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OvalX vs HFM - 2024 Comparison | FxScouts
AuthorAuthor: Björn MichelsUpdated: Nov 15, 2023

Last Updated On Nov 15, 2023

Björn Michels

Trading with a reputable online broker is a crucial factor for success in the international markets. At FxScouts, we help you find the broker that suits your trading needs.

Each year we spend thousands of hours testing brokers by opening accounts, testing their platforms, and rating them according to a set of over 200 metrics. We deposit real money with the brokers to ensure that the products and user experience they advertise are consistent with reality.

We have found that the best way for traders to choose a broker is to compare brokers side-by-side. The comparison tool below allows you to compare two brokers based on their ratings and features.

Select brokers to compare

Select brokers to compare

How do HFM and OvalX stack up against each other?

The Radar Chart below highlights how the brokers stack up against each other across various metrics. The highest score a broker can receive in each area is 5.

HFM

OvalX

At FxScouts, we help traders find the broker that suits their trading needs. In many cases, the best way to achieve this is to compare brokers side-by-side.

To compare HFM and OvalX, we used the same factors we use when reviewing brokers: The trust and regulation of the broker, the trading platform, the costs and trading conditions, and the level of education and market analysis available at the broker.

Does HFM or OvalX have a better trust and regulation rating?

Trust and regulation are some of the most important factors to consider when choosing a Forex broker. Trust in the Forex trading business is almost entirely founded upon regulation. We spend many hours evaluating the safety of each broker by delving into their fine print and confirming each one of their regulatory licences on the online registers. The more top-tier authorities a broker is regulated by, the higher its trust rating.

In our comparison, we found that HFM holds two Tier 1 and one Tier 2 licences, and OvalX holds two Tier 1 and no Tier 2 licences.

 

Is HFM financially regulated?

Yes HFM was founded in 2010 and is regulated by CySEC, DFSA, FCA, FSC, FSCA and FSA-Seychelles.

 

Is OvalX financially regulated?

Yes OvalX was founded in 2002 and is regulated by CySEC, FCA and FSCA.

 

Based on these findings, 0 earned a higher trust rating than 0.

Does HFM or OvalX have lower costs?

Another important aspect we consider when comparing brokers is the cost of trading. When evaluating trading costs, we always consider the minimum deposit required to open an account and the ongoing trading costs, including the spreads and commissions. When calculating trading costs, we measure the cost to trade one lot of EUR/USD using the broker’s account with the lowest minimum deposit. The cost includes both the spread and any commission charged. 

Not all brokers publish their trading costs, so we often open accounts and trade on their platforms to verify the spreads and commissions. Based on our reviews, we found that OvalX has overall lower trading costs than HFM. 

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Broker
Trading Conditions
Base Currencies
EURUSD (Standard)
Trading Cost (Standard)
EURUSD (Best)
GBPUSD (Best)
USDJPY (Best)
Commission
OvalX
11110.54.5/ 5
EUR, GBP, USD
0.60 pips
USD 6
1.01 pips
1.85 pips
1.35 pips
USD 0
HotForex
11110.54.5/ 5
EUR, USD, ZAR
1.00 pips
USD 10
0.10 pips
0.50 pips
0.30 pips
USD 0

 

Does HFM or OvalX offer a better choice of trading platforms?

Traders want Forex brokers to offer them a choice of trading platforms, so we give brokers who offer multiple platforms higher ratings. Trading platforms we consider include MetaTrader4, MetaTrader5, cTrader and proprietary mobile and web-based platforms. 

In this case, 0 offers support for and 0 offers support for . 

Do the brokers offer copy trading?

In this case both HFM and OvalX offer copy trading.

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Broker
Platform Choice
Copy Trading
Platforms
OvalX
11110.54.5/ 5
ETX
HotForex
11110.54.5/ 5
HFM Trading App

 

Which broker offers a better choice of trading instruments?

A variety of CFD instruments – and a large range of CFDs for each instrument category allow traders more opportunities for profitable trading. The best brokers will have thousands of CFDs to trade, covering all these instrument categories. We found that OvalX offers a greater range and depth of instruments to trade than HFM. OvalX offers 62 Forex pairs to trade and HFM offers 53 Forex pairs to trade.

Toplist Forex Pairs

And what about Cryptocurrencies?

In this case, HFM offers 40 cryptocurrencies while OvalX offers 3 cryptocurrencies. So if you want to trade cryptocurrencies, we advise trading with HFM.

Which broker offers better deposit and withdrawal processes?

Although brokers may have reasonable trading fees, many traders are caught out by the high non-trading fees charged by some brokers, including deposits and withdrawals. Traders want to be able to deposit and withdraw funds quickly and cheaply. Most brokers have multiple funding methods with zero fees for making deposits, but some brokers make it more expensive and take longer to process withdrawals. 

We rate brokers more highly that process withdrawals within 24 hours by multiple withdrawal methods and without charging processing fees. We found that OvalX charges a withdrawal fee and HFM does not. Overall, 0 has better deposit and withdrawal processes than 0. 

Which broker offers better educational support?

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. 

HFM has better educational support than OvalX. Both HFM and OvalX offer educational support for more experienced traders.

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Broker
Beginner Course
Advanced Course
OvalX
HotForex

 

Which broker offers better market analysis materials?

To successfully predict the price movements of an instrument, traders will need access to frequent market research and analysis. We find that research and market analysis are always better when they are produced in-house and updated frequently. Third-party resources don’t show the same expertise in trading ideas, so we place a strong emphasis on frequent in-house updates. Some brokers also often offer interactive webinars where traders can learn from experts in the field. 

We found that HFM offers better research analysis than OvalX and that both HFM and OvalX offer frequent webinars.

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Broker
Economic Calendar
Autochartist
Trading Central
Trading View
Free VPS
OvalX
HotForex

 

Our overall Verdict on HFM

HFM (formerly known as HotForex) is a global CFD broker offering a wide range of trading products, five account types, and the MT4 and MT5 platforms, along with some excellent trading tools. Indian traders will be trading through HFM's St Vincent and Grenadines licenced subsidiary, as, like most international brokers, HFM does not hold an Indian SCM licence.

HFM offers four standard accounts and one specialised copy trading account.  Three of its four standard accounts have no minimum deposit requirements and have extremely competitive trading fees. All accounts are available as Islamic accounts. We were also pleased to find that HFM has recently reintroduced cryptocurrency trading, no doubt because of the popularity of the asset. This is alongside an excellent range of trading instruments, including 950 international stocks.

HFM supports the MT4 and MT5 platforms in addition to its own mobile HF App, which allows clients to trade from charts and make deposits and withdrawals. It also has several excellent trading tools to assist traders further. Unfortunately, access to tools such as Autochartist, which other brokers offer as a free service, requires an account balance of 100 USD.

Our overall Verdict on OvalX

As of January 26, 2023, OvalX is no longer accepting new clients. Choose one of our other recommended brokers for Indian traders.

OvalX (formerly 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, OvalX is a good option for experienced traders or serious beginners looking to trade assets other than Forex.

OvalX offers full support for MT4 and its award-winning proprietary platform, TraderPro. Unlike many proprietary platforms, TraderPro caters to beginners and experienced traders and features numerous technical indicators, multiple chart types, split charting, highly customisable workspaces, and easy-to-use risk management tools. 

Some traders may be disappointed at the lack of account options at OvalX, 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 0.60 to 1.1 pips on the EUR/USD. Apart from share CFDs, OvalX offers trading on 60+ Forex pairs, cryptocurrencies, indices, commodities, and bonds - excellent for traders who wish to diversify their trading strategy.  

OvalX 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.

Which broker has the highest overall rating?

HFM has an overall rating of 4.53 and OvalX has an overall rating of 4.17. For more detail please read our reviews of HFM and OvalX.

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