OvalX is a large and established broker, offering CFD trading in United Kingdom, Europe and South Africa.
Owned and operated by Monecor (London) Ltd, they are headquartered at: Finwell House, 26 Finsbury Square, London EC2A 1DS United Kingdom. Official Website is at: https://www.ovalx.com/en-gb/.
Customer support email address is: [email protected]. Contact phone number is; United Kingdom: +4402073921434.
Investors with complaints or withdrawal problems should read this.
Our review of the brokers OvalX shows that they offer their clients the industry standard MT4 trading platform, or their inhouse OvalX trading platform. You will find the web-based trading app, or you can download the mobile app from iTunes and Google Play.
OvalX offers a full line of underlying assets for trading CFD’s, including all popular Forex pairs. For Crypto trading, you will find the five basic coins available. Margin rates vary depending on your local regulator. Day traders in the European Union are limited to a maximum of 30:1, and in South Africa margin rates are as high as 500:1. The minimum deposit for a new trading account is $210.
Many new investors get involved in Forex trading & investing, because of a Forex trader they found on Telegram. Before following one of these traders, you must know that the people running managed account schemes are very often frauds! Recently the Gaurdian published an interesting article able Crypto pump and dump scams, it is worth a read, see here.
Before investing your hard earned money, you should educate yourself about day trading, and then look into legitimate trading services at a regulated broker.
Is OvalX a Regulated Broker?
Yes. OvalX operates three different websites depending on your country of residence.
- United Kingdom: Owned by Monecor (London) Ltd and regulated by the FCA with licensed number 124721.
- South Africa: This broker is regulated by the FSCA with license number FSP 50246.
- European Union: Owned by Monecor (Europe) Limited, they are regulated in Cyprus by CySEC license number 096/08.
The Scam Broker Investigator has been reviewing online brokers for almost 10 years, and our review methodology has not changed. We first review a new broker by checking the validity of that brokers license. Why does a broker need a valid license? Because everyday we expose more offshore brokers that disappear and steal investors money.
OvalX does not accept customers from the following countries: United States, Belgium, Canada, Singapore, and Switzerland. As of June 2022, 73.85% of retail investor accounts lose money when spread betting or trading CFDs with OvalX.
A proper CFD broker is always regulated and licensed by; ASIC Australia, FCA United Kingdom, or your local governments financial regulator. Always use a licensed broker, because of the protection you are offered from your financial regulator.
Smart investors always review a few different brokers before making a final decision.
What was your experience investing with OvalX brokers? Please share your thoughts in the comment section below.