This ETX Capital review assesses the UK-based broker’s regulatory status, platforms, trading conditions, and client protections. ETX Capital, now operating as OvalX, has a long-standing presence in the UK derivatives space, offering CFD and spread betting services across multiple asset classes through its proprietary and MetaTrader platforms.

Regulation and Safety

ETX Capital (OvalX) is authorised and regulated by the Financial Conduct Authority (FCA) under license number 124721. The broker maintains strong client fund protections including:

• Segregation of client money in Tier-1 UK banks
• Eligibility for the Financial Services Compensation Scheme (FSCS) up to £85,000
• Annual external audits and ongoing FCA oversight
• Secure client login and encrypted trading portals

The broker transitioned to the OvalX brand following a rebranding under Monecor (London) Ltd.

Execution Model and Trading Platforms

ETX Capital uses a market maker model with No Dealing Desk (NDD) functionality on specific instruments. Execution is routed through:

• ETX TraderPro: Proprietary web and mobile platform with advanced charting
• MetaTrader 4 (MT4): Standard MT4 terminal with CFD and FX access

VPS and FIX API are not available. Trade execution is typically under 50ms, and all pricing is derived from aggregated liquidity providers.

Markets and Instruments

ETX Capital provides CFD and spread betting access to over 5,000 global markets:

• Forex – majors, minors, and exotics
• Indices – global cash and futures contracts (e.g., US500, FTSE, DAX)
• Commodities – metals, energies, and softs
• Shares – UK, US, European equities via CFDs or spread bets
• Cryptocurrencies – BTC/USD, ETH/USD, LTC/USD (as CFDs)

All instruments are offered as leveraged derivatives. Spread betting is available only to UK residents.

Accounts, Spreads and Leverage

ETX Capital offers a single account structure with flexible conditions based on trader classification. Key details include:

• Minimum deposit: £100
• Spreads: From 0.6 pips on EUR/USD
• Leverage: Up to 1:30 for retail clients, up to 1:200 for professional clients
• Stop-out level: 50%
• No commission on forex and index CFDs (spread-only pricing)

Professional clients must meet FCA criteria to access higher leverage and waive retail protections.

Funding and Base Currencies

ETX Capital accepts funding in the following currencies: GBP, EUR, USD. Supported deposit and withdrawal methods include:

• Bank wire transfer
• Credit/debit cards (Visa, Mastercard)
• eWallets – Skrill and Neteller

Deposits are typically processed instantly for cards and wallets. Withdrawals take 1–3 business days. No deposit fees; withdrawal fees may apply based on method.

Client Protections and Features

As an FCA-regulated broker, ETX Capital provides strong retail protections:

• Negative balance protection for retail clients
• FSCS compensation up to £85,000
• Two-factor authentication and biometric login options
• Daily margin alerts and automatic risk controls

Educational resources include webinars, market commentary, trading guides, and platform tutorials.

Institutional and Retail Offering

ETX Capital primarily serves retail traders but offers limited institutional access:

• Retail: Spread betting and CFD trading with full platform access
• Professional: Higher leverage and raw pricing on request
• Institutional: No white-label, FIX API, or prime brokerage services

Dedicated account managers are assigned to high-volume traders and professional accounts.

Pros and Cons

Pros

• FCA-regulated with FSCS protection
• Low minimum deposit and tight spreads
• Intuitive TraderPro platform with advanced charting
• Supports both CFD and spread betting
• Cryptocurrency CFDs available

Cons

• No VPS or FIX API access
• Limited institutional and professional tools
• Restricted leverage for retail traders under FCA rules
• Brand transition to OvalX may create user confusion

Frequently Asked Questions

Is ETX Capital regulated?

Yes, ETX Capital is regulated by the UK Financial Conduct Authority (FCA) under license number 124721.

What is the minimum deposit at ETX Capital?

The minimum deposit to open a live account is £100.

What platforms are available with ETX Capital?

ETX Capital offers its proprietary TraderPro platform and MetaTrader 4 (MT4) for desktop, web, and mobile trading.

Can I trade crypto with ETX Capital?

Yes, cryptocurrency CFDs including Bitcoin and Ethereum are available to eligible clients.

Is spread betting available with ETX Capital?

Yes, spread betting is offered exclusively to UK residents alongside CFD trading.