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In the fast-paced world of forex trading, choosing the right broker is crucial. XM and OvalX are two popular options, each with unique strengths and weaknesses. This comparison will dive into the key features of both platforms,helping you decide which one best suits your trading style and goals.
The radar chart above illustrates the comparison between XM and OvalX across several key metrics, with the highest possible score being 100 in each category.
At FxScouts, our mission is to assist traders in finding the broker that best suits their needs. Comparing brokers side-by-side is an effective method to achieve this goal. We evaluated XM and OvalX, using our standard criteria: trust and regulation, trading platforms, costs and trading conditions, and educational and market analysis resources.
Trust and regulation are crucial when selecting a Forex broker. A broker’s credibility is largely built on its regulatory status. We spend considerable time verifying the safety of each broker by examining their regulatory licenses. We also consider numerous factors when deciding which tier a regulator belongs to. Regulators that we rank as the world’s top regulators, gets a tier 1 rank, while regulators who only scores a tier 5-rank, provide virtually no regulatory oversight. The more top-tier authorities regulating a broker, the higher its trust rating. Read more about regulation and our tier system here.
In our comparison:
Based on these findings, XM earned a higher trust rating than OvalX.
When comparing brokers, trading costs are a significant factor. We consider the minimum deposit required to open an account and ongoing costs, including spreads and commissions. We measure the cost to trade one lot of EUR/USD using the broker’s account with the lowest minimum deposit, including both the spread and any commission charged.
We found that OvalX and XM have the same trading costs.
Trading Platforms Offered Traders prefer brokers that offer a variety of trading platforms. We rate brokers higher if they support multiple platforms like MetaTrader4, MetaTrader5, cTrader, and proprietary platforms.
Copy trading is beneficial for beginner traders or those unable to trade full-time. In this case both OvalX and XM offer copy trading.
A broader range of CFD instruments provides more trading opportunities. OvalX offers a greater variety of instruments compared to XM:
For those interested in trading cryptocurrencies, XM offers 60 cryptocurrencies, while OvalX offers 3 cryptocurrencies. Therefore, XM is the better choice for cryptocurrency trading.
Traders prefer brokers with quick and cost-effective deposit and withdrawal processes. We favor brokers that process withdrawals within 24 hours using multiple methods without charging fees.We found that OvalX charges a withdrawal fee and XM does not. Overall, XM has better deposit and withdrawal processes than OvalX.Â
We often find that brokers offer very little in the way of educational materials, forcing traders to use other third-party sites or self-educate elsewhere. Beginner traders need well-structured, well-presented materials in multiple formats to get a good start at trading. More experienced traders also benefit from webinars led by experts in the field and advanced trading strategy sections with new trading ideas.Â
XM has better educational support than OvalX. Both OvalX and XM offer educational support for more experienced traders.Access to frequent and high-quality market research and analysis is crucial.
We found that XM offers better research analysis than OvalX and that both OvalX and XM offer frequent webinars.
XM has some of the lowest fees in the industry, provides excellent research and education, and has a beginner-friendly trading app. With a large customer base and a good reputation, XM will be a good option for most Zambian traders. It also has an outstanding range of trading tools and offers traders generous bonuses and incentives.
XM offers four trading accounts, three of which have a minimum deposit of 5 USD and have no commissions for Forex trading. The highlight is the commission-free Ultra Low Account with spreads that start at 0.6 pips (EUR/USD).
The main drawback is that XM’s Zambian clients will be trading through XM’s company in Belize, which has poor regulatory oversight. However, Zambian traders still have negative balance protection and can rest assured that their funds are kept in segregated accounts.
ETX Capital is an FCA and FSCA-regulated broker with a feature-rich proprietary trading platform and a large range of tradable assets. With its highly customisable trading platform and 5000 share CFDs, ETX Capital is a good option for experienced traders or serious beginners looking to trade other assets than Forex.
ETX Capital offers full support for MT4 as well as its own award-winning proprietary platform, TraderPro. Unlike many proprietary platforms, TraderPro caters to both beginners and experienced traders and features numerous technical indicators, multiple chart types, split charting, highly customisable workspaces, and easy-to-use risk management tools.Â
Some traders may be disappointed at the lack of account options at ETX Capital, which has a single live commission-free account. Trading costs are average compared to other market maker brokers, with a minimum deposit of 100 USD and variable spreads averaging between 0.8 to 1.1 pips on the EUR/USD. Apart from share CFDs, ETX Capital offers trading on 60+ Forex pairs, cryptocurrencies, indices, commodities, and bonds - excellent for traders who wish to diversify their trading strategy. Â
ETX Capital also offers a wide range of educational materials for advanced traders, including regular courses run by professionals who have had successful careers as traders and senior managers at top financial institutions.
For more detailed reviews, please read our comprehensive assessments of XM and OvalX.
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Broker | Countries Regulated | Minimum Spread EUR/USD | Minimum Deposit | Trading cost/lot EURUSD Total trading cost at the time of last update, for 1 lot of EUR/USD using the account with the lowest minimum deposit. Includes spread and commission. | Broker Score | Broker Website | Select and Compare |
|---|---|---|---|---|---|---|---|
 |      | 0.10 pips | USD 3 | USD 7 | |||
 |   | 0 pips | USD 0 | USD 10 | |||
 | | 0 pips | USD 0 | USD 10 | |||
 |       | 0.60 pips | USD 0 | USD 6 | |||
 |    | 0.90 pips | USD 100 | USD 9 | |||
 | | 0.40 pips | USD 100 | USD 14 | |||
 | | 0.70 pips | USD 5 | USD 7 | |||
| | 0.60 pips | USD 5 | USD 6 | |||
 | | 0.10 pips | USD 200 | USD 8 | |||
 | | 0.70 pips | USD 10 | USD 17 |
Select another broker to another broker to compare features, fees, and platforms side by side.
Alison and Chris cover a range of topics, including how to choose a Forex broker, safety and regulation, how to reduce your risk, trading psychology, trading platforms, and trading strategies, among others.
The FxScouts podcast helps beginner Forex traders get the best start to their trading careers.
