and guidelines
Who can help me? What I should do?
unable to withdraw
Good no problem, then I will close the account and withdraw all my funds.
Since then I spent the last 40 days trying to get me money (usd 35k). All the excuses you can imagine, backs and forths, etc... They only wanted to return the funds to the source accounts used to fund my account with them so they blocked the withdrawal multiple times, but wait, they didn't even know what the source accounts were as they deleted their records so I had to prove that the bank account and skrill account that I'm now asking them to send the funds to were the original funding methods.
After doing everything the above, sending tens of emails, providing everything they asked for, I'm still unable to get my money back.
It's really frustrating as it takes days and several emails before you can get a response from them saying that they are on it and need more time, or maybe asking a for something which I always immediately provide.
First time I experience this with a UK FCA broker. I will file a complaint with the UK Financial Ombudsman now. Will update.
ETX not Great
I've been trading binary options with them since early 2016. They are regulated (and now for Binary Options registered) with the FCA and a big well known company in the UK (they appear on the daily BBC business new frequently) and have been around since the 1960's. You can checkout financials, individual officers (not holding companies) on the UK Companies House website.
You get the odd trade rejection on big spikes (which reverse immediately) although this is getting far better and I haven't had one for ages. I had one issue with misrepresentation, what I was told prior to funding my account and reality, which cost me profit but didn't cause a loss when a trade should have been profitable.
Withdrawals are processed immediately in full without any chasing. It's usually in my account in 1-2 days and I'm talking about 8-10 5 digit withdrawal amounts far exceeding total deposits. They don't penalise successful traders or play around. You need to expect there might be a few BPS different from other sources (Reuters, Bloomberg, etc.) but this variance continues i.e. if you get -2 BPS to what you see on Reuters then your expiry price is about 2 BPS better. You have to expect this and account for it in your strategy / entry prices. Return %'s are stable throughout the day and month-on-month so no playing around here.
Trading limits are relatively small (you won't be able to do 10K+ trades or have multiple trades open at the same time totally 20k or something like that) although I'd say this generally adds to their credibility. Companies saying you can trade what you want and place 20k, 30k, etc. individual trades to me is a red flag.
Unfortunately since MIFID 2 was implemented they only offer FX (24 pairs in total). Commodities and Indicies have gone, probably something to do with them being futures rather than spot and MIFID 2 rules on pricing. That said I never saw a problem with the futures prices when they were there. Indicies had limited expiries so I didn't trade them on ETX anyhow. If they could bring the other assets back, with the same expiries offered for FX, I'd give them a 4.5.
Not saying they are perfect although I can't see any BO provider out there today that I would trust other than these guy's. Be sensible and record all your trades (record your screen and save them) and record all calls just to make sure. All brokers / traders do this for a reason so if you are a trader so should you. Get everything in writing about what you agree with them at account opening and keep the voice recordings just in case.
If you had a problem before 3-Jan-2018 report them to the UK Gambling Commission or if after the FCA. Both are transparent about issues raised about a registered / regulated entity and publish fines, warnings, etc. I'd like to see some of the negative posters here give feedback about the outcome of the UK Gambling Commission responses / resolutions to their issues. You can also escalate to the Financial Services Ombudsman. If you don't use these services then no point is choosing a regulated broker.
I hope this helps, especially as there are so many scams brokers out there and so few decent ones.
No response after receiving phone call
+44 (0) 20 7392 1494
No response at 5:55 PM UK time. Phone call was received on both but no voice . I waited for a minute at least on both of numbers.
i want to share what happend to me with ETX Capital.
i started to trade binary there about 5 monthes ago. everything was perfect as i was losing about 20K, the moment my account became green the problems arrived.
i made the account into 32K up in profit that means my balance was up to 52K.
since then i couldnt trade there, when i tried to place a trade an error appeared as it said:"your account is suspended" i was trying to talk with my account manager whom was very nice when i lost 20K but he said that he dont have a clue why this is happening.
after 2 weeks of waiting i finally recieved an Email from them that they decided to terminate my account, and my initial deposits have been returned, but "UNFORTUNATELY" they CANT pay me my profits and they are not gonna discuss the reason.
so now my account is 32K EUR but i cant trade it or withdraw it.
can you please guide me what should i do next?
offcourse ive recorded my calls with them and i have all the mails.
Thanks in advance.
I can not withdrawal .
Terrible, Terrible broker ever.