Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.


OvalX is a UK and Cyprus-regulated broker that manages to present an affordable offer that will surely attract the attention of many traders. The broker asks for a relatively low minimum deposit, offers decent spreads, and charges little to no non-trading fees. It also offers clients the chance to trade on industry-staple MetaTrader 4, or on OvalX’s own personal platform. However, the broker offers a limited amount of trading tools, very basic research tools, no additional imaginative features, and limited customer support (Monday to Friday 7:30 am to 9 pm).

Read the full review to see if OvalX is the right broker for you.


OvalX is a broker regulated by some of the most reputable financial authorities in the world – the UK regulator FCA, Cyprus’s CySEC, and the FSCA of South Africa. The company behind OvalX is called Monecor Ltd.

The FCA and CySEC are the top financial regulators in Europe – a license by one or both of them proves that the broker is trustworthy and reliable, and aims to maintain a high standard of service. If a certain company fails to properly follow laws and procedures and meet the many requirements these authorities have for brokers under their jurisdiction, it risks getting a huge fine or losing the license it fought so hard to obtain.

All EU and UK brokers have to prove their financial stability by maintaining a minimum capital of €730 000. They also have to participate in compensation funds – so in case a broker goes bankrupt, each of its clients could receive a compensation of up to €20 000 in the EU or £85 000 in the UK. Such companies are obligated to keep client money separate from their own in segregated bank accounts – this keeps your money from being lost in case of broker insolvency, prevents the broker from using your money for its own financial purposes, knowingly or unknowingly, and speeds up withdrawals. Negative balance protection is also mandatory – as a retail client, you could never lose more money than you have in your account.

The regulatory framework in South Africa is quite different from the one in Europe. The FSCA is the regulatory body guaranteeing the integrity and fairness of the financial markets and making sure that forex brokers conduct business in accordance with all laws. All FSCA- licensed brokers have to have a local office, and have to be evaluated by the regulator. Evaluations are performed based on the broker’s reputation and financial stability, and the qualifications of its employees. All South African brokers must also prove that they have enough money to cover all expenses and any potential debt.

CountryRegulatorMinimal Capital RequirmentsCompensation SchemeNegative Balance Protection
The UKFinancial Conduct Authority (FCA)€730 000£85 000Yes
CyprusCyprus Securities and Exchange Commission (CySEC)€730 000€20 000Yes
South AfricaFinancial Sector Conduct Authority (FSCA)determined on a case-by-case basisNoNo

Working with a licensed broker is vital if you want to be sure you will be trading as safely as possible. Here are some other options for brokers licensed by CySEC.


OvalX offers the choice between two trading platforms – the well-known MetaTrader 4 and its own platform that comes in both a web and a mobile version.

For most traders, MT4 needs no introduction – this is one of the most popular and revolutionary platforms in the trading world. Although its popularity has been declining in recent years due to the introduction of MT5, many traders still swear by MT4 and consider it to be the ultimate platform for forex and CFD trading. The software is very intuitive and accessible but full of useful tools and features. Clients will get access to various indicators, timeframes, chart types, and order execution types, as well as to many advanced functions. You could employ Expert Advisors to track markets and trade automatically, and keep them operating even when your computer is off with a VPS, create your own indicators and trading bots, set signals for prices going up or down, or subscribe to those set by others for a small monthly fee, usually around $35, use a Strategy Tester, purchase additional trading apps on the MT market for a customized trading experience, etc. MT4 is a truly great option every trader should at least be familiar with.

Take a look at the broker’s MT4 terminal below:

Other brokers offering MT4:

OvalX’s own platform was also very easy to navigate. We were able to access a decent number of charting tools and indicators, set alerts, and access various education tools through the platform – ebooks, courses, and a comprehensive platform guide. This is a very beginner-friendly option – however, more advanced clients might find the absence of any additional features unimpressive.


OvalX does not offer a huge variety of trading account types. All you need to do is to deposit £250 in order to get started – for every consecutive payment the minimum deposit is $/€/£ 100. You will be getting access to the same features, trading instruments, and prices no matter what and no matter how much you decide to invest.

Here is how OvalX compares to some big brokerages when it comes to the price of a basic account:

However, there are some account customization options. Firstly, you can choose the platform you would like to trade on – MT4 or OvalX’s platform. After that, you have to choose if you want to trade forex and CFDs, or start spread betting. The base account currencies are EUR, USD, and GBP.

The range of instruments OvalX allows you to trade is not very impressive. If you want to trade forex and CFDs, you would get access to around 60 currency pairs, and CFDs on commodities, indices, shares, bonds, and cryptocurrencies – about 100 instruments total. Considering that some big brokers can offer more than 1000 instruments, in addition to access to a bigger number of markets, we would not say that OvalX offers something remarkable.

The offer of spread betting is worth noting – not a lot of brokers provide access to this tool, and it is currently not offered outside of the UK. Keep that in mind if you are working with the Cyprus branch of OvalX. Spread betting allows you to place a bet on the price of a certain asset – an asset you do not actually own. You try to guess if the price of the asset will go up or down in the future, and pledge a certain amount of money. After that, depending on the outcome, you would lose or win that same amount of money for every point up or down. For example, you think that the price of asset X will go up from $100 and bet $1. The price of the asset goes up to $110 – and you receive $1 for every point up to a total of $10. However, if the price goes down to $190, you will lose $10.

When it comes to the leverage OvalX offers, there are no surprises – up to 1:30 on forex majors. Currently, brokers regulated in the UK or EU cannot offer anything higher than that to retail clients – since trading with higher leverage involves bigger risks. It could indeed result in bigger profits but it could also lead to far bigger losses – which is why authorities have tried to limit the size of those losses. If you would like to get access to higher leverage, you could try and qualify as a professional client – but you would have to meet additional conditions. Currently, for a trader to qualify as a professional client, they would have to meet two of the following conditions – to have a capital of at least $500 000, to have made a certain number of big offers in the past year, or to have worked on a relevant position in the financial sphere for at least a year. OvalX is willing to offer higher leverage to professionals – however, the broker does not specify the exact numbers on its website.

When it comes to spreads, OvalX is a quite affordable broker. There are no commissions, those are added to the spread instead. We got between 0.7-0.8 pips on EURUSD. The broker does say that spreads could go as high as 1.22 pips but that is still decent. Brokers usually try to keep spreads around 1.5 pips – this is the average number you would find across the industry.


OvalX offers a decent number of education tools beginner traders will find useful. You can open a demo account and start trading with this broker in about a minute. Additionally, you could get access to a few webinars, and check out the broker’s blog, or market and analysis news – there is a new post with relevant information every few minutes.


OvalX accepts all the most popular payment methods – Visa or MasterCard, wire transfer, and e-wallets like Skrill, for example. The broker does not charge fees on deposits or withdrawals.

In addition to that OvalX does not charge an inactivity fee or an account maintenance fee.


OvalX is a good option if you are looking for a relatively affordable broker who is still licensed by some of the most respected and trusted regulatory bodies in the world. The broker offers access to great trading platforms and educational tools and does not charge deposit or withdrawal fees, or any other non-trading fees. However, do not expect a huge range of instruments, or any other innovative features. Although this is a good option, we believe that you could still find a company that offers lower prices, a better trading environment, and carries a more innovative spirit.

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