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)

What is LBLV？

LBLV, founded in 2017 and registered in Seychelles, is a financial brokerage offering a range of trading instruments, including currencies, indices, stocks, metals, commodities, and digital currencies. It provides six account types to suit different trading needs. The company previously operated under the regulation of the Financial Services Authority (FSA). But this regulation has been revoked.

Additionally, LBLV is not available to residents and citizens of certain regions, including the USA and North Korea, due to regulatory restrictions.

Pros & Cons

Pros:

• Wide Range of Instruments: LBLV offers trading in various markets, including forex, indices, stocks, metals, commodities, and even digital currencies, providing flexibility for investors seeking diversification.

• Multiple Contact Channels: LBLV provides various customer support channels, including a phone number, email, live chat, and presence on social media platforms, which is beneficial for quick and convenient assistance.

• Diverse Account Types: LBLV offers diverse account types to cater to the varying needs of traders, including Rookie, Basic, Premier, Elite, Elite Plus, and VIP.

Cons:

• Revoked Regulation: The most significant concern is the revoked regulation by the Seychelles FSA. This raises serious doubts about investor protection and the company's legitimacy.

• High Minimum Deposit: The $5,000 minimum deposit is far above the industry average, making it a significant barrier to entry for many potential investors, especially beginners.

• Regional Restrictions: LBLV restricts residents of certain regions, including the US, from trading on their platform, limiting their reach and accessibility.

• Exposure of Inability to Withdraw: There are six pieces of exposure of inability to withdraw on WikiFX, which indicates risks to fund safety.

Is LBLV Safe or Scam？

LBLV is highly likely to be unsafe for several reasons.

Their previously claimed regulation by the Seychelles FSA, which is already considered low-tier, has been revoked, leaving investors practically unprotected in case of disputes or fraudulent activity.

There are six pieces of exposure on WikiFX alleging difficulty withdrawing funds, which is a significant red flag, indicating risks about the company's financial stability and manipulation of funds.

Additionally, the $5,000 minimum deposit is far above the industry average, creating a significant barrier to entry and potentially making it difficult to recover even a portion of your investment if things go wrong.

Market Instruments

LBLV offers over 1400 trading instruments across six different markets, providing traders with ample opportunities to diversify their portfolios and take advantage of various investment options.

Currencies: Take advantage of investment opportunities by engaging in the buying and selling of currencies through trading major or minor currency pairs like EURUSD, AUDGBP or USDJPY.

Indices: Trade on the performance of multiple stock companies as a whole and invest in global indices like S&P 500, Nasdaq, and FTSE by monitoring local economic conditions.

Stocks: Experience greater flexibility without buying the underlying assets by investing in big tech firms and other popular stock companies like Amazon, Microsoft and Apple.

Metals: Trade different spot metals where you can speculate Gold (XAU) or Silver (XAG) against major currencies. Invest in other precious metals like Aluminium and Platinum.

Commodities: Get more exposure to a wide variety of commodities and invest in agricultural and energy derivative contracts. Trade different commodities like Brent oil, coffee or gas.

Digital Currencies: With digital currencies, you can go long or short and trade Bitcoin, Ethereum, Ripple and Cardano. Make the most out of the volatile market with the right tools and platform.

Account Types

LBLV offers 6 account types to suit different trading needs. The accounts offered by LBLV share several common features, such as Islamic Account options, mobile trading capabilities, 24-hour dedicated support, access to account managers, technical indicators, and technical analysis tools. Additionally, all account holders have the option to open an EU Private Bank Account and access the services of a personal banker for assistance.

The Rookie Account, with a minimum deposit of $5,000 USD, is ideal for beginner traders or those with limited investment capital.

Moving up the ladder, the Basic Account requires a minimum deposit of $25,000 USD and targets traders with some experience and a slightly larger investment capital.

The Premier Account, with a minimum deposit of $50,000 USD, targets more experienced traders with a larger investment capital.

For seasoned traders or high-net-worth individuals, the Elite Account requires a minimum deposit of $100,000 USD.

The Elite Plus Account, with a minimum deposit of $250,000 USD, targets high-net-worth individuals or institutional traders.

At the top tier, the VIP Account requires a minimum deposit of $1,000,000 USD and is targeted at high-net-worth individuals or institutional traders seeking the most exclusive benefits.

Leverage

LBLV offers leverage of up to 1:400, enabling traders to amplify their trading positions significantly with a relatively small amount of capital. Leverage is a double-edged sword, as while it can magnify profits, it also increases the risk of substantial losses.

Spreads & Commissions

LBLV claims to offer low trading commissions, allowing traders to increase their market exposure to all accessible instruments without incurring high fees. Additionally, the platform promises zero hidden fees, ensuring transparency in trading costs. However, detailed information about spreads and commissions is not readily available on the LBLV website.

Trading Platforms

LBLV provides a flexible platform system suitable for all types of traders, offering a sophisticated toolkit accessible on any device.

The platform is cross-platform, meaning it can be accessed and used on various devices seamlessly. It offers various charts and timeframes, enabling traders to analyze market trends and make informed trading decisions. Traders can manage multiple trades simultaneously, enhancing their trading efficiency and flexibility.

LBLV's platform ensures security through SSL encryption, protecting traders' sensitive information and transactions. The platform also provides flexible layouts, allowing traders to customize their trading environment according to their preferences. Additionally, efficient indicators and tools are integrated into the platform to assist traders in conducting technical analysis and making informed trading decisions.

Trading Tools

LBLV provides many trading tools to help you process your trades.

Contract Expiries: Check the expiration dates of the futures contract you are investing in.

Calendar: With the regular use of the economic calendar, you can follow the release schedule of numerous economic indicators and get ready for significant market movements. Economic indicators help you consider trades in the context of economic events and understand price actions during these events.

Trading Hours: Monitor the opening and closing hours of global market exchanges.

Deposits & Withdrawals

The deposit methods are funding via credit or debit cards (Visa and MasterCard), bank transfers, and digital-currency wallets. Available currency options include EUR, USD, GBP, JPY, and AUD. In order to avoid conversion fees, choose a currency for your account that is the same as the currency you use for deposits and withdrawals.

Customer Service

LBLV provides customer support through various channels to cater to the diverse needs of its clients.

Traders can reach out to the support team via email, with dedicated email addresses for different languages and regions, includingclientservices-th@lblv.com, clientservice-ru@lblv.com, clientservice-pt@lblv.com, and clientservices@lblv.com.

Additionally, traders can contact LBLV's customer support team by phone at +1 8447924568, providing a direct and immediate way to seek assistance.

LBLV also offers live chat support, allowing traders to engage with a support representative in real-time for quick assistance.

Moreover, LBLV maintains a presence on social media platforms such as Facebook and Instagram.

Conclusion

LBLV presents an array of trading instruments and diverse account options, which can be enticing for traders seeking flexibility. However, there are significant red flags that cast doubt on its safety and legitimacy. The most concerning aspect is the revoked regulation by the Seychelles FSA, leaving investors with minimal protection. This, coupled with reports of difficulty withdrawing funds and a high minimum deposit, makes LBLV a highly risky choice for most investors.

We strongly advise to avoid LBLV and prioritize platforms with robust regulatory oversight and a commitment to investor protection.

Frequently Asked Questions (FAQs)

Q: Is LBLV regulated？

A: No, LBLV was previously regulated by FSA, but its regulation has been revoked.

Q: What trading instruments are available on LBLV？

A: LBLV offers a wide range of trading instruments, including currencies, indices, stocks, metals, commodities, and digital currencies.

Q: What is the minimum deposit required to open an account with LBLV？

A: $5,000.

Q: Are there any restrictions on who can trade with LBLV？

A: LBLV is not available to residents and citizens of certain regions, including the USA and North Korea.

Q: What leverage is available on LBLV？

A: LBLV offers leverage of up to 1:400.

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 provided in this review may be subject to change due to the constant updating of the company's services and policies.

In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.