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

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.

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

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.

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.

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:

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:

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.

Oval X minimum deposit vs other brokers

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:

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.

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.

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)

General Information

EagleFX is an online forex and cryptocurrency STP broker offering investors CFDs on hundreds of assets and the optimal trading environment. EagleFX offers deep liquidity, up to 1:500 trading leverage, and some of the best spreads in the industry. EagleFX is not currently subject to any active regulation.

EagleFX offer a variety of market instruments, including cryptocurrencies like Bitcoin and Ethereum, commodities such as gold and crude oil, stocks from global exchanges like Apple and Amazon, indices like S&P 500 and Nasdaq Composite, and futures contracts on various assets. EagleFX provides Real and Demo Accounts for traders to engage in live or simulated trading. The platform offers a user-friendly MetaTrader 4 (MT4) interface with comprehensive tools and features for efficient trading, including real-time market data and charting capabilities. While EagleFX lacks regulation, traders should exercise caution and conduct thorough research. The leverage ratios vary across different asset classes, with Forex and Metals at 1:500, Indices and Energies at 1:200, Cryptocurrencies at 1:100, and Stocks at 1:20. EagleFX implements variable spreads and charges a fixed commission fee of $6 per lot traded. Traders can reach their 24/7 customer support for assistance, and convenient deposit and withdrawal options are available.

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.

We will also briefly summarize the main advantages and disadvantages so that you can understand the broker's characteristics at a glance.

Is EagleFX legit or a scam？

EagleFX is registered in Dominic, but it is not regulated by any reputable financial authority. It's crucial to understand the risks associated with trading with an unregulated broker. Without oversight from regulatory bodies, there is a higher risk of unfair practices and inadequate protection of clients' funds. Traders must conduct thorough research and exercise due diligence before considering opening an account with an unregulated broker. It is important to prioritize the safety and security of funds by choosing a broker that is regulated by recognized financial authorities.

Market instruments

Currency pairs, indices, commodities, metals, energy, cryptocurrencies, stocks, futures .....EagleFX allows clients to access a huge range of trading markets. Therefore, both beginners and experienced traders can find what they want to trade on EagleFX.

1. Cryptocurrencies:

   EagleFX provides a wide range of cryptocurrencies for trading. This includes popular digital assets like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and many others. Cryptocurrencies offer traders the opportunity to speculate on the price movements of these decentralized digital currencies.

2. Commodities:

EagleFX offers a variety of commodities for trading, allowing investors to participate in the global commodities market. Examples of commodities available on the platform include gold, silver, crude oil, natural gas, platinum, and agricultural products like corn, wheat, and coffee. Trading commodities can be influenced by factors such as supply and demand, geopolitical events, and economic indicators.

3. Stocks:

EagleFX allows traders to access a selection of stocks from different global exchanges. These stocks represent ownership in various companies across industries such as technology, finance, healthcare, and more. Examples of stocks available for trading may include Apple (AAPL), Amazon (AMZN), Microsoft (MSFT), Google (GOOGL), and Facebook (FB). Stock trading can involve analyzing company fundamentals, news, and market trends.

4. Indices:

EagleFX offers a range of indices, which are a compilation of multiple stocks representing a specific market or sector. Investors can trade on the price movements of indices such as the S&P 500, Dow Jones Industrial Average (DJIA), Nasdaq Composite, FTSE 100, and Nikkei 225. Trading indices provides exposure to broader market trends rather than individual stocks.

5. Futures:

EagleFX provides futures trading opportunities to investors. Futures contracts allow traders to speculate on the future price movements of various assets, including commodities, currencies, and stock indices. Futures can be used for hedging purposes or to capitalize on price fluctuations. Popular futures contracts include crude oil futures, gold futures, S&P 500 futures, and Eurodollar futures.

It's important to note that the availability of specific market instruments may vary and can be subject to market conditions and regulations. It's advisable to consult the EagleFX platform or contact their customer support for the most up-to-date information on the instruments they offer

Pros and Cons

EagleFX offers a wide range of market instruments, a user-friendly MetaTrader 4 platform, and comprehensive educational resources. Their 24/7 customer support ensures assistance whenever needed. However, the lack of regulation raises concerns about fund protection and fair practices. Limited information on bonuses and promotions is provided. Traders should exercise caution and conduct thorough research before considering trading with EagleFX.

Spreads and Commissions

EagleFX implements a variable spread, meaning that the spread value continuously changes based on the ask and bid prices in the market. This dynamic spread allows traders to experience real-time pricing and reflects the liquidity and volatility of the specific asset being traded.

In addition to the spread, EagleFX applies two types of fees during trading:

1. Commission Fees: Traders are charged a fixed commission fee of $6 per lot traded. This fee is applicable for each round-turn trade executed.

2. Swap Fees: Swap fees are applied when a position is held overnight. The specific swap fees vary across different assets. For detailed information on swap fees, it is advisable to contact EagleFX directly or refer to their resources.

These costs are very important when calculating profits and losses, and should be considered in aggregate and not chosen in isolation. If you want to trade with EagleFX, we recommend that you take the time to calculate these transaction costs.

Account Types

Demo Account: EagleFX provides a demo account that allows you to try out the financial markets without the risk of losing money.

Live Account: EagleFX does not provide much real account information. Generally, Forex brokers offer several different levels of real accounts with different trading conditions (leverage, spreads, commissions, etc.) depending on the minimum deposit amount. Due to the law prohibiting interest in the Islamic region, some brokers also offer Islamic accounts without overnight interest charges.

How to open an account？

Here's a description of the account opening process for EagleFX, including 3-5 steps:

1. Visit the Website:

   Start by visiting the EagleFX website and locating the account opening section. Look for a “Sign Up” or “Open an Account” button to initiate the process.

2. Registration:

Click on the account opening button and fill out the registration form. Provide the required information, including your name, email address, and desired password. Ensure that all details are accurate and complete.

3. Account Type Selection:

Choose the type of account you wish to open, such as a Real Account or Demo Account. Consider your trading preferences and objectives when making this selection.

4. Verification:

Complete the verification process to confirm your identity. This may involve providing additional documentation, such as proof of identification (passport, driver's license) and proof of address (utility bill, bank statement).

5. Fund Your Account:

Once your account is verified, you can proceed to fund it. Select your preferred deposit method from the available options, which may include bank transfers, credit/debit cards, or e-wallets. Follow the instructions provided to complete the deposit process.

Note: The specific steps and requirements for account opening may vary, and it's essential to consult the EagleFX website or contact their customer support for the most accurate and up-to-date information regarding their account opening process.

It's important to consider that trading involves risk, and individuals should carefully review the terms and conditions of EagleFX before opening an account.

Trading Platforms

Although a long time has passed since the launch of MT4, it is still a major player in the market and is loved by traders all over the world. Accessing it from different devices also makes it easier for users to trade.

Leverage

EagleFX offers varying leverage ratios for different asset types, allowing traders to amplify their exposure to the market. Here's a brief overview of the leverage ratios provided by EagleFX:

For stocks, the leverage ratio is 1:20, meaning traders can trade with 20 times their account balance.

Forex and Metals have a leverage ratio of 1:500, enabling traders to control positions that are 500 times their account balance. This higher leverage can potentially magnify profits or losses.

Indices and Energies have a leverage ratio of 1:200, giving traders the ability to trade with 200 times their account balance.

Cryptocurrencies have a leverage ratio of 1:100, allowing traders to control positions that are 100 times their account balance.

It's important to note that while leverage can increase potential gains, it also magnifies potential losses. Traders should exercise caution and carefully manage their risk when utilizing leverage. Understanding the specific leverage ratios for each asset type is crucial to making informed trading decisions.

Please note that leverage ratios are subject to change and may vary based on market conditions and regulatory requirements. Traders should consult the EagleFX platform or contact their customer support for the most up-to-date information regarding leverage ratios for different asset classes.

Deposit and withdrawal methods and fees

EagleFX offers convenient options for depositing and withdrawing funds. For deposits, traders can choose from credit/debit cards, bank wire transfers (via Instacoins), or Bitcoin. The minimum deposit amount for credit/debit cards and bank wire transfers (via Instacoins) is $50, while for Bitcoin, it is $10.

For withdrawals, traders can use Bitcoin or withdraw via Coinbase and Alipay. The minimum withdrawal amount for Bitcoin is $10, regardless of the currency (USD, GBP, EUR). It's important to note that the availability and specific withdrawal methods may be subject to change or regional limitations.

EagleFX also provides the BITs option, which allows traders to take advantage of Bitcoin's fluctuating market prices. The value of BITs may vary based on the Bitcoin spot exchange rate driven by various factors.

For detailed and up-to-date information on deposit and withdrawal methods, it is recommended to consult the EagleFX website or contact their customer support.

Customer Support

EagleFX provides comprehensive customer support to assist traders with their needs. Their dedicated staff is available 24/7 to address inquiries and provide assistance. Traders can reach out to the support team through various channels, including phone, email, and live chat on social platforms such as Facebook. Whether you have questions about account-related matters, technical issues, or general inquiries, the customer support team is ready to help you in any way possible. Their commitment to round-the-clock support ensures that traders receive timely assistance whenever they need it.

Educational resources

EagleFX offers educational resources to support traders in their journey. They provide tutorials, blog posts, and other informative content to help traders enhance their knowledge and skills. Additionally, EagleFX has an extensive FAQ section on their website, addressing common questions about trading, account management, and platform features. By providing these educational materials and comprehensive FAQs, EagleFX aims to empower traders with the information and insights they need to make informed trading decisions and navigate the financial markets effectively.

Customer support of EagleFX

EagleFX offers educational resources to support traders in their journey. They provide tutorials, blog posts, and other informative content to help traders enhance their knowledge and skills. Additionally, EagleFX has an extensive FAQ section on their website, addressing common questions about trading, account management, and platform features. By providing these educational materials and comprehensive FAQs, EagleFX aims to empower traders with the information and insights they need to make informed trading decisions and navigate the financial markets effectively.

Below are the details about the customer service.

Language(s): English

Service Hours: 24/7

Online chat, call back, submit a ticket

Social medias: Facebook, Instagram, twitter.

Users exposures on WikiFX

We have not received any reports of fraudulent activity at this time. However, this does not necessarily mean that this broker is safe and you should remain vigilant to prevent being scammed.

Conclusion

EagleFX is an online trading platform catering to a diverse range of traders. They offer a variety of market instruments, including cryptocurrencies, commodities, stocks, indices, and futures. The platform provides Real and Demo Accounts for live or simulated trading. While EagleFX lacks regulation, they offer a user-friendly MetaTrader 4 interface with comprehensive tools. Leverage ratios vary across asset classes. EagleFX implements variable spreads and charges a fixed commission fee of $6 per lot traded. Traders can reach 24/7 customer support, and convenient deposit and withdrawal options are available. However, it's crucial to note the lack of regulation and exercise caution. Conducting thorough research before trading with EagleFX is recommended.

FAQs

Q: Is EagleFX a regulated broker？

A: No, EagleFX is not a regulated broker.

Q: What trading instruments are available at EagleFX？

A: EagleFX offers a wide range of trading instruments, including Cryptocurrencies, Commodities, Stocks, Indices, Futures

Q: Does EagleFX offer a demo account？

A: Yes, EagleFX offers a demo account that allows clients to practice trading in a risk-free environment with virtual funds.

Q: What trading platforms does EagleFX offer？

A: EagleFX offers a trading platform MetaTrader 4.

Q: Does EagleFX offer any bonuses or promotions？

A: It is not clear if EagleFX offers any bonuses or promotions, as the information is not provided on their website.

Q: What is the maximum leverage offered by EagleFX？

A: The maximum leverage offered by EagleFX is 1:500.

Q: Are there any Inactivity Fees？

A: No, customers are not charged any inactivity fees.