Overall Rating: ★★★☆☆ (3.3/5.0)

ETX Capital, rebranded in recent years under the name OvalX, was a well-established UK-based forex and CFD broker offering MetaTrader 4, a proprietary web platform, and access to a wide range of global markets. While it was previously regulated by the UK Financial Conduct Authority (FCA) and known for its strong local support and intuitive platforms, OvalX ceased operations in 2023 following the sale of its client book to Capital.com. As such, this ETX Capital review serves as an overview of its historical service and what traders can expect if redirected.

Key Features

Before closing, ETX Capital offered a diverse suite of trading tools suitable for both beginner and intermediate traders.

• Trading Platforms:
  • MetaTrader 4 (MT4) for advanced traders
  • ETX TraderPro – A proprietary web-based platform with intuitive charting and execution
• Markets Offered:
  • Over 5,000 instruments, including forex, indices, equities, commodities, and cryptocurrencies
• Order Execution:
  • Market and limit orders with fast execution
• Mobile Trading:
  • Mobile apps were available for both MT4 and TraderPro

Regulation and Security

ETX Capital was FCA-regulated, ensuring a high level of client protection while in operation.

• Regulated by the FCA – FRN 124721 (under Monecor (London) Ltd)
• Client Fund Segregation: Yes, under UK rules
• Investor Protection: Clients were protected by the FSCS up to £85,000
• Negative Balance Protection: Provided to retail clients under ESMA guidelines

However, as OvalX closed in early 2023, the FCA authorisation has since been surrendered, and the brand no longer offers trading services directly.

Pricing and Costs

ETX Capital previously offered tight spreads and zero commissions on most trades.

• Spreads:
  • Forex: From 0.6 pips on major pairs
  • Equities and indices: Competitive, with dynamic pricing
• Commission:
  • Commission-free on most CFD instruments
  • Share CFDs had variable commission
• Minimum Deposit: £100
• Deposit/Withdrawal Fees: None charged internally
• Inactivity Fee: Applied after 6 months of inactivity

Educational Resources and Customer Support

ETX Capital provided user-friendly educational tools, especially for beginners.

• Education:
  • Webinars, trading guides, MT4 tutorials, and platform walkthroughs
• Market Analysis:
  • Daily news, technical setups, and macroeconomic coverage
• Support Channels:
  • 24/5 live chat, phone, and email
  • Localised support for UK and European clients

Risk Management Tools

ETX Capital supported standard risk tools within both MT4 and TraderPro.

• Risk Features:
  • Stop-loss, take-profit, and trailing stops
• Leverage:
  • Retail: Up to 1:30
  • Professional: Up to 1:200, if eligible
• Risk Warnings: Clear margin level alerts and account monitoring

Pros and Cons

Pros

• FCA-regulated (until closure)
• User-friendly TraderPro platform and MT4 support
• Diverse asset range including crypto CFDs
• Strong UK-based support
• Commission-free trading on most products

Cons

• Ceased operations in 2023
• No longer accepting new clients
• All clients redirected to Capital.com
• Historical brand only – no active service

Conclusion: Is ETX Capital Still a Viable Broker?

ETX Capital (OvalX) is no longer operational, having exited the market in 2023. For historical clients, the transition to Capital.com may offer continuity in terms of platform access and account balance transfers. However, new traders looking for an FCA-regulated alternative should consider other active brokers with similar features such as Pepperstone, IG, or CMC Markets.