Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
6/10 · HighA real Securities Dealer Licence, confirmed as Oval Ltd's own on the Seychelles FSA register, but offshore and low tier with no compensation scheme or deposit protection.
Identity & transparency
4/10 · ModerateLegal entity, company number, licence number and address are all published and match the register, but no owners or management are named and the footer social links are dead placeholders.
Withdrawals & conduct
3/10 · LowNo complaints about withheld funds were found on any platform, though with no client reports of any kind this is an absence of data rather than a proven clean record.
Reputation
7/10 · HighNo Trustpilot page, no forum threads, no trader reports and no directory entry. A four-year-old broker running a live client portal with zero public trace is itself a concern.
Website claims
3/10 · LowThe site claims exactly the licence it holds, advertises no founding year, promises no profits and correctly excludes UK, EU and US clients. It publishes no register verify link.
Operational history
4/10 · ModerateDomain registered August 2022, giving about four years, but the Seychelles registry could not be searched so the company leg is undated and the figure is an upper bound.
Who they are
A quick desk file on the company behind the brand.
- Brand: Oval Markets
- Legal entity: Oval Ltd, a Seychelles domestic company under the Company Ordinance 1972, company number 810617-7
- Registered: Suite 3, Jivan's Complex, Global Village, Mont Fleuri, Mahe, Seychelles. The regulator's register shows a separate business office at Office 4, First Floor, HIS Building, Providence, Mahe
- Website: ovalmarkets.com, with a client portal at dashboard.ovalmarkets.com
- Only licence: Securities Dealer Licence SD221 from the Financial Services Authority of Seychelles, held by Oval Ltd
- Offers: Contracts for difference on currencies, indices, commodities, metals and oil, on an execution-only basis
- Not accepted: Clients in the United States, the United Kingdom, the European Union, Iran and North Korea
- Age claim: None. The site advertises no founding year, and the domain was registered on 11 August 2022
- Contact: A WhatsApp number, a web form and a Seychelles landline. No named directors or management are published anywhere on the site
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: Yes
We confirmed this broker on a genuine regulator’s register.
Licences the broker publishes
Financial Services Authority of Seychelles (FSA)
Why we reached this verdict
How the evidence adds up.
The score reflects what we could not establish, not misconduct we found. Two things pull in opposite directions.
- The regulation checks out, which is genuinely good news. We opened the Seychelles Financial Services Authority's Securities Dealer register and found Oval Ltd listed among current licensees, next to firms such as Plus500SEY Ltd and Orbex Limited. The register publishes the contact email [email protected], which is on this broker's own domain. That closes the impersonation test: this operation is using its own licence, not borrowed credentials.
- But a Seychelles licence protects very little. It is a low-tier offshore permission. There is no investor compensation scheme, no deposit guarantee, and if the company stops paying, your practical options are limited.
- There is no independent trace of this broker at all. Trustpilot has no page for the domain. We found nothing on Reddit, nothing on Forex Peace Army, no MetaTrader server listing, and no entry in a third-party broker directory. Not one complaint, and not one positive review either. For a company that has run a live client login portal on a four-year-old domain, that absence is the finding. A working brokerage with real customers normally leaves some trace.
- The company cannot be dated. The Seychelles registrar of companies has no public online search, so we could not confirm when Oval Ltd was incorporated. The four-year figure therefore rests on the domain registration alone and should be read as an upper bound rather than a confirmed track record.
- Small signs of a thin operation. The footer shows Facebook, Instagram and LinkedIn buttons, but all three are placeholder links that go nowhere. No management is named. The main sales contact is a WhatsApp number.
- Nothing incriminating surfaced. No regulator warning list names this brand or domain, the site makes no profit guarantees, publishes a full set of legal documents, and correctly excludes clients in the jurisdictions its licence does not cover.
Our evidence-based score was 46 percent. We raised the published figure to 66 percent because a sweep of several platforms found no client reviews of any kind, and a broker nobody has publicly reported on cannot be presented as a safe one. To be clear about what that number means: we are saying this broker is unproven, not that we caught it doing something wrong.
Evidence ledger
Every finding, with its source and how strongly it points.
E1Oval Ltd is listed as a current Securities Dealer on the Seychelles Financial Services Authority register, alongside licensees such as Plus500SEY Ltd and Orbex Limited. The entry gives the business office as Office 4, First Floor, HIS Building, Providence, Mahe, the phone as +248 4372983 and the contact email as [email protected].
E2The email address published in the regulator's register entry is on the investigated domain, ovalmarkets.com. This ties the licence to this exact website and entity, so the impersonation test passes and the operation is not wearing another firm's credentials.
E3The broker's own legal documents page names the contracting entity as Oval Ltd, a Seychelles domestic company incorporated under the Company Ordinance 1972 with company number 810617-7, holding Securities Dealer Licence SD221 from the Seychelles FSA.
E4The domain ovalmarkets.com was registered on 11 August 2022 through Name.com, giving an operating history of about four years. The site advertises no founding year at all, so there is no conflict between a claimed age and the verifiable one.
ModerateVerisign RDAP registry recordE5Trustpilot has no review page for ovalmarkets.com. Searches across Reddit, Forex Peace Army, MQL5 and general web results returned no client reports about this domain, neither complaints nor positive reviews, and no entry for it in a third-party broker directory.
E6No regulator warning or alert names Oval Markets or ovalmarkets.com. Sweeps covering IOSCO, the FCA, the CFTC, ASIC, CONSOB, MAS and the SFC returned no hits as of 19 August 2026.
E7A live client login portal operates at dashboard.ovalmarkets.com, branded to Oval Ltd, offering password login with one-time passcode and facial verification. This confirms a working client-facing operation rather than a shell website.
ModerateOval Markets client dashboardE8The homepage footer displays Facebook, Instagram and LinkedIn follow buttons, but all three point to an empty placeholder link rather than a profile. The only working contact link is a WhatsApp number, +248 2663055.
E9The broker's terms exclude clients in the United States, Iran, North Korea, the United Kingdom and the European Union. That matches the scope of an offshore Seychelles licence, and we found no local-language sales pages or regional payment rails aimed at those excluded markets.
E10The site carries detailed risk warnings, stating that prices may fluctuate rapidly and unfavourably and that trading may lead to losses exceeding the initial investment. We found no guaranteed-profit language, no no-loss promises, no fabricated awards and no bonus scheme locking withdrawals behind trading volume.
E11The registered office published on the site, Suite 3, Jivan's Complex, Global Village, Mont Fleuri, differs from the business office on the regulator's register, in the HIS Building at Providence. Both are established Seychelles financial-services addresses used by other licensed firms, consistent with a registered agent address alongside a working office.
E12The Seychelles registrar of companies publishes no public online search, so the incorporation date of Oval Ltd, company number 810617-7, could not be established. The operating history therefore rests on the domain registration alone and is an upper bound.
E13Similarly named brokers are separate operations and were excluded. OvalX operated at ovalx.com under UK FCA authorisation 124721 and Cyprus licence 096/08 before its clients migrated elsewhere, and Oval Capital is a different unregulated broker. Neither shares this broker's domain, entity or licence number, and a further Seychelles licensee named Opal Markets Ltd is also unrelated.
The other side
The strongest case in this broker’s favour.
The fair case for Oval Markets is stronger than the score suggests, and it deserves stating.
- Its licence is real, current, and held in its own name. That is the single most common thing fake brokers fail, and this one passes it cleanly on the regulator's own register.
- The website is unusually honest. There is no invented founding year, no fake awards, no guaranteed returns, no bonus scheme with hidden withdrawal locks. It publishes its company number, its licence number and a complete set of legal documents including a complaints policy.
- It restricts exactly the countries an offshore licence should restrict. Many offshore brokers with weak licences aggressively solicit clients in the United Kingdom and European Union anyway. This one excludes them, which is what a compliant operator does.
- Zero complaints is not nothing. We searched specifically for reports of withheld withdrawals, frozen accounts and demands for extra payments before release, which is the pattern that matters most. We found none.
- The two different addresses look worse than they are. Jivan's Complex is a widely used registered-agent address in Mahe and the HIS Building in Providence houses other licensed firms, so a registered office differing from a business office is normal in Seychelles rather than suspicious.
- The absence of reviews may simply mean a small, quiet business. A broker with few clients and no marketing budget generates no reviews, and that is not the same as a broker hiding something.
We also checked names that look similar and confirmed they are separate companies. OvalX, which traded at ovalx.com under UK and Cyprus licences, and Oval Capital are different operations. Complaints about them were found during our searches and were deliberately excluded from this report.
What would change this
What we would need to see to revise the verdict.
This verdict rests on missing information, so new information could move it in either direction.
- Toward lower risk: a body of independent client reviews across two or more platforms describing deposits and completed withdrawals, with amounts and dates. That is the single thing most missing here.
- Toward lower risk: a Seychelles registry record establishing when Oval Ltd was incorporated, which would turn the four-year figure from an upper bound into a confirmed track record.
- Toward lower risk: published management names, working social media profiles, and a verify link on the broker's own site pointing to its register entry.
- Toward higher risk: any credible report of a withdrawal being refused or delayed, an account closed with a balance on it, or a demand for a tax, fee or verification payment before funds are released. That last pattern alone would change our conclusion sharply.
- Toward higher risk: the licence disappearing from the Seychelles register, or any regulator publishing a warning naming ovalmarkets.com.
- Toward much higher risk: evidence that the site is soliciting clients in the United Kingdom or European Union despite excluding them in its own terms.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
Seychelles FSA Securities Dealer register
The official licensee list. Oval Ltd appears under Securities Dealer.
Oval Markets legal documents
The broker's own client agreement, risk notice and licence certificate.
FCA Warning List of unauthorised firms
Check here before dealing with any broker that contacts UK residents.
Frequently asked questions
Quick answers about this broker’s safety.
Is Oval Markets a scam?
We found no evidence that Oval Markets is a scam. It holds a genuine Seychelles licence in its own name and no regulator has warned about it. But we also found no independent trace of any client using it, so we rate it high risk and unverified rather than safe.
Is Oval Markets regulated?
Yes, but only offshore. Oval Ltd holds Securities Dealer Licence SD221 from the Financial Services Authority of Seychelles, and we confirmed the company on that regulator's own register. It holds no licence in the United Kingdom, the European Union, Australia or the United States.
Is my money safe with Oval Markets?
Your money is not protected by any compensation scheme. A Seychelles Securities Dealer Licence carries no deposit guarantee, so if the company failed or refused to pay, you would have very limited recourse. Only risk money you could afford to lose completely.
Can I withdraw my money from Oval Markets?
We found no complaints about refused or delayed withdrawals. We also found no reports of successful withdrawals, so we cannot confirm from independent evidence that the process works. Test it with a small amount before committing more.
Who owns Oval Markets?
The trading name belongs to Oval Ltd, a Seychelles domestic company registered as number 810617-7. The site does not name any directors, owners or management, and the Seychelles company registry has no public online search, so we could not identify the people behind it.
How old is Oval Markets?
Its domain, ovalmarkets.com, was registered on 11 August 2022, making the website about four years old. We could not establish when Oval Ltd was incorporated, so treat four years as an upper limit rather than a confirmed track record.
What is a Seychelles FSA licence actually worth?
It is a real licence but a weak one, generally treated as third tier. It requires modest capital and audited accounts, but it comes with no investor compensation scheme and light supervision compared with regulators such as the FCA or ASIC. It confirms the company exists and is permitted to deal, not that your deposit is safe.
Is Oval Markets a clone of another broker?
No. We checked the licence against the Seychelles register and it is held by Oval Ltd itself, with a contact email on this broker's own domain. It is not using another firm's credentials.
Is Oval Markets the same as OvalX or Oval Capital?
No, these are separate and unrelated companies. OvalX traded at ovalx.com under UK and Cyprus licences, and Oval Capital is a different operation again. Reviews and complaints about either of those do not apply to Oval Markets.
Why does Oval Markets have no reviews anywhere?
We could not find a Trustpilot page, forum threads or trader reports for the domain. It may simply be a small operation with few clients and no marketing. It is the main reason we cannot rate it as safe, because there is no independent evidence of how it treats customers.
Can I trade with Oval Markets from the UK or the EU?
No. The broker's own terms exclude clients in the United Kingdom, the European Union, the United States, Iran and North Korea. If you are in those places you should use a broker licensed locally, where you keep your national protections.
What should I check before depositing with any offshore broker?
Confirm the licence on the regulator's own register, not on the broker's website. Read the withdrawal terms and any bonus conditions. Deposit the minimum first and withdraw most of it as a test. Never pay a fee or tax to release your own funds.
What do I do if I cannot get my money out?
Put the complaint in writing to the broker under its published complaints policy and keep every record. Then contact the Financial Services Authority of Seychelles, which issued the licence, and ask your bank or card provider about a chargeback. Do not pay anyone who promises to recover your funds for an upfront fee.
What we recommend
The practical takeaway from everything above.
Treat this as an unproven offshore broker and size any exposure accordingly.
- Do not deposit money you cannot afford to lose entirely. A Seychelles licence gives you no compensation scheme and no deposit guarantee.
- If you want to proceed anyway, deposit the smallest amount the broker allows, then test a withdrawal of most of it before adding anything further. How a broker handles a first withdrawal tells you more than any review.
- Confirm the licence yourself on the Seychelles register before depositing. Look for Oval Ltd on the Securities Dealer list.
- Keep your own records: deposit receipts, ticket numbers, screenshots of your balance and every support message.
- Refuse any request to pay a tax, fee, insurance or verification charge in order to release a withdrawal. No legitimate broker requires this, and it is the clearest single sign of fraud.
- If you are in the United Kingdom or European Union, use a broker licensed in your own country instead. This one does not accept you, and you would have no local protection.
- If money is already stuck, complain in writing to the broker under its published complaints policy, then contact the Financial Services Authority of Seychelles, and ask your bank or card issuer about a chargeback.
This is an independent assessment of risk, not a legal ruling. Scores and verdicts follow the Wikilix broker-safety methodology and can change as new evidence appears. Review scores are treated with caution when a broker’s reviews look manipulated. Last reviewed August 19, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.